Welcome to the UK Regulation Round Up, a regular bulletin highlighting the latest developments in UK and EU financial services regulation....more
Benchmark administrators should review the quality of their ESG benchmark disclosures ahead of a review by EU regulators during 2024. On 13 December 2023, the European Securities and Markets Authority (ESMA), the EU’s...more
A Commission Delegated Regulation extending the transitional period laid down for third-country benchmarks has been published in the Official Journal of the European Union....more
EU Securitisation Regulation – the long-awaited final text of the recast risk retention regulatory technical standards (RTS) has been published in the Official Journal on 18 October 2023 and will enter into force on 7...more
31 March - SFTR: The European Securities and Markets Authority (“ESMA”) published an updated version of its Q&As (ESMA74-362-893) on complying with reporting requirements under the Regulation on reporting and transparency...more
On August 19, the European Securities and Markets Authority (“ESMA”) announced the publication of its response to a consultation on the European Commission’s (the “Commission”) proposals to amend the regime for the provision...more
26 February - HM Treasury published a report setting out the findings of the Kalifa Review of UK FinTech. The Financial Conduct Authority (“FCA”) published Handbook Notice 85, which sets out changes to the FCA Handbook...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
What is the law/regulation? As part of a broader European Union (“EU”) initiative on sustainable development which seeks to place environmental, social and governance (“ESG”) considerations at the heart of the financial...more
BMR: European Commission consults on equivalence for Japanese benchmarks - The European Commission is consulting on a draft Implementing Decision on the equivalence of the legal and supervisory framework applicable to...more
The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks. Key Points: ..The draft RTS contain new guidance that makes clear who is responsible for which...more
The Financial Conduct Authority (FCA) has published a call for input (CFI) on the use and value of data and advanced analytics in wholesale financial markets, now and in the future. ...more
ESMA has published its response to the Commission’s review of the BMR, which gives an indication of the areas where changes to the regulation are more likely to be made. Key Points: ..ESMA’s response to the European...more
The European Securities and Markets Authority has published a list of the entities that are awaiting their national regulator’s approval for authorization and registration as EU benchmark administrators. Under the EU...more
European Commission review will inform potential future legislative change. Key Points: ..The European Commission is seeking views on various aspects of the regime, and asking for feedback on areas in which improvements...more
The Central Bank of Ireland (the “Central Bank”) on 18 July 2019 published a ‘Dear Chair’ letter to the industry (the “Industry Letter”) highlighting the key supervisory issues identified in a thematic review of Irish...more
Two equivalence decisions under the EU Benchmark Regulation have been published in the Official Journal of the European Union. The first decision declares as equivalent to the EU regime the legal and supervisory framework of...more
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. ...more
In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. ...more
MiFID II – ESMA issues statement regarding the impact of a no-deal Brexit on the impact of the "share trading" obligation under Article 23 of MiFIR - ESMA issued a statement on 19 March 2019 regarding the impact of Brexit...more
1 March - The European Banking Authority ("EBA") published an opinion on deposit protection resulting from the United Kingdom's ("UK") withdrawal from the European Union ("EU"). The Financial Conduct Authority ("FCA")...more
The European Securities and Markets Authority has published a statement on its approach to certain provisions of the Markets in Financial Instruments package and the Benchmarks Regulation in the event of a no-deal Brexit. The...more
A series of ten Commission Delegated Regulations, comprising all of the Regulatory Technical Standards to supplement the EU Benchmarks Regulation, has been published in the Official Journal of the European Union....more
Two Commission Implementing Regulations supplementing the Benchmark Regulation have been published in the Official Journal of the European Union. The Benchmark Regulation, which took effect across the EU in January 2018, sets...more
European Commission Publishes Legislative Proposals on Sustainable Finance Which Impacts Asset Managers The EU Commission presented a package of measures on 24 May 2018, as a follow-up to its action plan on financing...more