On 3 January 2018, BaFin issued its final position limits taking effect from 4 January 2018.
Solutions Atlantic has released an updated substantial shareholding disclosure form for Germany to reflect the changes announced by BaFin on 3 January. BaFin released a new form to reflect current section numbers of the German legislation, the WpHG. The content of the form remains the same as does submission protocol.
On 2 January, BaFin issued guidance on trade reporting under MiFID.
- Issued new rules on systematic internaliser, post-trade transparency under MiFID II.
- BaFin issued rules exempting SIs from duty to provide quotes on illiquid instruments.
- As of 3 January 2018, MiFIR introduces new rules for SIs, who must offer clients quotes.
- Applies to debt security, structured products, carbon credits, where no liquid market.
- Scope of SI duties, regarding illiquid non-equity instruments, specified in ESMA FAQs.
- Must make quote for illiquid non-equity instrument available to other clients or public.
- ESMA clarifies SI must disclosure price quote under MiFIR to other clients on request.
- National regulatory authority able to exempt systematic internalisers from obligation.
Eurex Clearing Waiver
- From 3 January 2018, Article 35 of MiFIR provides that a trading venue has the right to
non-discriminatory access to a central counterparty, if certain conditions can be met.
- Exchange-traded derivatives can be excluded until 3 July 2020, on request of a CPP.
- Bafin has granted Eurex Clearing AG such an exclusion with effect from 3 January 2018.
- Doesn’t have to apply MiFIR Art. 35 to exchange-traded derivatives until 3 July 2020.
- From 3 January 2018, new rules on post-trade transparency in transaction apply, MiFIR.
- Details on transactions at trading venue or over-the-counter (OTC) transactions with
financial instruments to be published in real time or as quickly as technically possible.
- But national authorities may, subject to conditions authorize publication at later date.
- May also allow certain information about the business to be published at a later date.
- BaFin issued general decree authorizing subsequent publication of transaction in non-
equity instruments in trading venues, operated by an investment services enterprise.
- Decree authorizing the later publication of OTC transaction in non-equity instruments.
- General decree, authorizing subsequent publication of equity instrument transactions.
- BaFin revokes a general ruling allowing later publication of transactions under section
31h of German Securities Trading Act, participants heard twice in October and December 2017.
- Above 3 general rulings allowing later transaction publication apply until 1 January 2019.
- Securities trading firms banks must comply with new requirements from 3 January 2018
when they apply for a business license from BaFin under MiFID II del reg see website.
- MiFID II and the BaFin exemptions and exclusions, are applicable from 3 January 2018.
- Consob has adopted the new market regulation that incorporate Mifid directive.
- New market regulation of Consob, will also repeal and replace the existing one.
- Follows responses to Consob consultation, held between July 31-September 30, 2017.
- Redefined organizational and operational requirements related to trading venues.
- For regulated markets, multilateral trading systems (MTF), and new type of OTF.
- Revised transparency requirements and reporting of financial instruments trades.
- New limit on positions in commodity derivatives and data communication service.
- Will enter in force the day following its date of publication in the official gazette.
- From its application, firms are required to comply with communication obligation.
- Special transitional regime has been for timely adjustment to the new disclosure.
- To persons who, as of 3 January 2018, are already authorized, and fully operational.