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EU Regulatory Research

EU Regulatory Update



Council of EU Publishes Outcome of Meeting with Finnish Presidency

On 9 July, the Council of the EU published the outcome of a Council meeting with the Finnish Presidency to discuss, among other things, the Council’s priorities for economic and financial affairs and the Presidency work programme from July 2019 to December 2019. These priorities include, among other things: (i) a focus on the “Banking Union and to develop the Capital Markets Union … to enhance the robustness and resilience of the European banking sector and to boost cross-border investment”; (ii) “[s]implification of economic policy coordination … [to] explore the scope for simplifying the fiscal rules”; (iii) “advanc[ing] simple, fair and effective taxation to boost economic growth, competitiveness and employment”; and (iv) “reach[ing] a balanced agreement between the Council and the European Parliament on the 2020 budget.”


ESMA Launches Consultation on Performance Fee Guidelines for Retail Funds under UCITS Directive

On 16 July, the European Securities and Market Authority (“ESMA”) launched a consultation on draft guidelines regarding performance fees under the Undertakings for Collective Investments in Transferable Securities Directive (2009/65/EC) (“UCITS Directive”). ESMA has noted a level of inconsistency in the way Member States charge performance fees to UCITS and issued the draft guidelines with the aim of promoting supervisory convergence. The guidelines cover the following areas: (i) “general principles on performance fee calculation methods“; (ii) “consistency between the performance fee model and the fund’s investment objectives, strategy and policy”; (iii) “frequency for the performance fee crystallisation and payment”; (iv) “the circumstances where a performance fee should be payable”; and (v) “disclosure of the performance fee model.” The consultation period closes on 31 October 2019, and ESMA intends to issue the final guidelines in late 2019 or early 2020.

IOSCO Publishes Statement Regarding Liquidity Risk Management Recommendations for Investment Funds

On 18 July, the International Organization of Securities Commissions (“IOSCO”) published a statement defending and explaining why its liquidity risk management recommendations issued in February 2018 provide a “comprehensive framework for regulators to deal with liquidity risks in investment funds.” The statement follows a financial stability report published by the Bank of England in July 2019, which questioned whether the recommendations issued by IOSCO “adequately address risks in [open-ended investment funds (“OEFs”)] which could disadvantage investors or lead to broader financial system contagion.” IOSCO argues that its recommendations: (i) “stress a proper alignment of fund assets and redemption terms” and “prevent[] liquidity and redemption mismatches from arising in the first place, rather than just mitigat[e] problems as they crystallise”; (ii) “contain practical, actionable principles which support those domestic regulators who may wish or need to pursue a prescriptive approach responsive to the nature of particular OEFs they supervise directly and/or specific characteristics of the local markets in which they operate”; and (iii) “deal with attendant benefits and risks when OEFs may exceptionally look to use other liquidity management tools (such as suspensions and swing pricing) in the face of untoward redemption pressures.” Additionally, IOSCO announced that it intends to conduct “a robust assessment exercise beginning in 2020, which will review how the 2018 [r]ecommendations have been implemented in practice.”


EIOPA Establishes Expert Panel on the PEPP

On 5 July, the European Insurance and Occupational Pensions Authority (“EIOPA”) announced that it has established its Expert Practitioner Panel on the Pan-European Personal Pension Product (“PEPP”). The panel mandate includes: (i) informing EIOPA on its policy work; (ii) testing policy proposals; and (iii) supporting EIOPA in delivering on its mandates.

EIOPA Launches Consultation on Increased Proportionality of Supervisory Reporting and Public Disclosure

On 12 July, EIOPA launched a consultation package regarding supervisory reporting and public disclosure, which supplements its upcoming 2020 Solvency II (2009/138/EC) review. EIOPA intends to conduct its consultation in two stages, with this first stage covering the following areas: (i) “general issues on supervisory reporting and public disclosure”; (ii) “individual quantitative reporting templates” and supplementing annexes; (iii) “solvency and financial condition report and narrative supervisory reporting”; and (iv) “financial stability reporting.” Later this year, EIOPA will launch the second stage of consultations covering: (i) “group quantitative reporting templates”; (ii) “regular supervisory reporting”; (iii) “technical aspects of the reporting and disclosure processes”; (iv) “data quality”; and (v) ”reporting and disclosure linked to other areas of the 2020 Solvency II review, in particular (but not necessarily only) the long-term guarantee templates.” The consultation period for the first stage closes on 18 October 2019.

EIOPA Launches Consultation on the Harmonization of National Insurance Guarantee Schemes

On 12 July, EIOPA launched a consultation regarding the harmonization of national insurance guarantee schemes (“IGSs”). The consultation is a draft response to the Call for Advice of the European Commission of 11 February 2019 and a proposal for the upcoming 2020 Solvency II review. The consultation covers the following areas with regards to IGSs: (i) their role and function; (ii) their geographical coverage; (iii) their eligible policies; (iv) their eligible claimants; (v) their coverage level; (vi) the funding of IGSs; (vii) the IGSs’ disclosure to the public; and (viii) cross-border cooperation and coordination arrangements between national IGSs. EIOPA also indicated that it intends to conduct a review of the framework every five years. The consultation period for the first stage closes on 18 October 2019.

EIOPA Publishes Discussion Paper on Methodological Principles of Insurance Stress Testing

On 22 July, EIOPA published a discussion paper on methodological principles of insurance stress testing. EIOPA intends to further develop its “methodology for bottom-up supervisory stress testing” and is seeking feedback regarding the establishment of “methodological principles and guidelines required for the conduct and assessment of a European Union-wide stress test exercise.” These principles and guidelines cover the following key elements: (i) “[s]tress test process and objectives”; (ii) “[s]cope of stress tests”; (iii) “[s]cenario design of a stress test”; (iv) “[s]hocks and their application in a stress test”; and (v) “[d]ata collection and validation.” The consultation period closes on 18 October 2019.

EIOPA Publishes Report Analyzing National General Good Rules

On 22 July, EIOPA published and requested feedback on a report analyzing national “general good” rules in relation to the proper functioning of the Insurance Distribution Directive (EU/2016/97) (“IDD”) and the internal market. The general good rules require an insurance undertaking or an insurance intermediary operating under the respective arrangements laid down by the Solvency II Directive (2009/138/EC) or the IDD “to adapt its activities to the host Member State rules if the measures enforced against it serve the general good, irrespective of whether it carries on those activities through freedom of establishment (namely, as a branch) or under the freedom to provide services.” The report found that: (i) “[o]ut of the 28 [national competent authorities (“NCAs”)] that have implemented the IDD, EIOPA identified two where further steps are necessary to ensure the appropriate publication of the national general good rules”; (ii) “[c]ollectively, the quantity and level of diversity of information requirements contained in general good rules, present significant challenges for entities seeking to carry out cross-border business in terms of additional entry costs”; and (iii) “Member States have published general good rules on registration and organisational requirements, which allow the NCAs of the host Member States to impose additional requirements on incoming insurance distributors” and are “detrimental to the proper functioning of the IDD and the Single Market.” In response, EIOPA proposed a number of follow-up actions to address these findings, including, among other things, “issuing recommendations on an individual basis to NCAs how the information on general good rules should be published to enable passporting insurance distributors to easily access and understand such information.” EIOPA also published an annex containing a country-by-country analysis of the national general good rules. The consultation period closes on 22 September 2019.

EIOPA Launches Consultation on Draft Opinion Regarding the Supervision of Remuneration Principles in the Insurance and Reinsurance Sector

On 25 July, EIOPA launched a consultation on a draft opinion regarding the supervision of remuneration principles in the insurance and reinsurance sector. EIOPA notes that the remuneration principles set out in Article 275 of the European Commission Delegated Regulation (EU) 2015/35 (“Delegated Regulation”) are “high level and leave considerable discretion to the undertakings and supervisory authorities.” The draft opinion thus aims to enhance supervisory convergence by focusing on a set of remuneration principle that all NCAs can follow. The consultation period closes on 30 September 2019.

EIOPA Updates Financial Market Data Provider for the Calculation of Solvency II Risk-Free Interest Rate Term Structures

On 26 July, EIOPA published a list of Reuters Instrument Codes of financial market data for the calculation of the technical information relating to the risk-free interest rates (“RFR”) term structures. Specifically, EIOPA published the technical information for the following rates: (i) interest rate swap rates; (ii) zero coupon government bond interest rates; (iii) inter-bank offered rates; and (iv) overnight indexed swap rates. EIOPA also published additional data necessary for the calculation of the volatility adjustment. Lastly, EIOPA indicated that “[f]rom 1 January 2020 onwards EIOPA plans to use Refinitiv as the main source of the RFR production process.”

EIOPA Publishes July 2019 Risk Dashboard

On 26 July, EIOPA published its updated Risk Dashboard based on the first quarter 2019 Solvency II data. The results indicate that: (i) “risk exposures of the European Union insurance sector remain overall stable, with macro and market risks now at a high level…due to a further decline in swap rates and lower returns on investments in 2018”; (ii) “[t]he low interest rate environment remains a key risk for the insurance sector”; (iii) “[m]arket perceptions were marked by a performance of insurers' stocks broadly in line with overall equity markets, while median CDS spreads have slightly increased”; and (iv) “no change was observed in insurers' external ratings and rating outlooks.”


ESMA Suspends Application of Tick-Size Regime to Certain Third-Country Shares

On 7 July, ESMA issued a statement regarding the application of the tick-size regime to certain third-country shares. ESMA notes that it published on 21 June 2019 the updated results of the annual equity transparency calculation, which is due to apply from 8 July 2019. ESMA stated that it has been recently notified of an issue with the updated calculations which “appears to affect the results for shares whose main pool of liquidity is in a third country while having less than one transaction a day on average on the most relevant market in the EU.” Consequently, ESMA clarified that until further notice, the European trading venues are “not bound by the tick sizes deriving from the ESMA publication of 21 June 2019 for third-country shares with an average daily number of transactions lower than one on the most relevant market in the EU.”

ESMA Publishes Updated Q&As Related to the Benchmark Regulation

On 11 July, ESMA published updated Q&As on the Benchmarks Regulation. The updated Q&As provide clarification regarding: (i) “the commodity benchmark definition”; and (ii) “the contribution to the euro short-term rate (€STR).”

ESMA Publishes Updated Q&As Related to CSDR

On 11 July, ESMA published updated Q&As on the implementation of the Central Securities Depository Regulation (EU) 909/2014 (“CSDR”). The updated Q&As clarify, in relation to the scope of internalized settlement reporting, that: (i) “investment firms are not required to report in case they do not execute transfer orders themselves, which they forward in their entirety to a custodian, irrespective of whether the custodian is established in the EEA or not”; and (ii) “trade netting as such does not qualify as internalised settlement.”

ESMA Publishes Updated Q&As Related to Investor Protection Under MiFID II/MiFIR

On 11 July, ESMA published updated Q&As on the implementation of investor protection topics under the Markets in Financial Instruments Directive (2016/65/EU) (“MiFID II”) and the Markets in Financial Instruments Regulation (EU) 600/2014 (“MiFIR”). The updated Q&As provide a new answer regarding the “[c]lassification of financial instruments under RTS 27 if ESMA has not published any calibrated market sizes” in relation to best execution.

ESMA Publishes Consultation Paper on Development of Prices for Market Data

On 12 July, ESMA published a consultation paper on the development of prices for pre- and post-trade data and on the post-trade consolidated tape (“CT”) for equity instruments. ESMA’s consultation forms part of the reviews required by MiFID II and MiFIR and aims to gather further information on the factors behind the cost of market data and the CT ahead of ESMA’s final report to the European Commission in December 2019. The consultation period closes on 6 September 2019.

o   With regards to the pricing of market data, the consultation paper indicates that there is disagreement as to whether the price for market data is reasonable, with data users stating that “market data prices are too high and have not decreased since the start of MiFID II/MiFIR in January 2018” and that new types of market data fees have emerged, such as fees for “SIs consuming data, fees for data used for risk management and market abuse monitoring purposes.”

o   With regards to the CT, the consultation paper notes that while MiFID II established the framework for the creation and operation of a CT, it has been a year since the application date of MiFID II and a CT has yet to be established. The consultation paper presents three main factors that ESMA believes has caused this outcome: (i) “no commercial rewards for operating a CT”; (ii) “a too restrictive regulatory framework”; and (iii) “competition from non-regulated entities.” Consequently, ESMA laid out several potential ways the European Commission and other legislators can establish a CT if they decide to do so.

ESMA Publishes Statement Regarding Misalignment Between EMIR Clearing Obligation and MiFIR Derivatives Trading Obligation

On 12 July, ESMA published a statement regarding the misalignment between the scope of counterparties subject to the European Market Infrastructure Regulation (EU) 648/2012 (“EMIR”) clearing obligation (“CO”) and those subject to the MiFIR derivatives trading obligation (“DTO”) since the entry into force of Regulation (EU) 2019/834 (“EMIR Refit”) on 17 June 2019. ESMA advised NCAs “not to prioritise their supervisory actions in relation to the DTO towards counterparties exempted from the CO following the entry into force of EMIR Refit” and stated that “for financial counterparties (FC) in Category 3 which are subject to the CO, the date of application of the DTO should be the same as the new date of application of the CO as amended by EMIR Refit,” which would “be four months following the notification from FC to ESMA and NCA as required under EMIR Refit, rather than 21 June 2019.”

ESMA Publishes Statement on Application of Product Intervention Measures for CFDs

On 12 July, ESMA published a statement expressing “serious concerns about firms’ marketing, distribution or sale of [contract for differences (“CFDs”)] to retail clients” and of “non-compliance with the legal requirements applicable when providing services to retail clients.” Specifically, ESMA said that “some CFD providers are advertising to retail clients the possibility to become professional client on request” and reminded investment firms that they should “strictly refrain from implementing any form of practice that incentivises, induces or pressures an investor to request to be treated as a professional client.” ESMA also noted that “some third-country firms are marketing CFDs that do not comply with ESMA’s measures to retail clients in the European Union (EU), particularly through online advertising,” and warned investment firms not to circumvent ESMA’s product intervention measures and requirements by selling CFDs through third-country CFD providers.

ESMA Publishes Consultation Paper on Draft Guidelines in Relation to Disclosure Requirements Under the Prospectus Regulation

On 12 July, ESMA published a consultation paper on draft guidelines in relation to disclosure requirements under the Prospectus Regulation (EU) 2017/1129. The guidelines aim to ensure that “market participants have a uniform understanding of the relevant disclosure requirements and assist NCAs when they assess the completeness, comprehensibility and consistency of information in prospectuses.” The guidelines cover topics such as: (i) “historical financial information”; (ii) “interim financial information”; (iii) “profit forecasts and estimates”; (iv) “working capital statements”; and (v) “capitalisation and indebtedness.” The consultation period closes on 4 October 2019.

ESMA Publishes Report on the Licensing of Fintech Firms Across EU

On 12 July, ESMA published a report on the status of licensing regimes of Fintech firms across EU. The report is “based on two surveys conducted by ESMA since January 2018, which gathered evidence from [NCAs] on the licensing regimes of FinTech firms in their jurisdictions.” Key findings from the report include: (i) “[t]he primary area where regulatory gaps and issues have been identified by NCAs and where FinTech firms do not fit neatly within the existing rules is related to crypto- assets, [initial coin offerings] and [distributed ledger technology]”; (ii) “the need for greater clarity around the governance and risk management processes associated with both cyber security and cloud outsourcing”; (iii) “[t]here is a direct link and interdependencies between the innovation facilitators and authorising approaches for innovative FinTech business models”; and (iv) “there is an ongoing discussion as to the need for an EU wide holistic crowdfunding regime, particularly for crowdfunding based on non-MiFID II instruments.”

ESMA Publishes Updated Q&As Related to Market Structure and Transparency Under MiFID II/MiFIR

On 12 July, ESMA published updated Q&As on the implementation of market structure and transparency topics under MiFID II and MiFIR. The updated Q&As provide clarification regarding: (i) “[t]he use of pre-arranged transactions for non-equity instruments”; (ii) “[t]he hedging exemption of Article 8 of MiFIR”; (iii) “[t]he treatment of constant maturity swaps”; and (iv) “[t]he application of the tick size regime to periodic auction systems.”

ESMA Publishes Updated Q&As on the Prospectus Regulation

On 13 July, ESMA published updated Q&As on the Prospectus Regulation. The updated Q&As includes three new questions that provide clarification regarding: (i) “[t]he application of Article 23(3) of the Prospectus Regulation in relation to issuers that qualify as financial intermediaries”; and (ii) “[c]ontinuing an offer which has initially been made using a base prospectus approved under the Prospectus Directive after the entry into application of the Prospectus Regulation.” The updated Q&As also include updates to 23 existing Q&As that were originally published under the Prospectus Directive (2003/71/EC).

ESMA Publishes Consultation Paper on Compliance Function Requirements under MiFID II

On 15 July, ESMA published a consultation paper on draft guidelines in relation to certain aspects of the compliance function requirements under MiFID II. The guidelines aim to assist firms in establishing an effective compliance function and would: (i) “consider the changes to the compliance function requirements brought by MiFID II”; (ii) “give relevance to the results of supervisory activities conducted by national competent authorities on the compliance function requirements”; and (iii) “provide additional details on some aspects that were already covered under ESMA’s 2012 guidelines.” The consultation period closes on 15 October 2019.

ESMA Publishes Updated Q&As Related to EMIR

On 15 July, ESMA published updated Q&As on EMIR in light of the entry into force of the EMIR Refit. The updated Q&As will align the existing Q&As with the new text requirements as required by the EMIR Refit, including: (i) the “[r]emoval of references to the frontloading requirement, as frontloading is no longer a requirement under EMIR Refit”; (ii) the “[r]emoval of references relating to backloading, following the elimination of the backloading requirement”; (iii) the “[i]dentification and reporting obligations for funds, and block trades and allocations”; and (iv) the “[c]larification on the applicability of reporting to intragroup transactions.”

EMSA Launches Call for Evidence on Impact of Inducements Disclosure Requirements and Costs and Charges Disclosure Requirements Under MiFID II

On 17 July, ESMA launched a call for evidence on the impact of inducements disclosure requirements and costs and charges disclosure requirements under MiFID II. The call for evidence follows a mandate that the European Commission, after consulting with ESMA, present to the European Parliament and Council of the EU a report regarding the “impact of the requirement to disclose any fees, commissions and non-monetary benefits in connection with the provision of an investment service or an ancillary service to the client … including its impact on the proper functioning of the internal market on cross-border investment advice.” The consultation period closes on 6 September 2019.

ESMA Publishes Reports Regarding NCAs’ use of Sanctions Under MiFID II

On 17 July, ESMA published a report examining the sanctions used by NCAs under MiFID II. ESMA notes that since MiFID II only entered into application on 3 January 2018 and in some Member States at a later date due to delays, “data on sanctions and measures imposed under MiFID II in 2018 does not allow to observe clear trends or tendencies in the imposition of sanctions and measures, nor to produce detailed statistics based on it.” ESMA indicated that it will continue to monitor this area and published an annual report with the information on sanctions and measures imposed including criminal sanctions.

ESMA Publishes Resources to Assist Market Participants in Implementation Draft Technical Standards on Disclosure Requirements for the Securitization Regulation

On 17 July, ESMA published a number of resources to assist market participants in the implementation of  draft technical standards on disclosure requirements for the Securitization Regulation (EU) 2017/2402, including: (i) updated Q&As regarding the Securitization Regulation; and (ii) reporting instructions and XML schema for the disclosure templates under the Securitization Regulation. The updated Q&As provide clarifications to “different aspects of the draft disclosure technical standards, including how some specific fields in the templates should be completed.” The reporting instructions and XML schema for the disclosure templates “set out in ESMA’s draft technical standards on disclosure requirements.”

ESMA Publishes Advice on Credit Rating Sustainability Issues and Sets Disclosure Requirements

On 18 July, ESMA published technical advice on sustainability considerations in the credit rating market and published its final guidelines on disclosure requirements applicable to credit ratings.

  • In its technical advice, ESMA found that while credit rating agencies (“CRAs”) are considering environmental, social and governance (“ESG”) factors in their ratings, the “extent of their consideration can vary significantly across asset classes, according to each CRA’s methodology.” However, due to the special role that credit ratings have in the EU regulatory framework, ESMA (i) concluded that “it would be inadvisable to amend the [Credit Rating Agencies Regulation (EC) 1060/2009] to explicitly mandate the consideration of sustainability characteristics in all rating assessments” and (ii) proposed that the European Commission assess whether there are “sufficient regulatory safeguards in place for other products that will meet the demand for pure sustainability assessments.”

  • The final guidelines aim to improve the quality and consistency of CRA press releases regarding the CRAs’ rating activities by: (i) providing “detailed guidance as to what CRAs should disclose when they issue a credit rating”; and (ii) requiring “greater transparency around whether ESG factors were a key driver of the credit rating action.”

FSB Adjusts Implementation Timeline for its Policy Recommendations to Address Financial Stability Risks in Securities Financing Transactions

On 19 July, the Financial Stability Board (“FSB”) announced certain adjustments to the implementation timelines for its recommendations on securities financing transactions (“SFTs”), in particular for those related to minimum haircut standards for non-centrally cleared SFTs. The FSB noted that there have been significant delays in some jurisdictions in the implementation of these recommendations mainly due to the “new date for implementing the minimum haircut standards on bank-to-non-bank SFTs into banking regulation as part of the Basel III framework, which is now January 2022.” Consequently, the FSB is extending the implementation timelines for the policy recommendations related to the framework of numerical haircut floors from the end of 2018 to January 2022 for bank-to-non-bank transactions and from the end of 2019 to January 2024 for non-bank-to-non-bank transactions.

ESMA Publishes Annual Peer Review Report on EU CCP Supervision

On 22 July, ESMA published its annual peer review report on the overall supervision of EU Central Counterparties (“CCPs”) by NCAs as required by EMIR. The review “focused on the effectiveness of NCAs supervisory practices to assess CCPs’ compliance with EMIR’s requirements on collateral and funding arrangements.” Overall, the review concluded that “that NCAs’ supervisory activities on CCPs’ collateral and funding arrangements, is satisfactory,” but that “the use by NCAs of quantitative metrics to assess the liquidity and low market risk of collateral was quite limited.” The review also set out “several best practices and considerations to further enhance supervisory convergence with respect to CCPs’ collateral and liquidity arrangements.”

BCBS and IOSCO Agree to One-Year Extension of Final Implementation Phase of the Margin Requirements for Non-centrally Cleared Derivatives

On 23 July, the Basel Committee on Banking Supervision (“BCBS”) and IOSCO announced that they have agreed to extend by one year the final implementation phase of the margin requirements for non-centrally cleared derivatives, which will now take place on 1 September 2021. Once the final implementation phase takes place, covered entities with an aggregate average notional amount (“AANA”) of non-centrally cleared derivatives greater than €8 billion will be subject to the requirements. To assist firms during this transition, BCBS and IOSCO will also introduce an “additional implementation phase whereby as of 1 September 2020 covered entities with an AANA of non-centrally cleared derivatives greater than €50 billion will be subject to the requirements.” In addition, BCBS and IOSCO published a revised version of the margin requirements to reflect the extension of the implementation timeline by one year.

ESMA Updates Register of Derivatives to Be Traded On-Venue Under MiFIR

On 23 July, ESMA updated the public register of the derivative contracts subject to the trading obligation under MiFIR, namely three recently authorized French venues.

ESMA Publishes Updated Q&As Related to MiFIR Data Reporting

On 29 July, ESMA published updated Q&As regarding data reporting under MiFIR. The updated Q&As clarify the “requirements for submission of reference data under MiFIR,” particularly with regards to “reporting obligations for financial instruments without a defined expiry date (e.g., Perpetual FX Rolling Spot Futures).”

ESMA Ceases Renewal of Restriction on Contracts for Difference Offered to Retail Investors

On 31 July, ESMA announced that it will not renew the temporary restriction on the marketing, distribution or sale of contracts for difference to retail clients. ESMA noted that “[a]s most [NCAs] have taken permanent national product intervention measures relating to contracts for differences that are at least as stringent as ESMA’s measures, ESMA will not renew its temporary restriction.” The restriction had been in place since 1 August 2018 and automatically expired on 31 July 2019.

ESMA Makes Available New Bond Liquidity Data

On 1 August, ESMA made available, through its data register, new data for bonds subject to the pre- and post-trade requirements of MiFID II and MiFIR. Specifically, ESMA made available the “latest quarterly liquidity assessment for bonds available for trading on EU trading venues.” ESMA noted that “for this period, there are currently 594 liquid bonds subject to MiFID II transparency requirements.” The transparency requirements for bonds deemed liquid will apply from 16 August 2019 to 15 November 2019. 

ESMA Publishes Data for Systematic Internaliser Calculations for Equity, Equity-Like Instruments and Bonds

On 1 August, ESMA published data for the systematic internaliser calculations for equity, equity-like instruments and bonds under MiFID II and MiFIR. Specifically, ESMA published “the total number of trades and total volume over the period January-June 2019 for the purpose of the systematic internaliser … calculations for 22,961 equity and equity-like instruments and for 333,459 bonds.” ESMA also notes that the publication of the data for the systematic internaliser calculations for derivatives and other instruments has been delayed until 2020, as set out in the updated plan announced by ESMA on 30 January 2019.


o   9 August: IOSCO and CPMI consultation closes regarding CCP default management auctions.

o   15 August: IAIS Public Consultation closes on holistic framework for systemic risk in the insurance sector.

o   15 August: IAIS Public Consultation closes on supervisory material.

o   15 August: ESA consultation closes regarding the reporting of intra-group transactions and risk concentration for financial conglomerates.

o   27 August: ESMA consultation closes regarding periodic reporting rules for trade repositories.

Ianthe Zabel
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