Głowacki Law Firm

Legal Alert
Provision of investment service in an incidental manner mustn't be a systematic source of income
Legal Alert
Saturday, 14 May 2016 23:00

 

"Close and factual connection", "systematic source of income" and "promotion" became tokens distinguishing the exemption stipulated in Article 2(1)(c) MiFID II.

 

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EUAs' alocations for the carbon market overruled!
Legal Alert
Friday, 29 April 2016 12:28

 

Judgment of the Court of 28 April 2016 (C‑191/14, C‑192/14, C‑295/14, C‑389/14 and C‑391/14 to C‑393/14) made market participants anxious.

 

This is on account of concerns that the legal certainty of the carbon market has been undermined.

 

The ruling applies to the EU ETS cross-sectoral correction factor (CSCF)

 

 
REMIT inside information RSS feeds and XML format - ACER explanations expected in Q3 2016
Legal Alert
Saturday, 09 April 2016 21:41

 

ACER will provide specifications on how to embed the XML file into RSS compliant messages in Q3 2016 (Answer to the Question 6.1.2 FAQs on REMIT fundamental data and inside information reporting).

 

 
'Admission to trading at an organised market place' explained by ACER for REMIT reporting purposes
Legal Alert
Wednesday, 06 April 2016 12:42

 

On 31 March 2016 ACER issued the interpretation of the scope of standard contracts "admitted to trading" at an organised market place for the purposes of REMIT transactions and orders reporting scheme, with particular focus on broker platform traded contracts and voice-brokered contracts.

 

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EMIR trade reports - clearing obligation explained
Legal Alert
Tuesday, 05 April 2016 20:36

 

The updated EMIR Q&As version of 4 April 2016 includes a new ESMA's clarification regarding the population of the "Clearing obligation" field in the EMIR trade reports.

 

The issue relates to the Field 28 Table 2 as specified in the Annex to the Commission Delegated Regulation (EU) No 148/2013 of 19 December 2012 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council on OTC deriva­tives, central counterparties and trade repositories with regard to regulatory technical standards on the minimum details of the data to be reported to trade repositories  (OJ L 52, 23.02.2013, p. 1).

 

ESMA explains how the description of the field should be interpreted, how it should be populated during the frontloading period and how long the counterparties are allowed to report value "X" (standing for "not available").

 

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Legal alert
Legal Alert

 

Report on Investment Firms, Response to the Commission's Call for Advice of December 2014, EBA/Op/2015/20

 

Consultation Paper ESMA's guidelines on information expected or required to be disclosed on commodity derivatives markets or related spot markets under MAR, 30 March 2016, ESMA/2016/444

 

Directive (EU) 2015/2193 of the European Parliament and of the Council of 25 November 2015 on the limitation of emissions of certain pollutants into the air from medium combustion plants (OJ L 313, 28.11.2015, p. 1–19)

 

Commission Delegated Regulation of 1.3.2016 supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council with regard to regulatory technical standards on the clearing obligation (C (2016) 1165 final)

 

Annex thereto stipulating European untranched Index CDS Classes as the Credit Default OTC derivatives classes subject to the clearing obligation.

 

Last Updated on Saturday, 02 April 2016 11:58
 
EMIR reporting - backloading to be waived partially
Legal Alert
Thursday, 20 August 2015 20:11

 

In the EMIR Review Report no. 4 of 13 August 2015 - ESMA input as part of the Commission consultation on the EMIR Review (2015/1254 the European Securities and Markets Authority (ESMA) recommends substantial modification to the EMIR reporting requirement i.e. waiving the obligation to report contracts which were terminated before the reporting start date (i.e. 12 February 2014).

 

Proposed amendment to Article 9(1) of Regulation (EU) No 648/2012 (second paragraph) is as follows:

 The reporting obligation shall apply to derivative contracts which:

(a) were entered into before 12 February 2014 and remain outstanding on that date, or

(b) were entered into on or after 12 February 2014.

 
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