Tracker, Financial Services Regulation & Compliance - Investment Firms
DOMESTIC:
European Union (Central Securities Depositories) Regulations 2016 enter into force
The European Union (Central Securities Depositories) Regulations 2016 (the Regulations) entered into force on 16 September 2016. The Regulations add substance to the CSD Regulation (Regulation (EU) No 909/2014) by designating the CBI as the competent authority under the CSD Regulation and setting out certain rules around sanctions and offences under the CSD Regulation. The CSD Regulation aims to harmonise both the timing and conduct of securities settlement in Europe
Central Bank of Ireland publishes "Prospectus Handbook: A Guide to Prospectus Approval in Ireland"
On 20 September 2016, the CBI published an updated Prospectus Handbook. The updated Handbook acts as a guide for issuers of transferable securities who are subject to the Prospectus Directive (Directive 2003/71/EC).
Irish Funds publishes response to the Department of Finance Public Consultation on MiFID II
On 21 September 2016, Irish Funds submitted its response to the Department of Finance's Public Consultation on the national discretions in the Markets in Financial Instruments Directive (MiFID II). Irish Funds are keen to ensure that the requirements for an investment firm under the Investment Intermediaries Act 1995 (the IIA) are not increased. Irish Funds have also published an appendix to its response setting out a summary overview of the gaps between MiFID II and the IIA.
Central Bank of Ireland's Director of Policy & Risk addresses the Liquidity and Funding Conference
On 21 September 2016, the CBI's Director of Policy & Risk, Gerry Cross, addressed the Liquidity and Funding Conference on the issues of liquidity, funding and regulation. Mr. Cross discussed the importance of having markets that operate effectively both in good times and times of crisis and that the continued evaluation of the effects of regulatory reform is important to achieving this. Mr. Cross also discussed liquidity risk and noted that the mispricing of liquidity risk was one of the factors that led to the financial crisis.
EUROPEAN:
European Commission publishes Delegated Regulation supplementing the Transparency Directive providing for the establishment of the "European Electronic Access Point"
The European Commission published the Commission Delegated Regulation (EU) 2016/1437) (the Delegated Regulation) supplementing Transparency Directive (2004/109/EC). The Delegated Regulation provides that ESMA will set up a web portal called the European Electronic Access Point (the EEAP) to enable end users to search for regulated information stored by official appointed mechanisms. The objective of the EEAP is to ensure the fast access to regulated information on a non-discriminatory basis. The Regulation entered into force on 20 September, however, Articles 7 and 9 do not enter into force until 1 January 2017.
European Systemic Risk Board publishes paper on the first insights from the new EU-wide OTC derivatives dataset
In the eleventh of its Occasional Paper Series, the ESRB has published a paper titled, "Shedding light on dark markets: First insights from the new EU-wide OTC derivatives dataset". The paper provides an analysis of the data collected across the EU under EMIR. The paper analyses the three largest derivatives markets in turn, i.e. interest rate derivatives, credit default swaps and foreign exchange derivatives.
European Securities and Markets Authority publishes discussion paper regarding the trading obligation under the MiFIR
ESMA has published a discussion paper on the trading obligation for derivatives under the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR). The paper seeks views on ESMA's proposals of how the trading obligation, as foreseen in Articles 28 and 32 of MiFIR, should be implemented and on ESMA's analysis of classes of derivatives that could be subject to the trading obligation.
ESMA will consider all submissions received by 21 November 2016 and aims to issue a consultation paper in the first quarter of 2017.
Financial Conduct Authority publishes third MiFID II Consultation Paper
The FCA in the UK has published its third consultation paper on MiFID II. The consultation closes on 4 January 2017.
For further information please contact a member of the Financial Regulation team.
Date published: 04 Oct 2016