The final report contains recommendations and possible legislative amendments to MiFID II/MiFIR with a view to simplifying the current reporting regimes whilst ensuring quality and usability of the reported data. It aims to achieve this through:
- The replacement of the trading on a trading venue (TOTV) concept with the SI approach for OTC derivatives, taking into account the conclusions of ESMA’s Final Report on the transparency regime for non-equity instruments and the trading obligation for derivatives;
- The removal of the short sale indicator;
- The alignment with reporting regimes such as MAR, EMIR and the Benchmark Regulation;
- The reliance on international standards, including LEIs, ISINs and CFIs; and
- The inclusion of three additional data elements with a view to harmonise the way they are reported and avoid inconsistent and duplicative reporting of the same information at the national level. In particular, these are indicators for: Buyback programs; Information on MiFID II client categories; and Transactions pertaining to aggregated orders.
ESMA has updated its Q&A on the application of the UCITS Directive.
ESMA has added two new Q&As on the ESMA’s guidelines on performance fees in UCITS and certain types of AIFs (“the guidelines”). The Q&As provides clarification on the crystallisation of the performance fees and on the timeline of the application of the performance reference period.
ESMA has added two new Q&As on the ESMA’s guidelines on performance fees in UCITS and certain types of AIFs (“the guidelines”). The Q&As provides clarification on the crystallisation of performance fees, on the timeline of the application of the performance reference period and the scope of the guidelines in respect of ELTIFs.
The report draws on the experience of European enforcers since 2014 and is based on a review of a sample of 65 issuers relating to the financial years 2017, 2018 and 2019. The report include a description providing an overview of the implementation of the three standards by European issuers.
The statement highlights that, from 1 January 2021, UK issuers may use the International Financial Reporting Standards (IFRS), as endorsed by the EU, or as issued by the International Accounting Standards Board (IASB), amongst other accounting standards, when complying with their TD obligations for consolidated financial statements and individual financial statements of single entities.
UK group issuers may also use UK GAAP when complying with their obligations for parent individual financial statements. In particular, when providing information on dividends computation and, where applicable, minimum capital requirements.
NCAs, under the TD, may exempt UK issuers from the application of EU law provided that third country law sets out equivalent requirements. As UK issuers are no longer subject to EU law, the accounting frameworks used by UK issuers when publishing their financial reports in accordance with the TD should be vetted by NCAs.
ESMA is issuing a Public Statement to promote coordinated action by National Competent Authorities
The statement relates to the temporary suspension of the obligation on execution venues to make available to the public data related to the quality of execution of transactions on their venues (RTS 27 Reports).
ESMA has updated its Q&A on the EU Benchmarks Regulation (BMR).
The Q&A’s further clarify the applicable transitional provisions for third-country benchmarks as set out in the BMR.
(only in Italian)
L’IVASS pubblica il Bollettino di Vigilanza – Anno IX – N. 2 relativo a Febbraio 2021
(only in Italian)
L’ABF ricorda che la presentazione in modalità cartacea è consentita soltanto per i ricorsi presentati nei confronti di:
- due o più intermediari;
- un intermediario estero che opera in Italia in regime di libera prestazione di servizi;
- un confidi ai sensi dell’art. 112, comma 1, del TUB.
In caso di utilizzo della modalità cartacea, il “modulo di ricorso” potrà quindi essere inviato, unitamente a tutta la documentazione, per posta, PEC o via fax alla Segreteria tecnica competente o a qualsiasi Filiale della Banca d’Italia oppure tramite consegna a mano presso una Filiale della Banca d’Italia aperta al pubblico.
The updates aim to improve processes related to intraday liquidity management and efficiency of arrangements.
The updates include clarifications on:
- transaction limits;
- partial netting;
- automatic partial settlement tools;
- suspension and release facilities offered by central securities depositories (CSDs).
