April 24, 2019

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ESMA Announces Results of MiFID II Annual Calculations of LIS and SSTI Thresholds for Bonds

On March 19, the European Securities and Markets Authority (ESMA) published a press release announcing the results of the annual transparency calculations of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds. ESMA’s publication had originally been planned for March 1, but was postponed as its IT systems required more time than anticipated to complete the calculations, as reported in the Corporate & Financial Weekly Digest edition of March 8, 2019.

Under Commission Delegated Regulation (EU) 2017/583, national competent authorities (NCAs) must publish information on LIS sizes compared to the standard market size, and the SSTI above which pre-trade transparency requirements can be waived and the publication of post-trade transparency information can be deferred. ESMA has conducted these calculations on behalf of the NCAs who have delegated this task to ESMA and the results have been published on a register based on bond type.

ESMA will publish results on a per-International Securities Identification Number (ISIN) basis through the financial instruments transparency system (FITRS) and through a web interface from April 30. It also will publish records with calculations for each ISIN until May 31.

The transparency requirements based on the results of the annual calculations of the LIS and SSTI thresholds for bonds will apply from June 1, 2019 to May 1, 2020. ESMA will publish the results of the next annual calculations of the LIS and SSTI thresholds for bonds by April 30, 2020, which will apply from June 1, 2020.

ESMA’s press release is available here.

The register is available here.

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John Ahern, Financial Attorney, London, Katten Law Firm
Partner

John Ahern, partner at Katten Muchin Rosenman UK LLP and head of the London Financial Services group, focuses his practice on banking, financial services, UK and European financial markets, and related regulations. His background in private practice and as in-house counsel at a global investment bank provides him with perspective on the unique regulatory issues facing the wholesale and private banking sectors. John advises multilateral trading facilities, broker-dealers and banks on trading, clearing and settlement as well as custody of securities—both physical and...

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Carolyn H. Jackson, International Attorney, Katten Muchin law firm
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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 and regulations. 

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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...

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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...

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