January 18, 2021

Volume XI, Number 18


January 15, 2021

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ESMA Update November 9-13, 2020

European Securities and Markets Authority (ESMA) Updates for the weeek of November 9-13, 2020

ESMA Published Decision on MiFIR Assessments of Third-Country Trading Venues

On November 9, the European Securities and Markets Authority (ESMA) published a decision of its board of supervisors (held on November 5) on the delegation to the ESMA chair of the assessment of third-country trading venues (TCTVs) under Articles 20 and 21 of the Markets in Financial Instruments Regulation (MiFIR) (the Decision).

In the Decision, the board of supervisors delegates the responsibility for non-controversial negative assessments of TCTVs to the ESMA chair. The delegation should be implemented in accordance to the criteria described in the ESMA opinion on July 28 and the conditions set out in this Decision.

This Decision repeals and replaces a previous ESMA decision published on September 26, 2018.

The Decision is available here.

ESMA Updates Annex to Opinion Determining Third-Country Trading Venues Under MiFIR

On November 6, the European Securities and Markets Authority (ESMA) updated its guidance on the Annex to its opinion determining transparency for third-country trading venues under the Markets in Financial Instruments Regulation (MiFIR) (the Guidance).

The Guidance updates how market identifier codes should be completed where they are not populated (see the October 30, 2020 edition of Corporate & Finance Weekly Digest for the previous update).

The Guidance is available here.

ESMA Publishes Draft Guidelines on MiFIR and MiFID II Market Data Obligations

On November 6, the European Securities and Markets Authority (ESMA) published a consultation paper on draft guidelines on obligations regarding market data under the Markets in Financial Instruments Regulation (MiFIR) and Markets in Financial Instruments Directive (MiFID II) (the Consultation Paper).

In the Consultation Paper, ESMA proposes guidelines with the aim to ensure common and consistent application of certain provisions, including providing market data on a reasonable commercial basis and providing market data free of charge 15 minutes after publication under MiFIR and MiFID II. The basis of the Consultation Paper originates from a previous report published by ESMA in December 2019.

The deadline for comments on the Consultation Paper is January 11, 2021. ESMA intends to publish its final review report and final guidelines in the second quarter of 2021.

The Consultation Paper is available here.

©2020 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 318



About this Author

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

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

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...