European Union: Key Regulatory Developments In The EU - July 26, 2019

Last Updated: 2 August 2019
Article by Michael Huertas, Holger Schelling and Kai Goretzky
Source/Date Brief description

ESMA1
22/07/2019

ESMA published its annual peer review report on EU CCPs supervision

The ESMA has published its annual peer review report on the overall supervision of EU Central Counterparties (CCPs) by National Competent Authorities (NCAs).

For further information, click here.

EBA2
22/07/2019

EBA updates on monitoring of CET1 capital instruments

The EBA published an updated list of Common Equity Tier 1 (CET1) instruments of EU institutions.

For further information, click here.

ESMA1
19/07/2019

ESMA readies stress testing requirements for money market funds

The ESMA has issued two sets of guidelines regarding the stress testing of money market funds and reporting on money market funds to national competent authorities (NCAs), aimed at ensuring a coherent application of the Money Market Fund (MMF) Regulation.

For further information, click here.

FSB10
19/07/2019

FSB adjusts implementation timelines for its policy recommendations to address financial stability risks in securities financing transactions

The FSB announced adjustments to the implementation timelines for its recommendations on securities financing transactions (SFTs), specifically those related to minimum haircut standards for non-centrally cleared SFTs.

For further information, click here.

EBA2
18/07/2019

EBA published Report on regulatory perimeter, regulatory status and authorisation approaches in relation to FinTech activities

The EBA published the findings of its analysis on the regulatory framework applicable to FinTech firms when accessing the market. The Report illustrates the developments on the regulatory perimeter across the EU, the regulatory status of FinTech firms, and the approaches followed by competent authorities when granting authorisation for banking and payment services.

For further information, click here.

ESMA1
18/07/2019

ESMA advises on credit rating sustainability issues and sets disclosure requirements

The ESMA has published its technical advice on sustainability considerations in the credit rating market and its final guidelines on disclosure requirements applicable to credit ratings.

For further information, click here.

ESMA1
17/07/2019

ESMA provided updated Q&As, XML schema and validation rules for securitisation reporting

The ESMA has published several additional resources to assist market participants in the implementation of ESMA's draft technical standards on disclosure requirements for the Securitisation Regulation (SR).

For further information, click here.

ESMA1
17/07/2019

ESMA launched call for evidence on certain investor protection topics in the context of the reports to be submitted by the EC under Article 90 of MiFID II

The ESMA has published a call for evidence on certain investor protection topics included in the EC mandate to ESMA on the reports to be submitted by the EC under Article 90 of MiFID II.

For further information, click here.

ESMA1
17/07/2019

ESMA reports on NCAs' use of sanctions under MiFID II

The ESMA has published its first report concerning sanctions and measures imposed under MiFID II by National Competent Authorities (NCAs).

For further information, click here.

ESMA1
17/07/2019

ESMA issued an opinion on product intervention measures by the Czech Republic

The ESMA has issued a positive opinion on product intervention measures taken by the National Competent Authority (NCA) of the Czech Republic.

For further information, click here.

ESMA1
16/07/2019

ESMA published the 23rd extract from the EECS database

The ESMA has published an extract from its confidential database of enforcement decisions on financial statements.

For further information, click here.

ESMA1
16/07/2019

ESMA consults on performance fee guidelines for retail funds, seeking greater harmonisation

The ESMA launched a public consultation on draft guidelines on performance fees under the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive.

For further information, click here.

EBA2
16/07/2019

EBA published updated ITS package for 2020 benchmarking exercise

The EBA published an update to its Implementing Technical standards (ITS) on benchmarking of internal approaches.

For further information, click here.

EBA2
16/07/2019

EBA amended implementing technical standards on supervisory reporting with regard to financial information (FINREP)

The EBA published amendments to the ITS on supervisory reporting with regard to FINREP.

For further information, click here.

ESMA1
15/07/2019

ESMA consults on MiFID II compliance function requirements

The ESMA has launched a consultation on draft guidelines on certain aspects of the compliance function requirements under MiFID II.

For further information, click here.

ESMA1
15/07/2019

ESMA updated its EMIR Q&A

The ESMA has issued an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).

For further information, click here.

OJ of the EU
12/07/2019

Directive (EU) 2019/1160 amending Directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings – published in OJ

Entry into force: 01/08/2019.

For further information, click here.

OJ of the EU
12/07/2019

Regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings and amending Regulations (EU) No 345/2013, (EU) No 346/2013 and (EU) No 1286/2014 – published in OJ

Entry into force: 01/08/2019.

For further information, click here.

ESMA1
12/07/2019

ESMA addresses derivatives trading obligation concerns following entry into force of EMIR Refit

The ESMA has published a public statement addressing the misalignment between the scope of counterparties subject to the EMIR clearing obligation (CO) and those subject to the MiFIR derivatives trading obligation (DTO).

For further information, click here.

ESMA1
12/07/2019

ESMA published responses to its Consultation on indices and recognised exchanges under the CRR

For further information, click here.

ESMA1
12/07/2019

ESMA consults on disclosure guidelines under the Prospectus Regulation

The ESMA, has launched a public consultation concerning its draft Guidelines on disclosure requirements under the Prospectus Regulation (PR).

For further information, click here.

ESMA1
12/07/2019

ESMA updated its Q&As relating to the Prospectus Regulation

The ESMA has included twenty-five new Q&As relating to Regulation (EU) 2017/1129 (the 'Prospectus Regulation').

For further information, click here.

ESMA1
12/07/2019

ESMA launched consultation on cost of market data and consolidated tape

The ESMA, has launched a public consultation on the development in prices for pre- and post-trade data and on the post-trade consolidated tape (CT) for equity instruments.

For further information, click here.

ESMA1
12/07/2019

ESMA updated the ESEF Reporting Manual

The ESMA has published an update of its European Single Electronic Format (ESEF) Reporting Manual (Manual).

For further information, click here.

ESMA1
12/07/2019

ESMA published responses to its Call for evidence on position limits in commodity derivatives

The ESMA has published the responses received to its Call for evidence on position limits in commodity derivatives.

For further information, click here.

ESMA1
12/07/2019

ESMA published report on the licencing of FinTech firms across Europe

The ESMA published a report on the status of licencing regimes of FinTech firms across the European Union (EU).

For further information, click here.

ESMA1
12/07/2019

ESMA updated its Q&As on MiFID II and MiFIR market structure and transparency topics

The ESMA has updated its Questions and Answers regarding market structures and transparency issues under MiFID II and MiFIR.

For further information, click here.

ESMA1
12/07/2019

ESMA warned CFDs providers on application of product intervention measures

The ESMA, has published a statement addressed to providers marketing, distributing or selling contracts for differences (CFDs) to retail clients.

For further information, click here.

EBA2
16/07/2019

Report on the monitoring of the LCR implementation in the EU

The EBA published its first Report on the monitoring of liquidity coverage ratio (LCR) implementation in the EU.

For further information, click here.

ESMA1
11/07/2019

ESMA updated the CSDR Q&As

The ESMA has updated its Q&As regarding the implementation of the Central Securities Depository Regulation (CSDR).

For further information, click here.

ESMA1
11/07/2019

ESMA updated Q&As on MiFID II and MiFIR investor protection and intermediaries

The ESMA has updated its Questions and Answers on the implementation of investor protection topics under MiFID II/ MiFIR.

For further information, click here.

ESMA1
11/07/2019

ESMA updated its Q&As regarding the Benchmark Regulation

The ESMA has issued an update of its Q&As on the European Benchmarks Regulation (BMR).

For further information, click here.

EBA2
09/07/2019

EBA published report on progress made on its roadmap to repair IRB models

The EBA published a progress report on the roadmap set out in 2016 to repair internal models used to calculate own funds requirements for credit risk under the Internal Ratings Based (IRB) approach.

For further information, click here.

ESAs13
09/07/2019

ESAs published recommendations on the supervision of retail financial services provided across borders

The Joint Committee of the European Supervisory Authorities (ESAs) published a Report on the cross-border supervision of retail financial services.

For further information, click here.

ECB3
08/07/2019

ECB guide to internal models

The ECB published its guide to internal models under the SSM.

For further information, click here.

EBA2
08/07/2019

EBA assessed impact of FinTech on payment institutions' and e-money institutions' business models

The EBA published a thematic Report on the impact of FinTech on payment institutions' (PIs) and electronic money institutions' (EMIs) business models.

For further information, click here.

EBA2
08/07/2019

EBA published its Risk Dashboard

The EBA published its Risk Dashboard, which summarises the main risks and vulnerabilities in the EU/EEA banking sector.

For further information, click here.

European Commission
03/07/2019

Commission adopted draft Delegated Regulation amending Delegated Regulation (EU) 2017/653 to align the transitional arrangement for PRIIP manufacturers offering units of funds referred to in Article 32 of Regulation (EU) No 1286/2014 as underlying investment options with the prolonged exemption period under that Article

For further information, click here.

ESMA1
02/07/2019

ESMA published responses to its Consultation on draft RTS under the ELTIF Regulation

The ESMA has published the responses received to its Consultation on draft regulatory technical standards under Article 25 of the ELTIF Regulation.

For further information, click here.

ESMA1
02/07/2019

ESMA broadens scrutiny of multiple withholding tax reclaim schemes

The ESMA has published a report on its preliminary findings on multiple withholding tax (WHT) reclaim schemes, following a European Parliament (EP) request, and has launched a formal inquiry to gather further evidence from national competent authorities (NCAs) on the supervisory practices regarding those schemes across the European Union (EU).

For further information, click here.

ESMA1
02/07/2019

ESMA issues opinions on product intervention measures by Sweden, France and the United Kingdom

The ESMA has issued three opinions on product intervention measures taken by the National Competent Authorities (NCAs) of Sweden, France and the United Kingdom.

For further information, click here.

EBA2
02/07/2019

EBA Basel assessment sees impact driven by large banks

The EBA presented, during a public hearing, the results of its Basel III implementation assessment, which includes a quantitative impact study (QIS) based on data from 189 EU banks, and a comprehensive set of policy recommendations in the area of credit and operational risk, output floor and securities financing transactions.

For further information, click here.

FSB10
02/07/2019

FSB published review of TLAC Standard

The FSB published a technical review of the implementation of the Total Loss-Absorbing Capacity (TLAC) Standard for Global Systemically Important Banks (G-SIBs) in resolution.

For further information, click here.

ESMA1
01/07/2019

ESMA updated the CSDR Q&As

The ESMA has updated its Q&As regarding the implementation of the Central Securities Depository Regulation (CSDR).

For further information, click here.

ESMA1
01/07/2019

ESMA issued opinions on product intervention measures by Cyprus, France, Malta and Sweden

The ESMA has issued four positive opinions on product intervention measures taken by the National Competent Authorities (NCAs) of Cyprus, France, Malta and Sweden.

For further information, click here.

SRB18
01/07/2019

SRB published its Annual Report 2018

The SRB published its 2018 Annual Report, which gives an overview of its work and highlights achievements and progress.

For further information, click here.

EBA2
27/06/2019

EBA published its roadmap for the new market and counterparty credit risk approaches and launches consultation on technical standards on the IMA under the FRTB along with a data collection on non-modellable risk factors

The EBA published its roadmap on the new market and counterparty credit risk approaches and launched a consultation on eleven draft Regulatory Technical Standards (RTS) on the new Internal Model Approach (IMA) under the FRTB (Fundamental Review of the Trading Book) standards along with a data collection exercise on non-modellable risk factors (NMRF).

For further information, click here.

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This section of the newsletter contains material generated and copyrighted by ESMA,1 EBA,2 ECB,3 BaFin,4 the European Commission,5 ECON,6 BCBS,7 the European Parliament,8 EIOPA,9 FSB,10 the Council of the EU,11 the German Ministry of Finance,12 the ESAs,13 IOSCO,14 ESRB,15 CPMI,16 BIS17and SRB.18 This material is for general informational purposes only and does not represent any undertaking to keep recipients advised of all legal developments. Dentons does not assume any liability regarding the contents of external links. 

Dentons is the world's first polycentric global law firm. A top 20 firm on the Acritas 2015 Global Elite Brand Index, the Firm is committed to challenging the status quo in delivering consistent and uncompromising quality and value in new and inventive ways. Driven to provide clients a competitive edge, and connected to the communities where its clients want to do business, Dentons knows that understanding local cultures is crucial to successfully completing a deal, resolving a dispute or solving a business challenge. Now the world's largest law firm, Dentons' global team builds agile, tailored solutions to meet the local, national and global needs of private and public clients of any size in more than 125 locations serving 50-plus countries. www.dentons.com.

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