June - September 2020








ESMA publishes 2019 Annual Report and updates 2020 Annual Work Programme

ESMA updates its opinion on ancillary activity calculations

ESMA publishes guidelines on securitisation repository data completeness and consistency thresholds

ESMA issues second report on sanctions under MIFID II

ESMA updates its Q&As on MiFID II and MiFIR transparency

ESMA publishes updated annual transparency calculations

ESMA makes new bond liquidity data available

ESMA updates Q&A on MIFIR data reporting

ESMA publishes the MIFID/MIFIR Annual Review Report

ESMA issues latest Double Volume Cap data

ESMA provides for the option to apply the annual transparency calculations for non-equity instruments from 21 september

ESMA agrees position limits under MIFID II

ESMA publishes draft rules for third-country firms under new MiFIR and MiFID II regimes

ESMA launches a proposal for a Directive of the European Parliament and of the Council amending MiFID II as regards information requirements, product governance and position limits

ESMA launches a proposal for a Commission Delegated Directive (EU) amending delegated directive (EU) 2017/593 as regards the regime for research on small and mid-cap issuers and on fixed-income instruments






Public consultation of the draft circular on advertising of investment products and services

CNMV approves the Technical Guide on Foreign Currency Derivatives used as payment means that are not considered to be financial instruments








ESMA publishes translations for Guidelines on the reporting to competent authorities under Article 37 of the MMF Regulation

ESMA clarifies external support within the meaning of Article 35 of the Money Market Funds (MMF) Regulation

ESMA recommends priority topics in AIFMD review

ESMA publishes a working paper on Closet Indexing Indicators and Investor Outcomes




The ESRB provides a recommendation about the liquidity risks of investment funds




Targeted consultation on the establishment of an EU Green Bond Standard




ESAs notify the EC about the outcome of the review of the PRIIPs key information document

ESAs launch survey on environmental and/or social financial product templates






CNMV’s report on scenarios for the stress tests of investment funds

Compliance with ESMA’s Guidelines on presentation of information by money market funds to the competent authorities

CNMV launches a public consultation regarding the proposal for a Technical Guide on the appointment of non-registered persons or entities as advisors to CIS








ESMA publishes statement on MIFIR open access

ESMA’s third EU-wide CCP stress test finds system resilient to shocks

ESMA updates the ESEF Reporting Manual

SFTR reporting regime sees successful first day

ESMA consults on Guidelines on calculation of positions under SFTR

ESMA updates the CSDR Q&As

ESMA publishes its first Review Reports on the MiFID II/MiFIR transparency regime

ESMA publishes data for the systematic internaliser calculations for equity, equity-like instruments, bonds and other non-equity instruments

ESMA proposes to further postpone CSDR settlement discipline

ESMA to recognise three UK CCPS from 1 January 2021

ESMA consults on OTF regime

ESMA updates Q&A on data reporting under EMIR

ESMA updates Q&A on MIFIR data reporting

ESMA proposes amendments to the MiFIR transparency regime for non-equity financial instruments




ERSB Secretariat staff’s response to ESMA’s consultation paper on technical standards on reporting, data quality, data access and registration of trade repositories under EMIR Refit








ESMA renews its Decision requiring net short position holders to report positions of 0.1% and above

ESMA responds to EC consultation on the Digital Finance Strategy

ESMA responds to EC consultation on Renewed Sustainable Finance Strategy




EC launches a proposal for a regulation of the European Parliament and of the Council on Markets in Crypto-assets, and amending Directive (EU) 2019/1937






Draft Law that amends the Anti-Money Laundering Law (Ley 10/2010) and transposes EU directives regarding the prevention of money laundering and terrorism financing

The Government approves the draft Law for the establishment of a secure testing framework (sandbox) for technological innovation in the financial field




CNMV’s notification on a new fee charging procedure through online means


In case of any doubts or comments, please do not hesitate to contact


Isabel Aguilar Alonso


Pilar Lluesma Rodrigo


Juan Carlos Machuca




The information contained in this Newsletter is of a general nature and does not constitute legal advice