Podcast: ESMA Report: Undue Pressure on Companies
The European Securities and Markets Authority (ESMA) has published two consultation papers on central counterparty (CCP) authorisations, extensions and validations under the European Market Infrastructure Regulation 3 (EMIR...more
Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more
UK CCPs: HM Treasury consults on expanded resolution regime - HM Treasury is consulting on an expanded resolution regime for central counterparties (CCPs). HM Treasury intends to revise and expand the UK CCP resolution...more
The European Securities and Markets Authority has published a final report on the 2018 survey it conducted on central counterparties' membership criteria and due diligence practices, together with an update to its Q&As...more
Challenge of the guidelines of the European Banking Authority and notice of compliance by the Prudential Supervisory and Resolution Authority (ACPR) In its notice of September 8, 2017, the ACPR stated that it complies with...more
With the date for the United Kingdom to leave the European Union rapidly approaching, several recent developments concerning derivatives (both legal and political) are likely to be of interest to UK and EU27 counterparties....more
The European Securities and Markets Authority has issued a public statement entitled "Managing risks of a no-deal Brexit in the area of central clearing." In the statement, ESMA confirms that its Board of Supervisors...more
ESMA published a statement on the contingency plans of credit rating agencies (“CRAs“) and trade repositories (“TRs“) in the context of Brexit (ESMA80-187-149) on November 9....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
The European Securities and Markets Authority has published an Opinion on the liquidity risk assessment that a CCP must undertake under the European Market Infrastructure Regulation. The Opinion is addressed to national...more
The European Securities and Markets Authority has published a Final Report, setting out Guidelines for national regulators of CCPs on the application of rules under the European Market Infrastructure Regulation that require...more
The Chair of the European Securities and Markets Authority, Steven Maijoor, has written to the European Commission recommending that clarification of certain provisions of the European Market Infrastructure Regulation should...more
ESMA Asks European Commission to Clarify Scope of Exemptions from EMIR Financial Obligations - On April 27, 2018, the European Securities and Markets Authority ("ESMA") published a letter from Steven Maijoor, ESMA Chair,...more
The European Securities and Markets Authority has published a document combining its 2017 Annual Report and 2018 Work Programme in relation to Trade Repositories, Credit Rating Agencies and third-country Central...more
The European Securities and Markets Authority is consulting on proposed guidelines for national regulators of CCPs on the application of the rules requiring CCPs to adopt anti-procyclicality margin measures....more
A Commission Implementing Regulation on the extension of the transitional periods related to own funds requirements for exposures to CCPs set out in the Capital Requirements Regulation and European Markets Infrastructure...more
On 10 May 2017, the European Commission (“Commission”) published its final report (“Report”) concluding a wide-ranging two-year long inquiry into e-commerce (“Inquiry”). During the Inquiry – which was conceived as part of the...more
The European Commission has published legislative proposals to amend the European Market Infrastructure Regulation and the Regulation establishing the European Securities and Markets Authority. The proposals are on the...more
The European Securities and Markets Authority has issued an Opinion on the European Commission's proposed EU Regulation on CCP Recovery and Resolution. The proposal gives CCPs' national regulators under the European Market...more
The European Securities and Markets Authority has published an Opinion addressed to EU national regulators on the portfolio margining requirements for CCPs under the European Market Infrastructure Regulation. The Regulatory...more
On 8 February 2017, the Commission announced it had imposed fines totaling almost EUR 68 million on three companies for participating in a cartel to fix purchase prices of scrap lead-acid automotive batteries. The cartel...more
The European Securities and Markets Authority announced details of the 2017 EU-wide CCP stress test exercise...more
The European Securities and Markets Authority launched a consultation on proposed Guidelines on the transfer of data between trade repositories. The European Market Infrastructure Regulation requires counterparties and CCPs...more
The European Securities and Markets Authority published the results of a peer review it has conducted into how national regulators ensure and assess compliance by CCPs with the margin and collateral requirements under the...more
The European Securities and Markets Authority published an Opinion outlining a common supervisory approach for regulators dealing with central counterparties that seek to extend or change their existing authorization under...more