AMIC Regulatory Update

Latest ICMA developments

On 29 September, the AMIC Risk Management WG met to finalise AMIC's position paper on the upcoming AIFMD review.
On 29 September, ICMA published a discussion paper on Transparency and liquidity in the European bond markets.
On 30 September, ICMA published the latest edition of its newsletter focusing on our FinTech and market electronification work. 
On 1 October, ICMA published preliminary thoughts on the new Capital Markets Union Action Plan.

On 2 October, ICMA published its response to the EC consultation on the establishment of an EU Green Bond Standard.

On 2 October, ICMA published the third edition of its primary markets technology directory."



ICMA Asset Management and Investors Council (AMIC) Regulatory Update

2 October EC considers improving resilience of Financial Services against cyberattacks
The EC is considering to update its rules to ensure that financial-sector ICT systems can withstand security threats and that third-party ICT providers are monitored. This would include, among others, amendments to the UCITS directive and AIFMD.
Sustainable Finance
1 October 2020 EC's Platform on sustainable finance
The EC published the list of members of the Platform on sustainable finance. 

2 October ESMA response on the EU GBS
ESMA published its response to the EC consultation on the establishment of the EU Green Bond Standard (GBS).
Liquidity Stress Testing

25 September AMF to comply with the ESMA Guidelines on Liquidity Stress Testing 

The AMF confirmed the application of ESMA Guidelines on Liquidity Stress Testing in UCITS and AIFs as of 30 September following the publication of its Position DOC-2020-08.
29 September CSSF integrates ESMA Guidelines on Liquidity Stress Testing in its regulatory approach

The CSSF published a Circular integrating ESMA Guidelines on Liquidity Stress Testing in UCITS and AIFs into its administrative practice and regulatory approach with a view to promote supervisory convergence in this field at the European level.

28 September ESMA to recognise three UK CCPs from 1 January 2021

ESMA announced that the three central counterparties (CCPs) established in the United Kingdom (UK) – ICE Clear Europe Limited, LCH Limited, and LME Clear Limited – will be recognised as third country CCPs (TC-CCPs) eligible to provide their services in the EU, after the end of the transition period following the withdrawal of the UK from the EU on 31 December 2020.
28 September ESMA publishes draft rules for Third-Country firms under new MiFIR and MiFID II regimes

ESMA published its Final Report containing draft regulatory and implementing technical standards (RTS and ITS) on the provision of investment services and activities in the European Union (EU) by third-country firms under MiFIR and MiFID II.

1 October FCA publishes rules that will apply at the end of the transition period

The FCA published an updated version of the FCA Handbook to show the rules that will apply at the end of the transition period. It has also set out details on how it intends to use the Temporary Transitional Power (TTP).
1 October ESMA updates statements on the impact of Brexit on MiFID II/MiFIR and the benchmarks regulation

ESMA updated two statements on its approach to the application of key provisions of MiFID II/MiFIR and the Benchmark Regulation (BMR).

30 September  FCA: further temporary measures for 10% depreciation notifications under MiFID

In a statement the FCA outlined a further 6-month extension and amendments to a temporary coronavirus (Covid-19) measure issued in March regarding 10% depreciation notifications under MiFID.
30 September EIOPA sets up its key priorities in the light of the pandemic

 EIOPA has set out its priorities for 2021-2023 taking into account the current market situation in the light of the COVID-19 pandemic, as well as the political priorities defined by the European Commission.
2 October ESMA faces new set of challenges in 2021 
ESMA published its 2021 Work Programme setting out its priorities and areas of focus for the next 12 months in support of its mission to enhance investor protection and promote stable and orderly financial markets.

Capital Markets Union

30 September The AMF supports the EC's new action plan for the Capital Markets Union

On 30 September, the AMF issued a statement supporting the EC's new action plan for the Capital Markets Union including measures to: provide greater transparency and efficiency, such as creating a single point of access to company information for investors or establishing a consolidated tape for publishing transaction data; support SME listings; promote greater European harmonisation, for example in the area of settlement and delivery; promote long-term investment, in particular through employee share ownership.

28 September ESMA updates Q&A on MiFIR data reporting

ESMA updated its Questions and Answers document on data reporting under the Market in Financial Instruments Regulation (MiFIR).

29 September ESMA proposes amendments to the MiFIR transparency regime for non-equity financial instruments

ESMA published the Final Report on the MiFID II/MiFIR transparency regime applicable to non-equity financial instruments. The proposals contained in the report aim at simplifying and bringing more efficiency to an overly complex regime and fostering harmonised application across the EU.


28 September ESMA updates Q&A on data reporting under EMIR

ESMA updated its Questions and Answers document on practical questions regarding data reporting issues, under the European Markets Infrastructure Regulation (EMIR).

Prospectus Directive

30 September ESMA releases statement concerning the applicability of Level 3 guidance under the prospectus directive

ESMA has released a public statement concerning the applicability of level 3 guidance published under the Prospectus Directive.


30 September ESMA publishes final report for guidelines on internal control

ESMA published the Final Report for its Guidelines on Internal Control for Credit Rating Agencies.


23 September ESMA updates Regulatory Technical Standards (RTS) under the Benchmarks Regulation (BMR)

ESMA published its final report containing new sets of draft regulatory technical standards (RTS) under the Benchmarks Regulation (BMR). These contain additional detailed rules to implement the European regulatory framework aimed at ensuring the accuracy and integrity of benchmarks across the European Union.

25 September ESMA consults on fees for Benchmarks administrators

ESMA launched a consultation on fees for benchmarks administrators under the BMR.
30 September  ECB's statement of compliance of €STR with IOSCO Principles for Financial Benchmarks
The ECB published a statement of compliance with the Principles for Financial Benchmarks developed by the International Organization of Securities Commissions (IOSCO). This statement shows how the ECB complies with these principles, and therefore with international best practice, in its administration of the €STR.


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