Tracker, Financial Services Regulation & Compliance - Investment Firms


Central Bank publishes Markets Update - Issue 1 2017

The Markets Update advises interested parties of recent policy developments related to the way the Central Bank supervises financial markets, investment funds and their service providers and investment firms. The Update contained information on topics such as the Central Bank's revised AIF Rulebook and Twenty-Third Edition of the AIFMD Q&A, the Central Bank notification regarding ESMA Market Abuse Guidelines and the Central Bank Feedback Statement on CP105.

Irish Stock Exchange publishes review of 2016

The review shows a growth in listings to over 35,000 securities on the ISE’s markets. The ISE now ranks #1 for investment fund issuers and #2 for listing bonds worldwide with listings from 85 countries around the globe. Trading statistics also show that equity market activity reached record levels with 6.6m transactions during the year (+17.4%) and GEM bond listings reached over 10,000 for the first time.


European Securities and Markets Authority publishes Methodology for Mandatory Peer Reviews in relation to CCPs’ authorisation and supervision under EMIR

EMIR requires ESMA to undertake peer reviews analysing supervisory activities of all competent authorities in relation to the authorisation and supervision of CCPs. The methodology sets out information relating to the legal basis and scope of the review, the topics covered, the assessment specifications and the approach taken to the questionnaire and report.

European Securities and Markets Authority finds improvement in regulators’ supervision of MiFID best execution requirements

ESMA found that national regulators are giving greater attention to best execution requirements under the MiFID in the follow-up report to its Peer Review published in 2015. Best execution refers to the obligation under article 21 of MiFID for investment firms to execute orders on terms most favourable to their clients as an investor protection measure.

European Securities and Markets Authority issues Opinion on the impact of the exclusion of fund management companies from the scope of the Markets in Financial Instruments Regulation Intervention Powers

The Opinion outlines the potential consequences linked to the exclusion of fund management companies from the scope of the powers, including the risk of arbitrage where a type of fund that is restricted or banned under MiFIR could be distributed through fund management companies if they decided to market or distribute the funds themselves.

European Securities and Markets Authority publishes briefing on MiFID II technical data reporting requirements

The briefing covered reporting requirements in relation to instrument reference data, transparency data, double volume cap data and transaction reporting.

European Securities and Markets Authority publishes information on interacting with ESMA as a stakeholder

ESMA provided information on contacting ESMA, how to provide input, how to see who ESMA is meeting, staying up to date and speaking appearances.

European Securities and Markets Authority issues an opinion on Swedish pension schemes and an opinion on Spanish pension schemes to be exempt from central clearing under EMIR

Pension scheme arrangements meeting certain criteria were granted a transitional exemption from the clearing obligation under EMIR. Some pensions schemes must consult their national competent authority in order to be exempted from the clearing obligation. The relevant competent authority must obtain the opinion of ESMA before deciding on an exemption.

Commission publishes Commission Implementing Regulation (EU) 2017/105 in relation to EMIR technical standards

The technical standards relate to the format and frequency of trade reports to trade repositories according to EMIR and applies from 1 November 2017, with the exception of Article 1(5), which shall apply from the date of entry into force.

Commission publishes Commission Implementing Regulation (EU) 2017/104 in relation to EMIR technical standards

The technical standards, which supplement EMIR, relate to minimum details of the data to be reported to trade repositories and apply from 1 November 2017.

European Central Bank publishes results of the December 2016 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter derivatives markets

The survey found that less favourable credit terms were offered to banks and hedge funds but credit terms remained basically unchanged for other counterparty types, initial margin requirements had increased for all types of non-centrally cleared euro-denominated OTC derivatives contract and that there was a decrease in bank's market-making activities for debt securities and derivatives over the past year.

European Securities and Markets Authority writes to the Commission in relation to the EMIR Review and ESMA sanctioning powers under EMIR and the Credit Rating Agency Regulation (CRAR)

The letter suggested amendments to EMIR and CRAR in relation to ESMA's supervisory and sanctioning powers under EMIR and CRAR. The letter follows up on the Commission's recent report on the EMIR Review, for which ESMA had submitted 4 reports in August 2015, and also ESMA's Technical Advice on the functioning of the CRA market submitted to the Commission in October 2015.

European Securities and Markets Authority launches Consultation Paper on guidelines on transfer of data between trade repositories

The deadline for submissions to the Consultation is 31 March 2017. The guidelines will apply to counterparties to derivatives and CCPs which report derivatives under EMIR, and to trade repositories. The guidelines will apply in relation to: a) the reporting without duplication of details of derivatives by counterparties and CCPs under Article 9(1) of EMIR; b) the transfer of derivatives data between trade repositories at the request of the counterparties to a derivative, or the entity reporting on their behalf, or in the situation covered by Article 79(3) of EMIR; and 3) the record keeping of details of derivatives under Article 80(3) of EMIR.

European Securities and Markets Authority publishes two updated Questions and Answers on MiFID II and MiFIR transparency topics and on MiFID II and MiFIR market structures topics

The Q&As were both published on 31 January 2017. The Q&A on transparency topics contains updated questions and answers on the systematic internaliser regime and the Q&A on market structures topics contains updated questions and answers on Direct Electronic Access (DEA) and algorithmic trading as well as multilateral systems.

For further information please contact a member of the Financial Regulation team

Date published: 07 Feb 2017