ESMA wrote a letter inviting EC to provide further guidance on how the ancillary activity criteria set out in Article 2(4) of the Markets in Financial Instruments Directive or MiFID II (Directive 2014/65/EU), and further specified in RTS 20, are to be interpreted and implemented—and more specifically at which level the ancillary tests should be performed. As set out in MiFID II, non-financial entities are eligible for the exemption from authorization as investment firm when their commodity derivative trading activity is ancillary to their main business.
Keywords: Europe, EU, Securities, MiFID II, Ancillary Test, EC, ESMA
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HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.
BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.
ECB launched consultation on a guide specifying how the Banking Supervision expects banks to consider climate-related and environmental risks in their governance and risk management frameworks and when formulating and implementing their business strategy.
ECB published an opinion (CON/2020/16) on amendments to the prudential framework in EU in response to the COVID-19 pandemic.
EBA published a report that examines the interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD).
SRB published the final Minimum Requirements for Own Funds and Eligible Liabilities (MREL) policy under the Banking Package.
ECB published results of the March 2020 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets.
FINMA published guidance (06/2020) on extending or discontinuing various exemptions that were granted due to the COVID-19 crisis.
SRB launched a consultation on the minimum data needed for valuation of a bank in resolution.
EIOPA announced a change in the frequency of current extraordinary processes for risk-free interest rate term structures (RFR) and symmetric adjustment to equity risk (EDA) from a weekly basis to every two weeks.