EC Rule on Submitting Information on MiFID II Sanctions and Measures
EC published the regulation laying down implementing technical standards on procedures and forms for submitting information on sanctions and measures, in accordance with Markets in Financial Instruments Directive II (or MiFID II; Directive 2014/65/EU). This Commission Implementing Regulation (EU) 2017/1111 was published in the Official Journal of the European Union.
It is appropriate to set out common procedures and forms for competent authorities to submit information to ESMA on sanctions and measures referred to in Article 71 of MiFID II. As per the regulation, to facilitate communication between competent authorities and ESMA and to avoid unnecessary delays or failed submissions, each competent authority should designate a contact point for communication on sanctions and measures. To ensure that all required information concerning sanctions and measures imposed by competent authorities is correctly identified and registered by ESMA, competent authorities should provide detailed and harmonized information using specific forms to that purpose. With a view to including meaningful information in the annual report on sanctions and measures to be published by ESMA in accordance with Article 71 of MiFID II, competent authorities should report the information by using specific forms clearly indicating the provisions of MiFID II, as transposed in their national legislation, that were infringed.
To ensure consistency and smooth functioning of the financial markets, it is necessary that the provisions laid down in this Regulation and the related national provisions transposing MiFID II apply from the same date. This Regulation is based on the draft implementing technical standards submitted by ESMA to the EC. This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union. It shall apply from January 03, 2018.
Related Link: Regulation (EU) 2017/1111
Effective Date: July 13, 2017
Keywords: Europe, EC, ESMA, Banking, MiFID II, Reporting, Implementing Technical Standards
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Previous Article
HKMA Publishes Further Guidance on Recovery Planning Under SPM RE-1Related Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.