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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

Regulatory Breakfast Capco & Dentons

We would be happy to welcome you on 5 December 2017 (admission starts at 8:30 am) in the NEXTOWER. The event will provide an overview of the most recent legal developments. It’s focus will be on the new Q&A for MiFID II, the draft for indirect clearing as well as on the proposal of the BaFin for the oversight and management of financial products in the retail banking business (POG). Moreover, the event will provide an overview of the benchmark regulation, Click here for more information.

 

Regulatory developments in the EU 

     
OJ of the EU1 27/10/2017  

Corrigenda to MiFID and MiFIR published in OJ

  Corrigendum to Regulation (EU) No 600/2014 on markets in financial instruments and amending Regulation (EU) No 648/2012. For further information, click here.

Corrigendum to Directive 2014/65/EU on markets in financial instruments and amending Directives 2002/92/EC and 2011/61/EU (only German language version). For further information, click here.
     
OJ of the EU1 26/10/2017  

Two Delegated Regulations and two Implementing Regulations supplementing MiFID II published in OJ

  Delegated Regulation (EU) 2017/1943 supplementing Directive 2014/65/EU with regard to regulatory technical standards on information and requirements for the authorization of investment firms. Entry into force: 15/11/2017. For further information, click here.

Implementing Regulation (EU) 2017/1944 laying down implementing technical standards with regard to standard forms, templates and procedures for the consultation process between relevant competent authorities in relation to the notification of a proposed acquisition of a qualifying holding in an investment firm in accordance with Directives 2004/39/EC and 2014/65/EU. Entry into force: 15/11/2017. For further information, click here.

Implementing Regulation (EU) 2017/1945 laying down implementing technical standards with regard to notifications by and to applicant and authorized investment firms according to Directive 2014/65/EU. Entry into force: 15/11/2017. For further information, click here.

Delegated Regulation (EU) 2017/1946 supplementing Directives 2004/39/EC and 2014/65/EU with regard to regulatory technical standards for an exhaustive list of information to be included by proposed acquirers in the notification of a proposed acquisition of a qualifying holding in an investment firm. Entry into force: 15/11/2017. For further information, click here.
     
OJ of the EU1 26/10/2017  

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

  Corrigendum to Commission Delegate Regulation (EU) 2017/583 supplementing Regulation (EU) No 600/2014 on financial instruments markets with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives. For further information in German, click here.
     

European Commission2 26/10/2017

Commission issued guidance on obtaining brokerage and research services from non-EU brokers

The Commission has issued guidance in the form of Frequently Asked Questions to clarify how EU investment firms should interact when they seek out brokerage and research services from broker-dealers in non-EU countries. For further information, click here.

 

European Commission2 25/10/2017

Banking Reform: EU reaches agreement on first key measures

The European Parliament, the Council and the Commission agreed on elements of the review of the BRRD and of the CRR. For further information, click here.

 

European Commission2 24/10/2017

Commission implementing regulation (EU) no …/... on the extension of the transitional periods related to own funds requirements for exposures to central counterparties set out in Regulations (EU) No 575/2013 and (EU) No 648/2012 of the European Parliament and of the Council.

For further information, click here.

 

European Commission2 19/10/2017

Report from the Commission to the European Parliament and the Council

under Article 29(3) of Regulation (EU) 2015/2365 of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012. For further information, click here.

 

ESMA3
19/10/2017

ESMA receives mandate on fund performance from European Commission

The European Securities and Markets Authority (ESMA) has received a mandate from the European Commission (EC) requesting the European Supervisory Authorities (ESAs) – the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and ESMA – to issue recurrent reports on the cost and past performance of the main categories of retail investment, insurance and pension products. For further information, click here.

 

ESMA3
19/10/2017

Guidelines on the calibration of circuit breakers and publication of trading halts under MiFID II

ESMA published a Guidelines compliance table. For further information, click here.

 

ESMA3
19/10/2017

EU derivatives markets ─ a first-time overview

This article provides first-time data on the EU interest rate, credit, equity, commodity and foreign exchange derivatives markets, based on weekly available EMIR data. For further information, click here.

 

ESMA3
18/10/2017

Consultation Paper: Guidelines on certain aspects of the MiFID II suitability requirements

ESMA publishes the responses to its Consultation on Guidelines on
certain aspects of the MiFID II suitability requirements. For further information, click here.

 

ESMA3
18/10/2017

FAQs on MiFID II - Interim Transparency Calculations

This document aims at gathering Frequently Asked Questions (FAQs) and answers regarding the publication of the MiFID II Transitional Transparency Calculations (TTC) for all non-equity instruments in accordance with RTS 2 regulatory technical standards on transparency requirements in respect of bonds, structured finance products, emission allowances and derivatives under MiFIR. For further information, click here.

 

ESMA3
16/10/2017

Financial Instruments Reference Data System (FIRDS)

ESMA published instructions on accessing and downloading full and delta reference data files. For further information, click here.

 

EBA4
13/10/2017

EBA published final Guidelines on procedures for complaints of alleged infringements of PSD2

The EBA published its final Guidelines on complaints procedures to be followed by competent authorities to ensure and monitor effective compliance by payment service providers with the revised Payment Services Directive (PSD2). For further information, click here.

 

OJ of the EU1
13/10/2017

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

Corrigendum to Delegated Regulation (EU) 2017/577 supplementing Regulation (EU) No 600/2014 on markets of financial instruments with regard to regulatory technical standards on the volume cap mechanism and the provision of information for the purpose of transparency and other calculations. For further information, click here.

 

EBA4
12/10/2017

EBA provides guidance to authorities and institutions on Brexit relocations

The EBA published an opinion on Brexit to ensure the consistent application of Union legislation to businesses seeking to establish or enhance their EU27 presence in order to retain access to the EU Single Market. For further information, click here.

 

EBA4
12/10/2017

EBA corrects portfolio identifiers for 2018 benchmarking exercise to ensure effective data validation

The EBA rectified Annex 1 of its Implementing Technical Standards on benchmarking of internal approaches, which had been amended on 4 May 2017 to define the benchmarking portfolios for the 2018 benchmarking exercise. For further information, click here.

 

European Commission2 11/10/2017

Commission published report on single supervisory mechanism

The Commission published a report on the Single Supervisory Mechanism established pursuant to Regulation (EU) No 1024/2013. For further information, click here.

 

EBA4
11/10/2017

EBA consults on reporting for resolution plans

The EBA launched a consultation to amend the Implementing Technical Standards on the information which institutions must provide to resolution authorities for the purpose of drawing up and implementing resolution plans. For further information, click here.

 

ESMA3
10/10/2017

ESMA issued Q&As on MiFID II implementation for post-trading issues

The ESMA has issued Question and Answers on post-trading issues regarding the implementation of MiFID II and MiFIR. For further information, click here.

 

ESMA3
09/10/2017

ESMA published a Briefing on the Legal Entity Identifier

The ESMA has published a Briefing on the Legal Entity Identifier as part of its efforts to raise industry awareness and facilitate compliance with the LEI requirements under MiFID II ahead of its 3 January 2018 launch. For further information, click here.

 

OJ of the EU1
07/10/2017

Delegated Regulation supplementing MiFIR published in OJ

Delegated Regulation (EU) 2017/1799 supplementing Regulation (EU) No 600/2014 with regard to the exemption of certain third countries’ central banks in their performance of monetary, foreign exchange and financial stability policies from pre- and post-trade transparency requirements. Entry into force: 29/10/2017. For further information, click here.

 

OJ of the EU1
07/10/2017

Delegated Regulation amending Regulation supplementing EMIR published in OJ

Delegated Regulation (EU) 2017/1800 amending Delegated Regulation (EU) No 151/2013 supplementing Regulation (EU) No 648/2012. Entry into force: 29/10/2017. For further information, click here.

 

ESMA3
05/10/2017

ESMA updated AIFMD and UCITS Q&As

The ESMA has published updated questions and answers documents on the application of the Undertakings for the Collective Investment in Transferable Securities Directive (UCITS) and the Alternative Investment Fund Managers Directive (AIFMD). For further information, click here.

 

European Commission2
03/10/2017

Commission adopted a draft Delegated Regulation supplementing the Benchmark Regulation

Delegated Regulation supplementing Regulation (EU) 2016/1011 with regard to the establishment of the conditions to assess the impact resulting from the cessation of or change to existing benchmarks. For further information, click here.

 

ESMA3
03/10/2017

ESMA updates its MiFID II Q&As

The ESMA has updated today its Q&As regarding the implementation of MiFID II. For further information, click here.

 

ESMA3
03/10/2017

ESMA publishes latest updates to MiFID II / MiFIR investor protection Q&As

The ESMA has added 12 new Q&As to its Q&A document on the implementation of investor protection topics under MiFID II/ MiFIR. For further information, click here.

 

ESMA3
02/10/2017

ESMA updates its EMIR and CSDR Q&As

The ESMA has updated two of its guidelines regarding two pieces of post-trading regulation. For further information, click here.

 

ESMA3
02/10/2017

ESMA published translations for MiFID II guidelines on transaction reporting, order record keeping and clock synchronization

The ESMA has issued the official translations of its Guidelines on transaction reporting, order record keeping and clock synchronization under MiFID II. For further information, click here.

 

ESMA3
29/09/2017

ESMA consults on Guidelines for non-significant benchmarks

The ESMA has launched a consultation on Guidelines detailing the obligations which apply to non-significant benchmarks under the Benchmarks Regulation. For further information, click here.

 

ESMA3
29/09/2017

ESMA updated Q&A on MAR

The ESMA has updated its Questions & Answers document regarding MAR. 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
27/10/2017

New minimum requirements of banks’ risk management (Neue Mindestanforderungen an das Risikomanagement der Banken – MaRisk)

The BaFin and the German Bundesbank have published a revised version of the minimum requirements of banks’ risk management. For further information in German, click here.

17/10/2017
Federal Gazette

Investment Services Code of Conduct and Organizational Regulation (Wertpapierdienstleistungs-Verhaltens- und Organisationsverordnung - WpDVerOV)

A revised version of the Investment Services Code of Conduct and Organizational Regulation was published in the Federal Gazette. For further information in German, click here.

24/10/2017
BaFin

BaFin consults amendments to the Liquidity Regulation (Liquiditätsverordnung)

BaFin has submitted for consultation the Second Ordinance for the Amendment of the Liquidity Regulation (LiqV) (including the amended reporting forms). Comments are accepted until 7 November. For further information in German,
click here.

 

BaFin
17/10/2017

Post-trade transparency: BaFin will allow deferred publication of transaction

For further information in German, click here.

 

BaFin
16/10/2017

BaFinJournal October 2017

Topics (selection): Payment Services / Brexit / SME Bonds / European Supervisory Authorities. For further information in German, click here.

 

BaFin
11/10/2017

BaFin publishes F&Qs on section 73 German Security Trading Act (Wertpapierhandelsgesetz – WpHG) 2018

Frequently asked questions on the suspension and exclusion of financial instruments from trading pursuant to section 73 of the German Securities Trading Act, as amended in the version of 3 January 2018. 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
10/10/2017

Czech version of final report on Guidelines

on disclosure requirements under Part Eight of Regulation (EU) No 575/2013 was published. The aim of the original report issued by the European Banking Authority (EBA) is to ensure the harmonized and timely application of the revised version of the Pillar 3 framework (RPF), released by the Basel Committee on Banking Supervision (BCBS) in January 2015. These guidelines do not change the substance of the regulatory disclosures regarding the requirements defined in Part Eight of Regulation (EU) No 575/2013 (the CRR); however, they provide guidance on these disclosures. For further information in Czech, click here.

 

Czech
National Bank
10/10/2017

 

An Interdepartmental comment procedure was launched

An interdepartmental comment procedure was launched in relation to a draft of a decree on the pursuit of business of payment institutions, account information services providers, small-scale payment service providers, electronic money institutions and small-scale electronic issuers. The decree incorporates relevant regulations of the European Union and implements selected provisions of upcoming new Act on Payment System, which will replace current Act No. 284/2009 Coll. The draft decree regulates the manner of compliance with the requirements for the system of governance of a payment institution and rules for the calculation of the capital and capital adequacy of a payment institution and an electronic money institution. It also regulates a minimum insurance for account information services providers. The interdepartmental comment procedure will end on 30/10/2017. For further information in Czech, click here.

 

Czech
National Bank
03/10/2017

A new decree no. 319/2017

on the expertise in the distribution on the capital market, was published in the issue no. 107 of the Collection of laws. This decree stipulates the extent of necessary knowledge and experience, as well as the requirements for passing subsequent examination. The decree will come into force on 3 January 2018. For further information in Czech, click here.

 

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

 

Regulatory developments in Luxemburg 

     

CSSF Coderes
24/10/2017

Circular CSSF-CODERES 17/05

Single Resolution Fund - Information request by the Single Resolution Board for the calculation of the 2018 ex-ante contribution according to Articles 4 and 14 of the Commission Delegated Regulation (EU) 2015/63. For further information in French, click here.

     

CSSF Newsletter
Oct. 2017

CSSF Newsletter n° 201

For further information in French, click here.

   

CSSF Circular
13/10/2017

Circular CSSF 17/671

Specifications regarding CSSF Regulation N° 16-07 of 26 October 2016 relating to out-of-court complaint resolution.

For further information in French, click here.

   

CSSF Circular 13/10/2017

Circular CSSF 17/670

ESMA Guidelines for the assessment of knowledge and competence in the framework of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II) - criteria regarding external training on knowledge and competence. For further information in French, click here.

   

CSSF
Press Release
12/10/2017

Mandatory use of legal entity identifier (LEI) under MiFID II/MiFIR and EMIR

For further information, click here.

   

CSSF CDPI
09/10/2017

CSSF Circular CDPI 17-09

Survey on the amount of covered deposits held on 30 September 2017. For further information, click here.

     

CSSF Circular 28/09/2017

CSSF Circular 17/669

Adoption by ESMA, EBA and EIOPA of the joint guidelines on the prudential assessment of acquisitions and increases of qualifying holdings in the financial sector (JC/GL/2016/01 of 20 December 2016) and repeal of the circular CSSF 09/392. 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 06/10/2017

Royal Law Decree 15/2017

has been published in the Spanish Official Gazette (BOE) on urgent measures regarding geographic mobility of economic operators inside the Spanish territory, whereby Article 285.2 of the Royal Legislative Decree 1/2010, dated July 2, on the Companies Act is amended. In the context of the current situation in Catalonia, this Royal Law Decree has been published in order to enable the companies located in Catalonia to accelerate the process of changing the corporate seat. For further information in Spanish, click here.

     

General Directorate of the Treasury 05/10/2017

Resolution of the General Secretary of the Treasury and Financial Policy
(dated 5 October 2017)

has been published from the General Directorate of Treasury, whereby the Resolution dated July 4, on the principle of “financial prudence” regarding indebtedness and derivatives operations of Autonomous Regions (Comunidades Autonómas) and Local Entities (Entidades Locales), is updated. For further information in Spanish, click here.

   

CNMV
25/10/2017

Training under Guideline 4/2017

The Spanish National Securities Market Commission (CNMV) has published the list of official certifications to provide the training established under Guideline 4/2017, dated June 27, on knowledge and skills evaluation of the information and advisory staff. 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.

 

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This newsletter contains material generated and copyrighted by 1OJ of the EU, 2European Commission, 3ESMA and 4EBA. 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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