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Regulatory News - January 2018

08/01/2018

SGSS helps keep you up with your regulatory news

08/01/2018

SGSS helps keep you up with your regulatory news

US - American regulators revise capital treatment for variation margin
On August 14th, the Federal Reserve, the Office for the Comptroller of the Currency (OCC) and the Federal Deposit...
Regulatory
On August 14th, the Federal Reserve, the Office for the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) issued new guidance regarding the regulatory capital treatment of variation margin on cleared derivatives.
en/views/news/dtc-proposal-provide-segregated-accounts-for-swap-margin-1/
CH - Revision of the Audit circular in Switzerland
On 30 November 2017, the Financial Market Supervisory Authority (FINMA) indicated that it had decided to revise its...
Regulatory
On 30 November 2017, the Financial Market Supervisory Authority (FINMA) indicated that it had decided to revise its Audit circular, applicable to banks, securities dealers and asset managers.
en/views/news/new-regulation-securities-lending-romania-1/
IT - New Guidelines to clarify Market Abuse Regulation Policies in Italy
On october 2017, the Italian Securities Commission (CONSOB) has approved two guidelines, “Management of Inside...
Regulatory
On october 2017, the Italian Securities Commission (CONSOB) has approved two guidelines, “Management of Inside Information” and “Investment Recommendations,” which clarify Market Abuse Regulation policies.
en/views/news/new-types-investment-companies-and-short-term-debt-certificates-portugal-1/
ES - Fixed Income platform adapted for MIFID II in Spain
On 25 October 2017, the Spanish exchange group (BME), has announced changes to its Fixed Income market that enable...
Regulatory
On 25 October 2017, the Spanish exchange group (BME), has announced changes to its Fixed Income market that enable intermediaries and brokers to transfer all their operations to the regulated market and comply with the new disclosure and reporting requirements required by the revised Markets in Financial Instruments Directive (MiFID II).
en/views/news/ewhistle-blowinge-directive-spain-referred-the-court-justice-the-1/
DE - New guidelines on CFD trading in Germany
On 29 November 2017, The Federal Financial Supervisory Authority (BaFin) published guidelines on trading in financial...
Regulatory
On 29 November 2017, The Federal Financial Supervisory Authority (BaFin) published guidelines on trading in financial contracts for difference (CFDs).
en/views/news/fca-proposal-extend-the-senior-managers-certification-regimes-1/
IE - Amendments to the Consumer Protection Code in Ireland
On august 2017, The Minister for Finance in Ireland has decided to exercice the discretionary exemption provided by...
Regulatory
On august 2017, The Minister for Finance in Ireland has decided to exercice the discretionary exemption provided by MIFII in order to allow certain firms to continue to be regulated under national legislation rather than MiFID II as long as the requirements under the two regimes are aligned. Firms that are eligible for this exemption are ones that engage in...
en/views/news/irish-regulations-clarify-location-rules-fund-management-companies-1/
LU - New Circular in Luxembourg on out-of-court resolution of complaints
On 13 October 2017 the Luxembourg Financial Regulator (Commission de Surveillance du Secteur Financier – CSSF) issued...
Regulatory
On 13 October 2017 the Luxembourg Financial Regulator (Commission de Surveillance du Secteur Financier – CSSF) issued Circular 17/671 that clarifies the rules applicable to customer complaints in the financial sector as provided by CSSF Regulation 16-07 on out-of-court complaint resolution.
en/views/news/legal-entity-identifier-lei-required-for-all-issuers-operating-luxse-1/
FR - Decision not to extend the French financial transaction tax (FTT)
On 20 October 2017, the French Parliament decided to cancel the extension of the financial transaction tax (FTT) to...
Regulatory
On 20 October 2017, the French Parliament decided to cancel the extension of the financial transaction tax (FTT) to intraday transactions, something which had been due to come into effect on 1 January
en/views/news/management-the-digitisation-relations-between-service-providers-and-their-clients-1/
FR – New legal framework for securitisation and "debt funds" in France
On 5 October 2017, Order No. 2017-1432 was published in France's Official Journal, in the aim of modernising the legal...
Regulatory
On 5 October 2017, Order No. 2017-1432 was published in France's Official Journal, in the aim of modernising the legal framework regarding asset management and debt-based financing.
en/views/news/end-legal-assimilation-management-companies-investment-firms-france-1/
EBA technical advice on prudential regime for investment firms
On 29 September 2017, the EBA published its technical advice to the European Commission on the design and calibration of...
Regulatory
On 29 September 2017, the EBA published its technical advice to the European Commission on the design and calibration of a new prudential framework for investment firms, which is intended to be specifically tailored to the needs of investment firms' different business models and inherent risks.
en/views/news/euronext-acquires-stake-lch-france-1/
ESMA final report on technical advice on MMF regulation
On 17 November 2017, The European Securities and Markets Authority (ESMA) has published a final report on the Money...
Regulatory
On 17 November 2017, The European Securities and Markets Authority (ESMA) has published a final report on the Money Market Funds Regulation (MMFR). The final report contains final versions of the technical advice, draft implementing technical standards (ITS), and guidelines on stress test scenarios carried out by MMF managers under the MMFR.
en/views/news/proposed-intermediaries-directive-for-tax-planning-intermediaries-1/
Proposed reform of the organisational structure and powers of ESAs
On 20 September 2017, the European Commission published a set of proposals aimed at strengthening the European system of...
Regulatory
On 20 September 2017, the European Commission published a set of proposals aimed at strengthening the European system of financial supervision performed by the three ESAs (ESMA, EBA, and EIOPA), in order to ensure stronger and more integrated financial supervision in the EU.
en/views/news/new-guidances-central-counterparty-ccp-resilience-recovery-and-resolution-1/
Publication of amendments on EuVECA and EuSEF Regulations
On 10 November 2017, the Regulation (EU) 2017/1991 amending previous regulations on European Venture Capital Funds...
Regulatory
On 10 November 2017, the Regulation (EU) 2017/1991 amending previous regulations on European Venture Capital Funds (EuVECAs) and on European Social Entrepreneurship Funds (EuSEFs) has been published in the Official Journal of the European Union and will be applicable as of 1 March 2018.
en/views/news/proposed-amendments-euveca-eusef-regulation-1/
ECON draft report on recovery and resolution of CCPs
On 27 September 2017, the ECON Committee published its draft report on the proposal for a Regulation on the Recovery and...
Regulatory
On 27 September 2017, the ECON Committee published its draft report on the proposal for a Regulation on the Recovery and Resolution of CCPs.
en/views/news/eamendment-the-eshareholderse-rightse-directive-1/
Capital Markets Union: Adoption of new securitisation rules
On October 26, 2017 the European Parliament voted on and approved the new Securitisation Regulation (SR) and...
Regulatory
On October 26, 2017 the European Parliament voted on and approved the new Securitisation Regulation (SR) and Securitisation Prudential Regulation (SPR).
en/views/news/esma-opinion-supervising-brexit-related-relocations-from-1/
EU/US agreement on equivalence for derivatives trading
On 16 October 2017, the European Commission (EC) and the Commodity Futures Trading Commission (CFTC) reached a Common...
Regulatory
On 16 October 2017, the European Commission (EC) and the Commodity Futures Trading Commission (CFTC) reached a Common Approach on Certain Derivatives Trading Venues.
en/views/news/esma-opinion-asset-segregation-and-delegation-rules-csds-1/
Publication of two regulations on package orders and internalisation under MIFIR
On 21 August 2017, the European Commission adopted and published a Delegated Regulation with regard to package orders...
Regulatory
On 21 August 2017, the European Commission adopted and published a Delegated Regulation with regard to package orders under MiFIR.
en/views/news/eadoption-the-priips-guidelines-1/
Adoption of delegated regulations on indirect clearing under EMIR and MIFIR
On 22 September 2017, the European Commission published two Delegated Regulations – one supplementing EMIR and one...
Regulatory
On 22 September 2017, the European Commission published two Delegated Regulations – one supplementing EMIR and one supplementing MiFIR – on indirect clearing arrangements.
en/views/news/new-prospectus-regulation-1/
New RTS on transactions for data reporting service providers under MiF II
On 26 September 2017, the European Commission adopted Regulatory Technical Standards (RTS) on the authorisation,...
Regulatory
On 26 September 2017, the European Commission adopted Regulatory Technical Standards (RTS) on the authorisation, organisational requirements and the publication of transactions for data reporting services providers under MiFID II.
en/views/news/esma-issues-guidelines-target-market-assessment-under-mifid-1/
Publication of MIF II technical standards 
On 26 October 2017, two delegated regulations and two implementing regulations relative to investment companies were...
Regulatory
On 26 October 2017, two delegated regulations and two implementing regulations relative to investment companies were published in the Official Journal of the EU.
en/views/news/new-pan-european-personal-pension-products-1/
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