International and European news

On 14 May 2019, the Council of the European Union adopted legislative measures making up the European Union's banking package, including:

On 12 July 2019, the Official Journal of the European Union published the new EU cross-border fund distribution directive and regulation:

On 28 May 2019, the regulation (EU) 2019/834 amending EMIR about the clearing obligation, the suspension of the clearing obligation, the reporting requirements, the risk-mitigation techniques for OTC derivative contracts not cleared by a CCP, the registration and supervision of Trade Repositories (TRs) ("EMIR Refit") was published.

On 2 July 2019, the European Securities and Markets Authority (ESMA) published its Report on preliminary findings on multiple withholding tax (WHT) reclaim schemes to respond to the European Parliament that requested ESMA to conduct an inquiry in order to analyze the problem.

On 18 July 2019, the International Organization of Securities Commissions (IOSCO) published a statement in response to commentary on whether its Recommendations for Liquidity Risk Management for Collective Investment Schemes dated February 2018 (LRM Recommendations) are adequate.

On 25 July 2019, there was published in the Official Journal of the European Union Regulation (EU) 2019/1238 on a pan-European personal pension product (PEPP).

On 21 June 2019, two Delegated Regulations were published in the OJEU, supplementing Regulation (EU) 2017/1129 of 14 June 2017 on prospectuses to be published when securities are offered to the public or admitted to trading on a regulated market.

On 18 June 2019, the Cyber Task Force of the International Organization of Securities Commissions (IOSCO) published a final report that provides an overview of how its member jurisdictions are using three prominent and internationally recognized cyber frameworks (defined in the report as the ‘Core Standards’):

On 19 July 2019, the European Securities and Markets Authority (ESMA) issued two sets of guidelines regarding the stress testing of money market funds and reporting on money market funds to national competent authorities, aimed at ensuring a coherent application of the Money Market Fund (MMF) Regulation.