A closer look at relocations post BREXIT

Remaining barriers to European Post-Trading integration
Remaining barriers to European Post-Trading integration
Corporate Social Responsibility
Remaining barriers to European Post-Trading integration
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Regulatory News – from April 2017 to July 2017

Alle International and European news National news
New Pan-European Personal Pension Products
On 29 June 2017, the European Commission (the “Commission”) launched a proposal that will offer consumers a new...
International and European news
On 29 June 2017, the European Commission (the “Commission”) launched a proposal that will offer consumers a new Pan-European Pension Product (“PEPP”) that will, if implemented, increase private pension savings and enhance the portability of pensions throughout the EU.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/new-pan-european-personal-pension-products/
ESMA issues guidelines on target market assessment under MiFID II
On 2 June 2017, the European Securities and Markets Authority (“ESMA”) issued its final Guidelines on product governance...
International and European news
On 2 June 2017, the European Securities and Markets Authority (“ESMA”) issued its final Guidelines on product governance requirements as required under the MiFID II regime.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/esma-issues-guidelines-target-market-assessment-under-mifid/
New Prospectus regulation
On 20 July 2017 after its publication in the Official Journal on 30 June 2017, the new Prospectus Regulation ("PR3")1...
International and European news
On 20 July 2017 after its publication in the Official Journal on 30 June 2017, the new Prospectus Regulation ("PR3")1 entered into force.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/new-prospectus-regulation/

Adoption of the PRIIPs guidelines
On 4 July 2017, the European Commission adopted the guidelines for the application of the PRIIPs Level 1 regulation.
International and European news
On 4 July 2017, the European Commission adopted the guidelines for the application of the PRIIPs Level 1 regulation.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/eadoption-the-priips-guidelines/
ESMA opinion on asset segregation and delegation rules to CSDs
On 20 July 2017, ESMA has published an opinion addressed to the European Parliament, the Council of the EU and the...
International and European news
On 20 July 2017, ESMA has published an opinion addressed to the European Parliament, the Council of the EU and the European Commission
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/esma-opinion-asset-segregation-and-delegation-rules-csds/
ESMA opinion on supervising BREXIT-related relocations from UK
On 31 May 2017, the European Securities and Markets Authority (ESMA) published an opinion setting out nine principles to...
International and European news
On 31 May 2017, the European Securities and Markets Authority (ESMA) published an opinion setting out nine principles to support supervisory convergence in the context of relocations from the UK, following the UK's decision to leave the EU.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/esma-opinion-supervising-brexit-related-relocations-from/

Amendment to the “Shareholders’ Rights” Directive
On 20 May 2017, Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 was published,...
International and European news
On 20 May 2017, Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 was published, amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/eamendment-the-eshareholderse-rightse-directive/
Proposed amendments on EuVECA & EuSEF regulation
On 30 May 2017, the EU Council and EU Parliament have reached political agreement at trilogue negotiations on rules...
International and European news
On 30 May 2017, the EU Council and EU Parliament have reached political agreement at trilogue negotiations on rules governing investment funds in relation to venture capital and social enterprises.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/proposed-amendments-euveca-eusef-regulation/
New guidances on Central counterparty (CCP) resilience, recovery and resolution
On 5 July 2017`The Financial Stability Board (FSB), the Committee on Payments and Market Infrastructures (CPMI)
International and European news
On 5 July 2017`The Financial Stability Board (FSB), the Committee on Payments and Market Infrastructures (CPMI)
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/new-guidances-central-counterparty-ccp-resilience-recovery-and-resolution/
Proposed Intermediaries Directive for tax planning intermediaries
On 21 June 2017, the European Commission proposed new transparency rules for intermediaries that design or sell...
International and European news
On 21 June 2017, the European Commission proposed new transparency rules for intermediaries that design or sell potentially harmful tax schemes.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/proposed-intermediaries-directive-for-tax-planning-intermediaries/
Euronext acquires stake in LCH France
On 8 August 2017, Euronext and LCH announced that they have signed binding terms for a 10-year clearing deal they expect...
International and European news
On 8 August 2017, Euronext and LCH announced that they have signed binding terms for a 10-year clearing deal they expect to complete in the fourth quarter of this year.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/euronext-acquires-stake-lch-france/
FR - End of legal assimilation of management companies to investment firms in France.
On 27 June 2017, a decree was published regarding financial instruments markets and the separation of the legal regime...
National news
On 27 June 2017, a decree was published regarding financial instruments markets and the separation of the legal regime applying to asset management companies (AMCs) from that of investment firms (IFs).
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/end-legal-assimilation-management-companies-investment-firms-france/
FR - Management of the digitisation of relations between service providers and their clients
On 18 July 2017, the AMF published a Position-Recommendation laying down its requirements regarding the risks arising...
National news
On 18 July 2017, the AMF published a Position-Recommendation laying down its requirements regarding the risks arising from the digital transition in the relations between service providers and their clients as well as the consequences for client behaviours.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/management-the-digitisation-relations-between-service-providers-and-their-clients/
LU - Legal Entity Identifier (LEI) required for all issuers operating on LuxSE
On 10 August 2017, the Luxembourg Stock Exchange (LuxSE) has announced that all issuers (including not only domestic...
National news
On 10 August 2017, the Luxembourg Stock Exchange (LuxSE) has announced that all issuers (including not only domestic issuers but also foreign issuers).
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/legal-entity-identifier-lei-required-for-all-issuers-operating-luxse/
IE - Irish regulations clarify location rules of fund management companies
On 27 July 2017, the Central Bank of Ireland has published the CBI UCITS (Amendment) Regulations 2017.
National news
On 27 July 2017, the Central Bank of Ireland has published the CBI UCITS (Amendment) Regulations 2017.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/irish-regulations-clarify-location-rules-fund-management-companies/
UK - FCA proposal to extend the Senior Managers & Certification Regimes
On 26 July 2017, the Financial Conduct Authority (FCA) has published proposals to extend the “Senior Managers and...
National news
On 26 July 2017, the Financial Conduct Authority (FCA) has published proposals to extend the “Senior Managers and Certification Regimes” (SM&CR) to almost all regulated firms. The new regime will essentially replace the Approved Persons Regime.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/fca-proposal-extend-the-senior-managers-certification-regimes/
ES - “Whistle-blowing” Directive: Spain referred to the Court of Justice of the EU
On 13 July 2017, the European Commission decided to refer Spain to the Court of Justice of the EU for failure to notify...
National news
On 13 July 2017, the European Commission decided to refer Spain to the Court of Justice of the EU for failure to notify measures for fully implementing the EU rules on whistle-blowers.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/ewhistle-blowinge-directive-spain-referred-the-court-justice-the/
PL - New types of Investment Companies and Short-Term Debt Certificates in Portugal
On 30 June 2017, the Portuguese Government published Decree-Law No. 77/2017 which introduces a set of measures intended...
National news
On 30 June 2017, the Portuguese Government published Decree-Law No. 77/2017 which introduces a set of measures intended to improve the funding options for companies through enhancing the role of the capital market in funding small and medium-sized companies.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/new-types-investment-companies-and-short-term-debt-certificates-portugal/
RO - New Regulation on Securities Lending in Romania
On 19 July 2017, the Financial Supervisory Authority (FSA) has approved Regulation 5/2017 that amends and supplements...
National news
On 19 July 2017, the Financial Supervisory Authority (FSA) has approved Regulation 5/2017 that amends and supplements Regulation 32/2006 on financial investment services and Regulation 5/2010 on the use of global accounts.
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/new-regulation-securities-lending-romania/
US - DTC Proposal to Provide Segregated Accounts for Swap Margin
On 22 June 2017, the Depository Trust Company (DTC) filed with the Securities and Exchange Commission (SEC).
National news
On 22 June 2017, the Depository Trust Company (DTC) filed with the Securities and Exchange Commission (SEC).
de/ueber-uns/zertifizierungen-und-auszeichnungen/details/news/dtc-proposal-provide-segregated-accounts-for-swap-margin/