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Financial Regulation and Funds Newsletter

  Dentons
 

Public events & conferences | European law | German law | Czech law | Luxemburg law | Spanish law
About this newsletter

 
     
 

Public Events & Conferences 

     
Dentons Frankfurt, 05/12/2017

Save the Date: Regulatory Breakfast Capco and Dentons

We will soon circulate an invitation for our Regulatory Breakfast.

 

Regulatory developments in the EU 

     
OJ of the EU
29/09/2017
 

Corrigendum to Delegated Regulations supplementing MiFIR (German language version) published in OJ

  Corrigendum to Commissions Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measure on product intervention and positions. For further information in German, click here.
     
European Commission1
29/09/2017
 

Commission adopted draft Delegated Regulations supplementing the Benchmark Regulation

  Commission adopted draft Delegated Regulation supplementing Regulation (EU) 2016/1011 specifying how the nominal amount of financial instruments other than derivatives, the notional amount of derivatives and the net asset value of investment funds are to be assessed. For further information, click here.

Delegated Regulation supplementing Regulation (EU) 2016/1011 with regard to specifying how the criteria of Article 20(1)(c)(iii) are to be applied for assessing whether certain events would result in significant and adverse impacts on market integrity, financial stability, consumers, the real economy or the financing of households and businesses in one or more member states. For further information, click here.

Delegated Regulation supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council specifying technical elements of the definitions laid down in paragraph 1 of Article 3 of the Regulation. For further information, click here.
     
ESMA2
29/09/2017
 

ESMA finalized MiFID II’s derivatives trading obligation

  The ESMA has issued its final draft RTS implementing the trading obligation for derivatives under MiFIR. For further information, click here.
     

ESMA2
29/09/2017

ESMA updated Q&As on the Benchmarks Regulation

The ESMA has published updated Questions and Answers regarding the implementation of the Benchmarks Regulation. For further information, click here.

 

EBA3
29/09/2017

EBA and US agencies conclude Framework Cooperation Arrangement on Bank Resolution

The EBA has signed a Framework Cooperation Arrangement with several US financial regulatory agencies. For further information, click here.

 

EBA3
29/09/2017

EBA issued Opinion on the design of a new prudential framework for investment firms

The EBA published its Opinion on the design and calibration of a new prudential framework for investment firms, which is specifically tailored to the needs of investment firms' different business models and inherent risks. For further information, click here.

 

OJ of the EU
28/09/2017

Corrigendum to Delegated Regulations supplementing MiFIR (German language version) published in OJ

Corrigendum to Commission’s Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities. For further information in German, click here.

 

ESMA2
28/09/2017

ESMA published Guidelines for the management body of market operators and data reporting service providers

The ESMA has published its Guidelines for the management body of market operators and data reporting services providers. For further information, click here.

 

ESMA2
28/09/2017

ESMA and NCAs agreed work plan on MiFID II pre-trade transparency waivers and position limits

The ESMA, together with the NCAs, have published an updated work plan for the opinions on pre-trade transparency waivers and position limits that must be issued under MiFID II and MiFIR. For further information, click here.

 

ECON4
27/09/2017

Draft report on the proposed Regulation on the recovery and resolution of CCPs published by the ECON

Draft Report on the proposal for a regulation of the European Parliament and of the Council on a framework for the recovery and resolution of central counterparties and amending Regulations (EU) No 1095/2010, (EU) No 648/2012, and (EU) 2015/2365. For further information, click here.

   

European
Commission
26/09/2017

Commission adopted Delegated Regulation amending a Delegated Regulation supplementing MiFID II

The Commission adopted Delegated Regulation amending Commission Delegated Regulation (EU) 2017/571 supplementing Directive 2014/65/EU with regard to regulatory technical standards on the authorization, organizational requirements and the publication of transactions for data reporting services providers. For further information, click here.

 

ESMA/ EBA5
26/09/2017

EBA and ESMA provided guidance to assess the suitability of management body members and key function holders

The EBA and the ESMA have published their joint Guidelines to assess the suitability of members of management bodies and key function holders. For further information, click here.

   

OJ of the EU
26/09/2017

Corrigendum to Delegated Regulations supplementing MiFID II (German language version) published in OJ

Corrigendum to Delegated Regulation (EU) 2017/565 supplementing Directive 2014/65 / EU with regard to organizational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive. For further information, click here.

 

EBA3
26/09/2017

EBA published guidance to further harmonize EU banks internal governance

The EBA has published its revised Guidelines on Internal Governance. For further information, click here.

   

ECB6
25/09/2017

ECB published guide on materiality assessment for changes to counterparty credit risk models

The ECB published the ECB guide on materiality assessment (EGMA) for changes or extensions to counterparty credit risk models. For further information, click here.

 

European
Commission1
22/09/2017

Commission adopted Delegated Regulations on indirect clearing arrangements under EMIR and MiFIR

Commission adopted Delegated Regulation supplementing Regulation (EU) No 600/2014 with regard to regulatory technical standards on indirect clearing arrangements. For further information, click here.

Delegated Regulation amending Commission Delegated Regulation (EU) No 149/2013 with regard to regulatory technical standards on indirect clearing arrangements. For further information, click here.

   

ESAs7
22/09/2017

ESAs provided guidance to prevent terrorist financing and money laundering in electronic fund transfers

The Joint Committee of the three European Supervisory Authorities published guidelines to prevent the abuse of funds transfers for terrorist financing and money laundering purposes. For further information, click here.

 

EBA3
22/09/2017

EBA consults on amendments to technical standards on supervisory disclosure

The EBA launched a consultation to amend the Implementing Technical Standards on supervisory disclosure, which specify the format, structure, contents list and annual publication date of the supervisory information to be disclosed by competent authorities. For further information, click here.

   

ECB6
21/09/2017

Consultation on guides on credit institution licensing

The ECB consults its draft guide for assessing general credit institution licensing and its draft guide for assessing FinTech credit institutions licensing. For further information, click here and here.

 

ESAs7
21/09/2017

ESAs highlighted main risks for the EU financial system

The Joint Committee of the European Supervisory Authorities published its Autumn 2017 Report on risks and vulnerabilities in the European Union's financial system. For further information, click here.

   

European
Commission1
20/09/2017

Commission’s proposals following the outcome of its review on the operations of the ESAs

The European Commission proposed reforms to pave the way for further financial integration and a full Capital Markets Union, to promote jobs, growth and investments in Europe and to strengthen the Economic and Monetary Union. For further information, click here.

Amendment of pending proposal for a Regulation amending Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority) and amending Regulation (EU) No 648/2012 with regard to the procedures and authorities involved for the authorization of CCPs and requirements for the recognition of third-country CCPs (EMIR II Commission's proposal). For further information, click here.

Proposal for a Directive amending Directive 2014/65/EU on markets in financial instruments and Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II). For further information, click here.

Proposal for a Regulation amending Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority); Regulation (EU) No 1094/2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority); Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority); Regulation (EU) No 345/2013 on European venture capital funds; Regulation (EU) No 346/2013 on European social entrepreneurship funds; Regulation (EU) No 600/2014 on markets in financial instruments; Regulation (EU) 2015/760 on European long-term investment funds; Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds; and Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market. For further information, click here.

 

OJ of the EU
19/09/2017

Regulation laying down the date of application of Regulation amending Regulation on reporting of supervisory financial information to less significant supervised entities which are subject to national accounting frameworks published in OJ

Regulation (EU) 2017/1539 of the European Central Bank of 25 August 2017 laying down the date of application of Regulation (EU) 2017/1538 amending Regulation (EU) 2015/534 on reporting of supervisory financial information (ECB/2017/25) to less significant supervised entities which are subject to national accounting frameworks (ECB/2017/26). Entry into force: 09/10/2017. For further information, click here.

   

OJ of the EU
19/09/2017

Regulation amending Regulation on reporting of supervisory financial information published in OJ

Regulation (EU) 2017/1538 of the European Central Bank of 25 August 2017 amending Regulation (EU) 2015/534 on reporting of supervisory financial information (ECB/2017/25). Entry into force: 09/10/2017. For further information, click here.

 

ESMA2
15/09/2017

ESMA lays out procedure for ETDs access to CCPs under MiFID II

The ESMA has issued a procedure under MiFIR laying out the steps for trading venues to temporarily opt-out from access provisions for exchange-traded derivatives (ETDs). For further information, click here.

   

OJ of the EU8
13/09/2017

Corrigendum to Delegated Regulations supplementing MiFID II published in OJ (German and Czech language versions)

Corrigendum to Commission’s Delegated Regulation (EU) 2017/576 of 8 June 2016 supplementing Directive 2914/65/EU of the European parliament and of the Council with regard to regulatory technical standards for the annual publication by investment firms of information on the identity of execution venues and on the quality of execution. For further information, click here.

 

ESMA2
12/09/2017

Updated Q&As on MiFID II implementation

The ESMA has published updated Questions and Answers regarding the implementation of MiFID II and MiFIR. For further information, click here.

   

ESMA2
12/09/2017

ESMA’s Report on Trends, Risks and Vulnerabilities

The ESMA’s latest report on Trends, Risks and Vulnerabilities No. 2, 2017 (TRV) identifies high asset price valuations as the major risk for European financial markets in the second half of 2017. For further information, click here.

 

EBA3
12/09/2017

CRD IV-CRR/Basel III monitoring exercise on the European banking system

The EBA published its twelfth Report of the CRDIV-CRR/Basel III monitoring exercise on the European banking system. For further information, click here.

   

European
Commission
11/09/2017

Report on the need to temporarily exclude exchange-traded derivatives from the scope of Articles 35 and 36 of the MiFIR

The Commission published a report on the need to temporarily exclude exchange-traded derivatives from the scope of Articles 35 and 36 of the Regulation (EU) No 600/2014 on markets in financial instruments. For further information, click here.

 

ESMA2
11/09/2017

ESMA published transitional transparency calculations for bonds and updates calculations for two other asset classes

The ESMA has updated its transitional transparency calculations (TTC) for non-equity instruments in relation to the implementation of the MiFID II/ MiFIR. For further information, click here.

   

European
Commission
04/09/2017

Commission adopted draft Delegated Regulation supplementing CRR

Delegated Regulation supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards for disclosure of encumbered and unencumbered assets. For further information, click here and here.

 

ESMA2
01/09/2017

ESMA updated Q&A on MAR

The ESMA has updated its Q&A document regarding the implementation of the MAR. For further information, click here.

   

OJ of the EU
31/08/2017

Implementing Regulation amending Implementing Regulation (EU) 2016/2070 as regards benchmarking portfolios and reporting instructions published in OJ

Commission Implementing Regulation (EU) 2017/1486 of 10 July 2017 amending Implementing Regulation (EU) 2016/2070 with regard to benchmarking portfolios and reporting instructions. Entry into force: 20/09/2017. For further information, click here.

 

Dr Bernd Geier
Co-head Financial Institutions, Europe
Co-head Financial Institutions Regulatory, Europe
Partner, Frankfurt
D +49 69 45 00 12 270
Email

 

 

Regulatory Developments in Germany 

 

BaFin
September 2017

Publication of the monthly journal from the Federal Financial Supervisory Authority

Topics (selection): Product Intervention / ORSA-Reports / Low interest rate environment / Fintech. For further information in German, click here.

BaFin
06/09/2017

Risk-bearing capacity: New guide to supervisory assessment

The bank-internal procedures for ensuring the risk-bearing capacity (Risikotragfähigkeit) are of great importance to the banking industry. The BaFin and the Deutsche Bundesbank have fundamentally revised their guide on the risk-bearing capacity and put the revised draft guide up for discussion. For further information in German, click here.

Dr Bernd Geier
Co-head Financial Institutions, Europe
Co-head Financial Institutions Regulatory, Europe
Partner, Frankfurt
D +49 69 45 00 12 270
Email

 

 

Regulatory developments in Czech Republic 

     

Czech National
Bank
1/9/2017

New Supervision benchmark no 2/2017

on method of generating professional exams tests pursuant to an Act no. 257/2016 Coll., on consumer credit loan was adopted by the CNB.

This new Supervision benchmark replaces previous supervision benchmark no. 1/2017 and includes rules on tests composition - e.g. types of professional groups, types of questions, number of questions, initiation and generation of tests. For further information in Czech, click here.

 

Czech National
Bank
11/9/2017

New decree no. 308/2017 Coll.

About more specific regulation of rules related to provision of investment services was published in the Collection of laws, issue No. 105.

This decree is part of MiFID II directive implementation and provides for specific regulations related to safeguarding of client financial instruments and funds, product governance and inducements which are stipulated in the Act No. 256/2004 Coll. On Capital Markets Undertaking. For further information in Czech, click here.

 

Filip Michalec
Associate, Prague
D +420 236 082 264
Email

 

 

Regulatory developments in Luxemburg 

     

CSSF
Regulation 17-03

CSSF Regulation N° 17-03

On the setting of the countercyclical buffer rate for the fourth quarter of 2017. For further information in French, click here.

     

CSSF
Newsletter 200

CSSF Newsletter n° 200

For further information in French, click here.

   

BILL7184

Draft bill for implementation of GDPR into national law

While General Data Protection Regulation (EU) 2016/679 (the GDPR) is directly applicable under domestic law, its entry into force in May of 2018 requires an implementing law in Luxembourg. On 12 September 2017 Bill No. 7184 on the creation of the National Commission for Data Protection (Commission nationale pour la protection des données or “CNPD”) and the implementation of Regulation (EU) 2016/679 on the protection of natural persons with regard to personal data processing and the free movement of such data has been deposited. For further information in French, click here.

   

Jeannette Vaude-Perrin
Counsel, Luxembourg
D +352 46 83 83 248
Email

 

 

Regulatory developments in Spain 

     

Official Gazette
Transferable securities
2/09/2017

Royal Law Decree 827/2017

has been published in the Spanish Official Gazette (BOE), dated September 1, whereby the Royal Decree 878/2015, dated October 2, on clearing, settlement and recording of transferable securities in book-entry form, on the legal arrangements regarding central securities depository and central counterparties and on transparency of the issuers of transferable securities in book-entry form admitted to trading at an official secondary market. For further information in Spanish, click here.

     

CNMV
MiFIR
12/09/2017

Operational guidelines of communication of operations under MiFIR

were updated from the Spanish National Securities Market Commission (CNMV). For further information in Spanish, click here.

   

CNMV and Bank of Spain Securities
18/09/2017

Joint statement

of the CNMV and the Bank of Spain regarding the conclusion of the drafting project of amendment of clearing, settlement and recording of securities. Iberclear is now incorporated into TARGET2-Securities (T2S).  For further information in Spanish, click here.

   

Ministry of
Economy and
Competitiveness
MiFID II
18/09/2017

Deadline of period of public consultation

Prior to the bill drafting of the MiFID II implementation bill and regulation has been expired. For further information in Spanish, click here and here.

   

CNMV
Investment firms
22/09/2017

Public consultation

Prior to the circular drafting on the modification of the Circular 7/2008, dated November 26, on web page disclosure duties of investment firms, regarding corporate governance and compensation policy has been opened. The deadline to submit commentaries, queries and suggestions expires on October 10, 2017.  For further information in Spanish, click here.

   

CNMV Foreign
collective investment
schemes
25/09/2017

Period of public consultation

Prior to the circular drafting on the modification of the Circular 2/2011, dated June 9, on information regarding foreign collective investment schemes filed with the registers of the CNMV has been opened. The deadline to submit commentaries, queries and suggestions expires on October 16 2017. For further information in Spanish click here.

   

Jesus Mardomingo
Partner, Madrid
D +34 91 43 61 370
Email

 

 

About this newsletter 

Through its global network of more than 120 offices, Dentons is the world’s largest law firm and provides tailored legal advice and comprehensive information on financial regulatory developments. Compliance with financial regulation has become a task that requires financial institutions to monitor all kinds of regulatory developments, many of which stem from EU legislation. Dentons tackles these challenges, and in particular monitors country risks, providing comprehensive information on regulatory developments. If you wish to learn more about this newsletter and further jurisdictions that we monitor, please contact us.
 

Dr Bernd Geier
Co-head Financial Institutions, Europe
Co-head Financial Institutions Regulatory, Europe
Partner, Frankfurt
D +49 69 45 00 12 270
Email

 
   

Dentons is the world's largest law firm, delivering quality and value to clients around the globe. Dentons is a leader on the Acritas Global Elite Brand Index, a BTI Client Service 30 Award winner and recognized by prominent business and legal publications for its innovations in client service, including founding Nextlaw Labs and the Nextlaw Global Referral Network. Dentons' polycentric approach and world-class talent challenge the status quo to advance client interests in the communities in which we live and work. www.dentons.com.

 

© 2017 Dentons if not indicated otherwise. Dentons is a global legal practice providing client services worldwide through its member firms and affiliates. This publication is not designed to provide legal or other advice and you should not take, or refrain from taking, action based on its content. Please see dentons.com for Legal Notices.

This newsletter contains material generated and copyrighted by 1European Commission, 2ESMA, 3EBA, 4ECON, 5ESMA/ EBA, 6ECB, 7ESAs, and 8OJ of the EU. This material is for general informational purposes only and does not represent any undertaking to keep recipients advised of all legal developments. Dentons do not assume any liability regarding the contents of external links.

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