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ESMA Publishes List of Thresholds Below Which an EU Prospectus Is Not Required
By John Ahern, Carolyn H. Jackson, Nathaniel Lalone & Neil Robson on February 15, 2019
Posted in EU Developments, Financial Markets
On February 8, the European Securities and Markets Authority (ESMA) published a document listing the thresholds relating to the value of an offering of securities to the public below which such an offer does not require a prospectus to be prepared in accordance with Regulation (EU) 2017/1129 (Prospectus Regulation).…
European Commission Reported to Grant Temporary Access to UK Clearing Houses
By John Ahern, Carolyn H. Jackson, Nathaniel Lalone & Neil Robson on December 14, 2018
Posted in Brexit, Brexit/UK Developments, Derivatives, Financial Markets
On December 12, it was reported that the European Commission (EC) intends to grant temporary and conditional equivalence status to UK central counterparties (CCPs) under the European Market Infrastructure Regulation (EMIR) in the event of the United Kingdom withdrawing from the European Union (Brexit) without concluding a withdrawal agreement ("no-deal Brexit").…
ECJ Rules That Article 50 Notice of Intention to Leave the EU Can Be Unilaterally Revoked
Posted in Brexit, EU Developments, Financial Markets
On December 10, the European Court of Justice (ECJ), in the case of Wightman and Others v. Secretary of State for Exiting the European Union, ruled that the notice of an intention to leave the European Union, once properly submitted, can be unilaterally revoked, rather than requiring the consent of all other EU Member States.…
Eight EU Member States Publish Joint Statement on the Capital Markets Union Post Brexit
By John Ahern, Carolyn H. Jackson, Neil Robson & Nathaniel Lalone on July 20, 2018
On July 18, eight of the EU member states (Denmark, Estonia, Finland, Ireland, Latvia, Lithuania, Sweden, and The Netherlands) published a joint statement on the Capital Markets Union (CMU) after Brexit. The joint statement sets out the shared views of the member states' finance ministers and urges the European Union to use Brexit as a catalyst in the further development and integration of EU capital markets.…
European Parliament Adopts Fifth Money Laundering Directive
By John Ahern, Carolyn H. Jackson, Nathaniel Lalone & Neil Robson on April 20, 2018
On April 19, the European Parliament (EP) published a press release announcing its adoption of a proposal for a fifth Anti-Money Laundering Directive (MLD5). The introduction of MLD5 forms part of the European Commission's action plan to counter terrorist financing and money laundering, published in February 2016 (further details are available in the Corporate & Financial Weekly Digest edition of February 12, 2016).…
FCA and ICO Publish Joint Update on GDPR
By Carolyn H. Jackson, Nathaniel Lalone, Neil Robson & Alan D. Meneghetti on February 12, 2018
Posted in Financial Markets, UK Developments
On February 8, the UK Financial Conduct Authority (FCA) and the UK Information Commissioner's Office (ICO) published a joint statement on the EU General Data Protection Regulation (GDPR).
GDPR will go into effect in the UK on May 25. The GDPR is designed to strengthen the rules governing data protection across the European Union and will be regulated and enforced in the UK by the ICO, as part of its continuing mandate for the responsibility of data protection regulation.…
Implementation of MiFID II Still Incomplete Across Europe
By Neil Robson on January 12, 2018
Further updating the Corporate &Financial Weekly Digest edition of December 8, 2017, as of January 8, there were still only 14 European Union (EU) Member States (i.e., only 50 percent of the EU) that have fully transposed the revised Markets in Financial Instruments Directive (MiFID II) into their national law (as reported on the European Commission's (EC) MiFID II Transposition Status Webpage).…
Many EU Countries Have Not Yet Adopted MiFID II
By Carolyn H. Jackson, Nathaniel Lalone & Neil Robson on December 8, 2017
On December 5, Valdis Dombrovskis, the vice-president of the European Commission (EC), recognized that most European Union (EU) Member States have not yet fully adopted the provisions set out under the revised Markets in Financial Instruments Directive (MiFID II). In a public session of a meeting of EU finance ministers in Brussels, Mr. Dombrovskis urged Member States to adapt national legislation before the rules go into effect on January 3, 2018.…