Global Financial Regulatory Blog

Tag Archives: ESMA

ESMA’s “Final” Word on the MAR Review

By Rob Moulton and James Inness After lengthy consultation ESMA has published a detailed Final Report setting out its views on how to improve MAR. The ball is now firmly in the Commission’s court as to the next steps. Latham & Watkins has produced a detailed summary for clients.… Continue Reading

ESMA Draft Guidelines on Outsourcing to Cloud Service Providers

The new guidelines reflect the European Commission’s aim to provide additional certainty for regulated entities outsourcing to cloud services. By Rob Moulton, Fiona M. Maclean, Becky Critchley and Anna Lewis-Martinez On 3 June 2020, ESMA published a consultation paper on draft guidelines regarding outsourcing to cloud service providers. The purpose of the proposed guidelines is … Continue Reading

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

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. By Rob Moulton and Anna Lewis-Martinez On 3 June 2020, ESMA published updated versions of its opinions on post-trade transparency and position limits for third-country trading venues (TCTVs) … Continue Reading

EU Short-selling Bans Lifted

While regulators in the EU have lifted the temporary COVID-19-related short-selling bans, they will monitor the markets and impose further restrictions if required. By Carl Fernandes and Sherryn Buehlmann Regulators in Austria, Belgium, France, Greece, Italy, and Spain announced that the temporary short-selling bans imposed in those jurisdictions expired on 18 May 2020 at 11.59pm. … Continue Reading

European Commission Publishes Draft Delegated Regulations on ESG Disclosures in Benchmarks

The three draft delegated regulations set out sustainability criteria and ESG disclosure requirements for benchmarks provided in accordance with the EU Benchmarks Regulation. By Nicola Higgs and Becky Critchley On 8 April 2020, the European Commission published the three draft delegated regulations required by Regulation (EU) 2019/2089, commonly referred to as the Low Carbon Benchmarks … Continue Reading

New Draft Regulatory Technical Standards Under the EU Benchmarks Regulation

The draft RTS introduce new, potentially more onerous obligations on the administrators of all categories of benchmarks. By Nicola Higgs and Becky Critchley On 9 March 2020, ESMA published a consultation paper (CP) on draft Regulatory Technical Standards (RTS) under the EU Benchmarks Regulation (BMR). The CP covers governance arrangements, methodologies, reporting of infringements, mandatory … Continue Reading

Changes to Reporting Requirements for Issuers in Light of COVID-19

UK regulators announce a further package of measures to ease the burden on issuers. By Chris Horton, James Inness, Rob Moulton, Koushik Prasad, Connor Cahalane, and Charlotte Collins In response to the COVID-19 pandemic, UK regulators have published further measures affecting issuers, to try to preserve the flow of information to investors and support the … Continue Reading

UK Listed Companies: Key Legal Developments in 2020

Latham explores the primary legal developments for issuers and their advisers in the year ahead. By Chris Horton, James Inness, and Connor Cahalane The regulatory regime and disclosure requirements for listed companies in the UK will continue to evolve in 2020. Issuers and their advisers should be aware of the key legal developments that will … Continue Reading

Derivatives Market Reform – Progress Report

10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 By David Berman, Carl Fernandes  Nicola Higgs, Rob Moulton, Charlotte Collins, and Christopher Sullivan. In the fifth post of this 10-blog series, we identify key milestones in the derivatives market for the year ahead. This is taken from our wider publication: 10 Key Regulatory Focus Areas for UK/European Wholesale Markets in … Continue Reading

Market Abuse Regulation – Progress Report

10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 By David Berman, Carl Fernandes  Nicola Higgs, Rob Moulton, and Charlotte Collins The fourth post in this 10-blog series considers the latest developments in relation to the Market Abuse regime. This is taken from our wider publication: 10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 – Progress Report. … Continue Reading

MiFID II – Progress Report

10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 By David Berman, Carl Fernandes  Nicola Higgs, Rob Moulton, and Charlotte Collins In the second post of this 10-blog series, we examine recent and upcoming developments relating to MiFID II. This is taken from our wider publication: 10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019 – Progress Report. … Continue Reading

Brexit Progress Report: 1 of 10 Key Regulatory Focus Areas for UK/European Wholesale Markets in 2019

By David Berman, Carl Fernandes  Nicola Higgs, Rob Moulton and Charlotte Collins In our January publication, we highlighted what we were seeing as the top regulatory focus areas for our clients during the year ahead, focusing on wholesale market structures and conduct risk. In a series of 10 blog posts, we will take a closer look at … Continue Reading

First Use of ESMA Temporary Product Intervention Measures

ESMA to introduce measures to restrict the provision of CFDs, and prohibit the provision of binary options, to retail investors in the EU. By Nicola Higgs and Charlotte Collins The European Securities and Markets Authority (ESMA) has announced the first use of its new product intervention powers under MiFID II. ESMA had announced before MiFID … Continue Reading
LexBlog