ESMA has published its MiFID II/MiFIR annual review report pursuant to Commission Delegated Regulation (EU) 2017/583 (RTS 2).
ESMA proposes to the European Commission to move to stage three of the phase-in for the transparency requirements, for both the average daily number of trades threshold used for the quarterly liquidity assessment of bonds, and for the pre-trade size specific to the instrument threshold for bonds. ESMA suggests that the European Commission should:
- move to stage three for the average daily number of trades threshold used for the quarterly liquidity assessment of bonds;
- move to stage three for the pre-trade size specific to the instrument threshold for bonds; and
- not to move to stage two for the pre-trade size specific to the instrument threshold for the other non-equity instruments – ESMA considered that the level of completeness and the quality of the data were still insufficient to perform the annual transparency calculations in 2020 for a number of instrument classes and therefore it was considered premature to move to the next stage.
The proposals to move to stage three are expected to improve the currently limited pre- and post-trade transparency available to market participants in the bond market.
EBA published its final Guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate EU parent undertakings (IPU) as laid down in the Capital Requirements Directive (CRD).
The Guidelines specify how third country groups should calculate and monitor the total value of their assets in the Union in order to ensure timely application of the IPU requirement. The CRD introduced a requirement for institutions that are part of third-country groups to have an IPU established in the Union, where the total value of assets in the Union of the third-country group is equal to or greater than EUR 40 billion.
These Guidelines clarify the relevant data for the calculation of the total value of the assets in the Union, taking into account the fluctuation in the value of assets. In particular, the Guidelines specify that for the purpose of the application of the IPU requirement, the total value of assets in the Union of the third-country group should be calculated as an average over the last four quarters. This value should be monitored on a quarterly basis and communicated to relevant competent authorities.
In addition, these Guidelines specify certain procedural aspects related to the monitoring of the threshold by competent authorities and the establishment of the IPU where necessary. In particular, clarification is provided on the notifications, to be provided to the EBA on an annual basis.
(Only in Italian)
Pubblicato in Gazzetta Ufficiale n. 177 del 26 luglio 2021, il Decreto del Ministero del lavoro e delle politiche sociali n. 107 del 19 maggio 2021 relativo al Regolamento ai sensi dell’articolo 6 del decreto legislativo n. 117 del 2017 (Codice del Terzo settore), concernente l’individuazione di criteri e limiti delle attività diverse.
Il Decreto individua i criteri e i limiti ai fini dell’esercizio da parte degli enti del Terzo settore di attività diverse da quelle di interesse generale di cui all’articolo 5 del medesimo decreto legislativo n. 117 del 3 luglio 2017.
Il Decreto evidenzia che le attività diverse si considerano strumentali rispetto alle attività di interesse generale se, indipendentemente dal loro oggetto, sono esercitate dall’ente del Terzo settore, per la realizzazione, in via esclusiva, delle finalità civiche, solidaristiche e di utilità sociale perseguite dall’ente medesimo. Il provvedimento entra in vigore il 10 agosto 2021.
