This document provides summaries of recent legal and regulatory developments in the financial services industry from the past week:
1) ESMA published final guidelines clarifying the definitions of commodity derivatives and their classification under MiFID to provide consistent application until MiFID II is implemented in 2017.
2) The FCA published a one minute guide and webinar on the Market Abuse Regulation, which will replace the existing Market Abuse Directive in July 2016.
3) A report from the European Supervisory Authorities identified ongoing risks to the EU financial system from low growth, conduct issues, and IT/cyber risks, but noted regulatory reforms and initiatives are improving stability.
Legal shorts 09.09.2015 including MiFID II: FCA publishes new webpage and new...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 09.09.16 including Brexit update: Theresa May meeting with Donald...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 09.09.2015 including MiFID II: FCA publishes new webpage and new...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 09.09.16 including Brexit update: Theresa May meeting with Donald...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 21.10.16 including criminal finances bill introduced and mld4Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Euro shorts 16.12.16 including Brexit: European Parliament briefing and Brexi...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
This proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks.It is in line with the Commission priorities to make Europe fit for the digital age and to build a future-ready economy that works for the people.The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the EU embraces the digital revolution and drives it withinnovative European firms in the lead, making the benefits of digital finance available to European consumers and businesses.In addition to this proposal, the package also includes a proposal for a pilot regime on distributed ledger technology (DLT) market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
Discussion on the tax consequences related to the decision by the UK to leave the EU. The presentation has been delivered during the vist at the University of Roehampton.
Euro shorts 29.01.16 including cameron attends last minute talks on uk eu mem...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Update on what the easing of sanctions in Iran means for international business which, if all goes well, will provide investment opportunities in oil as well as areas such as financial services, aviation, and infrastructure development, to name but a few
Impact of Brexit, Swixit, Turkxit for the European Medical Device MarketGreenlight Guru
The European Union is in transition now due to some regulatory changes. EU MDR will be applicable by May 26th, 2021, but in the meantime, other political situations may impact this timeline.
Manufacturers that would like to register their product in Europe need to understand the potential situations that could happen and how this can change your regulatory strategy.
Brexit will apply by January 1st, 2021. Swixit and Turkxit will depend on the EU commission, but this may happen by May 26th, 2021.
This presentation takes a deep dive into the implications of Brexit, Swixit, Turkxit for the European Medical Device Market.
This free in-depth webinar, presented by Monir El Azzouzi , Founder of Easy Medical Device, will cover the current (Winter 2020) Brexit, Swixit, and Turkxit situation for the European Medical Device Market.
This presentation originally aired during the 2021 State of Medical Device Virtual Summit.
mHealth Israel_Brexit Update for MedTech_Feb 2019Levi Shapiro
Presentation by Simon Marks, Head of Hi-Tech practice, ERM Law Firm, about Brexit Update for MedTech, Feb 5, 2019. Includes Advantages of Doing Business in the UK, Brexit update, Timeline, What’s next? The Withdrawal Agreement, No Deal, Contingency Planning, Implications for Manufacturers and Importers
A brief look at history of EU, EU makeup and Brexit, how it may affect Britain, Europe and the rest of the world. We will be dissecting some EU Policies including single currency and its effects...
Of course, all from a systems thinking point of view.
Legal shorts 21.10.16 including criminal finances bill introduced and mld4Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Euro shorts 16.12.16 including Brexit: European Parliament briefing and Brexi...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
This proposal is part of the Digital Finance package, a package of measures to further enable and support the potential of digital finance in terms of innovation and competition while mitigating the risks.It is in line with the Commission priorities to make Europe fit for the digital age and to build a future-ready economy that works for the people.The digital finance package includes a new Strategy on digital finance for the EU financial sector with the aim to ensure that the EU embraces the digital revolution and drives it withinnovative European firms in the lead, making the benefits of digital finance available to European consumers and businesses.In addition to this proposal, the package also includes a proposal for a pilot regime on distributed ledger technology (DLT) market infrastructures, a proposal for digital operational resilience, and a proposal to clarify or amend certain related EU financial services rules.
Discussion on the tax consequences related to the decision by the UK to leave the EU. The presentation has been delivered during the vist at the University of Roehampton.
Euro shorts 29.01.16 including cameron attends last minute talks on uk eu mem...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Update on what the easing of sanctions in Iran means for international business which, if all goes well, will provide investment opportunities in oil as well as areas such as financial services, aviation, and infrastructure development, to name but a few
Impact of Brexit, Swixit, Turkxit for the European Medical Device MarketGreenlight Guru
The European Union is in transition now due to some regulatory changes. EU MDR will be applicable by May 26th, 2021, but in the meantime, other political situations may impact this timeline.
Manufacturers that would like to register their product in Europe need to understand the potential situations that could happen and how this can change your regulatory strategy.
Brexit will apply by January 1st, 2021. Swixit and Turkxit will depend on the EU commission, but this may happen by May 26th, 2021.
This presentation takes a deep dive into the implications of Brexit, Swixit, Turkxit for the European Medical Device Market.
This free in-depth webinar, presented by Monir El Azzouzi , Founder of Easy Medical Device, will cover the current (Winter 2020) Brexit, Swixit, and Turkxit situation for the European Medical Device Market.
This presentation originally aired during the 2021 State of Medical Device Virtual Summit.
mHealth Israel_Brexit Update for MedTech_Feb 2019Levi Shapiro
Presentation by Simon Marks, Head of Hi-Tech practice, ERM Law Firm, about Brexit Update for MedTech, Feb 5, 2019. Includes Advantages of Doing Business in the UK, Brexit update, Timeline, What’s next? The Withdrawal Agreement, No Deal, Contingency Planning, Implications for Manufacturers and Importers
A brief look at history of EU, EU makeup and Brexit, how it may affect Britain, Europe and the rest of the world. We will be dissecting some EU Policies including single currency and its effects...
Of course, all from a systems thinking point of view.
For those daters who experienced any bad relationships in the past, it is especially important for these people to be aware of their conversation and not get into their past negative dates or relationships.
'News: Acquisition Battle For "Virgin Radio" Continues, Though Branson Can Ve...Grant Goddard
News story about continuing battles for the acquisition of UK national commercial radio station 'Virgin Radio' and Richard Branson's power to veto the station's brand name, written by Grant Goddard in February 2005 for The Radio Magazine.
Euro shorts 16.10.15 including Bloomberg's Hedge Fund Start Up Breakfast and ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 18.12.15 including mi fid ii fca first consultation and mifid ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Public document: Regulation proposal for Crypto-Assets MichalGromek
Regulation of the European Parliament and of the Council on Markets in Crypto-Assets and amending Directive (EU) 2019/1937 COM(2020) 593/3 2020/0265 (COD). Featuring: Advisory, Custodianship, Stable Tokens, Cryptocurrency Brokerage, Creation of Digital Currency and Cryptocurrencies.
Euro Shorts 11.12.15 including Financial transaction tax update and BaFin tig...Cummings
Welcome to Euro Shorts, a short briefing on some of the week’s developments in the financial services industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal Shorts 11.12.15 including FCA makes changes to GABRIEL and FCA roundtab...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 06.11.15 including SM&CR authorised person definition for incomi...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services
industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Euro shorts 06.11.15 including ESMA consultation on indirect clearing under ...Cummings
Welcome to Euro Shorts, a short briefing on some of the week's developments in the financial services
industry in Europe.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Legal shorts 28.08.15 including esma update on waivers from mi fid pre trade ...Cummings
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services industry.
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
Euro shorts 12.06.15 including mansion house speech 2015 and BOE Carney targe...
Legal Shorts 08.05.15 including ESMA clarifies commodity derivatives definition under MiFID and FCA guide on MAR
1.
Welcome to Legal Shorts, a short briefing on some of the week’s developments in the financial services
industry.
Listen to this week's Legal Shorts on CLTV by going to http://vimeo.com/cummingslaw
If you would like to discuss any of the points we raise below, please contact me or one of our other lawyers.
Claire Cummings
020 7585 1406
claire.cummings@cummingslaw.com
www.cummingslaw.com
ESMA clarifies commodity derivatives definition under MiFID
ESMA has published final guidelines on the definitions of commodity derivatives and their
classification under C6 and C7 listed in Section C of Annex 1 to MiFID. The purpose of the
guidelines is to provide a common, uniform and consistent application of the definitions of
commodity derivatives until MiFID II comes into force on 3 January 2017. Currently there is no
single commonly adopted definition of derivatives in the EU under MiFID, particularly in the
case of physically settled commodity forwards. The existing different national applications of the
MiFID definitions are resulting in the inconsistent application of EMIR, which refers to the
MiFID commodity derivatives definition. The guidelines will clarify the definitions by specifying,
in particular, what is meant by "physically settled" and confirming that forwards traded on a
regulated market or multilateral trading facility (MTF) fall within the scope of MiFID. The
guidelines will apply from 7 August 2015.
FCA guide on MAR
The FCA has published a one minute guide to the Market Abuse Regulation (MAR) and has
made a MAR webinar available, for which online registration is required. The one minute guide
provides a summary of MAR's application and its key requirements. It includes a timetable for the
main forthcoming developments in relation to MAR. The webinar is a recording of a MAR
overview briefing given by the FCA's MAR policy team in March 2015. The FCA is expected to
consult, in autumn 2015, on amendments to the FCA Handbook following the introduction of
MAR. MAR will repeal and replace the existing Market Abuse Directive (2003/6/EC) with effect
from 3 July 2016.
2. Cross-sector risks facing EU financial system
The Joint Committee of the European Supervisory Authorities (ESAs) has published its fifth bi-
annual report on the risks and vulnerabilities in the EU financial system. Overall, the Joint
Committee has found that in the past six months risks affecting the EU financial system have not
changed in substance, but have further intensified. According to the report, the major risks
include: (i) low growth, low inflation, volatile asset prices and their consequences for financial
entities; (ii) deterioration in the conduct of business; and (iii) IT risks and cyber attacks. However,
despite the risks, a number of ongoing policy and regulatory initiatives, such as regulatory reforms
in the securities, banking and insurance sectors, and the European Commission's plan for
achieving a capital market union (CMU), are contributing to improving the stability and
confidence in the financial system, as well as facilitating additional funding channels to the real
economy.
IBA statement on LIBOR
ICE Benchmark Administration Limited (IBA), the LIBOR administrator, has published a
summary of feedback to its consultation on a position paper on the evolution and enhancement of
LIBOR. The feedback relates to the usage of LIBOR in specific currencies and tenors. The
summary of comments on the proposals relate to: (i) basing LIBOR on transactions; (ii) having a
waterfall of calculation methodologies; (iii) expanding the range of counterparties and expanding
the eligible transactions; (iv) standardising parameters for transactions; and (v) data embargo. The
information provided in the responses to the questionnaire indicates that all LIBOR currencies
and tenors are currently used extensively for a variety of purposes (including valuations, pricing
of loan products, pricing derivatives and swaps, re-setting floating rate instruments and
accounting). The IBA states that it has no plans to discontinue any LIBOR tenors or currencies.
ELTIF Regulation
The EU Council has published a revised text of the Regulation on European Long-Term
Investment Funds (ELTIF Regulation). The text appears to be a revised version of the text
published on 23 March 2015. The ELTIF Regulation was adopted by the Council on 20 April
2015 at first reading.
FCA policy update
The FCA has published its policy development update which summarises the publications that the
FCA proposes to publish. These include: (i) a consultation paper on the implementation of
UCITS V, due for publication in the third quarter of 2015; (ii) a policy statement to CP14/14 on
strengthening the alignment of risk and reward: new remuneration rules and a policy statement to
CP14/13 on strengthening accountability in banking: a new regulatory framework for individuals.
The publication date for each of these papers is stated as "TBC"; (iii) a consultation paper on
amendments to the Handbook following the introduction of the Market Abuse Regulation (MAR),
due for publication in October 2015 (previously listed as August 2015).