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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 info@etr-advisory.com. 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

The new EMIR RTS goes into effect

The new EMIR Regulatory Technical Standard will officially go into effect tomorrow, on the 1st November 2017. However, many Trade Repositories have implemented the new formats slightly earlier (see here). The new RTS sees some significant changes to the reporting formats, including the addition of may new fields, and also changes in validations (see here) … Continue reading

ESMA publishes more position limits and master list

ESMA yesterday published nine opinions on position limits proposed by the UK’s Financial Conduct Authority (FCA). These set the initial limits on those contracts which relate to metals and agricultural contracts traded on certain UK venues.  At the same time, ESMA issued this master list of contracts on which bespoke limits are due to be … Continue reading

FCA opens hedge exemption applications and publishes more position limit information

The UK’s Financial Conduct Authority (FCA) has opened the “Connect” system which allows Non Financial Entities to apply for hedge exemptions from the MiFID II position limits regime, for contracts under the FCA’s jurisdiction (that is, contracts found on venues in the UK). Links can be found on the commodity derivatives page here. The FCA … Continue reading

MiFID II start and transposition

With less than three months to go until the start of MiFID II, on 3rd January 2018, there are many stories of struggles to be ready. Never the less, yesterday EU commissioner Valdis Dombrovkis confirmed at the ESMA conference that there will be no further delays to the start date, as reported here on the City … Continue reading

Progress on EU-US recognition

The European Commission and the CFTC moved closer to mutual recognition of rules, following a meeting held last week. The movement has been on two fronts: Trading platform recognition, which when finalised will simplifying cross jurisdiction trading. The aim is to have recognition  in place in time for MiFID II. An equivalence decision on the … Continue reading