This category contains 195 posts

EMIR news

Earlier this week, ESMA released an updated questions and answers document on EMIR, which can be found here. It contains one new set of answers on page 121 on how scheduled and unscheduled maintenance of TRs should be handled. Last week, the European Parliament issued this report specifying their desired changes to be undertaken as … Continue reading

MiFID II transposition, updates and regulatory battles

Updates and new around MiFID II continue, following our post last week (see here). The European Commission has issued a warning to 12 member states that they must transpose MiFID II or face sanctions. The notice can be found in this press release by the Commission. The countries warned are Croatia, Greece, Latvia, Lithuania, Luxembourg, Poland, … Continue reading

The day of the MiFID II arrives

Today is the 3rd January 2018, the day when MiFID II and MiFIR finally come into effect. The financial services industry has been gearing up for this day long before the original date was set in mid 2014 and then delayed to today. The start of MiFID II has been widely reported in the general … Continue reading

One week to go: MiFID II updates and debates

There is one week until the start of MiFID II. ESMA released a few updates in the run up to the holiday, including an revised “market sizes” document relating to the ancillary activity test, which can be found here. The update appears to be a disclaimer at the end relating to EEA and EFTA data … Continue reading

Updated EMIR Q+A released by ESMA

ESMA has released an updated version of the Questions and Answers document on EMIR, which can be found here. There are several updated answers, including: OTC 18b – p35 – on the handling of omnibus accounts in indirect clearing arrangements in the case of a default. TR 31 – p73 – on the reporting of … Continue reading

More FCA position limits

The FCA has added a few more MiFID II position limits to their list which can be found here. As before, readers who wish to more specifically identify the changes are welcome to contact us at The updated limits follows publication of limits by AFM and AMF (see here) and BaFin (see here).

EMIR Q+A Updated

ESMA has updated the questions and answers document related to EMIR, which can be found here. The new version of the document makes some updates to the sections on trade reporting, mostly to bring them in line with the new reporting formats that have been in use since 1st November (see here). ESMA has recently … Continue reading

FCA warns of increased MAR oversight

The start of MiFID II on 3rd January increases the scope of the Market Abuse Regulation, which itself started on 3rd July 2016 (see here). Financial instruments executed on Organised Trading Facilities (OTF) as well as emissions allowances will be in scope. As a result the requirements of an Emissions Allowance Market Participant (EAMP) increase … Continue reading

Updated MiFID II Q+As issued by ESMA

ESMA has issued several updated Questions and Answers documents on MiFID II: Commodity Derivatives (here) Data Reporting (here) Investor Protection (here) The commodity derivatives answers cover the topics of position limits, the ancillary activity test and position reporting. Each of these sections will have an impact on those with commodity derivatives position to a greater … Continue reading

ETR Advisory announces enhanced Regulatory Support Service

ETR Advisory has announced the relaunch of their Regulatory Support Service, which allows customers to benefit from ETR Advisory’s experience and expertise for a fixed monthly fee. Clients can “pick and mix” from six services: Helpline – Questions answered and issues discussed as required. Regulatory update meetings – at regular intervals for updates and questions. Curated news – providing … Continue reading