On 17 January, ESMA published advice received from the Securities and Markets Stakeholder Group (SMSG) in relation to the consultation on MiFID II product governance. This CP was released on 5 October 2016 and it set out to create guidelines relating to the target market assessment. The SMSG established a working group with the specific
Never mind a busy December, all in all, it was a busy year for financial regulation as shown in one of our previous articles, as 384 regulatory documents were captured and uploaded in our trade and transaction RegDelta library. MiFID II Before Christmas, we saw ESMA publish many documents much like in January 2016 with
On 11 January 2017, ESMA released its follow-up to the peer review on best execution which came out in February 2015. With significant improvement by many NCAs since the 2015 review, the follow-up reads as a far more positive report, with optimism for further development in the future. Although certainly not perfect, it reveals that
Transparency is the cornerstone of MiFID II. Whether it’s pricing, product or process transparency, participants will need to pull back the curtains to make more information public regarding the nature of their operations, products and services. Consequently, investment firms will need to know more about their clients than ever before, with very little margin for
In April 2016, European Supervisory Authorities (ESA) submitted a draft Regulatory Technical Standards (RTS) for Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation, focusing on the requirements of key information documents (KID). Despite the KID RTS being endorsed by the EU Commission, the European Parliament – in a surprising move – rejected the draft. It
On 19 December 2016, ESMA published its Q&A paper on the topic of commodity derivatives within MiFID II and MiFIR. The document focuses on the promotion of supervisory approaches and practices for the application of position limits, position reporting and ancillary activity provisions. It also provides clarity on the technicalities of the policy and the
Just before the Christmas break, as part of its quick-fire release of numerous important updates, ESMA published a new Questions and Answers document that covers MiFIR data reporting. Broken down into two separate sections, the document looks specifically at (i) LEI of the issuer and (ii) date and time of the request of admission and
On 16 December 2016, the Financial Conduct Authority (FCA) published their fourth and final consultation paper (CP) on implementing MiFID II regulations into domestic regulation by 3 July 2017, which will be applied to firms from 3 January 2018. MiFID II aims to bolster competition in the EU’s financial market by creating a single market
2016 has added tens of thousands of new regulatory pages to the pile, which has kept us, at JWG, very busy boys and girls. Unlike the last decade, however this year has been about unexpected twists and turns in the road: It’s been a year of MiFID II/R panic, implementation delays, regulators waking up to
Transaction reporting can be a difficult regulatory requirement to get right and compliance can be even more complicated due to multiple overlapping transaction reporting regimes, which all serve slightly different purposes and have varying structures. This article looks at the transaction reporting requirements under four key regulations: MiFID II, EMIR, REMIT and SFTR. The first