Tag Archives: equivalence
Chancellor speaks on financial services and Brexit
Philip Hammond gave his long-awaited speech on financial services and the future. He referenced: that financial services is not just a London business and that two-thirds of financial services jobs in the UK are outside London Theresa May’s speech setting out what the UK wants from a partnership with the remaining EU his challenge to […]
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.
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