Tag Archives: equivalence

Commission publishes Swiss exchange MiFID 2 equivalence

The Commission has ruled the Swiss Exchange AG and BX Swiss AG as equivalent to regulated markets under MiFID 2.

Commission adopts MiFID 2 trading equivalence decisions

The Commission has recognised a number of trading venues in the US, Australia and Hong Kong as equivalent for the purposes of the MiFID 2/ MiFIR share trading obligation. This follows publication in the OJEU of the decision of equivalence in relation to certain US swaps markets.

US MiFIR equivalence decision in OJEU

The decision to consider the legal and supervisory framework of the USA applicable to designated contract markets and swap execution facilities as equivalent to MiFIR standards  under MiFIR has been published in the OJEU. The Annex to the decision names over 20 markets which are equivalent to EU trading venues.

Barnier speaks on EU future and Brexit

Michel Barnier, speaking at the Brussels office of the Centre for European Reform, spoke on the EU “standing up for itself”. He said Brexit could be a turning point in what he called the European project. He noted the UK’s voiced strong support for the Single Market in 2012 and said that the stronger EU […]

ESMA publishes MiFID II Q&A clarifying trading obligation for shares

ESMA has updated its MiFID II Q&As to clarify the application of the trading obligation for shares to trade certain instruments on-venue. ESMA confirms that all EU investment firms that are part of a chain of transmission should ensure that the ultimate execution of the order complies with the trading obligation requirements under article 23(1) […]

FMLC looks at Brexit third country issues

The Financial Markets Law Committee has published its views on the legal uncertainties related to the future classification of the UK as a third country in respect of the EU. The purpose of the paper is not to make recommendations, but to highlight legal issues. The paper focuses on: activities for which there is no […]

Andrew Bailey upbeat on Brexit

Andrew Bailey has spoken on how free trade, freedom of location and open markets in financial services can continue after Brexit . His key point was that firms should be able to take their own decisions on where they locate provided there are appropriate regulatory measures in place to protect the public interest.  And these measures […]

Parliament urges FS transition after Brexit

The EU Financial Affairs Sub-Committee has published its report on Brexit and financial services. The report says it is critical to agree a transitional period for financial services to avoid a “cliff edge” which could cause UK firms to restructure or relocate working on a “worst case” scenario. It notes that the equivalence provisions in […]

BBA publishes Brexit information sheets

BBA has published a series of “quick briefs” on Brexit. It says the papers should help explain the major issues Brexit presents for banks and customers. The briefs cover: Staying in or leaving the single market An orderly exit from the EU Passporting and Equivalence

FCA summarises financial services under WTO

Andrew Bailey has written to the Treasury Committee outlining what the regulatory landscape for financial services would be if the UK were a “third country” in respect of the remaining EU27, with access rules essentially governed by WTO protocols. The letter considers: the “most favoured nation” and “national treatment” principles embodied in the General Agreement […]