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
Previous ArticleHKMA Publishes Further Guidance on Recovery Planning Under SPM RE-1
MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.
PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.
CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.
EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.
APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.
PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.
EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.
ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.
FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).
APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.