On 22 December 2017, BaFin updated three general rulings to approve late publication.
- The general injunctions will be supplemented with a deadline of 1 January 2019.
- Affects the decrees allowing subsequent publication of transactions in non-equity/
equity instruments in trading venues operated by investment services enterprise.
- Authorized late publication of OTC non-equity instrument by investment. services.
- BaFin will accept statements from 10:00 am on 2 January 2018.
On 22 December, ESMA issued MiFID transparency for equity, bonds.
- Updated MiFID transitional transparency calculations (TTC), for equity and bonds.
December 2017 Revisions
- For change in classification of instruments, resubmission of data, by some venues.
- New version should be used by participants, infrastructures from 3 January 2018.
- MiFID require NCAs compute and publish transparency calculations of instruments.
- Including providing transitional calculation prior to the date of application of MiFIR.
- NCAs from EEA, except Poland, have delegated to ESMA, compilation of their TTC.
- ESMA already provided TTC for non-equity instruments in September. 2017.
- ESMA has performed these calculations with due care and to the best of its ability.
- Given their complexity and data sources, future corrections of cannot be ruled out.
- ESMA expected to continuously supplement and update information, as necessary.
- TTC applied from 3 January 2018, equity TTC to 31March 2019, bonds to 15 May 2018.
On 20 December, NORFSA issued amended rules on UCITS mutual funds.
- Ministry of Finance made changes to Securities Funds Act under UCITS V directive.
- Changes concerned the remuneration scheme for senior executives in mutual fund
management companies, depository receivers, calculation of penalties, for breach.
- Rules currently do not contain provisions implementing Reg (EU) 2016/438 on the
custodian’s duties, since it has not yet been incorporated into the EEA Agreement.
- UCITS V Directive changes rules for mutual funds in 3 areas, applies to custodians,
remuneration schemes for senior executives and others in mutual funds, sanctions.
- Ministry of Finance will prescribe regulations implementing the rest of the UCITS V.
- Amendments effective from 1 January 2018.
On 19 December 2017, BaFin issued draft position limits to take effect from Jan. 4, 2018.
On 15 December 2017, ESMA updated liquid commodity derivative list contract position limits.
- List now included position limit and ESMA opinion in relation to ICE Brent crude contract.
On 14 December 2017, ESMA updated FAQs on the segregation level for indirect clearing.
- If clearing member default impermissible for CCP to liquidate all collateral recorded
in all gross omnibus indirect client accounts together apply resulting sum collectively.
- So as to cover the losses or enable the netting of positions across different accounts.