MiFID II own account exemption modified
- Category: MiFID
MiFID II has not entered into force yet, but already became substantially amended. What has changed? Key issue - exemptions.
Also proprietary traders must prosecute market abuse under MAR
- Category: MAD/MAR
REMIT and MAR differ significantly in their market abuse prosecution regimes when it comes to the obligations of proprietary traders. Temporarily?
MAR publication channels: ESMA vs. EC
- Category: MAD/MAR
What was the essence of the dispute between the European Securities and Markets Authority (ESMA) and the European Commission as regards the inside information publications under REMIT and MAR?
Does it influence on the ongoing regulatory practice?
The EU position limits framework - is this manageable issue?
- Category: MiFID
1,500 vs. 28 - this is the scale of discrepancy between the volumes of position limits frameworks in the EU and the US.
Every company as a prosecutor - impressions from reading ACER's 4th edition of REMIT Guidelines
- Category: REMIT
ACER has established a new, costly law for companies.
The EU legislative process - symptoms of anarchy
- Category: MiFID
A few annoying facts from a financial lawyer's perspective...
Did the EU financial regulation cause the Brexit?
- Category: MiFID
Why Britons left - competing hypotheses are attacking us in every article. There is no use to object to dominant trends, hence I'll also try to present some propositions in that regard.
Title transfer collateral arrangement, emission allowances and SFTR - difficult coexistence
- Category: Emissions trading
The practical issue, maybe obvious, but I would like to know for certain: do SFTR apply to title transfer collateral arrangements in emission allowances?
Contracts 'that must be physically settled' under MiFID II - the role of balancing agreement with TSOs determined
- Category: MiFID
The ability test for "contracts which must be physically settled" (i.e. contracts falling under Sections C6 or C7 of the Annex I of the MiFID Directive, depending upon the place of execution) has taken its final - as it seems - shape.
Position limits: less than one-day divergence in delivery dates between OTC and an exchange-traded contract will not stop the EEOTC qualification
- Category: MiFID
Crafting the EU position limits legal framework seems to require an immense creativity along with an extreme caution on the part of European legislators.
Dealing with this unprecedented task reveals problems so far unknown, nevertheless of an utmost practical importance.
CSCF invalidated, but not entirely
- Category: Emissions trading
Judgment of the Court of Justice of the European Union of 28 April 2016 (C‑191/14, C‑192/14, C‑295/14, C‑389/14 and C‑391/14 to C‑393/14) creates dual system of the CSCF's application within the same, third trading period of the EU ETS, as both legal frameworks - the invalidated, and the new one - will be binding, however, for different years.
"Equivalent" does not always mean the same - remarks on the ground of the new financial instruments' definition
- Category: MiFID
Commission Delegated Regulation of 25.4.2016 implementing MiFID II represents the coup de grâce for the hotly-debated topic of equivalency as the criterion for the differentiation of forward contracts being financial instruments from other physically settled OTC derivatives.
This step change from purely formal criterion based on the literal wording of the contract to the objective metric dependent only on verifiable trading data seems, however, as it stands, unworkable for legal practitioners.