ESMA consults on MiFID 2 implementation: ESMA has published a consultation paper and a discussion paper on implementation of the MiFID 2 and the Markets in Financial Instruments Regulation (MiFIR) (together, the MiFID 2 package). The MiFID 2 package includes over 100 requirements for ESMA to draft regulatory and implementing technical standards (RTS and ITS) and to provide advice to the Commission. The papers are:

  • a consultation paper on technical advice ESMA is to deliver to the Commission by December; and
  • a discussion paper on various draft RTS and ITS, which will provide the basis for a further consultation paper on the measures.

The papers address key issues relating to:

  • investor protection;
  • transparency;
  • data publication and access;
  • micro-structural issues;
  • requirements applying on and to trading venues;
  • commodity derivatives;
  • portfolio compression; and
  • market data reporting.

ESMA will hold a public hearing on 7 and 8 July and wants comments on both papers by 1 August. Please see our separate summary of the proposals. (Source: ESMA Consults on MiFID 2 Implementation)

ESMA updates EMIR FAQs: ESMA has updated its set of FAQs on EMIR. New questions address:

  • issues relating to the Alternative Investment Fund Managers Directive (AIFMD), including the status of counterparties covered by the AIFMD;
  • calculation of the clearing threshold;
  • intragroup transactions;
  • the Public Register;
  • classification of non-EU Central Banks;
  • segregation and portability; and
  • central counterparty (CCP) compliance issues.

ESMA has also added CC&G and LCH.Clearnet AG to its list of CCPs authorised under EMIR, bringing the total to six. (Source: ESMA Updates EMIR FAQs)

ESMA publishes first EUSEF manager registration: ESMA has revealed the first registered EU Social Entrepreneurship Fund (EUSEF) manager. It is BonVenture Management GmbH, based in Germany. (Source: ESMA Publishes First EUSEF Manager Registration)

ESMA issues opinion on CCP colleges: ESMA has adopted an opinion to clarify certain aspects of the voting procedure of CCP colleges, including how to count non-voting members or whether abstentions are possible. (Source: Voting Procedures for CCP Colleges under EMIR)