Blog

May
09

SFTR – Enforcement Action against the EU Commission

With regret, we announce we have commenced action against the EU Commission (EC) for its failure to adopt or otherwise the SFTR RTS (regulatory technical standard) as ESMA presented to them on 31 March 2017. We previously explained the basis for action and had sought to engage privately with the EC but they have refused […]

By Staff | Law . SFTR
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Apr
06

SFTR – Commission delays RTS adoption. But is it legal?

ArticleReferencesArticle How long does the EU Commission legally have to adopt a regulatory technical standard (RTS)? Specifically, how long does the Commission have to adopt the SFTR RTS given that they received it over a year ago. This article will present Market FinReg’s views.   Disclaimer: This is a matter of considerable public interest and [...]
By Staff | Law . SFTR
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Mar
06

MiFID II: A re-examination of a prominent financial legal case in light of MiFID II

ArticleReferencesArticle The majority of my publications distil the essence of complex packages of financial legislation into easily understandable guides for financial institutions to implement remediation projects (e.g. MiFID II: A Survival Guide) This article is a departure from the above. It is legal in nature, written for  lawyers. I will demonstrate which arguments counsel should [...]
By Staff | MiFID II
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Mar
06

SFTR – FSB delivers Global Shadow Banking Monitor Report 2017

ArticleReferencesDocumentsArticle In my book SFTR: A Survival Guide[i], I explained the importance of monitoring FSB shadow banking reports if one is to truly understand the essence of SFTR: As recitals 2-7 of SFTR acknowledge, the FSB’s reports have been instrumental in fashioning the EU’s SFTR legislation. Indeed, SFTR is the EU’s implementation of FSB recommendations [...]
By Staff | SFTR
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Feb
01

SFTR – Collateral Reuse (rehypothecation)

ArticleReferencesDocumentsArticle  Collateral Reuse - PILLAR III Reuse of collateral provides liquidity and enables counterparties to reduce funding costs. However, it tends to create complex collateral chains between traditional banking and shadow banking, giving rise to financial stability risks… Reuse should take place only with the express knowledge and consent of the providing counterparty. SFTR[I]   [...]
By Staff | SFTR
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Feb
01

SFTR – an overview

  ArticleReferencesArticle This post is copyrighted material, reproduced with permission from our Head of Regulation's - Seb Malik - celebrated book: SFTR: A Survival Guide. What is SFTR? SFTR: Security Financing Transactions Regulation. Formally, Regulation (EU) 2015/2365…on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012. It was adopted on [...]
By Staff | SFTR
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Dec
01

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 race to the bottom where firms offer meaningless fractional price improvement by offering ever-smaller tick sizes. For reasons which we detail in the enclosed document, we agree with ESMA’s […]

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Apr
02

MiFID II Non-equity CTP: Missed Opportunity

ArticleReferencesPhoto CreditArticle Non-equity CTP proposals: Our View Last Friday (31 March 2017), ESMA released its long-awaited report (“The Final Report”) into the scope of financial instruments and trading venues that are to be included in the non-equity consolidated tape. Background In order to mitigate against the last decade’s market fragmentation, article 65 of the MiFID [...]
By MiFID II SME | MiFID II
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