Tag Archives: ESMA

ESMA publishes opinion on asset segregation and depositary delegation

On 20 July ESMA published its opinion on asset segregation and the application of depositary delegation rules to central securities depositaries (CSDs). In the opinion, ESMA outlines its view on: the optimal approach to asset segregation under the AIFMD and the UCITS Directive frameworks; and how the depositary delegation rules should apply to CSDs. ESMA believes […]

ESMA publishes sectoral convergence opinions

ESMA has published, as promised, its set of sector-specific opinions on relocations from the UK to the EU27 following Brexit. The opinions cover investment firms, investment management and secondary markets. In each case, it looks at the risks to supervision and of regulatory arbitrage in firms seeking to relocate and then outsourcing activities back to the UK as […]

ESMA consults on MiFID 2 suitability requirements

ESMA is consulting on guidelines on certain aspects of the MiFID 2 suitability requirements. ESMA wants to build on existing guidelines to: take account of technological innovations including the move to robo-advice; consider the experiences of regulators on the current requirements; and cater for studies on behavioural finance that have been undertaken. It asks for […]

ESMA publishes guidelines on cooperation between authorities under the Central Securities Depositories Regulation

ESMA has today published guidelines (the Guidelines) to ensure that competent authorities (CAs) apply the Central Securities Depositories Regulation (CSDR) in a consistent, efficient and effective supervisory manner, which includes cooperating with each other. Under Article 14(1) of the CSDR, CAs and ESMA are expected to cooperate closely, including exchanging all relevant information applicable under the regulation.  […]

ESMA updates funds FAQs

ESMA has updated its FAQs in relation to UCITS and the AIFMD. The additions relate to: on the AIFMD, reporting requirements for loans purchased on the secondary market, conversion of total value of AUM and currency of the net asset value and on UCITS, issuer concentration and group links, independence and cooling off periods.

ESMA writes to Commission on third-country regimes

ESMA has written to the European Commission setting out how existing third-country regimes could be improved.  While not ostensibly about Brexit, the letter refers to the increased number of market infrastructures and corresponding activity that will be outside the EU post-Brexit that will be critical for EU markets. It thinks that enhancing the implementation and […]

ESMA updates Q&As on MiFID II and MiFIR investor protection and intermediaries topics

ESMA has today updated its Q&A topics on best execution and recording of telephone conversations and electronic communications. Best execution MiFID II requires investment firms to take all sufficient steps to obtain the best possible result for the client when executing orders.    It also requires trading venues to publish, without charge,  data on the quality of the […]

Examining product governance guidelines under MiFID II

The product governance guidelines under MiFID II are part of the regulatory framework aimed at protecting investors across the EEA.  ESMA published its final report on the guidelines on 2 June 2017. Bond Dickinson has produced a briefing note that looks at: the purpose of the guidelines, how the guidelines differ from ESMA’s consultation, the […]

ESMA updates MiFID 2 FAQ

ESMA has updated its set of FAQs under MiFID 2 to include new guidance on: commodity derivatives position limits and position reporting market data issues and market structure issues on multilateral trading systems, algorithmic trading and DEA, and access to CCPs and trading venues

ESMA publishes updated ancillary test opinion

ESMA has published and then updated its opinion on the ancillary test for commodity derivatives under MiFID 2. The update relates only to a typo in the original. The opinion sets out ESMA’s views on how to determine the market size figures to ensure the MiFID 2 Delegated Regulation can be properly applied.