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Regulatory 2016

EU Benchmarks Regulation
The EU is developing new legislation to introduce a common framework and consistent approach to providing benchmarks. The Regulation will apply across the EU, to regulate the provision of, contribution to and use of benchmarks used in financial instruments traded on trading venues, mortgage contracts and consumer credit contracts, or used to measure the performance of investment funds.

The Regulation could impact you and your firm if you: 
  • provide a benchmark 
  • contribute input data to a benchmark in the EU 
  • use a benchmark provided in the EU or in a third country 
To keep up to date on our work to implement the Regulation, please visit our website or sign up to our dedicated mailing list by completing this short form.   ​

FCA MiFID II Coordination Team
25 January 2016
ESMA finalises advice for financial benchmarks
The European Securities and Markets Authority (ESMA) has finalised its technical advice to the European Commission on important aspects of future rules for benchmarks.

In particular, ESMA provides advice on:
  • how benchmarks’ reference values can be calculated by using data reporting structures under existing EU rules such as MiFID II and EMIR;
  • some of the criteria for deciding when third country benchmarks can be endorsed for use in the European Union (EU); and
  • what constitutes making a benchmark figure available to the public.
Read more here

ESMA
10 November 2016
Draft technical standards under the benchmarks regulation
The European Securities and Markets Authority (ESMA) has today published a consultation paper regarding its draft regulatory and implementing technical standards (RTS/ITS) which will implement the Benchmarks Regulation (BR). ESMA is asking stakeholders to comment on its proposed RTS/ITS applicable to benchmark contributors, administrators and national competent authorities.   ​

See here.

ESMA
29 September 2016
Global principles of good practice
What will the FX Global Code mean for you?

Over the past year, in locations all around the world, a representative spectrum of FX market participants have been hard at work analysing their own behaviours. The members of the FXWG (comprising expert central bankers) and the Market Participants Group (MPG, with a diverse set of business models, requirements and backgrounds), have pushed hard to roll out Phase One of the BIS Global FX Code.

With ever increasing interest, and tremendous industry endorsement, the market is preparing itself for the final work into Phase Two. This Phase will cover important aspects of the FX market not yet covered in Phase One, and will be formed through the dedicated contributions of professionals, eager to ensure they performs their duties well. Importantly, Phase Two will also cover how the FX market will be expected to voluntarily demonstrate adherence to this code. To do this, participants will need to work within the overarching framework of the code, and prove that the code is embedded and monitored. This framework is expected to be universal, proportionate and transparent, so that it applies equally to all wholesale players, irrespective of location.

This is not an easy task. Critically, this is not regulation, but is common guidance for the market. With education and raised standards of professionalism, an industry with a superb track record of performance and innovation, providing critical financial services to the global economy, has gotten on with it. It is an example of professionals agreeing that they are capable of working competitively yet cooperatively to deliver and abide by world-class standards.

You can read the full supplement online here    ​

An e-Forex Supplement co-published with ACI FMA, Bloomberg and CLS and with foreword by Marshall Bailey, CFA, President ACI Financial Markets Association International.
26 July 2016
 
Afgørelse om yderligere likviditetskrav for danske SIFI’er
Finanstilsynet har i henhold til § 152, stk. 4, i lov om finansiel virksomhed truffet afgørelse om fastsættelse af et LCR-valutakrav for alle danske SIFI’er. I disse afgørelser har Finanstilsynet taget hensyn til institutternes forskellige forretningsmodeller og aktiviteter, således at kravet stilles mest hensigtsmæssigt.

Se her.

Finanstilsynet
21. juni 2016
Notat vedr. sanktionering af overskridelser på likviditetsområdet
Notat vedrørende Finanstilsynets udgangspunkt for sanktionering af eventuelle overskridelse af LCR-kravet, LCR-valutakravet for SIFI’er samt overskridelse af likviditetspejlemærket i Tilsynsdiamanten for pengeinstitutter. Hensigten med notatet er at skabe gennemsigtighed i Finanstilsynets praksis, når institutterne overskrider de forskellige krav til institutternes likviditet, samt at skabe klarhed over institutternes oplysningsforpligtigelser i forbindelse med sådanne overskridelser.  

Se her.

Finanstilsynet
21. juni 2016
ESMA on disclosure of inside information etc.
Draft Implementing Technical Standards on the technical means for appropriate public disclosure of inside information and for delaying the public disclosure of inside information

More here.

ESMA
17 June 2016
ESMA ON TECHNICAL ADVICE ON BENCHMARKS REGULATION
The European Securities and Markets Authority (ESMA) has published the responses received to the Consultation Paper on technical advice on Benchmarks Regulation.

To view the responses click here.   ​

ESMA
27 May 2016
New rules to prevent manipulation of financial benchmarks
The European Commission welcomes today's vote by the European Parliament which paves the way for common EU standards against the manipulation of financial benchmarks.

The adoption of the proposed Regulation on financial benchmarks was approved by a large majority in the plenary session and it follows a political agreement by the European Parliament and the Council in November 2015.

A benchmark is an index or indicator used to price financial instruments and financial contracts or to measure the performance of an investment fund. The new rules will improve the governance of such benchmarks produced and used in the EU in financial instruments such as bonds, shares and derivatives. The new rules will help to protect investors and consumers as benchmarks determine the value or performance of investments and the level of mortgage payments of millions of households in the EU.

European Commission - Press release
28 April 2016
EU om objektiv fremlæggelse af investeringsanbefalinger m.m.
Supplerende regler til Europa-Parlamentets og Rådets forordning (EU) nr. 596/2014 for så vidt angår reguleringsmæssige tekniske standarder til fastlæggelse af de tekniske ordninger med henblik på en objektiv fremlæggelse af investeringsanbefalinger eller andre oplysninger med anbefalinger om eller forslag til en investeringsstrategi og afsløring af særlige interesser eller angivelse af interessekonflikter.

Se her.

EU
9. marts 2016
ACI FMA joins the Market Practitioners Group of the BIS Single FX Code
Last week, in Tokyo, the President of the ACI FMA joined other members of the Market Practitioners Group of the BIS Single FX Code group, for further work towards developing a globally endorsed code for FX markets. This work is being carried out in coordination with many market participants from the buy-side, sell-side, intermediary and central bank community across a spectrum of important and representative wholesale market participants in FX. Many of you will be involved in this at a variety of levels, either through your local FX Committees, or possibly through your Head Offices, etc. ACI FMA is at the table, working hard to ensure that our value as a large, international network of wholesale financial market practitioners is recognised, and can bring benefit to the entire industry. 
  
At the opening of the session the Deputy Governor from the Bank of Japan gave an important speech. 
  
You may read the speech by clicking this link 

ACI FMA - February 2016
EU-wide stress testing 2016
The European Banking Authority (EBA) released today the methodology and macroeconomic scenarios for the 2016 EU-wide stress test. The stress test is designed to provide supervisors, banks and other market participants with a common analytical framework to consistently compare and assess the resilience of EU banks to economic shocks.

The European Banking Authority (EBA) will formally launch the 2016 EU-wide stress test on Wednesday 24 February 2016 at 5pm (UK time). Along with the announcement, the EBA will publish the common methodology and macroeconomic scenarios for this exercise.

EBA - February 2016
Benchmark Regulation
The European Commission originally proposed draft Regulation on indices used as benchmarks in financial instruments and financial contracts1 (Benchmarks Regulation) in September 2013 in the wake of the alleged manipulation of various benchmarks. 

On 24 November 2015, the European Parliament and the Council reached a preliminary political agreement2 on a compromise text of the Benchmarks Regulation, an agreement that was confirmed on 9 December 2015 by the Permanent Representatives Committee of the Council of the European Union3. The European Parliament has not yet voted on the text. 

This Discussion Paper (DP) is based on the version of the Benchmarks Regulation4 following such agreement and seeks the views of interested parties on ESMA’s policy orientations and initial proposals for the potential Level 2 measures under the Benchmarks Regulation. These measures should take the form of delegated acts of the Commission and ESMA draft technical standards. However, it should be noted that the Benchmarks Regulation has not yet been published in the Official Journal of the European Union (OJ).

ESMA - 15 February 2016
EU Commission extends by one year the application date for the MiFID II package
The European Commission has today proposed granting national competent authorities and market participants one additional year to comply with the rules set out in the revised Markets in Financial Instruments Directive, known as MiFID II. The new deadline is 3 January 2018. The reason for the extension lies in the complex technical infrastructure that needs to be set up for the MiFID II package to work effectively. The European Securities and Markets Authority (ESMA) has to collect data from about 300 trading venues on about 15 million financial instruments. To achieve this result, ESMA must work closely with national competent authorities and the trading venues themselves. Jonathan Hill, Commissioner for Financial Services, Financial Stability and Capital Markets Union said: "Given the complexity of the technical challenges highlighted by ESMA, it makes sense to extend the deadline for MiFID II. We will therefore give people another year to prepare properly and make the necessary changes to their systems. Meanwhile, we are pressing ahead with the level II legislation to implement MiFID II and expect to announce those measures shortly." A press release is available here. (For more information: Vanessa Mock – Tel: +32 229 56 194; Letizia Lupini – Tel: +32 229 51 958)

EU press release date 10 February 2016
Draft guidelines on the Market Abuse Regulationn
Article 11(11) of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse (MAR)2 provides that ESMA shall issue guidelines addressed to persons receiving market soundings. Article 17(11) of MAR provides that ESMA shall issue guidelines on legitimate interests of issuers to delay inside information and situations in which the delay of disclosure is likely to mislead the public. This consultation paper (CP) follows the Discussion Paper (DP) issued on November 2013.

ESMA - 28 January 2016
EU Benchmarks Regulation
The EU is developing new legislation to introduce a common framework and consistent approach to providing benchmarks. The Regulation will apply across the EU, to regulate the provision of, contribution to and use of benchmarks used in financial instruments traded on trading venues, mortgage contracts and consumer credit contracts, or used to measure the performance of investment funds.

The Regulation could impact you and your firm if you: 
  • provide a benchmark 
  • contribute input data to a benchmark in the EU 
  • use a benchmark provided in the EU or in a third country 
To keep up to date on our work to implement the Regulation, please visit our website or sign up to our dedicated mailing list by completing this short form.   ​

FCA MiFID II Coordination Team
25 January 2016

Education

ACI Dealing certificate
The ACI Model Code
18-21 june 2013
ACI Dealing certificate
The ACI Model Code

Candidates are provided with the ACI's Model Code to study in advance of the course

Events

11 - 13 May 2017:     
56th ACI FMA World Congress, Dublin