Tracker, Financial Services Regulation & Compliance - Investment Firms


Irish Stock Exchange statement following the UK Referendum

The Irish Stock exchange has stated that the UK referendum on membership of the European Union has had a significant impact on the global markets in the days following the vote.  The Irish Stock Exchange will be working with the Irish Government and the relevant stakeholders in order to 'ensure that any potential risks to the position of the Irish capital market are managed'.       



European Securities Markets Authority publishes its Annual Report for 2015

ESMA has published its Annual Report for 2015 which notes the authorities 2015 objectives and achievements. In the narrative of the Report, 2015 was considered a year of transition for ESMA where key parts of the single rulebook were delivered and there was a change of focus for the authority. ESMA Executive Director Verena Ross stated in the Report that she considers that new challenges are 'looming’ in relation to supervisory convergence.

European Securities Markets Authority publishes Q & A on the application of the AIFMD

ESMA has published an updated series of answers to queries on the application of the Alternative Investment Fund Managers Directive (AIFMD) which supplements the EU Commission's previous Q&A on AIFMD.  The responses to queries from regulators are published in order to provide clarity around issues such as remuneration, AIF and AIFM notifications, reporting obligations, leverage calculations and depositories.

European Securities Markets Authority publishes Q&A on the implementation of EMIR

ESMA has published a document addressing queries from competent authorities on the implementation of EMIR which may prove useful to investors and market participations in clarifying the requirements under the regulation. The document answers a significant number of questions relating to OTC derivatives, central counterparties, trade repositories and around reporting obligations.

Delay in securities market rules enacted by the EU Council

The Council has adopted a regulation and a directive enacting a one year delay in the MiFID and MiFIR application dates, as agreed in May 2016. The new date of application of both MiFID II and MiFIR is 3 January 2018. The delay arose as a result to technical implementing challenges experienced by ESMA.

EU Commission adopts Delegated Regulations on a number of Regulatory Technical Standards relating to MiFID and MiFIR

The EU Commission recently adopted Delegated Regulations supplementing MiFiD II on specifying information to be notified by investment firms, market operators and credit institutions; the level of accuracy of business clocks; the volume cap mechanism, effects of derivative contracts and the prevention of evasion; standards relating to data reporting service providers and on requirements on market making agreements and schemes. Delegated Regulations supplementing MiFIR relating to the obligation to clear derivatives, benchmarks, clearing access in respect of trading venues, the specification of the offering of pre- and post-trade data and on the maintenance of relevant data have also been adopted. Once published in the Official Journal of the EU, the Regulatory Technical Standards will apply from the date of their implementation as included in MiFID II and MiFIR respectively.

European Securities Markets Authority publish updated Q&A on provision of Contracts for Difference under MiFID

ESMA has updated a Questions and Answers document relating to the provision of CFDs and other speculative products to retail investors under MiFID. The updated question relates to the conflicts of interest that national competent authorities should consider when a firm offering CFDs or other speculative products to retail investors use another parties to perform activities.

European Securities Markets Authority publishes Statement on responsibilities when selling bail-in-able financial instruments

ESMA has published a statement reminding banks that MiFID obligations which provide that investors must be given up to date and complete information and that potential conflicts of interest must be managed. Banks and investment firms selling these instruments were also reminded to ensure that enough information is collected about a client to ensure that the product being provided is suitable to them.

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

Date published: 04 July 2016