Regulation of derivatives trading venues

This Overview is a guide to the Banking & Finance content within the Regulation for derivatives lawyers—Regulation of derivatives trading venues subtopic, with links to appropriate materials.

EU MiFID II, EU MiFIR and market structure

The recast Markets in Financial Instruments Directive 2014/65/EC (OJ L 173, 12.6.2014, p 349) (MiFID II) and the Markets in Financial Instruments Regulation (EU) 600/2014 (OJ L 173, 12.6.2014, p 84) (EU MiFIR) (together, the EU MiFID II framework) entered into force on 2 July 2014. The majority of the requirements of the EU MiFID II framework came into effect on 3 January 2018. This replaced the Markets in Financial Instruments Directive 2004/39/EC (OJ L 145, 30.4.2004, p 1) (MiFID) which had introduced a hierarchy of market structures and had as its primary aim to improve transparency of

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Latest Banking & Finance News

FCA’s 2024 consumer focus still has firms guessing

Law360, London: The Financial Conduct Authority (FCA) shifted further toward results-based financial regulation in 2024 by requiring regulated companies to comply better with its Consumer Duty, forcing managers to make individual interpretations of the regime's often ambiguous requirements where more specific rules are missing.

ESMA publishes feedback on proposed securitisation disclosure template review

The European Securities and Markets Authority (ESMA) has published a Feedback Statement summarising the responses to its consultation paper on securitisation disclosure templates under Article 7 of the Securitisation Regulation (SECR). Stakeholders acknowledged the need for improvements in the transparency regime but recommended postponing the template review due to concerns about its timing in relation to a broader SECR review. ESMA plans to work closely with the European Commission to explore interim adjustments to the technical standards, particularly regarding disclosures for private securitisations, before the review of the Level 1 text.

Guidance on the information sharing measures in the Economic Crime and Corporate Transparency Act 2023 has been updated

An update to the guidance on information sharing measures outlined in the Economic Crime and Corporate Transparency Act 2023 has been updated on the government’s website. The measures, which are voluntary, allow regulated firms to share customer information for the purposes of preventing, investigating and detecting economic crime and have been put in place to provide greater clarity and comfort to regulated firms to share relevant customer information.

High Court confirms broad government discretion in UK national security reviews

Competition analysis: In this judgment, the High Court issued its first ever ruling on a challenge to an unwinding order imposed by the UK government under the National Security and Investment Act 2021 (NSIA 2021). In a clear victory for the government, the court confirmed the broad discretion of the Secretary of State to determine the appropriate remedy for resolving national security concerns arising from a problematic transaction, up to and including forced divestment of the acquirer’s shareholding in a qualifying entity, as well confirming that the overall process followed by the Government in such cases is fair and proportionate. The judgment is also notable for the insights that it provides into the process followed by Government officials and ministers for in-depth reviews under the NSIA 2021, with the level of detail going well beyond what has been disclosed in the Government’s own guidance to date. Written by Becket McGrath, partner at Euclid Law Ltd.

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