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SFTR Level III Briefing Note
Yesterday (27 May 2019), ESMA delivered its Consultation Paper for SFTR guidance in which it expressed its views, seeking industry comment. This ...
SFTR Period of Scrutiny Chaos – Where Same Means Different
Confusion reigns over the period of Parliament and Council scrutiny for the recently adopted level II SFTR legislation. Three months or one month? ...
EU Commission Adopts SFTR Level II…Finally!
The European Commission (EC) at long last adopted SFTR level II legislation today in the form of 7 delegated regulations. We broke the news early ...
ESMA declines SFTR amendment – What happens next?
On 4 September, ESMA formally rejected the European Commission’s (EC) request to make minor amendments to its draft SFTR level II legislation. ESMA ...
Protected: BREXIT Bombshell to hit Financial Industry – EMBARGOED STORY
There is no excerpt because this is a protected post. ...
SFTR – Commission will adopt ESMA’s RTS/ITS BUT…
For many months we have been writing both publicly and privately to our clients inviting them to ignore industry gossip about a greatly changed SFTR ...
GDPR: Police Requesting Personal Data – Disclose?
GDPR has legal force. What next? We were contacted by a prominent firm’s legal department seeking our opinion. The police sent them a request ...
SFTR – Enforcement Action against the EU Commission
With regret, we announce we have commenced action against the European Commission (EC) for its failure to adopt or otherwise the SFTR RTS ...
SFTR – Commission delays RTS adoption. But is it legal?
How long does the EU Commission legally have to adopt a regulatory technical standard (RTS)? Specifically, how long does the Commission have to ...
Re-examination of a legal case in light of MiFID II
The majority of my publications distil the essence of complex packages of financial legislation into easily understandable guides for financial ...
FSB delivers Global Shadow Banking Monitor 2017
In my book SFTR: A Survival Guide, I explained the importance of monitoring FSB shadow banking reports if one is to truly understand the essence of ...
SFTR – Collateral Reuse (rehypothecation)
Collateral Reuse – PILLAR III Reuse of collateral provides liquidity and enables counterparties to reduce funding costs. However, it tends to ...
What is SFTR? A Whirlwind Tour of the 3 Limbs
What is SFTR? SFTR: Security Financing Transactions Regulation. Formally, Regulation (EU) 2015/2365on transparency of securities financing ...
Market FinReg reply to ESMA RTS 1, MiFID II
ESMA proposes to make amendments to RTS 1 of MiFID II related to extending the Tick Size Regime to Systematic Internalisers. This is to prevent a ...
Non-equity CTP: Missed Opportunity
Non-equity CTP proposals: Our View Last Friday (31 March 2017), ESMA released its long-awaited report (“The Final Report”) into the scope of ...
Best Execution – A MiFID II Primer
Best Execution So, the FCA outline their findings vis-à-vis Best Execution and people are complaining. In a thoughtful piece, Daryn Kutner ...
FCA MiFID II HFT Authorisation
FCA MiFID II HFT Authorisation As MiFID II go-live is less than a year away, the FCA’s attention is shifting to authorisation issues. Today, the FCA ...
MiFID II: Showtime
MiFID II: Showtime With Christmas 2016 now a distant memory, attention returns to MiFID II. 2017 is the year of implementation! In this short post ...
The Teething Trading Obligation
The Teething Trading Obligation Back in September 2016 we summarised in our introduction to the issue of the trading obligation: MIFIR obligates ...
Why the need for MiFID II?
Why the need for MiFID II? The existing regulatory landscape has been shaped by various overlapping pieces of legislation. Principle amongst these ...