Featured Product

    EC Publishes Regulation on Transmission of Information Under MiFID II

    December 20, 2017

    EC published the Commission Implementing Regulation (EU) 2017/2382, which lays down implementing technical standards on standard forms, templates, and procedures for the transmission of information in accordance with the Markets in Financial Instruments Directive II (MiFID II: Directive 2014/65/EU). This regulation shall enter into force on the day following that of its publication in the Official Journal of the European Union and it shall apply from January 03, 2018.

    Regulation 2017/2382 sets out common standard forms, procedures, and templates for the submission of information required when investment firms, market operators, and, where required by MiFID II, credit institutions wish to provide investment services and perform activities in another member state under the freedom to provide services or under the right of establishment. The regulation shall apply to investment firms and market operators operating a multilateral trading facility (MTF) or an organized trading facility (OTF). The regulation shall also apply to credit institutions that are authorized under the Capital Requirements Directive (CRD IV: Directive 2013/36/EU), provide one or more investment services or perform investment activities under MiFID II, and wish to use tied agents under the right of freedom to provide investment services and activities—in accordance with Article 34(5) of MiFID II and under the right of establishment in accordance with Article 35(7) of MiFID II. 

    It is important to establish standard forms covering the language and means of communication of passport notifications, which may be used by investment firms, market operators, and, where necessary, credit institutions, in addition to the competent authorities of home and host member states; these forms are needed to facilitate the unhindered provision of investment services and activities across member states and the efficient performance by the competent authorities of their respective tasks and responsibilities. An assessment of the accuracy and completeness of the submitted notification by the competent authority of the home member state is necessary to ensure the quality of (i) the information submitted by the investment firm, market operator, or, where necessary, credit institution to the competent authority of the home member state; and (ii) the information submitted by the competent authority of the home member state to the competent authority of the host member state. Provisions requiring the competent authority of the home member state to indicate where the notification to is found to be incomplete or incorrect are necessary. These provisions will ensure clarity in the identification and communication of any missing or incorrect elements and facilitate the process of addressing such issues and resubmitting the complete and correct information. Acknowledgement of the receipt of a submitted branch passport notification or tied agent passport notification is also necessary, as this will ensure clarity about the date of receipt of the relevant notification and the exact date on which the investment firm may establish the branch or make use of a tied agent established in the host member state. The regulation is based on the draft implementing technical standards submitted by ESMA to EC. 

     

    Related Links

    Effective Date: December 21, 2017

    Keywords: Europe, EU, Securities, MiFID II, CRD IV, Transmission of Information, Implementing Technical Standards, Regulation 2017/2382, EC

    Related Articles
    News

    US Agencies Requests Comments on Use and Impact of CAMELS Ratings

    US Agencies (FDIC and FED) are seeking information and comments from interested parties regarding the consistency of ratings assigned by the agencies under the Uniform Financial Institutions Rating System (UFIRS).

    October 18, 2019 WebPage Regulatory News
    News

    BoE Announces Date for Publication of Stress Test Results for Banks

    BoE announced its plans to publish results of the full UK annual stress tests on December 10, 2019.

    October 18, 2019 WebPage Regulatory News
    News

    PRA Consults on Approach to Supervising Liquidity and Funding Risks

    In consultation paper (CP27/19), PRA published a proposal (CP27/19) to update the supervisory statement SS24/15 on the PRA approach to supervising liquidity and funding risk.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Consult on Policy Statement on Allowance for Credit Losses

    US Agencies (FDIC, FED, NCUA, and OCC) are consulting on the policy statement on allowances for credit losses and on the guidance on credit risk review systems.

    October 17, 2019 WebPage Regulatory News
    News

    FSI Paper Examines Use of Suptech Initiatives by Financial Authorities

    The Financial Stability Institute (FSI) of BIS published a paper that examines the suptech developments by analyzing suptech initiatives of 39 financial authorities globally.

    October 17, 2019 WebPage Regulatory News
    News

    ECB Publishes Recommendations on Euro Risk-Free Rates Transition

    ECB published a report, by private sector working group on euro risk-free rates, which contains recommendations, from a risk management perspective, on the transition to new risk-free rates.

    October 17, 2019 WebPage Regulatory News
    News

    US Agencies Publish Notice to Extend Form FFIEC 102 for Three Years

    US Agencies (FDIC, FED, and OCC) published a joint notice regarding extension of the market risk regulatory report for institutions subject to the market risk capital rule (FFIEC 102).

    October 17, 2019 WebPage Regulatory News
    News

    FSB Report Examines Implementation and Impact of G20 Financial Reforms

    FSB published fifth annual report on the implementation and effects of the G20 financial regulatory reforms.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Launches Consultation on Comprehensive Pillar 3 Disclosures

    EBA proposed the new comprehensive implementing technical standard (ITS) for public disclosures by financial institutions.

    October 16, 2019 WebPage Regulatory News
    News

    EBA Consults on Revised Technical Standards on Supervisory Reporting

    EBA launched a consultation on the revised implementing technical standards, or ITS, on supervisory reporting.

    October 16, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3997