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What is “moderation”?  ESA comments on the Commission’s changes to the rejected PRIIPs’ RTS
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18 Jan
2017

What is “moderation”? ESA comments on the Commission’s changes to the rejected PRIIPs’ RTS

  • 18th January 2017
  • Kara Paslawska

In April 2016, European Supervisory Authorities (ESA) submitted a draft Regulatory Technical Standards (RTS) for Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation, focusing on the requirements of key information documents (KID).  Despite the KID RTS being endorsed by the EU Commission, the European Parliament – in a surprising move – rejected the draft.  It..

26 Aug
2016

Updates to clearing obligations under EMIR- the phase-in begins

The phase-in for central counterparty clearing (CCP) for certain Over-the-Counter (OTC) derivative contracts began in 21 June 2016 for certain contracts, with many more soon to follow, until all in-scope contracts are subject to the obligations by 9 August 2019. The European Market Infrastructure Regulation (EMIR) requires certain classes of OTC derivative contracts to be..

05 May
2016

ESMA updates RTS on position limits

On Monday the European Securities and Markets Authority (ESMA) published opinions on the Regulatory Technical Standards for position limits (RTS 21) and non-equity transparency (RTS 20) under MiFID II, in response to the Commission’s request to ESMA in April to modify the draft RTS issued in September 2015. This article will detail the updates on..

31 Mar
2016

The snake in the tunnel: position limits revisited

A brief exchange of correspondence between regulators over the last fortnight has brought aspects of MiFID II’s regulatory technical standards back into question. On 14 March, a letter from the European Commission to the European Securities and Markets Authority (ESMA), seen by Reuters, requested that the technical standards on position limits be rewritten, with the..

16 Dec
2015

10 key questions on the PRIIPs regulation

  • 16th December 2015
  • Aisha Dudhia

With members of the European Parliament Negotiating Team stating, in a letter addressed to Commissioner Hill, that they are “open to considering a wholesale delay of the application of MiFID II – MiFIR”, a delay to the new European market rules is now looking more likely than ever. But there are concerns that this potential..

10 Dec
2015
PRIIPs KID, PRIIPs KID requirements, PRIIPs KID template

Seven requirements for the PRIIPs KID

  • 10th December 2015
  • Aoife Quinn

The Joint Committee of the European Supervisory Authorities has published a consultation paper on 11 November 2015 which sets out the draft regulatory technical standards (RTS) concerning the Key Information Documents (KID) for PRIIPs. After much debate and the publication of a general discussion paper (November 2014) and a technical discussion paper (June 2015), the..

16 Sep
2015

Best execution: 10 key changes under MiFID II – part 2

  • 16th September 2015
  • Aisha Dudhia

JWG analysis. One of the key themes of MiFID II  has been to enhance regulation in order to better protect investors within the financial services industry, and regulators continue to propose more and more stringent regulations for financial institutions. Following on from part 1, this article explores five more significant characteristics of best execution under..