A closer look at the benchmark regulation

Segregation of assets: a main issue for depositories
The regulatory chronicle of Eric de Nexon
Corporate Social Responsibility
The regulatory chronicle of Eric de Nexon
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Regulatory News - from December 2016 to March 2017

Alle International and European news National news
IOSCO’s final report on findings of the survey on loan funds
On 20 February 2017, the International Organisation of Securities Commissions (IOSCO) published a final report on loan...
International and European news
On 20 February 2017, the International Organisation of Securities Commissions (IOSCO) published a final report on loan funds following a survey launched in December 2015.
de/newsroom/news/pressemitteilungen/news/postponement-priips-regulation-until-january-2018-1/
Official launch of BREXIT
On 29 March 2017, the UK Prime Minister notified the European Council of the UK’s intention to withdraw from the EU, in...
International and European news
On 29 March 2017, the UK Prime Minister notified the European Council of the UK’s intention to withdraw from the EU, in accordance with Article 50 of the EU Treaty
de/newsroom/news/pressemitteilungen/news/commission-presents-amendments-crr-crdiv-brrd-and-srmr-1/
ESMA report on Distributed Ledger Technology
On 7 february 2017, ESMA has published a report that analyses the key benefits and risks of distributed ledger...
International and European news
On 7 february 2017, ESMA has published a report that analyses the key benefits and risks of distributed ledger technology (DLT) applied to securities markets. The report also looks at how DLT interacts with the existing EU regulatory framework.
de/newsroom/news/pressemitteilungen/news/political-agreement-money-market-funds-regulation-1/
ESMA report on draft Technical Standards on Reporting under SFTR
On 31 March 2017, ESMA published its Final Report on draft Regulatory Technical Standards (RTS) and Implementing...
International and European news
On 31 March 2017, ESMA published its Final Report on draft Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) under the Securities Financing Transaction Regulation (SFTR) specifying, inter alia, how to fulfill reporting obligations.
de/newsroom/news/pressemitteilungen/news/minimum-set-information-kept-financial-contracts-1/
Publication of Level 2 measures for CSDR
On 10 March 2017, a package of regulatory technical standards (RTS) adopted by the European Commission on 11 November...
International and European news
On 10 March 2017, a package of regulatory technical standards (RTS) adopted by the European Commission on 11 November 2016 for CSDR have been published in the Official Journal of the European Union.
de/newsroom/news/pressemitteilungen/news/exchange-margins-for-non-cleared-otc-derivative-contracts-1/
New technical standards on EMIR reporting published
On 21 January 2017, the revised Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) for EMIR...
International and European news
On 21 January 2017, the revised Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS) for EMIR were published in the official journal of the European Union.
de/newsroom/news/pressemitteilungen/news/european-commission-adopts-csdr-level-legislative-actse-1/
ESMA report on draft Technical Standards under Benchmark Regulation
On 5 April 2017, ESMA published its final report containing the draft regulatory and implementing technical standards...
International and European news
On 5 April 2017, ESMA published its final report containing the draft regulatory and implementing technical standards (RTS/ITS) under the Benchmarks Regulation.
de/newsroom/news/pressemitteilungen/news/iosco-good-practice-for-fund-fees-and-expenses-1/
Delegated Regulation on margin requirements for non-cleared derivatives
On 15 December 2016 the European Commission published in the Official Journal a new EU Commission Delegated Regulation...
International and European news
On 15 December 2016 the European Commission published in the Official Journal a new EU Commission Delegated Regulation on risk mitigation techniques for derivative contracts not cleared through a central counterparty.
de/newsroom/news/pressemitteilungen/news/esma-guidelines-remuneration-practices-under-ucits-and-aifmd-1/
EU Commission adopts amended report on addressing national barriers to capital flows
On 24 March 2017, the European Commission adopted a report to the Council and the European Parliament on “Accelerating...
International and European news
On 24 March 2017, the European Commission adopted a report to the Council and the European Parliament on “Accelerating the capital markets union: addressing national barriers to capital flows”.
de/newsroom/news/pressemitteilungen/news/compromise-proposals-amend-euveca-and-eusef-regulations-1/
FSB reports on rehypothecation of client assets and collateral reuse
On 25 January 2017, the Financial Stability Board (FSB) has published two reports which form part of the its work to...
International and European news
On 25 January 2017, the Financial Stability Board (FSB) has published two reports which form part of the its work to transform shadow banking into resilient market-based finance.
de/newsroom/news/pressemitteilungen/news/new-polish-tax-law-affecting-investment-funds-1/
FR - Changes to the General Regulation of the AMF
The Decree of 27 February 2017, published on 7 March 2017, amends certain provisions of the General Regulation of the...
National news
The Decree of 27 February 2017, published on 7 March 2017, amends certain provisions of the General Regulation of the AMF, in particular the following points
de/newsroom/news/pressemitteilungen/news/adoption-the-french-law-transparency-and-the-fight-against-corruption-4/
FR - AMF Guide on dealings by listed issuers in their own securities
On 2 February 2017, the AMF published a guide for listed companies concerning the procedure to be followed for share...
National news
On 2 February 2017, the AMF published a guide for listed companies concerning the procedure to be followed for share buy-backs following in the wake of the European regulation on market abuse (MAR).
de/newsroom/news/pressemitteilungen/news/loans-granted-businesses-some-aifs-1/
LU - CSSF publishes circular on market soundings under MAR
On 11 January 2017, the CSSF has issued a circular 17/648 on the ESMA guidelines on persons receiving market soundings...
National news
On 11 January 2017, the CSSF has issued a circular 17/648 on the ESMA guidelines on persons receiving market soundings under the EU Market Abuse Regulation.
de/newsroom/news/pressemitteilungen/news/new-luxembourg-circular-ucits-and-their-depositaries-1/
ES - Withholding Tax on rights sales for individual Spanish investors
From 1st January 2017, sales of rights from 1st January 2017 became subject to withholding tax. This measure applies...
National news
From 1st January 2017, sales of rights from 1st January 2017 became subject to withholding tax. This measure applies only to individual Spanish Resident Investors.
de/newsroom/news/pressemitteilungen/news/withholding-tax-exemption-denied-under-new-anti-abuse-rules-spain-1/
IT - Position of Bank of Italy on depositary bankruptcy
On January 27, 2017, in a letter addressed to the Italian association of asset management companies, Bank of Italy has...
National news
On January 27, 2017, in a letter addressed to the Italian association of asset management companies, Bank of Italy has confirmed that the liquidity of an investment fund (UCITS/AIF) is not at risk in case of bankruptcy of the depositary.
de/newsroom/news/pressemitteilungen/news/bank-italy-amends-new-post-issuance-reporting-obligations-1/
DE - BaFin publishes revised German Securities Trading Act
On 8 march 2017, the German Federal Financial Supervisory Authority (BaFin) has published a revised circular on the...
National news
On 8 march 2017, the German Federal Financial Supervisory Authority (BaFin) has published a revised circular on the Minimum Requirements for the Compliance Function and Additional Requirements Governing Rules of Conduct, Organisation and Transparency pursuant to sections 31 et seq.
de/newsroom/news/pressemitteilungen/news/launch-new-sme-segment-deutsche-borse-1/
GB - FCA discussion paper on open-ended funds investing in illiquid assets
On 8 February 2017, The Financial Conduct Authority (FCA) has published a discussion paper which seeks stakeholder views...
National news
On 8 February 2017, The Financial Conduct Authority (FCA) has published a discussion paper which seeks stakeholder views on the practice of investing in illiquid assets through open-ended funds and the challenges that can pose to managers and investors.
de/newsroom/news/pressemitteilungen/news/amendment-bulgarian-regulation-payment-services-1/
US - SEC Proposes a Rule Amendment for T+2 Settlement Cycle
On 22 March 2017, the Securities and Exchange Commission (SEC) adopted amended Rule which shortens the standard...
National news
On 22 March 2017, the Securities and Exchange Commission (SEC) adopted amended Rule which shortens the standard settlement cycle for most broker-dealer securities transactions by one business day.
de/newsroom/news/pressemitteilungen/news/sec-release-new-rules-liquidity-risk-management-and-swing-pricing-1/
IE - CBI review of Outsourcing Arrangements of Fund Administration Activities
On 7 March 2017, the Central Bank of Ireland issued a letter to Irish administrators in the funds industry on...
National news
On 7 March 2017, the Central Bank of Ireland issued a letter to Irish administrators in the funds industry on outsourcing of administration activities.
de/newsroom/news/pressemitteilungen/news/new-investment-rules-india-for-foreign-funds-1/