Esma

ESMA consults on standardised information to facilitate cross-border funds distribution

Wednesday, April 1, 2020 - 12:04am

31 March 2020

Key Points: 
  • 31 March 2020

    Fund Management

    The European Securities and Markets Regulator (ESMA) the EUs securities regulator, has today launched a consultation on the standard forms, templates, and procedures that National Competent Authorities (NCAs) should use to publish information on their websites to facilitate cross-border distribution of funds.

  • In particular, the standard information should cover:

    National laws, regulations and administrative provisions governing marketing requirements for AIFs and UCITS and the summaries thereof; and

    Regulatory fees and charges they levy for carrying out their duties in relation to the cross-border activities of fund managers.

  • ESMA will consider the feedback it receives to this consultation by 30 June 2020 with a view to finalising the implementing technical standards for submission to the European Commission by 2 February 2021.

ESMA provides clarifications for best execution reports under MiFID II

Wednesday, April 1, 2020 - 12:04am

The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, is issuing a Public Statement to clarify issues regarding the publication by execution venues and firms of the general best execution reports required under RTS 27 and 28 of MiFID II, in light of the COVID-19 pandemic.

Key Points: 
  • The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, is issuing a Public Statement to clarify issues regarding the publication by execution venues and firms of the general best execution reports required under RTS 27 and 28 of MiFID II, in light of the COVID-19 pandemic.
  • ESMA and competent authorities are aware of difficulties encountered by execution venues and firms in preparing these reports due to the COVID-19 pandemic and the related actions taken by the Member States to prevent contagion.
  • 30 June 2020); and
    firms may only be able to publish the RTS 28 reports due by 30 April 2020 on or before 30 June 2020.
  • In view of the exceptional circumstances, ESMA encourages national competent authorities not to prioritise supervisory action against execution venues and firms in respect of the deadlines of the general best execution reports for the periods referred to above.

ESMA announces update to reporting under the Money Market Funds Regulation

Tuesday, March 31, 2020 - 1:03pm

31 March 2020

Key Points: 
  • 31 March 2020

    Fund Management

    The European Securities and Markets Authority (ESMA), the EUs Securities Markets regulator, today announces that the first reports by Money Market Funds (MMF) managers under the MMF Regulation (MMFR) should be submitted in September 2020.

  • This change in timeline comes as there will be an update to the XML schemas that should be used for the reporting, and MMF managers will need additional time to comply with the reporting obligation.
  • The requirements of Article 37 of MMF regulation require MMF managers to submit data to National Competent Authorities (NCAs), who will then transmit this to ESMA.
  • That means that the MMF Managers will have to report in September 2020 quarterly reports for both the Q1 and Q2 reporting periods.

Valimail Research Finds Public and Private Sectors Susceptible to Tax-Related Phishing Attacks

Monday, March 30, 2020 - 12:00pm

Valimail found the majority of these organizations lack adequate protection against email-based scams including phishing, BEC and W-2/personal information scams.

Key Points: 
  • Valimail found the majority of these organizations lack adequate protection against email-based scams including phishing, BEC and W-2/personal information scams.
  • Without DMARC at enforcement, attackers are able to spoof these organizations domains and initiate convincing tax-related phishing attacks.
  • Threat actors have historically used major events to enhance their phishing attacks, and tax season is no exception, said Alexander Garca-Tobar, CEO and co-founder, Valimail.
  • Valimail delivers the only complete, cloud-native platform for validating and authenticating sender identity to stop phishing, protect and amplify brands, and ensure compliance.

ESMA extends deadline for stakeholder group applications

Monday, March 30, 2020 - 1:03pm

30 March 2020

Key Points: 
  • 30 March 2020

    Securities and Markets Stakeholder Group

    The European Securities and Markets Authority (ESMA) is currently seeking applicants for its Securities and Markets Stakeholder Group, announced on 14 February, and is extending that deadline for applications to 9 April.

  • In light of the turbulence caused by the Covid-19 pandemic, and the need for potential applicants to focus on other issues, ESMA has decided to extend the deadline in the interest of allowing all interested stakeholders to apply.
  • The new deadline for applications is 9 April 23.59 CET

ESMA confirms application date of equity transparency calculations

Saturday, March 28, 2020 - 12:02am

27 March 2020

Key Points: 
  • 27 March 2020

    COVID-19

    MiFID - Secondary Markets

    MiFID II: Transparency Calculations and DVC

    Press Releases

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has decided to keep the date of application of the transparency calculations for equity instruments of 1 April 2020 unchanged.

  • ESMA has recently been asked by some stakeholders to postpone the date of application required by MiFIDII/MiFIR to apply from 1 April, on the basis of the extraordinary market circumstances created by the COVID-19 pandemic.
  • The results of the MiFID II/MiFIR transparency calculations for equity instruments were published on 28 February 2020.
  • As announced on that date, ESMA will also publish ahead of 1 April the result for several instruments that were not published then due to data quality limitations.

CG Oncology Announces License and Commercialization Agreement with Kissei Pharmaceutical Co., Ltd. for CG0070 in Japan and Other Asian Countries

Friday, March 27, 2020 - 12:00am

CG Oncology, Inc. has announced today an exclusive license, development and commercialization agreement with Kissei Pharmaceutical Co., Ltd. ("Kissei") for its oncolytic immunotherapy drug CG0070 for Japan, South Korea, Taiwan and other Asian countries with the exception of China.

Key Points: 
  • CG Oncology, Inc. has announced today an exclusive license, development and commercialization agreement with Kissei Pharmaceutical Co., Ltd. ("Kissei") for its oncolytic immunotherapy drug CG0070 for Japan, South Korea, Taiwan and other Asian countries with the exception of China.
  • CG Oncology has completed an investigational Phase 2 study of CG0070 in the United States in patients with BCG-unresponsive, non-muscle-invasive bladder cancer (NMIBC).
  • In addition, CG Oncology is studying the use of CG0070 in combination with immune checkpoint inhibitors in bladder cancer and other solid tumors.
  • In addition, CG Oncology is exploring the use of CG0070 in combination with immune checkpoint inhibitors in different solid tumors.

ESMA clarifies position on SFTR backloading

Thursday, March 26, 2020 - 1:04pm

The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has issued a revised version of its 19 March Public Statement on coordinated supervisory actions on the application of Securities Finance Transactions Regulation (SFTR).

Key Points: 
  • The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has issued a revised version of its 19 March Public Statement on coordinated supervisory actions on the application of Securities Finance Transactions Regulation (SFTR).
  • The revised statement clarifies that SFTs concluded between 13 April 2020 and 13 July 2020 and SFTs subject to backloading under SFTR also fall within those issues in respect of which competent authorities are not expected to prioritise in their supervisory actions towards counterparties, entities responsible for reporting and investment firms in respect of their reporting obligations under SFTR or MiFIR and to generally apply their risk-based approach in the exercise of supervisory powers in their day-to-day enforcement of applicable legislation in this area in a proportionate manner.
  • ESMA has updated its statement in response to feedback received from financial market participants and stakeholders.

ESMA clarifies position on call taping under MiFID II

Friday, March 20, 2020 - 1:06pm

The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, is issuing a Public Statement to clarify issues regarding the application by firms of the MiFID IIrequirements on the recording of telephone conversations.

Key Points: 
  • The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, is issuing a Public Statement to clarify issues regarding the application by firms of the MiFID IIrequirements on the recording of telephone conversations.
  • ESMA reminds firms of the MiFID II requirements in this area.
  • ESMA also recognises that, considering the exceptional circumstances created by the COVID-19 outbreak, some scenarios may emerge where, notwithstanding steps taken by the firm, the recording of relevant conversations required by MiFID II may not be practicable.
  • If firms, under these exceptional scenarios, are unable to record voice communications, ESMA expects them to consider what alternative steps they could take to mitigate the risks related to the lack of recording.

GreenSky, Inc. Provides Business Update in Light of COVID-19

Friday, March 20, 2020 - 12:32pm

In addition, I remain gratified by GreenSkys strong financial position and significant excess liquidity, added Zalik.

Key Points: 
  • In addition, I remain gratified by GreenSkys strong financial position and significant excess liquidity, added Zalik.
  • GreenSky enjoyed material growth in January and February 2020, generating $905 million of transaction volume, up 16% over the comparable 2019 two-month period.
  • March 2020 month-to-date transaction volume, through yesterday, March 18, 2020, exceeded $289 million, up 14% over the comparable 2019 month to date period.
  • The Company undertakes no obligation to update or review the information set forth in this press release.