The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying...more
10/22/2020
/ EIOPA ,
EMIR ,
EU ,
European Banking Authority (EBA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
FinTech ,
MiFID II ,
MiFIR ,
UK ,
UK Brexit
The European Union’s financial regulatory regime for third-country access in many sectors relies on a framework of “equivalence,” whereby institutions based in approved non-EU countries with similar standards may have varying...more
The European Securities and Markets Authority (ESMA) has announced regulatory forbearance for banks and investment firms subject to the upcoming reporting obligation under the Securities Financing Transaction Regulation...more
European Securities and Markets Authority Takes Steps to Improve Transparency in Light of Disruption to EU Financial Markets Arising from COVID-19 Pandemic -
Effective 16 March 2020, all holders of net short positions in...more
The EU proposals to amend technical aspects of the European Market Infrastructure Regulation (EMIR), known colloquially as ‘EMIR 2.1’ or ‘EMIR Refit’, have been politically agreed. The final text is likely to be published in...more
4/3/2019
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
Amended Regulation ,
Counterparties ,
EMIR ,
EU ,
European Securities and Markets Authority (ESMA) ,
ISDA ,
No-Deal Brexit ,
Third Country Entities (TCEs) ,
Transitional Arrangements ,
UK Brexit
This client memorandum concerns a highly technical point of considerable practical importance. It challenges aspects of the received wisdom that, for post-Brexit cross-border investment business conducted from the U.K. into...more
Many EU and U.K. financial institutions have been waiting with bated breath for (and commencing their contingency plans without) a clear picture of what post-Brexit U.K.-EU financial services will look like. In this note we...more
8/21/2018
/ Central Counterparties ,
EMIR ,
EU ,
EU Passport ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
HM Treasury ,
Senior Management Regime (SMR) ,
Short Selling ,
Third Country Entities (TCEs) ,
UK ,
UK Brexit
Guidance of questionable legal accuracy from the European Securities and Markets Authority (ESMA) casts doubt on the ability of non-EU members of EU exchanges to provide client access to such exchanges through a technique...more
On 20 September 2017, the European Commission made proposals to strengthen the regulatory and supervisory powers of the three European Supervisory Agencies (ESAs) namely the European Securities and Markets Authority (ESMA),...more
On 30 June 2017, a new EU prospectus regulation (the “New Prospectus Regulation”) was published in the Official Journal of the European Union. The New Prospectus Regulation will, through a phased implementation, repeal and...more
The European Commission has adopted an “equivalence” decision on the derivatives regulatory regimes for derivatives clearing organisations in the United States. This follows the decisions adopted in November 2015 for Canada,...more