DOMESTIC:

Central Bank Statement on the variation margin requirements under EMIR for physically settled FX forwards

The Central Bank issued a statement setting out their intended response to the requirement for financial counterparties to exchange mandatory variation margin for physically-settled FX forwards from 3 January 2018 pending the amendment of the Regulatory Technical Standards on risk mitigation techniques for OTC derivatives not cleared by a central counterparty coming into effect. The Central Bank has confirmed that it will apply its risk-based supervisory powers in the day-to-day enforcement of applicable legislation in a proportionate manner.

EUROPEAN:

ELTIFs

The European Commission adopted a delegated regulation supplementing the Regulation on European Long-Term Investment Funds (ELTIF Regulation) with regard to regulatory technical standards.

ESMA asset management sector priorities in 2018

On 5 December 2017, ESMA published a speech, given by Verena Ross, ESMA Executive Director, discussing some of ESMA's asset management sector priorities in 2018. Ms Ross' speech builds on a speech given by Steven Maijoor, ESMA Chair, on 16 November 2017.