Orrick - Finance 20/20 (JD Supra European Union)
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The EU’s Whistleblowing Directive
On November 26, Directive (EU) 2019/1937 of the European Parliament (EP) and of the Council of October 23 (the “Directive“) on the protection of persons who report breaches of Union law was published in the Official Journal.
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The Position on Equivalence Post Brexit
Context and Background - On October 22, the House of Commons European Scrutiny Committee (the Committee) published its first report of session 2019/20 (the Report).
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EBA Publishes Feedback on Review of Single Rulebook Q&A
On August 6, the EBA published feedback following a review of the use, usefulness and implementation of its single rulebook Q&A. The review was carried out in the second half of 2018 using questionnaires addressed to competent authorities and selected industry representatives.
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EBA Publishes Opinion on Eligibility of Deposits, Coverage Level and Co-Operation Between Deposit Guarantee Schemes Under the DGSD
On August 8, the European Banking Authority (EBA) published an opinion (EBA-Op-2019-10) on the eligibility of deposits, coverage level and co-operation between deposit guarantee schemes (DGS) under the Deposit Guarantee Schemes Directive (DGSD) (2014/49/EU).
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European Commission Requests the EIOPA Advise on PEPP Regulation Delegated Acts
On August 5, the Council of the EU published a cover note, which attaches a call for advice from the European Commission to the European Insurance and Occupational Pensions Authority (EIOPA) (dated July 31) on possible delegated acts concerning the Regulation on a Pan-European Personal Pension Product (PEPP Regulation) ((EU) 2019/1238).
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EBA Consults on Draft Guidelines on Determination of Weighted Average Maturity of Contractual Payments Due Under the Tranche of a Securitization Transaction
On July 31, the European Banking Authority (EBA) published a consultation paper on draft guidelines on the determination of the weighted average maturity (WAM) of the contractual payments due under the tranche of a securitization transaction.
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ESMA Will Not Renew Temporary Restriction on Marketing, Distributing and Selling CFDs to Retail Clients
On July 31, European Securities and Markets Authority (ESMA) published a press release which announced it would not renew the temporary restriction on the market, distribution or sale of contracts for difference (CFDs) to retail clients in the EU.
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European Commission Publishes Communication on Equivalence Policy With Non-EU Countries
On July 29, the European Commission published a communication (and annex) on equivalence in the area of financial services.
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ESMA Updates MiFIR Data Reporting Q&As: July 2019
On July 29, ESMA published an updated version of it Q&As on data reporting under the Markets in Financial Instruments Regulation (MiFIR) ((EU) 600/2014). There is one additional Q&A in section 5 about the date to use in field 24 (expiry date) of RTS 23 for financial instruments without a defined expiration date.
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ESMA Writes to European Commission on Delaying Review of Certain MiFID II Transparency Requirements
On June 25, the European Securities and Market Authority (ESMA) published a letter (dated June 17) sent by Steven Maijoor, ESMA Chair, to Olivier Guersent, European Commission Director General for Financial Stability, Financial Services and Capital Markets Union (CMU), on the annual review required by Article 17 of Commission Delegated Regulation (EU) 2017/583 on transparency requirements for non-
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European Commission Publishes Report on Group Supervision Provisions Under Solvency II Directive
On June 27, the European Commission published a report (COM(2019) 292 final) on the group supervision and capital management provisions under the Solvency II Directive (2009/138/EC).
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COREPER Publishes Position on European Crowdfunding Service Providers
On June 26, a press release was published by the Council of the EU’s Permanent Representatives Committee (COREPER). COREPER has agreed its position relating to the proposed Regulation on European crowdfunding service providers and the proposed Directive making consequential amendments to the MiFID II Directive (2014/65/EU).
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Euro Summit Preparation
On June 21, the new Communication forms the Commission’s contribution to the Euro Summit. It takes stock of the progress made to deepen EMU since the publication of the Five Presidents’ Report: Completing Europe’s EMU on June 22, 2015.
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EMU: European Commission Publishes Reports on Progress
The European Commission has recently published the following documents, accompanied by a series of press releases and fact sheets: Communication, Deepening Europe’s Economic Monetary Union (EMU): Taking stock four years after the Five Presidents’ Report.
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ESMA Publishes Final Report on Frequent Batch Auctions for Equity Instruments Under MIFID II
On June 11, the European Securities and Markets Authority (ESMA) published its final report (ESMA70-156-1035) following a call for evidence on frequent batch auctions, a type of periodic auction trading system for equity instruments under the MiFID II Directive (2014/65/EU) and the Markets in Financial Instruments Regulation (600/2014) (MiFIR).
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International Role of the Euro
On December 5, 2018, the Commission adopted a Communication and a Recommendation on a stronger international role of the euro, following President’s Juncker State of the Union address in September 2018, in which he highlighted the strategic importance of the euro.
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ESMA Establishes New CNS
On May 23, the European Securities and Markets Authority (ESMA) published a press release which announced the establishment of a new coordination network on sustainability (CNS), which will be chaired by Ana María Martínez-Pina Garcia for two years with immediate effect.
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ESMA Updates Q&As on BMR: May 2019
On May 23, the European Securities and Markets Authority (ESMA) published an updated version (ESMA70-145-11) of its Q&As on the Benchmarks Regulation ((EU) 2016/1011) (BMR), which were previously updated in January 2019.
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FSB Launches Evaluation of TBTF for SIBs
On May 23, the Financial Stability Board (FSB) published a press release announcing the launch of an evaluation of its too-big-to-fail reforms (TBTF) for systemically important banks (SIBs).
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A Delegated Regulation Supplementing EuVECA Regulation Regarding Conflicts of Interest is Published in OJ
On May 22, the Commission Delegated Regulation (EU) 2019/820 supplementing the European Venture Capital Funds(EuVECA) Regulation (345/2013) with regards to conflicts of interest EuVECAs was published in the Official Journal of the EU (OJ).
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Shareholder Rights Directive: The Proxy Advisors Regulations 2019
On May 14, the Proxy Advisors (Shareholders’ Rights) Regulations 2019 (SI 2019/926) were published. The regulations transpose into UK law Article 3j (transparency of proxy advisors) of the Shareholder Rights Directive (as amended by the Shareholder Rights Directive II).
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Commission Publishes Delegated Regulation Supplementing MLD4
On May 14, a Delegated Regulation ((EU) 2019/758) supplementing the Fourth Money Laundering Directive ((EU) 2015/849) (MLD4) with regulatory technical standards (RTS) specifying the minimum action and the type of additional measures credit and financial institutions must take to mitigate money laundering and terrorist financing risk in certain third countries was published in the Official Journal
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ESMA Publishes Consolidated Guidelines on the Application of the Endorsement Regime Under CRA Regulation
On March 20, the European Securities and Markets Authority (ESMA) published the official translations of its consolidated guidelines on the application of the endorsement regime under Article 4(3) of the Credit Rating Agencies Regulation (Regulation 1060/2009) (CRA Regulation) (ESMA33-9-282).
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BCBS Publishes Progress Report on Implementation of Basel Regulatory Framework
On May 7, the Basel Committee on Banking Supervision (BCBS) published its sixteenth progress report on BCBS members’ implementation of Basel III.
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FSB Publishes Report on Third Thematic Review of Resolution Regimes
As part of a review launched in June 2018, the Financial Stability Board (FSB) published a report on its third thematic peer review of resolution regimes.
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EBA Publishes Consultation Paper on RTS on Standardized Approach for Counterparty Credit Risk
On May 2, the European Banking Authority (EBA) published a consultation paper on four draft regulatory technical standards (RTS) on the standardized approach for counterparty credit risk under Article 277(5) and Article 279a(3) of the proposed Regulation mending the Capital Requirements Regulation (575/2013) (CRR II).
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EIOPA Publishes Report on Thematic Review on Big Data Analytics
On May 8, the European Insurance and Occupational Pensions Authority (EIOPA) published a report setting out the findings of its EU-wide thematic review on the use of Big Data Analytics (BDA) in motor and health insurance.
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Financial Services Trade Associations Urge HM Treasury to Recognize EEA Derivatives Trading Venues in Event of No-deal Brexit
A number of key UK, EU and international financial services trade associations published a letter (dated April 5) to HM Treasury on the equivalence of European Economic Area (EEA) derivatives trading venues under the EU retained versions of European Market Infrastructure Regulation (EMIR) (648/2012) (UK EMIR) and the Markets in Financial Instruments Regulation (600/2014) (UK MiFIR) if there is a...
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PRA Consults on Revisions to Branch Returns for International Banks
On April 8, the Prudential Regulation Authority (PRA) published a consultation paper (CP8/19) on the revision of the branch return for international banks.
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European Commission Consults on Effectiveness of DMD
The European Commission has launched a consultation relating to its evaluation of the Distance Marketing of Financial Services Directive (2002/65/EC) (DMD).