News & Analysis as of October 19, 2024

MiFID II

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The European Union is an economic and political partnership comprised of 27 nations within the Eurozone. The EU was established in 1948 to promote stability and cooperation among member states in the aftermath of WWII. The EU maintains a common currency as well as several intranational institutions, including the European Parliament and the European Commission. less -

Zooming In on AI - #6: AI under financial regulations in the U.S., EU and U.K.

A&O Shearman on 10/8/2024

Many governments are grappling with the question of how to regulate artificial intelligence to ensure it is adopted safely and used responsibly without hampering innovation. Governments have generally indicated similar...more

Initial guidance on the use of AI in the provision of investment services

Walkers on 6/25/2024

With the Regulation on Artificial Intelligence (the "AI Act") entering into force in due course, following its publication in the Official Journal of the EU, there has been an increasing focus of supervisory bodies to provide...more

Regulation Round Up - June 2023

Proskauer Rose LLP on 7/5/2023

MiFIR / MiFID II: The European Parliament published a press release announcing it has reached provisional political agreement with the Council of the EU on the proposed amendments to the Markets in Financial Instruments...more

EU Authority Allows Further Short Delay to Annual Transparency Calculations for Non-Equities

A&O Shearman on 10/2/2020

The European Securities and Markets Authority has announced the delay of the publication dates by investment firms and trading venues of the annual transparency calculations for non-equity instruments (other than bonds) from...more

MiFID II Update – Non-EU Trading Venue Equivalence for Transparency and Position Limits

Akin Gump Strauss Hauer & Feld LLP on 6/24/2020

On 3 June 2020, the European Securities and Markets Authority (ESMA) published two Opinions clarifying how European Union investment firms trading financial instruments on third-country trading venues (TCTVs) should, from 3...more

MiFID’s Transparency Rules: ESMA Confirms Equivalence of Numerous Non-EU Venues

Latham & Watkins LLP on 6/16/2020

Implications for users of third-country trading venues as ESMA confirms the list of venues who meet the criteria in its updated opinions on transparency and position limits. On 3 June 2020, ESMA published updated versions...more

EU Consultation on Potential Amendments to MiFID II's Equity Transparency Regime

A&O Shearman on 2/21/2020

The European Securities and Markets Authority has commenced a consultation on proposed amendments to the provisions of the Markets in Financial Instruments package on the transparency regime for equity and equity-like...more

UK Conduct Authority Halts UK Operation of MiFID Transparency Regime in Light of Commitment to Brexit Deal

A&O Shearman on 2/4/2020

The U.K. Financial Conduct Authority has updated its webpage and statement on the operation of the transparency regime under the Markets in Financial Instruments Directive post-Brexit...more

European Securities and Markets Authority Publishes Final Report on Frequent Batch Auctions

A&O Shearman on 6/26/2019

The European Securities and Markets Authority has published a final report presenting the feedback to its November 2018 call for evidence, which sought to improve its understanding of "frequent batch" auction systems and...more

Revised EU Statement on the Share Trading Obligations in a No-Deal Brexit

A&O Shearman on 6/20/2019

Following concerns regarding its March 19, 2019 statement, the European Securities and Markets Authority has published a revised statement on the impact of a no-deal Brexit on the trading obligation for shares where no...more

Financial Regulatory Observer – March 2019: FRO in-depth: The future of cryptoassets regulation

White & Case LLP on 4/1/2019

Partners Julia Smithers Excell and Stuart Willey, and associate Laura Kitchen of global law firm White & Case take a deep dive on the latest publications from EU and UK regulators aimed at providing supervisory clarity on the...more

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 3/18/2019

AIFMD – ESMA issues draft guidelines on liquidity stress testing in UCITS and AIFs - On February 5, ESMA issued a consultation paper on issuing liquidity stress test guidance for investment funds. The draft guidelines aim...more

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 2/12/2019

MiFID II – updated Q&As on MiFID II and MiFIR transparency topics and obligations on disclosure of information to clients in the context of Brexit - ESMA updated its Q&As on 4 January on MiFID II and MiFIR transparency...more

EU Supervisory Authority Issues Call for Evidence on Periodic Auctions for Equity Instruments

A&O Shearman on 11/21/2018

The European Securities and Markets Authority has published a call for evidence on periodic auctions for equity instruments. ESMA wishes to gather more information on the functioning of so-called frequent batch auction...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 11/16/2018

AIFMD – updated ESMA Q&A - ESMA published updated Q&As on the application of the AIFMD on October 4. ESMA has added a new Q&A clarifying the application of the AIFMD notification requirements with regard to AIFMs managing...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 6/8/2018

U.S. Financial Industry Developments - Economic Growth, Regulatory Relief and Consumer Protection Act - The "Economic Growth, Regulatory Relief and Consumer Protection Act," signed by the President on May 24, amends...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 5/18/2018

Division of Investment Management of the SEC Issues No-Action Letter to SSB - On May 8, 2018, the Chief Counsel's Office of the Division of Investment Management ("IM") of the Securities and Exchange Commission (the...more

Investment Funds Update Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 3/5/2018

MiFID II – Member State Transposition and Updated Q&A on Market Transparency - The European Commission updated its webpage on 13 February 2018 setting out member state transposition of MiFID II....more

ESMA Updates MiFID II Q&As on Transparency Topics

Orrick - Finance 20/20 on 2/13/2018

On February 7, the European Securities and Markets Authority (“ESMA”) published an updated version of its questions and answers (Q&As) on transparent topics under MiFID II Directive (2014/65/EU) and the Markets in Financial...more

Investment Funds Update Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 2/2/2018

MiFID II – ESMA issues updated Q&As on transparency and market structures and investor protection and intermediaries topics - ESMA updated its Q&As on 18 December 2017 on MiFID II Q&As on transparency and market...more

In Principle: 10 Things Authorised Firms Need to Know for 2018 – The World of Financial Regulation as the UK Prepares to Exit the...

Akin Gump Strauss Hauer & Feld LLP on 1/25/2018

There is much for authorised firms to consider in the year ahead. Firms have been through the intensive period of the enactment of the second Markets in Financial Instruments Directive (MiFID II), but must now step up their...more

European Commission Declares Stock Exchanges in Switzerland Equivalent for the Purposes of the Shares Trading Obligation Under...

A&O Shearman on 1/9/2018

The European Commission has adopted an Implementing Decision declaring the two Swiss stock exchanges equivalent for the purpose of the shares trading obligation under the Markets in Financial Instruments Regulation. MiFIR...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 3/15/2017

EMIR - Spanish Pension Schemes Exempt and Updated Q&A - On 25 January, ESMA issued its opinion confirming the exemption from the EMIR clearing obligation for certain Spanish pension schemes....more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on 12/30/2016

AIFMD – ESMA Updates Q&As and Re-Visits View of Application of Delegation Rules - ESMA issued updated Q&As on 16 November on AIFMD including two new questions and answers on the cross-border marketing of AIFs, clarifying...more

Corporate and Financial Weekly Digest - Volume XI, Issue 40

Katten Muchin Rosenman LLP on 10/17/2016

BROKER-DEALER – “Trade Match” and “Trade Acceptance” Clearing Submissions on FINRA’s Alternative Display Facility – On October 7, the Financial Industry Regulatory Authority issued a Trade Reporting Notice regarding...more

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