INVESTMENT SERVICES

Europe

ESMA

■	ESMA publishes its 2021 Work Programme
■	ESMA issues latest double volume cap data
■	ESMA publishes new Q&A on product governance

LEGISLATION

■	Implementing Regulation (EU) 2020/1406 of the Commission of 2 October 2020 laying down technical implementing rules concerning procedures and forms for the exchange of information and cooperation between competent authorities, ESMA, the Commission and other entities on market abuse
■	Directive (EU) 2020/1504 of the European Parliament and of the Council of 7 October 2020 amending Directive 2014/65/EU on markets in financial instruments

Spain

CNMV

■	Circular 2/2020 of 28 October from the CNMV on the advertising of investment products and services
■	Public statement on bad practices in cross-border marketing of investment services by firms located in other EU countries

ASSET MANAGEMENT

Europe

ESMA

■	ESMA announces update to reporting under the Money Market Funds Regulation
■	ESMA publishes translations of the Guidelines on performance fees in UCITS and certain types of AIFs
■	ESMA publishes third annual report on use of sanctions for UCITS
■	ESMA specifies obligations for environmentally sustainable activities
■	ESMA consults on guidance for funds’ marketing communications
■	ESMA tells fund managers to improve readiness for future adverse shocks

EUROPEAN COMMISSION

■	Proposal for a regulation amending Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds
■	The Commission launches a public consultation on the review of the Alternative Investment Fund Managers Directive (AIFMD)

Europe

ESMA

■	ESMA publishes updated Q&As on securitisation topics and Guidelines on Portability of Information between Securitisation Repositories
■	ESMA consults on CCP supervisory reviews and evaluation processes
■	ESMA consults on standards for CCP activities and model amendments
■	EMIR Reporting Validation Rules applicable from 8 March 2021
■	ESMA adds UK venues to opinions on third-country trading venues
■	ESMA publishes data for the systematic internaliser calculations for equity, equity-like instruments, bonds and other non-equity instruments
■	ESMA makes new bond liquidity data available
■	ESMA publishes first Q&As on SFTR Reporting
■	ESMA publishes its first reports on CSDR implementation
■	ESMA sets out final position on share trading obligation

Europe

ESMA

■	ESMA updates statements on the impact of Brexit on MiFID II/MiFIR and the Benchmarks Regulation
■	ESMA publishes translations for Guidelines on securitisation repository data completeness and consistency thresholds

LEGISLATION

■	Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European providers of equity financing services to businesses, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937

Spain

CNMV

■	The CNMV publishes the annual report on investors’ complaints and enquiries for 2019

LEGISLATION

■	Law 5/2020 of 15 October on the Financial Transactions Tax
■	Law 4/2020 of 15 October on the Tax on Certain Digital Services
■	Law 7/2020 of 13 November for the digital transformation of the financial system

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