Financial Services: 5 key legal and regulatory updates - 13 February

Financial Services: 5 key legal and regulatory updates - 13 February


In this issue, we have worked with our Financial Services team to handpick 5 key legal and regulatory updates for in-house lawyers. See below for instructions to sign up to the Financial Services sector blog, run by our in-house legal experts.


ESMA recommends aligning MiFIR derivatives trading obligation with EMIR REFIT

The European Securities and Markets Authority (ESMA) published a final report on alignment of the Markets in Financial Instruments Regulation (EU) 600/2014 (MiFIR) with the changes introduced by Regulation (EU) 2019/834 (EMIR REFIT), to the European Market Infrastructure Regulation (EU) 648/2012 (EMIR). Since the amendment of EMIR by EMIR REFIT there has been a misalignment between the counterparties subject to the clearing obligation under EMIR and the counterparties subject to the derivatives clearing obligation under MiFIR. ESMA recommends aligning MiFIR with EMIR as amended by EMIR REFIT.

Source: ESMA publishes the final report on MiFIR alignments following the introduction of EMIR REFIT.


FCA, ICO and FSCS issue joint warning on personal data misuse

The FCA, the Information Commissioner’s Office (ICO) and the Financial Services Compensation Scheme (FSCS), issued a joint warning to insolvency practitioners and FCA-authorised firms to be responsible when dealing with personal data. It follows reports that some insolvency practitioners and FCA-authorised firms have attempted to sell clients’ personal data to claims management companies (CMCs) unlawfully.

Sources: Joint statement warning FCA-authorised firms and insolvency practitioners to be responsible wh

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Amy leads the thought leadership and content strategy for LexisNexis UK. Her work appears in marketing campaigns, in industry press and in legal trade magazines. She is an established creative writer and researcher, with her articles appearing in national publications, such as City A.M. and Financial IT. She is also one of the writers and digital editors of LexisNexis' insights blogs including the Future of Law, and the In-house blog.