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Consultation on draft guidelines on the Market Abuse Regulation (MAR)

01/28/2016

ESMA consults on MAR guidelines regarding market soundings and delayed disclosure of inside information.

The European Securities and Markets Authority (ESMA) has opened on January 28, 2016 a public consultation on draft guidelines clarifying the implementation of the MAR. MAR strengthens the existing market abuse framework by extending its scope to new markets, platforms and trading behaviours. It contains prohibitions for insider dealing and market manipulation as well as requirements to prevent and detect those.

Next steps: ESMA will consider the feedback to this consultation until March 31, 2016 and finalize two sets of guidelines and a final report by early Q3 2016. MAR will directly apply in EU Member States from July 3, 2016 amending the previous Market Abuse Directive (MAD).   Link

FINMA facilitates video and online identification

12/21/2015

The Swiss Financial Market Supervisory Authority (FINMA) has established a regulatory environment to facilitate client onboarding through digital channels. It has drafted a new technology-neutral Circular in which the anti-money laundering due diligence requirements now reflecting digital business. The consultation on this FINMA circular runs until January 18, 2016.

A growing number of financial intermediaries interact with their clients via the internet and using mobile devices. The requirements on combating money laundering and the financing of terrorism should therefore reflect the rapid increase in the digitisation of financial services. The new FINMA Circular defines the anti-money laundering due diligence provisions so that they are technology-neutral, facilitate digital business and eliminate any unnecessary barriers. The consultation on FINMA Circular 2016/xx "Video and online identification" ran until 18 January 2016. The FIMMA Circular shall enter into force in March 2016.​   Link

EU: ESMA publishes Final Report on MiFID II guidelines on assessment and knowledge of competence

12/17/2015

The European Securities and Markets Authority (ESMA) has published the Final Report on guidelines for the assessment of knowledge and competence (MiFID II) on December 17, 2015 which is expected to come into effect on January 3, 2017.​

Goal of the guidelines is to enhance investor protection by increasing the knowledge and competence of natural persons giving investment advice or providing information about financial instruments, investment services or ancillary services to clients on behalf of investment firms.

As required under Art. 25 (9) MiFID II, these guidelines specify the criteria for the assessment of the necessary knowledge and competence requirements of the investment firms’ employees. They have been developed to enable firms to fulfil their obligations under Art. 24 and 25 MiFID II, such as meeting general conduct of business principles, client information as well as client reporting and suitability & appropriateness, through the achievement of appropriate qualifications and experience by their employees.   Link

EU: Potential delay of MiFID II

11/27/2015

European Parliament’s MiFID II negotiating team informed the European Commission on its stance on a potential delay of the entry into force of MiFID II.

The European Parliament’s Rapporteur for MiFID II, Markus Ferber, explained „The European Parliament’s negotiation team has informed the European Commission that we are ready to accept a one-year delay of the entry into force of MiFID II. However, this only applies if the Commission finalises the implementing legislation swiftly and thereby takes into account the European Parliament’s priorities. Furthermore, Commission and ESMA need to come up with a clear roadmap on the implementation work and especially for setting up the IT-systems. Naturally, I expect that the European Parliament will be informed regularly and comprehensively about any progress in the implementation work.”   Link

CH: FMIA and FMIO enter into force by January 1st, 2016

11/25/2015

Federal Council brings Financial Market Infrastructure Act (FMIA) and the Financial Market Infrastructure Ordinance (FMIO) into force as at 1 January 2016. Key topics are new requirements inter alia regarding trading venues, central counterparties and derivatives trading.

Federal Council brings Financial Market Infrastructure Act (FMIA) and the Financial Market Infrastructure Ordinance (FMIO) into force as at 1 January 2016. Key topics are new requirements inter alia regarding trading venues, central counterparties and derivatives trading.   Link