May 23, 2022

Volume XII, Number 143


May 23, 2022

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European Securities and Markets Authority ESMA Update

ESMA Updates Transparency Opinions for Third-Country Trading Venues Under MiFID II

On July 28, the European Securities and Markets Authority (ESMA) published an updated version of its opinion on determining third-country trading venues (TCTVs) for the purpose of post-trade transparency under the revised Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR) (the Opinion).

ESMA previously updated the Opinion on June 3, (for more information, see the June 5, 2020 edition of Corporate & Financial Weekly Digest) and subsequently received a number of requests from market participants to assess additional trading venues against the transparency criteria. As a result, ESMA published the following:

  1. an updated annex to the Opinion, which includes TCTVs that have now received a positive or partially positive assessment (the Annex); and

  2. additional guidance on the implementation of the list of TCTVs (the Guidance).

The Opinion is available here.

The Annex is available here.

The Guidance is available here.

ESMA Confirms Extension of 0.1 Percent Net Short Position Reporting in EU Shares Until September 17

On July 30, the European Securities and Markets Authority (ESMA) published its decision in the Official Journal of the EU to extend the reporting requirement for holders of 0.1 percent net short positions in EU shares until September 17, 2020 (the Decision).

As a results of the impact of the COVID-19 pandemic on EU financial markets, ESMA adopted the Decision on June 10 to renew its decision originally made on March 16, requiring net short position holders of shares traded on an EU regulated market to temporarily report positions to their EU financial regulator that equal or exceed 0.1 percent of the relevant company’s entire issued share capital. For more information on the Decision, see the June 12, 2020 edition of Corporate & Financial Weekly Digest.

The decision went into effect on June 17 and applies until September 17, 2020.

The Decision is available here.

ESMA Statement on Its Intention to Postpone the CSDR Settlement Discipline Regime

On July 28, the European Securities and Markets Authority (ESMA) published a statement confirming that it is working on a proposal to delay the enactment of the Central Securities Depositories Regulation (CSDR) settlement discipline regime until February 1, 2022 due to the impact of the COVID-19 pandemic and subsequent request from the European Commission (the Statement).

The Statement is available here.

©2022 Katten Muchin Rosenman LLPNational Law Review, Volume X, Number 213

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...