ESMA is seeking comments on its technical advice regarding the above. Section I specifies the definition of when a natural or legal person is considered to own a financial instrument for the purposes of the definition of short sale (Article 2(2)). Section II relates to the net position in shares or sovereign debt covering the concept of holding a position, the case when a person has a net short position and the method of calculation of such a position including when different entities in a group have long or short positions or for fund management activities related to separate funds (Article 3(7)). Section III sets out the advice on the cases in which a CDS transaction is considered to be hedging against a default risk or the risk of a decline of the value of the sovereign debt and the method of calculation of an uncovered position in a CDS (Article 4(2)). Section IV defines the initial and incremental levels of the notification thresholds to apply for the reporting of net short positions in sovereign debt (Article 7(3)). Section V specifies the parameters and methods for calculating the threshold of liquidity on sovereign debt for suspending restrictions on short sales of sovereign debt (Article 13(4)). Section VI sets out ESMA’s proposal of advice on what constitutes a significant fall in value for various financial instruments and also specifies, in the form of a draft RTS, the method of calculation of such falls (Article 23(7) and (8)). The full text of the draft RTS is in Annex IV. Section VI specifies the criteria and factors to be taken into account by competent authorities and ESMA in determining when adverse events or developments arise (Article 30). Responses are required by 9 March 2012. ESMA expects to publish a final report and submission of the draft advice on Delegated Acts to the European Commission by mid-April 2012.

This report is intended to assist national supervisors in gaining a better understanding of the use of intra-group support measures in times of stress or unexpected loss by financial groups across the banking, insurance and securities sectors. It provides an overview of the use of intra-group support and it is noted that it may also assist thematic work contemplated by FSB on deposit insurance schemes and feed into the ongoing policy development in relation to recovery and resolution plans. The report is based on the findings of a high-level stock-take which examined the use of intra-group support measures available to 31 banks, insurers and securities firms headquartered in Europe, North America and Asia and provides an overview and analysis of the types and frequency of intra-group support measures used in practice.

ESMA has published the responses to the above-mentioned consultation, which are available to download inpidually via the second link. It is noted that ESMA expects to publish a final report and submission of the draft technical standards to the EC by 31 March 2012 for endorsement.

ISDA has published this paper which describes the nature of trading structure and liquidity formation in OTC derivatives markets and the implications for framing pre-trade transparency obligations under MIFID2/MIFIR. It recommends that Article 7 of MiFIR be redrafted or replaced in order to accommodate trading systems other than order book systems without relying on the waiver process and that the quote-sharing obligation be removed from Article 17 and measures that support competitive pricing be put in place.

The changes proposed in this consultation document are intended to implement elements of the EU regulatory framework applicable to certain bidders in Government auctions of aviation and phase III EU emissions allowances under the EU Emissions Trading System. This document sets out the rationale for the proposed amendments to existing legislation on financial services and includes the draft implementing Orders (in relation to FSMA, POCA and the Terrorism Act) and details of amendments in relation to MLR. Responses are required by 10 April 2012.

This consultation paper puts forward a draft ITS on reporting of large exposures as requested by Article 383 of the Capital Requirements Regulation (CRR) and represents an addendum to the ITS proposal on supervisory reporting requirements. This draft ITS aims at implementing uniform reporting requirements which are necessary to ensure fair conditions of competition between comparable groups of credit institutions and investment firms. Responses are required by 26 March 2012. It is noted that EBA intends to finalise the draft ITS and submit it to the EC by 30 June 2012. Institutions are required to comply with new CRR requirements as of 1 January 2013 so the first regular reporting period thereafter is expected to be Q1 2013 with the first reporting reference date being 31 March 2013. By 13 May 2013, institutions will then have to submit to national authorities a first set of data related to the reference date.

This article remarks on the ‘Stop Trading on Congressional Knowledge Act’ which prohibits employees of the federal government trading whilst in possession of unpublished and therefore insider information. Business standard argues that the law shows under enforcement against political insiders because a US lawmaker is not legally prohibited from trading whilst in possession of such documents.

This press release is an interview with Sari Essayah, the Finnish MEP responsible for steering the SEPA legislation through the European Parliament. A vote on the legislation was taking place on 14 February 2012.

This guide is intended to help firms implement RDR requirements, including key questions that can be used to check progress, identify any gaps, and prioritise and plan next steps

This report (subtitled “required by Section 719(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act”) discusses the Congressional mandate for the Study and Report, including the process and approach used by CFTC and SEC staff; describes the regulatory framework for OTC derivatives in the Americas, EU, and Asia, analyses the similarities and differences across jurisdictions, discusses potential areas for harmonization, and makes recommendations for next steps.