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Regulatory Blog

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ESMA issues technical standards for the new European Crowdfunding Service Providers for Business regulation regime; new regime officially in force
The snappily titled “European Crowdfunding Service Providers for Business” regulation (EU) 2020/1503 (ECSP Regulation) was published on 20 October 2020 seeks to provide a harmonised regime across the EU/EEA for the provision of investment-based and lending-based crowdfunding services related to business financing. The key measures of the regulation, as outlined below, will enter into practical effect from 10 November 2022 following expiry of a one-year grace period from the official coming into force date of 10 November 2021.
ESMA’s MiFID II review report on algorithmic trading
On 29 September 2021, the European Securities and Markets Authority (ESMA), published the MiFID II/MiFIR review report on algorithmic trading (ESMA Algo Trading Review Report). More specifically, both MiFID II and MiFIR provide for a number of review reports requiring the European Commission, after consulting ESMA, to report to the European Parliament and the Council on various provisions. This particular report covers the review provision under Article 90(1)(c) of MiFID II which requires the European Commission after consultation with ESMA to present a report to the European Parliament on the impact of requirements regarding algorithmic trading including high-frequency algorithmic trading.
ESMA guidelines on marketing communications
On 2 August 2021, ESMA published the final version of guidelines on marketing communications under the regulation on cross-border distribution of funds, translated into the official EU languages.
European Commission responds to ESAs on SFDR
On 14 July 2021, the European Commission replied to a list of questions on the interpretation of the Sustainable Finance Disclosure Regulation (SFDR). These questions were asked by the European Supervisory Authorities (ESAs - ESMA, EBA and EIOPA) to the European Commission in their joint letter of 7 January 2021.
Luxembourg’s CSSF publishes FAQs on the application of MiFID to Investment Fund Managers
On 10 June 2021, the Commission de Surveillance du Secteur Financier (CSSF) published Frequently Asked Questions (FAQs) on the application of MiFID to Luxembourg Investment Fund Managers (IFMs). The CSSF FAQs aim to clarify under what circumstances and to what extent MiFID applies to IFMs, their third-party delegates and their investment advisers.
ESMA updates its Q&As for the funds industry
On 28 May 2021, the European Securities and Markets Authority (ESMA) published its updates to various Questions and Answers (Q&As) for numerous industry sectors. As relevant to the funds industry, we highlight those related to the AIFMD and UCITS regimes. Next week, we will cover off the new Q&As for investment firms.
ESAs remind consumers about crypto-asset risks
On 17 March 2021, the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) issued a reminder alert to consumers that some crypto-assets are highly risky and speculative and, as stated back in February 2018 in the ESAs’ then joint warning, here, users must be alert to the high risks of buying and/or holding these instruments, including the possibility of losing all their money.
FATF issues Guidance on the risk-based approach for AML/CFT Supervisors
On 4 March 2021, the Financial Action Taskforce (FATF) issued guidance (Guidance) on risk-based supervision for financial intelligence units and other supervisors covering the assessment of risks in the sectors they oversee and commentary on adapting their resources.
ESAs issued a supervisory statement on the application of the Sustainable Finance Disclosure Regulation (SFDR)
On 25 February 2021, the three European Supervisory Authorities (EBA, EIOPA and ESMA)(ESAs) published a joint supervisory statement on the effective and consistent application and national supervision of the regulation on sustainability-related disclosures in the financial services sector (SFDR), promoting a level playing field and the protection of investors.
Update on the EU’s Markets in Crypto-Assets Regulation
On 24 September 2020 the European Commission released a 168-page proposal (Proposal) for its long-anticipated pan-EU Markets in Cryptoassets (MiCA) Regulation. The MiCA Regulation forms part of the Commission’s Digital Finance Package, setting out new measures designed to support the development of distributed ledger technologies (DLT) in the EU.
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