Featured Product

    EC Reporting Standards for Investment Firms and Trading Venue Operators

    June 07, 2017

    EC published, in the Official Journal of the European Union, the Commission Implementing Regulation (CIR 2017/953) that lays down standards on the format and timing of position reports by investment firms and market operators of trading venues, pursuant to the second Markets in Financial Instruments Directive (MiFID II or Directive 2014/65/EU). This regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union and it shall apply from January 03, 2018. To ensure smooth functioning of the financial markets, it is necessary that the provisions laid down in CIR 2017/953 and in MiFID II apply from the same date.

    The regulation CIR 2017/953 specifies that market operators and investment firms referred to in Article 58(1) of MiFID II shall send ESMA the weekly report referred to in point (a) of that Article regarding the aggregate positions held at the close of business of each week no later than Wednesday 17.30 CET of the following week. Where either Monday, Tuesday, or Wednesday of the week in which that report is to be submitted is not a working day for the market operator or investment firm referred to in the first paragraph, that market operator or investment firm shall submit the report as soon as possible and no later than Thursday 17.30 CET of that week. CIR 2017/953 is based on the draft implementing technical standards submitted by ESMA to the EC. ESMA has conducted open public consultations on the draft implementing technical standards on which CIR 2017/953 is based, analyzed the potential related costs and benefits, and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010.

     

    Under MiFID II, market operators and investment firms operating a trading venue on which financial instruments, such as commodity derivatives, emission allowances, and derivatives thereof, are traded are required to make public a weekly report. This report should contain the aggregate number of persons holding the contract and the total open position for each commodity derivative, emission allowance, or derivative thereof, which exceeds the thresholds specified in regulatory technical standards for the application of position limits to commodity derivatives (Commission Delegated Regulation or CDR (EU) 2017/591) and communicate that report to ESMA. Timely submission of reports previously published by the respective trading venues within a clear and common deadline facilitates the weekly centralized publication by ESMA of those reports from across the EU. This is intended to bring greater transparency to markets in commodity derivatives, emission allowances, and derivatives thereof.

     

    Related Links

    CIR 2017/953 (PDF)

    CDR (EU) 2017/591

    MiFID II and Related Regulations

    EMIR and Related Laws

    Effective Date: June 27, 2017

    Keywords: Securities, Europe, EC, MiFID II, OTC Derivatives, Trading Venues, Reporting

     


    Featured Experts
    Related Articles
    News

    BCBS Consults on Revised Disclosures for Market Risk Framework

    BCBS launched a consultation on the revised disclosure requirements for the market risk framework for banks.

    November 14, 2019 WebPage Regulatory News
    News

    FSB Examines Implementation of Resolution Regimes in Financial Sector

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions and sets out plans for further work.

    November 14, 2019 WebPage Regulatory News
    News

    PRA Publishes Final Policy on Maintenance of TMTP Under Solvency II

    PRA published the policy statement (PS25/19) that contains the final supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTPs) under Solvency II.

    November 14, 2019 WebPage Regulatory News
    News

    BCBS Consults on Disclosure Templates of Sovereign Exposures of Banks

    BCBS published a consultation on the voluntary disclosure templates related to sovereign exposures of banks.

    November 14, 2019 WebPage Regulatory News
    News

    IAIS Adopts ComFrame, ICS, and Holistic Framework for Systemic Risk

    IAIS adopted a comprehensive set of reforms—Common Framework (ComFrame), Insurance Capital Standard (ICS) Version 2.0, and Holistic Framework for Systemic Risk—that will enable effective cross-border supervision of insurance groups and contribute to global financial stability.

    November 14, 2019 WebPage Regulatory News
    News

    PRA Publishes Templates for Statistical Disclosures Under Solvency II

    PRA published templates for statistical disclosures, as required under Article 31(2) of the Solvency II Directive.

    November 14, 2019 WebPage Regulatory News
    News

    FASB Proposes Improvements to Derivatives and Hedging Standard

    FASB proposed an Accounting Standards Update, on codification improvements to hedge accounting under Topic 815, to clarify certain sections of the 2017 hedge accounting standard (Update 2017-12).

    November 13, 2019 WebPage Regulatory News
    News

    FASB Approves Guidance to Assist in Transition to New Reference Rates

    FASB approved an Accounting Standards Update (Topic 848) to provide temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the reference rate reform on financial reporting.

    November 13, 2019 WebPage Regulatory News
    News

    BIS and MAS Launch Innovation Hub in Singapore

    BIS and MAS launched the BIS Innovation Hub Center in Singapore.

    November 13, 2019 WebPage Regulatory News
    News

    MAS and Industry to Create Framework for Adoption of Responsible AIDA

    MAS announced that it is working with financial industry partners to create a framework for financial institutions to promote the responsible adoption of Artificial Intelligence and Data Analytics (AIDA).

    November 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4142