Securities & derivatives

Reports, news and data relating to the securities & derivatives sector.

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The Market Abuse Regulation (596/2014) (MAR) and Directive on criminal sanctions for insider dealing and market manipulation (2014/57/EU) (CSMAD), were adopted in July 2014. In June 2016, the legislative package giving effect to MiFID II postponement (including amendments to MiFIR, MAR, and CSDR) was published in the OJ. On 3 July 2016 MAD II entered into force. Provisions in MAR that refer to organised trading facilities (OTFs), small and medium-sized enterprises (SME) growth markets, emission allowances or auctioned products based on those allowances, do not apply until 3 January 2018

Latest Reports

  • City, London

    The proposals in the UK Prime Minister’s speech on 17th January and the White Paper on 2nd February will require a new construct for cross-border regulatory coordination between the EU and the UK, which will operate in a complex legal and regulatory environment (outside the EU/EEA single market). CMS and ...

  • Glass sky

    Will Dibble (CMS Partner, UK) and Michael Cavers (CMS Partner, UK) held a seminar on PRIIPs Key Information Document requirements.

    Please click on the link in the title to download the PDF version of the seminar slides.

  • Derivatives image

    The reform of security interests over movable assets finally took effect on 1 January 2018. The original law dated 11 July 2013 (the “Law”) was meant to enter into force by late 2014 but experienced repetitive delays. The Law recasts the current legal framework for creating, perfecting and enforcing security ...

  • Frankfurt, Germany

    Background On 12 December 2017, the German Federal Financial Supervisory Authority ("BaFin") published the long-awaited new capital investment circular on the interpretation of the German Investment Regulation (Anlageverordnung, "AnIV") and the German Pension Fund Supervision Regulation (Pensionsfonds-Aufsichtsverordnung, "PFAV"): Circular 11/2017 (VA), Guidance notes on the investment of guarantee assets of ...

  • Newspapers

    On 10 January 2018, the FCA published a “Dear CEO” letter (link) raising concerns over the provision and distribution of CFDs – encompassing contracts for difference, spread bets, and certain ‘rolling spot’ FX contracts – to retail customers. Such products have been the source of much regulatory attention recently, with ...

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Agency Database

Future Dates

* Estimated date

  • *Spring 2018

    Bank of England suggests Shari'ah compliant deposit facility may be in place by this period. This follows from the April 2017 BoE consultation on Shari'ah compliant liquidity facilities.

  • 30 June 2018

    Date on which EBA/ESMA Guidelines on the assessment of the suitability of members of the management body and key function holders under CRD IV and MiFID II take effect.

  • 21 July 2018

    Money Market Fund Regulation enters into force and effect from this date.