News & Analysis as of

MiFID II Financial Services Industry Financial Markets

A&O Shearman

ESMA confirms switch toward single volume cap in October

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The European Securities and Markets Authority (ESMA) has published a press release to confirm that, effective from October, the EU will transition from the current double volume cap (DVC) mechanism to a single volume cap...more

A&O Shearman

EU launches selection procedure for Consolidated Tape Provider for bonds

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The European Securities and Markets Authority has launched the first selection procedure for the Consolidated Tape Provider for bonds. The CTP aims to enhance market transparency and efficiency by consolidating trade data...more

A&O Shearman

UK Financial Markets Standards Board updated final statement of good practice for front office supervision of wholesale traded...

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The Financial Markets Standards Board has published its updated final statement of good practice for front office supervision of wholesale traded markets. The statement of good practice sets out 15 good practice statements,...more

Morrison & Foerster LLP

Update Kapitalmarkt- und Gesellschaftsrecht

Das ursprünglich am 7. Dezember 2022 durch die EU-Kommission vorgelegte Maßnahmenpaket, das unter dem Titel „EU Listing Act“ bekannt ist, wurde nun endlich im November 2024 im Amtsblatt der Europäischen Union veröffentlicht....more

Latham & Watkins LLP

The Edinburgh Reforms - Two Years On

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When the Edinburgh Reforms were announced on 9 December 2022, they were billed as an ambitious set of reforms. Two years on, we assess which of the measures have been completed, which remain outstanding, and whether they have...more

A&O Shearman

Mansion House: UK Government Announces Further Reforms To The Wholesale Markets Framework

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HM Treasury has published a policy paper announcing further reforms to the U.K.'s wholesale markets framework, a key part of the latest Mansion House reforms HM Treasury has committed to legislate to amend the Markets in...more

A&O Shearman

Mansion House 2024

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Rachel Reeves, the U.K. Chancellor has set out a package of reforms in her Mansion House speech. The reforms aim to drive growth and competitiveness in financial services. Ms. Reeves stated that the regulatory changes...more

A&O Shearman

EU MiFID II Review Package Published

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On March 8, 2024, legislation amending the EU's Markets in Financial Instruments Directive and Regulation were published in the Official Journal of the European Union. The amending Directive and amending Regulation aim to...more

Cadwalader, Wickersham & Taft LLP

The EU Adopts a Directive Amending MiFID II and MiFIR on Data Transparency, the Consolidated Tape and Payment for Order Flow

The Council of the European Union has confirmed that it has adopted changes to EU trading rules in the Markets in Financial Instruments Regulation (“MiFIR”) and the Markets in Financial Instruments Directive (“MiFID II”)...more

A&O Shearman

UK Conduct Regulator Consults on Bond and Derivatives Markets Transparency Requirements

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The U.K. Financial Conduct Authority has opened a consultation on proposals for improving transparency for bond and derivatives markets. Following the Wholesale Markets Review, the Financial Services and Markets Act...more

A&O Shearman

UK Statutory Instrument Made to Ensure Legislation Remains Consistent with Latest Repeals

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The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 make consequential amendments to various pieces of legislation arising from the repeal by the Financial Services and Markets Act 2023 of...more

A&O Shearman

UK Regulatory Guidance on Trading Venue Regulatory Perimeter

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The U.K. Financial Conduct Authority has issued final guidance to clarify the scope of the regulatory perimeter for trading venues and the regulatory approvals needed to conduct their business. The guidance caters for new...more

A&O Shearman

MiFID II and the U.S. Investment Adviser Regime

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The issue of how firms should pay for investment research continues to be a controversial topic in the financial markets. The U.S. has maintained the approach it adopted before the mid-2000s, which is to permit investment...more

A&O Shearman

EU Opinion on Trading Venue Perimeter

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On February 2, 2023, the European Securities and Markets Authority published a final report and an Opinion on the trading venue perimeter. The Opinion clarifies the definition of multilateral systems under the EU’s revised...more

Skadden, Arps, Slate, Meagher & Flom LLP

EU’s Proposed Legislation Regulating Cryptoassets, MiCA, Heralds New Era of Regulatory Scrutiny

The European Union’s proposed Markets in Crypto-assets (MiCA) regulation, which includes new regulations for the classification, issuance and admission to trading of cryptoassets, as well as for the provision of services on...more

Proskauer Rose LLP

Regulation Round Up - March 2022

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Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. Key developments in March 2022: 31 March - The European Securities and...more

A&O Shearman

HM Treasury Confirms Policy Approach on Wholesale Markets Review

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HM Treasury has published its consultation response to the Wholesale Markets Review, setting out summaries of responses received to its proposals and how changes will be progressed. There are certain areas that HM Treasury...more

Proskauer Rose LLP

Regulation Round Up - January 2022

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Welcome to the Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation. ...more

Proskauer Rose LLP

Regulation Round Up - November 2021

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The European Securities and Markets Authority (“ESMA”) published a corrigendum from the European Commission to a set of answers on the application of the EU Sustainable Finance Disclosure Regulation (EU/2019/2088) (“SFDR”)....more

Proskauer Rose LLP

Regulation Round Up - July 2021

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The Basel Committee on Banking Supervision (“BCBS”) published a report jointly with the World Bank setting out the findings from a global survey on proportionality in banking regulation and supervision....more

Proskauer Rose LLP

Regulation Round Up - November 2020

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30 November - The Prudential Regulation Authority (“PRA”) published a statement about its forthcoming policy statement on implementing the CRD V Directive ((EU) 2019/878). HM Treasury updated its webpage on a call for...more

Proskauer Rose LLP

Regulation Round Up - July 2020

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30 July - The Financial Conduct Authority (“FCA”) updated its webpage on the High Court business interruption insurance test case. The Prudential Regulation Authority (“PRA”) published a consultation paper (CP11/20)...more

Proskauer Rose LLP

Regulation Round Up - April 2019

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1 April - The Financial Conduct Authority ("FCA") published a statement announcing that it is commissioning an investigation by an independent person into the issues raised by the failure of London Capital & Finance....more

Akin Gump Strauss Hauer & Feld LLP

Switzerland: New Laws on Financial Services

• Following the 2008 crisis, Switzerland launched a legislative project to create uniform competitive conditions for financial intermediaries and improve client protection. • Swiss Parliament adopted the FinSA on 15 June...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

U.S. Financial Industry Developments - ISDA, AFME, ICMA, SIFMA and SIFMA AMG Publish Global Benchmark Report - The International Swaps and Derivatives Association (ISDA), the Association of Financial Markets in Europe...more

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