ESMA DVC Update & New Investor Portal for Financial Service Providers
Friday, May 11, 2018

ESMA Releases Latest Double Volume Cap Data Under MiFID II

On May 8, the European Securities and Markets Authority (ESMA) updated its public register with the latest set of double volume cap (DVC) data under the revised Markets in Financial Instruments Directive (MiFID II). The update follows last month’s update to the DVC public register (for further details, see the April 13 edition of Corporate & Financial Weekly Digest).

New breaches total 58 equities for the 8 percent cap, which applies to all trading venues, and 10 equities for the 4 percent cap, which only applies to individual trading venues. For those instruments in breach of the caps, suspensions of trading under the waivers apply from May 14, 2018 to November 14, 2018. Due to corrected data received by ESMA, for 12 instruments, previously identified breaches of the 8 percent and 4 percent caps are incorrect and the relevant suspensions of trading under the waivers should be lifted, according to ESMA’s announcement.

ESMA has changed the DVC files to facilitate their use. ESMA now provides a separate consolidated Suspensions File to collate all the information in one place for national competent authorities and market participants to identify the instruments affected by the caps.

The updated public register regarding the DVC mechanism is available here.

ESMA’s announcement in relation to the updated DVC register is available here.

ESMA Unveils One-Stop Company Portal for Information on EU Authorization

On May 7, the European Securities and Markets Authority (ESMA) announced a new portal for investors seeking information on whether a financial services provider is authorized within the European Union. The portal includes registers of the following:

  1. Markets in Financial Instruments Directive (MiFID) investment firms, including systematic internalizers;
  2. MiFID trading venues;
  3. MiFID data reporting service providers;
  4. Undertakings for the collective investment of transferable securities ( UCITS) management companies; and
  5. Fund managers authorized under the Alternative Investment Fund Managers Directive (AIFMD), including funds managed or marketed in the European Union.

The portal also incorporates machine-to-machine functionality and provides reference to sanctions applied by competent authorities in the EU member states.

The portal is available here.

ESMA’s press release announcing the portal is available here.

 

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