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Financial Regulation: Weekly Update. 12 January 2018

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Highlights: FSB published governance arrangements for UTI. EBA published the final guideline on IFRS disclosure requirements. ESMA updated relevant registers, consulted on CCP anti-procyclicality margin measures, and delayed publication of double volume cap data. CNMV published statement regarding MiFID II implementation and authorized two OTFs.



  • FSB publishes governance arrangements and implementation of UTIs

Implements unique transaction identifier (UTI) by no later than end-2020, makes ISO responsible for publishing and maintaining data standard and designates CPMI and IOSCO to perform interim governance functions.

  • IOSCO issues statement on matters to consider in the use of financial benchmarks

It sets out matters for users of benchmarks. There are related to the assessment of the appropriateness of a benchmark, and to the contingency planning.




  • EBA publishes final guidelines on disclosure requirements of IFRS 9

It specifies a disclosure template that institutions shall use for disclosing the information on own funds, capital and leverage ratios.

  • ESMA updates relevant registers and statistical data

Data available to market participants and NCAs. Information regarding: benchmarks regulation, financial instruments, supervision and investment management, among others.

  • ESMA consults on CCP anti-procyclicality margin measures under EMIR

Draft guidelines seeking to promote a consistent application of EMIR by clarifying the implementation of anti-procyclicality margin measures. Deadline: 28 Feb.

  • ESMA issues register of derivatives venues and temporarily exempted venues

i) Register with information about: classes of derivatives, trading venues where they can be traded and dates on which the obligation takes effect per category of counterparties, ii) Issues list of trading venues temporarily exempted from open access requirements.

  • ESMA publishes report on Credit Rating Agencies and Trading Repositories’ fees

Highlights 3 concerns: transparency and disclosure (to enhance awareness of conditions and comparability), fee-setting process, interaction with entities related to CRAs and TRs.

  • ESMA delays publication of Double volume cap data

The quality of the data does not allow for a comprehensive publication of double volume cap calculations under MiFID II/MiFIR and ESMA wants to avoid creating an unlevel playing field.

  • ESMA publishes position management control under MiFID II

It publishes a first set of position management controls for commodity derivatives as informed by investment firms or market operators to their corresponding NCAs.

  • EC discusses institutional priorities for 2018

These are: deliver on the reform of the EMU, secure the borders, overhaul the asylum system, get back to Schengen, complete the Digital Single Market, and bring Western Balkans closer.

  • EIOPA Publishes Monthly Technical Information for Solvency II

i) Updates relevant risk free interest rate term structures with end-December 2017 data, ii) also updates symmetric adjustment of the equity capital charge.




  • CNMV issues statement on the implementation of MiFID II

It informs of the transposition of MiFID II into Spanish law by a Royal Decree-Law. Recalls that other parts of the package not included in the law will also be applicable from 3 Jan.

  • CNMV enables a channel for reporting infringements anonymously

The new whistleblowing tool will help to detect infringements of rules in the securities markets, meeting the obligations of several regulations and directives.

  • CNMV authorizes two OTFs

The board authorized CAPI OTF and CIMD OTF to extend their range of activities to include services as an Organized Trading Facility.





  • PRA consults on MREL reporting

It sets its expectations regarding MREL reporting requirements, in order to monitor the progress towards meeting interim and end-state MREL. Deadline: 9 Apr.

  • FCA issues statement regarding transitional arrangements for TV under MiFIR

It decided to allow the two requesting trading venues (TV) to delay the application of the “open access requirements” until Jul 2020 as per Article 36 of MiFIR.




  • FRB requests comment on proposed guidance to clarify supervisory expectations

Identifies core principles for effective senior management, business line management and independent risk management. Applies to large financial institutions. Deadline: 15 March.

  • CFTC approves amendments to regulations under Parts 3 and 9

Integrates existing advisory guidance, incorporates swap execution facilities (SEFs) and updates provisions currently applicable to designated contract markets (DCMs).


Recent publications of interest (in English and Spanish):



Previous editions of our Weekly Regulatory Update in Spanish and English.


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