June - September 2020

INVESTMENT SERVICES

Europe

ESMA

■	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

Spain

CNMV

■	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

ASSET MANAGEMENT

Europe

ESMA

■	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

ESRB

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

EUROPEAN COMMISSION

■	Targeted consultation on the establishment of an EU Green Bond Standard

ESAS

■	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

Spain

CNMV

■	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

Europe

ESMA

■	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

■	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

Europe

ESMA

■	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

EUROPEAN COMMISSION

■	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

Spain

LEGISLATION

■	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

■	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 isabel.aguilar@uria.com		Pilar Lluesma Rodrigo pilar.lluesma@uria.com

	Juan Carlos Machuca juancarlos.machuca@uria.com

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