February & March 2021

 
 

INVESTMENT SERVICES

 
 
 

Europe

 
 
   
 

ESMA

 
 

ESMA launches a common supervisory action with NCAs on MiFID II product governance rules

ESMA highlights risks to retail investors of social media-driven share trading

ESMA publishes the results of the annual transparency calculations for equity and equity-like instruments

ESMA issues latest double-volume-cap data

ESMA will not renew its decision on reporting of net short positions of 0.1% or higher

ESMA clarifies application of position limits pending MiFID II amendment

ESMA promotes coordinated action on the suspension of best-execution reports

ESMA updates Q&A on inducements

 

EUROPEAN SUPERVISORY AUTHORITIES

 
 

ESAs publish final report and draft RTS on disclosures under SFDR

 

EUROPEAN SYSTEMIC RISK BOARD

 
 

Paper on cross-border derivatives linkages

 

LEGISLATION

 
 

Corrigendum to Regulation 2019/876

Directive 2021/338 amending information requirements, product governance and position limits

Delegated Regulation 2021/527 amending thresholds for weekly position reporting

 

ASSET MANAGEMENT

 
 
 

Europe

 
 
   
 

ESMA

 
 

ESMA finalises rules on standardised information to facilitate cross-border distribution of funds

ESMA provides the Commission input on improvements for ELTIF

ESMA proposes rules for alignment on taxonomy of non-financial undertakings and asset managers

ESMA assesses compliance with UCITS liquidity rules and highlights areas to be monitored

ESMA updates AIFMD Q&As

ESMA updates UCITS Q&As

ESMA consults on the framework for EU money market funds

 
 

Spain

 
 
   
 

CNMV

 
 

Statement on the application of Regulation 2019/2088

 

MARKET INFRASTRUCTURES

 
 
 

Europe

 
 
   
 

ESMA

 
 

ESMA publishes report on proposed fees for benchmark administrators

ESMA updates Q&As on MiFID II and MiFIR market-structure matters

ESMA publishes guidelines to harmonise CCP supervisory reviews and evaluation under EMIR

ESMA publishes second annual report on waivers and deferrals for non-equity instruments

ESMA launches consultation on methodology to calculate a benchmark in exceptional circumstances

ESMA updates Brexit statement on provisions of the Benchmark Regulation

ESMA proposes amendments to MiFIR transactions and reference data-reporting frameworks

ESMA updates EMIR Q&As

ESMA updates CSDR Q&As

 

EUROPEAN SUPERVISORY AUTHORITIES

 
 

ESAs publish joint Q&As on bilateral margining

 

LEGISLATION

 
 

Delegated Regulation 2021/237, amending the date at which the clearing obligation takes effect for certain types of contracts

Targeted consultation on the review of the Directive on settlement finality in payment and securities settlement systems

 

OTHERS

 
 
 

Europe

 
 
   
 

ESMA

 
 

ESMA publishes first Q&As on crowdfunding

ESMA sees high risk for investors in non-regulated crypto assets

ESMA consults on regulating crowdfunding

ESMA updates Q&As, templates and technical instructions for securitisation reporting

 

EUROPEAN SUPERVISORY AUTHORITIES

 
 

Request to the ESAs for technical advice on digital finance and related issues

 
 

Spain

 
 
   
 

CNMV

 
 

Joint statement of the CNMV and the Bank of Spain on the risks of investing in cryptocurrencies

 

LEGISLATION

 
 

Order ETD/110/2021 of 9 February creates and regulates the Consultative Council for Digital Transformation

     
 

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