Regulatory News - from April 2016 to July 2016

Tutti International and European news National news
MiFID II / MIFIR regulation
On 7 June 2016, the deferral of the effective date of the MIFID 2 and the MIFIR by one year was officially adopted in...
International and European news
On 7 June 2016, the deferral of the effective date of the MIFID 2 and the MIFIR by one year was officially adopted in Parliament plenary session, date which is now set for 3 January 2018.
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EMIR – Launch of the central clearing obligation
Key obligation of the EMIR on OTC derivatives, the central clearing obligation began on 21 June 2016.
International and European news
Key obligation of the EMIR on OTC derivatives, the central clearing obligation began on 21 June 2016.
it/area-stampa-agenda/news/comunicati-stampa/news/postponement-the-date-effect-mifid/
EMIR – Cooperation arrangements between ESMA and CFTC
On 2 June 2016, ESMA and CFTC signed a memorandum of understanding ("MoU") establishing cooperation arrangements,...
International and European news
On 2 June 2016, ESMA and CFTC signed a memorandum of understanding ("MoU") establishing cooperation arrangements, including the exchange of information, regarding CCPs which are established in US and authorised or recognised by the CFTC and which have applied for EU recognition under EMIR.
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European Commission adopts Delegated Acts on PRIIPs Regulation
On 30 June 2016 the European Commission adopted the Delegated Acts (Level 2 measures) supplementing the Packaged Retail...
International and European news
On 30 June 2016 the European Commission adopted the Delegated Acts (Level 2 measures) supplementing the Packaged Retail and Insurance-based Investment Products (PRIIPs) Regulation.
it/area-stampa-agenda/news/comunicati-stampa/news/publication-the-delegated-acts-the-market-abuse-regulation/
Benchmarks Regulation published in the Official Journal
On 29 June 2016, Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial...
International and European news
On 29 June 2016, Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (the “Regulation”) was published in the Official Journal of the European Union (OJEU) and entered into force on 30 June 2016.
it/area-stampa-agenda/news/comunicati-stampa/news/technical-standards-settlement-discipline-under-csdr/
ESMA’s advice on the extension of AIFMD passport
On 19 July 2016, ESMA has issued advice to the European Commission in relation to the application of the Alternative...
International and European news
On 19 July 2016, ESMA has issued advice to the European Commission in relation to the application of the Alternative Investment Fund Managers Directive (AIFMD) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) in twelve non-EU countries.
it/area-stampa-agenda/news/comunicati-stampa/news/publication-the-collateral-requirements-for-uncleared-derivatives/
ESMA final report on draft RTS under the ELTIF Regulation:
On 8 June 2016 ,The European Securities and Markets Authority (ESMA) has published its Final Report and draft Regulatory...
International and European news
On 8 June 2016 ,The European Securities and Markets Authority (ESMA) has published its Final Report and draft Regulatory Technical Standards (RTS) for Regulation (EU) 2015/760, the European Long-Term Investment Fund Regulation (ELTIF).
it/area-stampa-agenda/news/comunicati-stampa/news/commodity-dealers-exemption-under-crr/
ESMA Opinion on a European framework for loan origination by funds
On 11 April 2016, the European Securities and Markets Authority (ESMA) published an Opinion to the European Parliament...
International and European news
On 11 April 2016, the European Securities and Markets Authority (ESMA) published an Opinion to the European Parliament (EU Parliament), the Council and the European Commission (EU Commission) on key principles for a European framework on loan origination by funds.
it/area-stampa-agenda/news/comunicati-stampa/news/guidelines-limits-exposures-shadow-banking-entities/
Proposed modification to the EuVECA and EuSEF regulations
On 14 July 2016, the European Commission proposed modifications to the regulations on European Venture Capital...
International and European news
On 14 July 2016, the European Commission proposed modifications to the regulations on European Venture Capital Funds (EuVECA) and European Social Entrepreneurship Funds (EuSEF), thus marking a new stage towards the creation of the union of the capital markets. The proposal presented aims to: Broaden the range of managers eligible to market and...
it/area-stampa-agenda/news/comunicati-stampa/news/final-guidelines-cross-selling-practices-published/
Proposed merger of Deutsche Börse and LSE
On 4 July 2016, the shareholders of the London Stock Exchange Group (LSE) gave the green light to the merger with...
International and European news
On 4 July 2016, the shareholders of the London Stock Exchange Group (LSE) gave the green light to the merger with Deutsche Boerse, operator of the Frankfurt Stock Exchange.
it/area-stampa-agenda/news/comunicati-stampa/news/planned-merger-the-london-stock-exchange-and-deutsche-borse/
Euronext to Buy EuroCCP Stake
On 12 May 2016, Euronext has announced that it is in exclusive talks for the acquisition of a 20% equity stake in...
International and European news
On 12 May 2016, Euronext has announced that it is in exclusive talks for the acquisition of a 20% equity stake in EuroCCP, the pan-European central counterparty (CCP).
it/area-stampa-agenda/news/comunicati-stampa/news/euronext-buy-euroccp-stake/
FR - Introduction in France of the concept of “pre-marketing” of funds
On 4 July 2016, the Autorité des Marchés Financiers (AMF) modified its doctrine in order to facilitate the launch of new...
National news
On 4 July 2016, the Autorité des Marchés Financiers (AMF) modified its doctrine in order to facilitate the launch of new funds in France.
it/area-stampa-agenda/news/comunicati-stampa/news/publication-the-decree-and-ruling-the-sri-label/
LU - Adoption in Luxembourg of the law creating Reserved Alternative Investment Funds
On 17 March 2016, the Law on OTC derivatives, central counterparties and trade repositories was published in the...
National news
On 17 March 2016, the Law on OTC derivatives, central counterparties and trade repositories was published in the Luxembourg Official Journal.
it/area-stampa-agenda/news/comunicati-stampa/news/law-luxembourg-about-sanctions-for-non-respect-emir/
ES - Implementation of the Spanish market reform
On 2 May 2016, the reform of the Spanish market settlement, clearing and registry system was implemented after a...
National news
On 2 May 2016, the reform of the Spanish market settlement, clearing and registry system was implemented after a successful migration process on the weekend of 30th April, and is now up and running.
it/area-stampa-agenda/news/comunicati-stampa/news/new-circular-bme-clearing-buyer-protection/
CH - Swiss CSD to Introduce Bilateral Cancellation and New Additional Matching Fields
SIX SIS, the Swiss central securities depository (CSD), has announced the introduction of two key changes to its...
National news
SIX SIS, the Swiss central securities depository (CSD), has announced the introduction of two key changes to its settlement functionality, as part of the ongoing efforts to align the Swiss market settlement processes with those of T2S.
it/area-stampa-agenda/news/comunicati-stampa/news/switzerland-amendments-the-guidelines-valuation-assets/
IT - UCITS V Impact on VNI calculation by Italian depositories
On 20 May 2016, the Legislative Decree implementing UCITS V directive in Italy and cancelling the so-called...
National news
On 20 May 2016, the Legislative Decree implementing UCITS V directive in Italy and cancelling the so-called "affidamento" regime for NAV calculation of UCITS funds by the depositary under its own responsibility (Legislative Decree n. 71/2016) has been published on the Official Gazette of the Republic of Italy (entry into force of the Legislative Decree: 4 June...
it/area-stampa-agenda/news/comunicati-stampa/news/tax-dutch-master-feeder-and-mutual-investment-fund-structures/
DE - Reform of the German Investment Tax Act
On 26 July 2016, the finalised Investment Tax Reform Act has been released in the Federal Law Gazette.
National news
On 26 July 2016, the finalised Investment Tax Reform Act has been released in the Federal Law Gazette.
it/area-stampa-agenda/news/comunicati-stampa/news/malta-launches-new-investment-fund-structure/
NO - Circular in Norway on the marketing of AIFs to non-professional investors
On 30 May 2016, the Financial Supervisory Authority of Norway (Finanstilsynet) issued a circular about the marketing of...
National news
On 30 May 2016, the Financial Supervisory Authority of Norway (Finanstilsynet) issued a circular about the marketing of alternative investment funds (AIF) to non-professional investors and the legal ramifications of such conduct.
it/area-stampa-agenda/news/comunicati-stampa/news/application-eba-guidelines-and-crd-bonus-cap/
PL - Non-resident capital gain tax measures on Polish securities
In April 2016, the Finance Ministry of Poland has announced a draft tax bill which includes changes in Polish-sourced...
National news
In April 2016, the Finance Ministry of Poland has announced a draft tax bill which includes changes in Polish-sourced income rules for corporation tax purposes.
it/area-stampa-agenda/news/comunicati-stampa/news/non-resident-capital-gain-tax-measures-polish-securities/

US - CFTC issues final cross-border margin rules for uncleared swaps

On 24 May 2016, the Commodity Futures Trading Commission (CFTC) released final rules and accompanying...
National news
On 24 May 2016, the Commodity Futures Trading Commission (CFTC) released final rules and accompanying interpretative guidance setting forth the application of the CFTC's initial and variation margin requirements to cross-border swap transactions. The Final Rule builds upon the final initial and variation margin obligations published in January 2016 for...
it/area-stampa-agenda/news/comunicati-stampa/news/equivalence-decision-adopted-for-ccp-usa/
RU - Russia joins OECD’s Common Reporting Standard (CRS)
On 12 May 2016, the Government of Russia has signed the Multilateral Competent Authority Agreement (MCAA) on automatic...
National news
On 12 May 2016, the Government of Russia has signed the Multilateral Competent Authority Agreement (MCAA) on automatic exchange of information (AEOI), so adopting the OECD’s Common Reporting Standard (CRS).
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