Financial Services Regulatory Update – April 2022 Round Up

Fitness and Probity - CBI updates PCF List

On 4 April 2022, the Central Bank of Ireland (the “CBI”) issued new regulations amending the list of pre-approval controlled functions (“PCFs”) (here). The CBI also published a related feedback statement (here) and an updated PCF list dated 5 April 2022 (here).

The CBI has amended the PCF list as follows:

• by expanding PCF-16 to include branch managers in non-EEA countries;
• by introducing a stand-alone PCF in respect of ‘Independent non-executive director’ (PCF-2B) and in respect of ‘Head of Anti-Money Laundering and Counter Terrorist Financing Compliance’ (PCF-52); and
• by removing PCF-31 ‘Head of Investment’.

Annex 1 of the CBI’s feedback statement provides further detail on the confirmations which should be provided by regulated firms during the in situ period.

Further detail is set out in our briefing (here).

CBI – ‘Dear CEO’ Letters to Retail Banks/Direct Debit Originators

On 27 April 2022, the CBI issued a ‘Dear CEO’ letter to each of the five main retail banks setting out its consumer protection expectations in light of KBC/Ulster Bank’s planned withdrawal from the Irish market (here). The letter invites the banks to a roundtable meeting on Tuesday 17 May 2022 with the CBI. The Appendix to the letter outlines the main topics to be discussed at the roundtable meeting, including:

• notice periods;
• application of the switching process;
• new provider commercial decisions;
• direct debit originators and/or other service providers; and
• vulnerable customers.

A second ‘Dear CEO’ letter was also issued on 27 April 2022 (here) to those direct debit originators who are regulated by the CBI. This letter highlights a financial service providers’ duty to take action to ensure the account switching exercise is completed smoothly and requests direct debit originators to provide detail on their plans to support customers in the switching process to the CBI by close of business on Wednesday 11 May.

Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022

On 11 April 2022, the Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (the “Act”) was signed into law by the President (here). The Act represents one of the most significant expansions to financial services authorisation requirements in recent years.  Amongst other matters, the Act:

• provides for the extension of authorisation requirements for hire-purchase and consumer-hire business;  
• provides for the extension of authorisation requirements to the provision of a broader scope of ‘credit’ (no longer only cash loans);
• makes corresponding changes to authorisation requirements around the credit servicing of hire-purchase, consumer-hire and credit agreements;
• imposes a 23% APR cap on credit agreements (other than moneylending agreements) and hire-purchase agreements;
• amends the Consumer Credit Act 1995 such that some existing retail credit firms may come within the scope of  section 149 of the 1995 Act, requiring the notification of certain charges to the CBI; and
• imposes some new documentary requirements, especially for hire purchase agreements.

For further detail on this topic, please see our earlier briefing here

Consumer Rights Bill

On 22 April 2022, the Consumer Rights Bill (the “Bill”) was published (here).  The Bill will both consolidate and also significantly enhance and modernise consumer protection laws and align them more closely with rules across the EU. For regulated firms, key areas of interest in the Bill include:

• restrictions on exclusion/restriction of liability;
• repeal and replacement of the European Communities (Unfair Terms in Consumer Contracts) Regulations 1995;
• the inclusion of a new “black list” of standard contractual terms and conditions that are always unfair; and
• amendments to the Consumer Credit Act 1995.

CBI Guidance - Transparency Regulatory Framework

On 5 April 2022, the CBI updated its Guidance on Transparency Regulatory Framework (here). This Guidance is intended to assist users of the Transparency (Directive 2004/109/EC) Regulations 2007 (as amended), Part 2 (Transparency Requirements) of the Central Bank (Investment Market Conduct) Rules 2019 and related legislation.

The Guidance covers a number of topics including:

• notification of the home member state;
• publication and dissemination of regulated information;
• periodic financial information;
• major shareholdings; and
• filing of regulated information with CBI and Euronext Dublin.

The CBI also published procedures for sending notifications or making filings with the CBI on its website (here).

Individual Accountability Framework - SEAR

In April 2022, the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach published its Report on Pre-Legislative Scrutiny of the General Scheme of the Central Bank (Individual Accountability Framework) Bill 2021 (here). The Joint Committee recommended that:

• the CBI report on the possible inclusion in the Senior Executive Accountability Regime (“SEAR”) of the entities currently proposed to be excluded within one year of commencement of the Act;
• the CBI reports to the Committee within one year of commencement of the legislation on both the scope and effects of the consultation process;
• the Department of Finance clarify if certain payment gateways are to be excluded from SEAR; and
• the Department of Finance clarify the intended meaning of ‘third country branches’ of regulated firms included in SEAR.

The next step is for the Bill to continue through the legislative process. Once enacted, consultation with stakeholders will begin.

Our briefing here provides further detail on this topic.

EU Digital Finance Platform

On 8 April 2022, the European Commission launched the EU Digital Finance Platform (here). This platform aims to enhance dialogue between innovative financial firms and supervisors, overcome fragmentation and support the scaling up of digital financial services. The platform includes an observatory and a gateway. The observatory offers interactive features such as a FinTech map, events, and a section where users can share research material. The gateway acts as a single access point to supervisors, with information on national innovation hubs, regulatory sandboxes, licensing requirements, and updates on the work of the European Forum for Innovation Facilitators (“EFIF”).

The European Commissioner for Financial Services, Financial Stability and Capital Markets Union, Ms. Mairead McGuinness (here) welcomed the platform as necessary to enable regulators to identify risks at an early stage.  

EBA requests delays to delivery of RTS

On 12 April 2022, the EBA published a letter (here) (dated 2 February 2022), sent to the European Commission, requesting new time limits for submitting certain regulatory mandates.

The regulatory mandates to be delayed include delivery of RTS in respect of:

• large exposures (shadow banking) and the report on the use of exemptions for the large exposures set under the CRR II Regulation (30 June 2022);
• liquidity risk measurement pursuant to the Investment Firms Directive (30 June 2022);
• risk retention for securitisation of non-performing exposures pursuant to Regulation (EU) 2021/557 amending the Securitisation Regulation (31 December 2022);
• performance related triggers for on-balance-sheet securitisation pursuant to Regulation (EU) 2021/557 amending the Securitisation Regulation (30 June 2022);
• the exposure value of synthetic excess spread pursuant to the Regulation (EU) 2021/558 amending the Capital Requirements Regulation (31 December 2022);
• the homogeneity criteria for on-balance sheet securitisation Regulation (EU) 2021/557 amending the Securitisation Regulation (31 March 2023); and
• the initial margin model validation under EMIR Refit Regulation (EU) 2019/834 (31 December 2022).

European Union (Bank Recovery and Resolution) Resolution Fund Levy Regulations 2022

On 21 April 2022, the European Union (Bank Recovery and Resolution) Resolution Fund Levy Regulations 2022 were published (here). These Regulations relate to levies to be paid by in scope institutions  to the CBI (in respect of the levy period 2022) for the account of the Bank and Investment Firm Resolution Fund.

Credit Unions

On 23 April 2022, the CBI published a press release (here) in respect of a speech given by the Registrar of Credit Unions’ relating to the topics of sustainable business lines and resilience. The Registrar stated that the existing regulatory framework already accommodates prudent business model transition and recommends more effective implementation and refocusing on commercial challenges and building sustainable business lines. The Registrar also emphasised that “the commercial reality is that it is simply not enough just to have the surplus funds available for house loans. Credit unions must have more advanced competence and capability to compete with others for market share.” The Registrar also underlined the importance of minimum capital requirements to protect members against unforeseen losses.

Fifth Package of Restrictive Measures against Russia

On 8 April 2022, the Council of the EU agreed a fifth round of economic and individual sanctions against Russia in respect of its military aggression against Ukraine. Details of the fifth package are available here and include new prohibitions in respect of:

• being a beneficiary, acting as a trustee or in similar capacities for Russian persons and entities, as well as a prohibition on providing certain services to trusts (Article 5m of Council Regulation (EU) 2022/576 (here)); and
• providing crypto-asset wallet, account or custody services to Russian nationals or natural persons residing in Russia, or legal persons, entities or bodies established in Russia, if the total value of crypto-assets of the natural or legal person, entity or body per wallet, account or custody provider exceeds €10,000 (Article 5b of Council Regulation (EU) 2022/576).

Further restrictive measures against an additional 217 individuals and 18 entities (including four Russian banks) were also introduced (Council Regulation (EU) 2022/580 (here) and Council Implementing Regulation (EU) 2022/581 (here)).

A Q&A page on the fifth package of sanctions has been published (here).  The European Commission has aggregated its Q&As in respect of sanctions in a dedicated webpage (here). Topics addressed include interpretation of sanctions in the context of crypto assets, investment funds, deposits, banknotes and central securities depositaries. This Q&A are regularly updated to reflect the growing body of legal instruments adopted since March 2014, with a particular focus on measures adopted in 2022.

SFDR RTS

On 6 April 2022, the European Commission adopted a delegated regulation containing RTS under the Sustainable Finance Disclosure Regulation (the “SFDR”) (here).

The RTS set out details of the content, methodology and presentation of information by financial market participants for the purposes of making sustainability disclosures under the SFDR.

The RTS will now be subject to scrutiny by the European Parliament and the Council. If the European Parliament and the Council raise no objection, the delegated regulation will be published in the Official Journal. The RTS are scheduled to apply from 1 January 2023.

Climate Risk and Sustainable Finance Forum

On 25 April 2022, the CBI published a call for interest for participants in Climate Risk and Sustainable Finance Forum (“Climate Forum”) (here). The Climate Forum’s aim is to bring together a range of stakeholders to collectively build capacity and share best practices to advance the financial sector’s response to climate change. The deadline for representatives from financial sector firms and industry representative bodies to apply is 20 May 2022. The inaugural meeting is scheduled for 29 June 2022.

ESMA - Q&A on Alternative Performance Measures

On 1 April 2022, ESMA published an update to its Q&A on alternative performance measures (“APMs”). The update includes answers to two new questions regarding the use of ESG labels in the context of (i) the scope of the APM guidelines and (ii) the presentation of APMs. The updated Q&A are available (here).

European Commission - Consultation on ESG Ratings

On 4 April 2022, the European Commission published a consultation on the functioning of the ESG ratings market in the EU and on the consideration of ESG factors in credit ratings (here).

The purpose of this consultation is to help the European Commission gain a better insight on the functioning of the market for ESG ratings, as well as better understand how credit rating agencies (“CRAs”) incorporate ESG risks in their creditworthiness assessment. Responses from market participants will feed into an impact assessment that will evaluate whether a possible policy initiative on ESG ratings and on sustainability factors in credit ratings is needed. Feedback is requested by 6 June 2022.

European Green Bonds

On 13 April 2022, the Council of the EU announced (here) it has agreed its position on the proposal to create European Green Bonds and that it is ready to start negotiations with the European Parliament in order to agree on a final version of the text of the regulation laying down uniform requirements for issuers of bonds that wish to use the designation ‘European Green Bond’ or ‘EuGB’ for their environmentally sustainable bonds made available to investors in the Union.

Delay to Initial Margin Model Validation RTS

As highlighted above under the heading ‘General Updates’, on 12 April 2022, the EBA published a letter (dated 2 February 2022) to the European Commission requesting a delay to delivery of the RTS on Initial Margin Model Validation until 31 December 2022 (here).

US Equivalence

On 6 April 2022, two European Commission Implementing Decisions were published in the Official Journal:

• Commission Implementing Decision (EU) 2022/551 (here) amending Implementing Decision (EU) 2021/85 on the equivalence to the requirements of EMIR with regard to mortgage-backed securities issued or guaranteed by the government sponsored agencies Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”) or the Government National Mortgage Association (“Ginnie Mae”) that are traded on a To-Be-Announced basis (“TBAs”); and
• Commission Implementing Decision (EU) 2022/552 (here). This Decision relates to the determination that national securities exchanges of the United States of America which are registered with the SEC comply with legally binding requirements that are equivalent to the requirements laid down in Title III of the MiFID II Directive and are subject to effective supervision and enforcement.

ESMA response to the European Commission Consultation on the Review of the EU Central Clearing Framework

On 5 April 2022, ESMA published its response to the European Commission's February 2022 targeted consultation on a review of the EU central clearing framework (here). In its response, ESMA outlines key considerations regarding the scope and implementation of the clearing obligation, in order to better incentivise clearing and to increase further the attractiveness of EU cleared markets. ESMA also makes a number of targeted proposals to streamline the functioning of the EU CCP supervisory system and to address certain duplicative and inefficient supervisory processes.

In addition, ESMA notes that the Commission’s consultation does not include proposals to mitigate the outstanding risks resulting from EU exposures to systemically important CCPs, in particular in cases of a CCP recovery and resolution. ESMA, therefore, makes a number of proposals to enhance ESMA’s powers, in particular with regards to Tier 2 CCPs.

EBA opinion on Commission amendments to draft RTS on Own Funds and Eligible Liabilities

On 8 April 2022, the EBA published an opinion (here) on the European Commission's proposed amendments (here) and (here) to the final draft RTS for own funds and eligible liabilities which the EBA had submitted in May 2021 to supplement the Capital Requirements Regulation. In its Opinion, the EBA disagrees with two envisaged changes from the Commission, which are considered as substantive, and relate to the provisions on direct/indirect funding of instruments and the permission regime for certain types of liquidation entities. An accompanying letter (here) explains that the EBA considers the RTS are already proportionate, contain the necessary principles and tools and are not suited for clarifying explicitly all different cases or scenarios that could exist in the market or emerge over time.

Liquidity Coverage Requirements

On 14 April 2022, the Council of the EU published a corrigendum (here) to a draft Commission Delegated Regulation of 10 February 2022 that amends the Delegated Regulation on liquidity coverage requirements (“LCR”). The Corrigendum corrects an error in Recital 5 of the LCR Delegated Regulation to delete the word 'covered' from the last sentence of recital 5 (to make it clear that all types of bonds issued by export credit agencies should be eligible as high quality liquid assets).

ITS - Disclosure of Exposures to Interest Rate Risk

On 19 April 2022, Commission Implementing Regulation (EU) 2022/631 (here) was published in the Official Journal. This Implementing Regulation amends the implementing technical standards (“ITS”) laid down in Commission Implementing Regulation (EU) 2021/637 as regards the disclosure of exposures to interest rate risk on positions not held in the trading book. Amendments include a new Article 16a and Annexes thereto.

RTS - Prudential Consolidation under the CRR

On 26 April 2022, Commission Delegated Regulation (EU) 2022/676 (here) supplementing the CRR with regard to RTS specifying the conditions in accordance with which consolidation is to be carried out in the cases referred to in Article 18(3) to (6) and Article 18(8) of the CRR.

ECB opinion on the Commission’s Banking Package

On 28 April 2022, the European Central Bank (“ECB”) published an opinion (here) on the European Commission's legislative proposal for a Directive amending CRDIV as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks.

In particular, the ECB sought further clarification of the scope of core banking services in proposed Article 21c which requires third-country undertakings wishing to provide banking services in the EU to establish a branch or a subsidiary. The ECB also called for the inclusion of additional supervisory powers on the amendment of credit institutions' articles of association, related party transactions and material outsourcing arrangements.

The ECB has set out specific drafting proposals for its proposed amendments in a technical working document (at the end of the opinion) accompanied by explanatory text.

CBI publishes March 2022 Insurance Newsletter

On 24 April 2022, the CBI published its Insurance Newsletter for March 2022 (here). Topics covered include uncertainty and volatility triggered by the invasion of Ukraine, a review of digital maturity, use of Exempt Ancillary Insurance Intermediaries in the insurance sector, an IMF Financial Sector Assessment Program update and the use of service companies in the insurance sector.

EIOPA Consultation - Integration of Sustainability Preferences under the IDD

On 13 April 2022, EIOPA launched a public consultation (here) on draft Guidelines on integrating the customer’s sustainability preferences in the suitability assessment under the Insurance Distribution Directive (“IDD”).

These Guidelines are intended to provide guidance on:

• helping customers better understand the concept of ‘sustainability preferences’ and their investment choices;
• collecting information on sustainability preferences from customers;
• matching customer preferences with products, based on the SFDR product disclosures; and
• assessing sustainability preferences

The deadline for responses is 13 May 2022. The consultation paper is available (here).

Corrigendum to Commission Delegated Regulation (EU) 2021/2268

On 13 April 2022, a Corrigendum to Commission Delegated Regulation (EU) 2021/2268 was published in the Official Journal (here). Commission Delegated Regulation (EU) 2021/2268 amends RTS on key information documents for packaged retail and insurance-based investment products (“PRIIPs”).

CBI ‘Dear CEO’ Letter – Structured Retail Products

On 22 April 2022, the CBI issued a ‘Dear CEO’ letter to MiFID investment firms following-up on recent targeted reviews of structured retail products (“SRPs”) (here).

The CBI’s letter sets out the findings of its SRP reviews and details the CBI’s expectations of regulated entities when implementing the relevant MiFID II requirements into practice. The CBI states the purpose of the letter is to highlight to investment firms the importance of identifying a sufficiently granular target market for SRPs and to drive improvements in the quality and transparency of disclosures to investors of the risks relating to same. The CBI’s expectations are set out in further detail in the Annex to the letter.

In particular, the CBI requires all firms who currently manufacture, distribute or otherwise offer SRPs to conduct a thorough review of their SRP arrangements and controls. Firms are required to:

• present the letter as a formal agenda item for discussion at the firm’s next Board meeting and for the discussion to be recorded in the meeting minutes;
• undertake a full review of current SRP arrangements and controls against the findings and expectations outlined in the letter, to include SRP design, manufacture and distribution, processes, procedures, training materials, templates and disclosures; and
• documenting the review including inter alia details of actions taken or planned to address matters raised in the letter.

The deadline for the review and the approval of a completed action plan by a firm’s Board is the end of Q3 2022. The action plan must include clear and reasonable timelines for implementation of mitigating actions with appropriate governance and sign-off.

RTS - Application of Position Limits to Commodity Derivatives

On 20 April 2022, the European Commission adopted a Delegated Regulation (here) supplementing the MiFID II Directive with regard to RTS for the application of position limits to commodity derivatives and procedures for applying for exemption from position limits. The Delegated Regulation repeals RTS 21 and sets out how to calculate the size of the net position of a person, the procedure for the risk-reducing exemption for financial entities that are part of a predominantly commercial group and a procedure for applying the liquidity provision exemption, as well as developing the RTS 21 list of non-financial entities into a positive list of legal or natural persons defined as financial entities.

The Council of the EU and the European Parliament will now scrutinise the Delegated Regulation. If neither object, it will enter into force 20 days after its publication in the Official Journal of the European Union.

Guidelines - Appropriateness and Execution-Only Requirements

On 12 April 2022, ESMA published its guidelines on certain aspects of the MiFID II appropriateness and execution-only requirements (here).  ESMA states that competent authorities and financial market participants must make every effort to comply with these Guidelines. These Guidelines cover topics such as ‘know your client and know your product’,  the extent of information to be collected from clients and reliability of client information. 

The Guidelines are applicable six months of the date of publication of the guidelines on ESMA’s website in all EU official languages.

Liquidity Thresholds and Trade Percentiles used to determine SSTI for Non-Equity Instruments

On 13 April 2022, Commission Delegated Regulation (EU) 2022/629 (here) was published in the Official Journal. This Delegated Regulation amends RTS contained in Delegated Regulation (EU) 2017/583 on the adjustment of liquidity thresholds and trade percentiles used to determine the size specific to the instrument (“SSTI”) applicable to certain non-equity instruments. Delegated Regulation 2017/583 introduced an annual phase-in of application of certain transparency thresholds over the course of 4 years, starting from 2019. That phase-in allows gradual broadening of the application of corresponding transparency obligations. Delegated Regulation (EU) 2022/629 provides for a move to stage S3 for bonds for which there is a liquid market and for the SSTI for bonds.

RTS - Fixed Overheads requirements under IFR

On 25 April 2022, the European Commission published the text of its adopted Delegated Regulation (here) containing RTS on the calculation of fixed overheads requirements under the Investment Firms Regulation (“IFR”). The Delegated Regulation sets out elements to be deducted by investment firms from their total expenses used for the calculation of the fixed overheads requirement; additional deductions from total expenses by commodity and emission allowance dealers and the conditions for determining whether a material change has occurred in the activity of an investment firm.

The Delegated Regulation shall now be scrutinised by the Council of the EU and the European Parliament. If neither object, it will enter into force 20 days after its publication in the Official Journal of the European Union.

ESMA Report on improving Investor Protection

On 29 April 2022, the European Securities and Markets Authority (“ESMA”) published its report (here) with advice for the European Commission on retail investor protection. The report covers proposals in respect of improving accessibility of key information to retail investors, protection from aggressive marketing techniques and detrimental practices, and ensuring retail investors can benefit from digitalisation opportunities.

Targeted Consultation on MMFR

On 12 April 2022, the European Commission launched a targeted consultation on the functioning of the Money Market Fund Regulation (the “MMFR”) (here). This Consultation is aimed at assessing the adequacy of the MMFR from a prudential and economic point of view and is targeted at relevant stakeholders and users of money market funds (“MMFs”), in particular to investors and managers of MMFs, to understand the impact of existing rules on these stakeholders and users.

The deadline for responses is 13 May 2022.

Risk Retention Requirements for Securitisations

On 12 April 2022, the EBA published its final draft RTS (here) specifying the requirements for originators, sponsors and original lenders related to risk retention as laid down in the Securitisation Regulation.

The EBA states that the RTS aim to provide clarity on the risk retention requirements ensuring a better alignment of interests and reducing the risk of moral hazard. The EBA highlights that the minimum retention requirement of 5% of the material net economic interest in the securitisation is essential to ensure that the sell-side parties have ‘skin in the game’ addressing the fundamental issue of the possible misalignment of interest between the originators, sponsors and original lenders and investors.

The EBA states the final draft RTS specify in greater detail the risk retention requirements and, in particular, address:

• requirements on the modalities of retaining risk;
• the measurement of the level of retention;
• the prohibition of hedging or selling the retained interest;
• the conditions for retention on a consolidated basis;
• the conditions for exempting transactions based on a clear, transparent and accessible index;
• the modalities of retaining risk in case of traditional securitisations of non-performing exposures; and
• the impact of fees paid to the retainer on the effective material net economic interest.

The European Commission will now consider the draft RTS.

Selected Consultations, Discussion Papers, Speeches and Reports Published

CBI - Markets Update Issue 3 2022 (here)

Council of the EU – conclusions on strategic autonomy of the European economic and financial sector (here)

Council of the EU - comparison table in trialogue negotiating positions on proposed Regulation on information accompanying transfers of funds and certain cryptoassets (here)

Council Presidency – compromise on proposed Directive on consumer credits (here)

EBA - Annual MREL Report (here)

EBA - Final Report on Amending PSD2 Regulatory Technical Standards (here)

EBA - Statement on Financial Inclusion in the context of the conflict in Ukraine (here)

EBA - Survey for Banks on the application of the infrastructure supporting factor under the CRR (here)

EBA - Response to the European Commission’s call for advice on its review of the EU banking macro-prudential framework (here)

EBA - Memorandum of Understanding on its cooperation and information exchange with the New York State Department of Financial Services (here).

ECB - Annual Report for 2021 (here)

ECB – Call for expression of interest for Digital Euro Front-End Prototyping (here)

ECB - Supervisory Banking for Q4 2021 (here)

ECOSOC – Opinion on the Commission’s Communication on Strategy for Financing the Transition to a Sustainable Economy (here)

ECOSOC - Opinion on the Proposal for a Regulation amending Regulation (EU) No 575/2013 and Directive 2014/59/EU (here)

ECOSOC – Opinion on the Proposal for a Regulation on European Green Bonds (here)

European Parliament - ECON report on the proposed Regulation on information accompanying transfers of funds and certain cryptoassets (here)

EIOPA - Data on Climate Change Adaptation Measures in Non-Life Insurance (here)

EIOPA - Final reports on Solvency II Guidelines on Contract Boundaries and on Valuation of Technical Provisions  (here) and (here)

EIOPA - Opinion to institutions of the European Union advocating for changing the legal framework to lay down rules for individual disclosures in the context of EU-wide stress test exercises on the basis of Article 16a of Regulation (EU) No 1094/2010 (EIOPA Regulation) and in view of the Solvency II review (here)

EIOPA - Final Report containing technical advice to the European Commission on certain issues relating to Retail Investor Protection, with annexes (here) and (here)

EIOPA - Supervisory Statement on the supervision of run-off undertakings under the Solvency II Directive (here)

ESAs - Joint Annual Report for 2021 (here)

ESMA - Annual Calculations of LIS and SSTI for Bonds and the Quarterly Bonds Liquidity Assessment Postponed (here)

ESMA - Final Report on review of Short Selling Regulation (here)

ESMA – Reports on Quality of Data reported under EMIR and SFTR in 2021 (here)

ESMA - translations of revised MAR guidelines (here) The revised guidelines apply to competent authorities designated under Article 22 of MAR and issuers from 13 June 2022

ESMA – Complementary Annual Transparency Calculations for Equity and Equity-like Instruments for 2022/23 (here)

ESMA - Double Volume Cap Mechanism Files (here)

ESMA - Minutes from Working Group Teleconference on euro risk-free rates (here)

ESMA postpones review of MiFIR RTS 2 on trade transparency (here)

ESMA - March 2022 edition of its newsletter (here)

European Commission - call for evidence ending on 14 June 2022 on a digital euro for the EU (here)

FSB – Consultation on Supervisory and Regulatory Approaches to Climate-Related Risks (here)

ISDA - March 2022 edition of “In Review” newsletter (here)

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