Joh. Berenberg, Gossler & Co. – reinstates Systematic Internaliser MIC “BGFI” for Bonds

  • LEI: 529900UC2OD7II24Z667
  • Entity name: Joh. Berenberg, Gossler & Co. KG

Up until 13/02/2020 the MIC BGFI had applied to BOND (Bonds) and the MIC BGSI to the four other asset classes listed below …

Subsequently for the period 14/02/2020 to 30/04/2020 just one MIC – BGSI –applied to the following asset classes:

  • CRFT (certificates)
  • DPRS (depositary receipts)
  • OTHR (other equity-like financial instruments)
  • SHRS (shares)

As per the latest ESMA update (13/05/2020) the bank has two SI MICS once more, assigned to asset classes as follows:

  • MIC: BGSI
    • CRFT (certificates)
    • DPRS (depositary receipts)
    • OTHR (other equity-like financial instruments)
    • SHRS (shares)
  • MIC: BGFI
    • BOND (Bonds)
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UniCredit Bank AG adds Derivatives to the list of asset classes where it is a Systematic Internaliser

Last ESMA update13/05/2020

MIC/LEI/ESMA ID: UCDE
LEI: 2ZCNRR8UK83OBTEK2170

Entity Name: UniCredit Bank AG

Service Names for the period 14Apr2018 to 12May2020: 

  • BOND (Bonds)
  • SDRV (Securitised derivatives)
  • SFPS (Structured Finance Products)
  • SHRS (shares)

Service Names for the period from 13May2020 onwards: 

  • BOND (Bonds)
  • DERV (Derivative)
  • SDRV (Securitised derivatives)
  • SFPS (Structured Finance Products)
  • SHRS (shares)
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European Commission – Review of the MiFID II/MiFIR regulatory framework

Consultation closes 18 May 2020 (Originally due to close on 20 April 2020)

MiFID II and MiFIR started to apply in January 2018, bringing significant improvements to the functioning and transparency of EU financial markets.

To assess the overall functioning of the regime after two years of application, MiFID II/MiFIR require that the Commission presents the Parliament and Council with a report on the operation of the new framework, together with a legislative proposal for reform, if deemed necessary.

This consultation therefore seeks to gather evidence from stakeholders, and more generally from EU citizens, on areas that would merit targeted adjustments.

The Commission claims to welcome indications on how issues should be prioritised in a potential reform of the MiFID II/MiFIR rulebook.

https://ec.europa.eu/info/sites/info/files/business_economy_euro/banking_and_finance/documents/2020-mifid-2-mifir-review-consultation-document_en.pdf

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Summary of FCA’s Covid-19 and Brexit response

  • In response to the pandemic, the FCA has been working with partners nationally and internationally to keep markets open and orderly, help firms continue to operate, protect consumers and small businesses, and to maintain high standards of conduct
  • The FCA understands it will be important to get the post crisis recovery right, and to leverage off the experience of working through the pandemic
  • The FCA will continue to prepare for the end of the Brexit transition period. Working closely with the Treasury and the Bank of England, the FCA is working within its remit to prepare for a range of scenarios, and ensure as smooth a transition as possible
  • Firms should continue to consider what actions they need to take to be ready for the end of the transition period, and what this will mean for their customers

https://www.fca.org.uk/news/speeches/fca-national-international-response-coronavirus-brexit

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MiFIR reforms – AFME warns ESMA not to be overzealous

The Association for Financial Markets in Europe (AFME) has responded to the European Securities and Markets Authority’s (ESMA) consultation paper

The changes to MiFIR and MiFID II regimes include new reporting requirements from third-country firms on an annual basis in accordance with Article 46 of MiFIR

Grants ESMA the power to ask third-country firms in its register to provide data relating to all orders and all transactions in the EU

The changes to MiFIR and MiFID II regimes include new reporting requirements from third-country firms on an annual basis

AFME feels the equivalence framework should be proportionate in the requirements imposed on third-country firms so as to avoid discouraging firms from utilising the framework

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