Tag Archives: MiFID II

ESMA confirms end of LEI grace period

ESMA has issued a statement confirming that the six month grace period granted to those required by MiFIR to have a Legal Entity Identifier (LEI), will end on 2 July 2017. ESMA will now work with national competent authorities to develop a supervision action plan which focuses on compliance with LEI reporting requirements.

ESMA and FCA issue statements on LEIs

In advance of the implementation date for MiFID II on 3 January 2018, ESMA has issued a public statement that provides a form of 6 month transitional period for certain trading venues and certain legal persons, to support the introduction of Legal Entity Identifier (LEI) requirements.  This includes provision that trading venues whose non-EEA issuer […]

European Commission publishes proposals regarding capital requirements for investment firms

The European Commission is proposing an overhaul of the prudential requirements for investment firms by bringing in a two track system. The largest, more systemically important firms will be subject to the same rules and requirements as banks; the other firms will be relieved from these more onerous requirements. The changes will be introduced by […]

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) […]

ESMA publishes MiFID II consultation responses

The European Security and Markets Authority (ESMA) has published the responses received to the Consultation on Guidelines on certain aspects of the MiFID II suitability requirements. The draft Guidelines are intended to implement enhanced provisions to ensure investor protection. The consultation was therefore of particular relevance to investment firms and credit institutions providing investment advice or discretionary portfolio management services. […]

FCA Regulation round – up for August

This month’s edition of Regulation round-up discusses: the consultation to extend SM&CR to all financial services firms; the Threshold Conditions Team taking enforcement action and cancelling the authorisations of 207 firms; FCA’s agenda and priorities for consumer credit; contingency planning for firms that do not have their MIFID II permissions in place by 3 January […]

FCA updates guidance to firms on applications and notifications under MiFID II

The FCA has updated its user guide to provide the following notifications: Ancillary activity exemptions Under MiFID II, firms who trade in commodity derivatives may be able to make use of an exemption from authorisation.  Firm will need to notify the FCA if they intend to rely on the exemption by completing a notification form.  […]

FCA reminds firms that recommended MiFID II authorisation and VOP application date has passed

In an announcement today, the FCA is reminding firms that need to submit applications, do so without further delay. FCA will determine complete applications received after 3 July 2017 within 6 months, but cannot guarantee to do so by 3 January 2018 (the date for required compliance with MiFID II). Such firms will therefore also need to have […]

EC publishes draft Delegated Regulation on insurance-based investement product requirements under IDD

EC has published for consultation a draft Delegated Regulation supplementing the IDD  concerning information requirements and conduct of business rules applicable to the  distribution of insurance-based investment products. The IDD contains a specific chapter, with additional conduct of business requirements, on the sale of insurance-based investment products. The Delegated Regulation, which is based on previous technical advice […]

FCA Regulation Round-Up for July

The FCA published its July edition of Regulation Round-Up this week.  Highlights of some of the “hot topics” covered include: interim report of the FCA’s Retirement Outcomes Review; the publication of the final report on its asset management market study; the publication of the MiFID II policy statement and consultation paper VI; first undertaking received under […]

FCA launches Market data processor (MDP) entity portal webpage

FCA uses the webpage to explain the purpose of the MDP. MiFID II involves large changes in the volumes and range of data that certain entities need to submit to the FCA. As a result, the FCA has developed a new MDP system to help to manage this. The MDP entity portal is a web application […]