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Volume X, Number 339

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ESMA Adds UK Venues to Third-Country Trading Venues Under MiFIR and MiFID II

On October 27, the European Securities and Markets Authority (ESMA) published a press release announcing it had added UK venues to the list of third-country venues in respect of the opinions on post-trade transparency and position limits under Markets in Financial Instruments Regulation (MiFIR) and the revised Markets in Financial Instruments Directive (MiFID II) (the Press Release).

ESMA’s positive assessment follows a statement published on October 1 on the impact of Brexit relating to transparency and the position limits provisions under MiFIR and MiFID II.

Therefore, from January 1, 2021, EU investment firms will not be obligated to make transactions public in the EU if the transaction is executed on one of the UK trading venues on the transparency list. Additionally, commodity derivative contracts traded on UK trading venues will not be recognized as economically equivalent over-the-counter contracts for the EU position limit regime.

ESMA further updated its guidance on determining third-country trading venues for the purpose of transparency under MiFIR. It includes feedback received from market participants on identification of bonds, US treasuries and treatment of venues without a market identifier code.

The deadline for applying to the transparency list is November 10.

The Press Release is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 304
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About this Author

Carolyn H. Jackson, International Attorney, Katten Muchin law firm
Partner

Carolyn Jackson is a partner in Katten Muchin Rosenman UK LLP and is a Registered Foreign Lawyer. She provides US financial regulatory legal advice to a broad range of market participants, including commercial banks, investment banks, investment managers, broker-dealers, electronic trading platforms, clearinghouses, trade associations and over-the-counter derivatives service providers.

Carolyn guides clients in the structuring and offering of complex securities, commodities and derivatives transactions and in complying with US securities and commodities laws...

+44 0 20 7776 7625
Nathaniel Lalone, Katten Muchin Law Firm, Financial Institutions Attorney
Senior Associate

Nathaniel Lalone, a partner at Katten Muchin Rosenman UK LLP, has a broad range of experience in the regulation of financial products and financial markets, and frequently provides regulatory and compliance advice to trading venues, clearing houses and buy-side firms active in the over-the-counter (OTC) derivatives, futures and securities markets. He is actively involved in advising clients on the implementation of MiFID 2 and MiFIR in the European Union as well as the international reach of US financial services regulation. He also has significant experience with structuring...

+44 0 20 7776 7629
Neil Robson, private equity fund managers counselor, Katten Law Firm, London
Partner

Neil Robson, a regulatory and compliance partner with Katten Muchin Rosenman LLP, focuses his practice on counseling hedge and private equity fund managers and other investment advisers on operational, regulatory and compliance issues. He regularly addresses Financial Conduct Authority (FCA) and EU authorization and compliance under both the EU Alternative Investment Fund Managers Directive (AIFM Directive) and MiFID, cross-border issues in the financial services sector, market abuse, anti-money laundering and regulatory capital requirements, formations and buyouts of...

44-0-20-7776-7666
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