The European Supervisory Authorities (ESAs) comprising the EBA, ESMA, and EIOPA yesterday released the final draft RTS on margin for non-cleared derivatives. The long-awaited RTS details margin requirements for uncleared derivatives under Article 11 EMIR.  The final draft implementation timeline is unchanged, the requirements will enter into force on 1 September 2016, subject to the […]

To the surprise of no-one, the European Commission has today proposed a one year extension to the application date of MiFID 2. The new deadline is 3 January 2018. Commissioner Jonathan Hill said, “Given the complexity of the technical challenges highlighted by ESMA, it makes sense to extend the deadline for MiFID II. We will […]

On 4 December 2015, the final compromise text of the EU benchmark regulation was released. The text already received approval from the Council and the European Parliament on 24 November 2015, and from the Permanent Representatives Committee (COREPER) on 9 December 2015. The next step is to submit the regulation to the European Parliament for […]

ESMA have published an internal note dated 2 October 2015 outlining the necessity for and certainty of delay in a number of core MiFID 2 provisions, the likely extent of such delay and the various means of effecting it. The note refers to the sequential nature of MiFID 2 implementation, the complexity of certain interdependent […]

Consideration of the Securities Financing Transactions Regulation (SFTR) by the European Parliament, originally due to take place at the Parliament’s plenary session on 6 October, has been delayed.  According to the Parliament’s updated procedure file, the matter will now be considered at the next plenary session to be held from 26 to 29 October 2015, […]

ESMA has issued the final draft RTS for CDS clearing. `The draft defines the type and sub-type of CDS that will be subject to the clearing obligation and the dates from which it will apply. The draft stipulates that clearing will initially apply to the following two CDS classes: ID Type Sub-type Geographical Zone Reference […]

As promised, ESMA has published final draft MiFID II/MiFIR  regulatory and implementing technical standards. In case regulatory teams weren’t already reeling from the 552 pages of the MiFID II RTS, ESMA also published technical standards for  MiFID II interdependent MAD/MAR and CSDR, making a total of 2505 pages of which every word will be pored […]

Signalling the next step in the protracted implementation of MiFID II/ MiFIR, the European Commission has published its request to the EBA (dated 16th May) for technical advice regarding intervention powers for structured deposits. This follows a 23rd April Mandate to ESMA for technical advice, as summarised in our earlier blog post. As MiFIR establishes a […]

MiFID II’s journey of a thousand miles has taken another small technical step. The Council has asked the Permanent Representatives Committee (COREPER), for confirmation of its agreement to the MiFID II\MiFIR proposals adopted by the Parliament on 15th April 2014. Subject to the Council’s confirmation (exceedingly likely), the legislation will be formally adopted and signed […]