0 - 2016 - Planet Compliance

German regulator examines credit-linked notes in retail market

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The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) is investigating the extent to which credit-linked notes are being actively sold to retail clients and whether such clients receive sufficient explanation of the risks involved. To this end, BaFin sent a market-wide survey to issuers of credit-linked notes. Among other things, the survey covers …

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ESMA publishes updated AIFMD Q&A

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The European Securities and Markets Authority (ESMA) has published an updated questions and answers document (Q&A) on the application of the Alternative Investment Fund Managers Directive (AIFMD). The Q&A includes a new question and answer on notification requirements relating to additional investment in existing Alternative Investment Funds (AIFs). The purpose of the Q&A document is …

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ESMA publishes updated UCITS Q&A

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The European Securities and Markets Authority (ESMA) has published an updated questions and answers document (Q&A) on the application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS). The Q&A includes a new question and answer on UCITS investment in UCITS feeder funds. The purpose of the Q&A document is to promote …

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EMIR: ESMA proposes one-day margin period of risk for CCP client accounts

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The European Securities and Markets Authority (ESMA) has today sent its amended regulatory technical standards (RTS) under the European Market Infrastructure Regulation (EMIR) for endorsement to the European Commission. The RTS detail the margin period of risk (MPOR) for CCP client accounts, e.g. the amount of initial margins collected by a CCP. The amended RTS would …

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ESMA issues amended rules for access, aggregation and comparison of data across trade repositories

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The European Securities and Markets Authority (ESMA) has published today amended regulatory technical standards (RTS) implementing the European Market Infrastructure Regulation (EMIR). The amended RTS deal with the access, aggregation and comparison of data across trade repositories. In order to ensure higher quality of data and to enhance the access to data by authorities and …

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The 7 Deadly Sins of Market Abuse (Part VII): Distortion and misleading behaviour

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And now for the grand finale, the last of the 7 market abuse offences: Distortion and misleading behaviour, which is where the behaviour: (a) is likely to give a regular user of the market a false or misleading impression as to the supply of, demand for or price or value of, qualifying investments. (b) would …

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ESMA says don't exclude ETDs from MiFID II trading venues and CCPs

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The European Securities and Markets Authority (ESMA) has released a statement today that it sees no need to temporarily exclude exchange-traded derivatives (ETDs) from non-discriminatory access to central counter-parties (CCPs) and trading venues, which will be introduced by the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). MiFIR requires ESMA to assess whether …

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ESMA updates its EMIR Q&A

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The European Securities and Markets Authority (ESMA) has published today an update of its Questions and Answers (Q&A) document regarding the implementation of the European Market Infrastructure Regulation (EMIR). The updated document includes a new Q&A regarding the population of the “Clearing obligation” field in the trade reports. In particular, this Q&A explains how the …

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PRA consults on building societies’ treasury and lending activities

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The Prudential Regulation Authority (PRA) today published the consultation paper CP12/16 “Supervising building societies’ treasury and lending activities”. This consultation paper (CP) sets out proposed changes to Supervisory Statement 20/15 on the approach and expectations of the PRA in its supervision of building societies’ treasury and lending activities. The CP and draft supervisory statement are relevant to building …

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FinCEN Proposes to Amend Definition of Broker-Dealer in Securities to Include Funding Portals

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The Financial Crimes Enforcement Network (FinCEN) today proposed to amend the Bank Secrecy Act’s (BSA) definition of “Broker or Dealer in Securities” in order to ensure that funding portals implement policies and procedures reasonably designed to achieve compliance with the BSA requirements, including the filing of suspicious activity reports, currently applicable to brokers or dealers …

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2016

German regulator examines credit-linked notes in retail market

ESMA publishes updated AIFMD Q&A

ESMA publishes updated UCITS Q&A

EMIR: ESMA proposes one-day margin period of risk for CCP client accounts

ESMA issues amended rules for access, aggregation and comparison of data across trade repositories

The 7 Deadly Sins of Market Abuse (Part VII): Distortion and misleading behaviour

ESMA says don't exclude ETDs from MiFID II trading venues and CCPs

ESMA updates its EMIR Q&A

PRA consults on building societies’ treasury and lending activities

FinCEN Proposes to Amend Definition of Broker-Dealer in Securities to Include Funding Portals

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