Trade Repository

ESMA withdraws registration of NEX Abide Trade Repository AB

Saturday, August 1, 2020 - 12:05am

31 July 2020

Key Points: 
  • 31 July 2020

    Post Trading

    Trade Repositories

    The European Securities and Markets Authority (ESMA), the EU's Securities Markets Authority, has today withdrawn the trade repository (TR) registration of NEX Abide Trade Repository AB (NATR).

  • The withdrawal decision follows the official notification to ESMA by NATR of its intention to renounce its registration as a TR under the conditions set out in Article 71(1)(a) of EMIR.
  • Point (a) of Article 71(1) of EMIR provides that without prejudice to Article 73, ESMA shall withdraw the registration of a trade repository where the trade repository expressly renounces the registration or has provided no services for the preceding six months.
  • ESMA has updated itslist of authorised trade repositoriesin the EU.

Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces Investigation of Velocity Financial, Inc. (VEL) on Behalf of Investors

Saturday, August 1, 2020 - 12:00am

In January 2020, Velocity completed its initial public offering ("IPO"), selling 7,250,000 shares at $13 per share and raising approximately $94 million.

Key Points: 
  • In January 2020, Velocity completed its initial public offering ("IPO"), selling 7,250,000 shares at $13 per share and raising approximately $94 million.
  • On May 13, 2020, the Company announced its financial results for first quarter 2020, the same quarter in which the IPO was conducted.
  • Whistleblower Notice: Persons with non-public information regarding Velocity should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program.
  • Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation.

ESMA withdraws registration of NEX Abide Trade Repository AB

Saturday, August 1, 2020 - 12:04am

31 July 2020

Key Points: 
  • 31 July 2020

    Post Trading

    Trade Repositories

    The European Securities and Markets Authority (ESMA), the EU's Securities Markets Authority, has today withdrawn the trade repository (TR) registration of NEX Abide Trade Repository AB (NATR).

  • The withdrawal decision follows the official notification to ESMA by NATR of its intention to renounce its registration as a TR under the conditions set out in Article 71(1)(a) of EMIR.
  • Point (a) of Article 71(1) of EMIR provides that without prejudice to Article 73, ESMA shall withdraw the registration of a trade repository where the trade repository expressly renounces the registration or has provided no services for the preceding six months.
  • ESMA has updated itslist of authorised trade repositoriesin the EU.

ESMA updates its opinion on ancillary activity calculations

Saturday, July 11, 2020 - 12:04am

10 July 2020

Key Points: 
  • 10 July 2020

    MiFID - Secondary Markets

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, published today an updated Opinion on ancillary activity calculations.

  • The opinion provides the estimation of the market size of commodity derivatives and emission allowances for 2019.
  • ESMA has prepared these estimations based on data reported to the ESMA FITRS system as well as data reported to trade repositories under EMIR.
  • In issuing this opinion, ESMA considers that the guidance on market size will contribute positively to the consistency of supervisory practices and will ensure a uniform approach throughout the Union.

ESMA extends deadline for responses to consultation on EMIR REFIT

Tuesday, June 9, 2020 - 4:09pm

09 June 2020

Key Points: 
  • 09 June 2020

    Post Trading

    Supervisory convergence

    Trade Repositories

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has decided, in view of the effects of the ongoing COVID-19 pandemic on stakeholders and market participants, to extend the response date for the consultation on the technical standards on reporting, data quality, data access and registration of Trade Repositories under EMIR REFIT to 3 July 2020.

  • The decision has been taken in recognition of market participants current focus on crisis work and their operational constraints, as well as taking into account the high number and the technical complexity of issues on which feedback is requested.
  • The end of the consultation period is extended from 19 June to 3 July 2020.

ESMA extends deadline for responses to consultation on EMIR REFIT

Tuesday, June 9, 2020 - 1:04pm

09 June 2020

Key Points: 
  • 09 June 2020

    Post Trading

    Supervisory convergence

    Trade Repositories

    The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has decided, in view of the effects of the ongoing COVID-19 pandemic on stakeholders and market participants, to extend the response date for the consultation on the technical standards on reporting, data quality, data access and registration of Trade Repositories under EMIR REFIT to 3 July 2020.

  • The decision has been taken in recognition of market participants current focus on crisis work and their operational constraints, as well as taking into account the high number and the technical complexity of issues on which feedback is requested.
  • The end of the consultation period is extended from 19 June to 3 July 2020.

ESMA publishes updates to EMIR Q&As

Friday, May 29, 2020 - 12:07am

The newly added Trade Repository (TR) Q&A 54 provides clarifications on reporting of OTC derivatives by a financial counterparty (FC) on behalf of a non-financial counterparty below clearing threshold (NFC-) under EMIR Refit.

Key Points: 
  • The newly added Trade Repository (TR) Q&A 54 provides clarifications on reporting of OTC derivatives by a financial counterparty (FC) on behalf of a non-financial counterparty below clearing threshold (NFC-) under EMIR Refit.
  • The purpose of this Q&A is to promote common supervisory approaches and practices in the application of EMIR.
  • This document aims to ensure that the supervisory activities of the competent authorities under the Regulation are converging along the lines of the responses adopted by ESMA.
  • ESMA will periodically review these Q&A and update them where required.

ESMA publishes updates to EMIR Q&As

Friday, May 29, 2020 - 12:04am

The newly added Trade Repository (TR) Q&A 54 provides clarifications on reporting of OTC derivatives by a financial counterparty (FC) on behalf of a non-financial counterparty below clearing threshold (NFC-) under EMIR Refit.

Key Points: 
  • The newly added Trade Repository (TR) Q&A 54 provides clarifications on reporting of OTC derivatives by a financial counterparty (FC) on behalf of a non-financial counterparty below clearing threshold (NFC-) under EMIR Refit.
  • The purpose of this Q&A is to promote common supervisory approaches and practices in the application of EMIR.
  • This document aims to ensure that the supervisory activities of the competent authorities under the Regulation are converging along the lines of the responses adopted by ESMA.
  • ESMA will periodically review these Q&A and update them where required.

EMIR: ESMA advises Commission on C6 energy derivatives

Tuesday, March 3, 2020 - 12:05am

02 March 2020

Key Points: 
  • 02 March 2020

    Post Trading

    The European Securities and Markets Authority (ESMA) has issued today a report on C6 energy derivatives and related obligations under the European Market Infrastructure Regulation (EMIR).

  • These derivatives are important for firms trading energy derivative contracts on coal and oil as well as for national regulator supervisors who enforce EMIR requirements.
  • The report assesses the adequacy of C6 energy derivative contracts, which currently benefit from a special regime.
  • ESMA has developed this report to provide input to the European Commissions regarding the assessment of the current special regime for C6 energy derivative contracts and whether this regime should be maintained.

ESMA PUBLISHES THE FINAL REPORT ON MIFIR ALIGNMENTS FOLLOWING THE INTRODUCTION OF EMIR REFIT

Friday, February 7, 2020 - 1:02pm

07 February 2020

Key Points: 
  • 07 February 2020

    Post Trading

    The European Securities and Markets Authority (ESMA) has today published a final report suggesting amendments to the trading obligation under MiFIR following the introduction of EMIR Refit.

  • The recent changes introduced to EMIR via Refit modify the scope of counterparties subject to the clearing obligation exemption for small financial counterparties and modified determination of non-financial counterparties.
  • The introduction of EMIR Refit has not been accompanied by direct amendments to MiFIR, which currently leads to a misalignment between the scope of counterparties subject to the clearing obligation (CO) under EMIR and the derivatives trading obligation (DTO) under MiFIR.
  • In light of the close interconnections between those two obligations, EMIR Refit mandates ESMA to assess whether the DTO under MiFIR should be aligned with changes to the CO introduced by EMIR Refit, and to submit its findings in a report to the Commission.