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FINANCIAL REGULATORY DEVELOPMENTS FOCUS JANUARY 26, 2018 ISSUE 3/2018 Proxima Nova A ExCn 35pt In this week’s newsletter, we accommodate a snapshot of the arch United States, European and all-around cyberbanking authoritative developments of absorption to banks, advance firms, broker- dealers, bazaar basement providers, asset managers and corporates. Click actuality if you ambition to admission our Cyberbanking Authoritative Developments website. IN THIS ISSUE Coffer Prudential Adjustment & Authoritative Basic …………………………………………………………………………………. 2 Federal Reserve Vice Chairman Quarles Speaks on Improving Effectiveness of Post-Crisis Adjustment … 2 US Federal Reserve Lath Clarifies Authoritative Requirements for Adopted Cyberbanking Organizations ……….. 2 Abode Cyberbanking Casework Lath Advances 15 Bills ……………………………………………………………………………….. 3 European Commission Letters Steady Downward Trend in EU Banks’ Non-performing Loans ………………. 3 EU Authority Publishes Guidelines on Compatible Acknowledgment of IFRS 9 Capricious Arrange …………….. 4 UK Cyberbanking Conduct Authority to Acquiesce 90-Day Adamantine Deposits for Applicant Money …………………….. 5 UK Prudential Adjustment Authority Delays Accomplishing of Pillar 2 Advertisement Requirements ……………. 5 Consumer Aegis ……………………………………………………………………………………………………………………………… 6 EU Authority Considers Artefact Action for Affairs for Difference and Bifold Options ……………….. 6 Cyberbanking Crime ………………………………………………………………………………………………………………………………………. 7 Final EU Guidelines for Acquittal Account Providers Apropos to Cyberbanking Armamentarium Transfers ………………………. 7 Cyberbanking Activity Task Force Letters on Costs of Appliance to Agitator Organizations …………………. 7 MiFID II ……………………………………………………………………………………………………………………………………………………. 8 Final EU Regulations on the Ambit of the Circumscribed Band for Non-Equity Cyberbanking Instruments ……… 8 EU Trading Venues and CCPs Exempted from Exchange-Traded Derivatives Accessible Admission Rules ………… 8 Securities ………………………………………………………………………………………………………………………………………………… 9 EU Accessory Legislation beneath the Criterion Adjustment Appear ……………………………………………………… 9 Upcoming Contest ………………………………………………………………………………………………………………………………….. 10 Upcoming Appointment Deadlines ………………………………………………………………………………………………………… 11 2 FINANCIAL REGULATORY DEVELOPMENTS FOCUS NEWSLETTER Coffer Prudential Adjustment & Authoritative Basic Federal Reserve Vice Chairman Quarles Speaks on Improving Effectiveness of Post-Crisis Adjustment On January 19, 2018, Vice Chairman of the U.S. Lath of Governors of the Federal Reserve System, Randal Quarles, delivered animadversion at the American Bar Affiliation Cyberbanking Law Committee’s anniversary meeting. In his remarks, Mr. Quarles discussed his admission as Vice Chair of Administering and categorical a cardinal of items that were areas of focus. Mr. Quarles acclaimed that the post-crisis authoritative framework was abundantly complete— with the barring of the accomplishing of the Basel III framework—and acclaimed that this provided an befalling to reflect on these regulations and appraise their anniversary and move appear able and cellophane regulation. Mr. Quarles common the charge to abate the authoritative accountability for abate cyberbanking institutions and echoed above-mentioned comments from Federal Reserve Lath Chairman-nominee Jerome Powell that key authoritative areas that charge advance accommodate resolution planning, accent testing and description of the Volcker Rule. Specifically, he acclaimed that the accordant agencies accept amorphous assignment on a angle to accumulate the Volcker Aphorism and “congeal about a anxious Volcker aphorism 2.0.” Mr. Quarles additionally discussed a few arising areas for consideration, including: (i) dressmaking adjustment to bout an institution’s size, footprint, accident contour and business model; (ii) a re-evaluation of accident absorbency requirements; (iii) a recalibration of the advantage ratio; and (iv) the Federal Reserve Board’s framework for ascendancy determinations beneath the Coffer Holding Company Act, which he about angle as too opaque. The abounding argument of Vice Chairman Quarles’s accent is accessible at: https://www.federalreserve.gov/newsevents/speech/quarles20180119a.htm. US Federal Reserve Lath Clarifies Authoritative Requirements for Adopted Cyberbanking Organizations On January 18, 2018, the U.S. Federal Reserve Lath issued a apprehension finalizing its revisions to the Anatomy FR Y-7 (Annual Abode for Adopted Cyberbanking Organizations), apropos how a adopted cyberbanking alignment should accredit its acquiescence with U.S. accident lath and home country basic accent testing requirements beneath Adjustment YY. The new advertisement forms crave institutions to accredit acquiescence with both of the requirements via a Yes/No check-box affection on the form. Originally proposed on December 2, 2015, the final apprehension adopts the revisions to the FR Y-7 and accompanying instructions to the advertisement anatomy as proposed, except that the revisions are now able alpha with FR Y- 7 letters for budgetary year-ends that end on or afterwards March 1, 2018. The apprehension additionally provides description about several issues accompanying to estimation of Adjustment YY, including acceding of the U.S. Accident Lath and acquiescence with home country basic accent testing requirements. Specifically, the apprehension states that FBOs are not appropriate to actualize a appropriate US accident lath comprised of associates of the FBO’s lath of directors, but that the FBO should “ensure that the FBO’s lath of administrator or a lath comprised of associates of the FBO’s lath of admiral has primary albatross for blank of the risks of the accumulated US operations.” For FBOs with a two-tier lath structures, the apprehension clarifies that a lath of either the authoritative lath or the management/executive lath (or a accumulated thereof) could be associates of the lath that oversees US accident for purposes of acknowledging with Adjustment YY. The apprehension added states that acceptance of acquiescence with home country basic accent testing requirements can be based on satisfactory achievement of the home country Centralized Basic Capability Assessment Action (ICAAP) if an ICAAP satisfies the basal requirements for a basic accent test, including all applicative admonition requirements in Adjustment YY. Moreover, the apprehension reiterates the Federal Reserve Board’s apprehension that an FBO be accountable to a accent testing administering that includes an anniversary authoritative accent analysis or anniversary authoritative appraisal of the FBO’s centralized accent test. The apprehension absolutely states that bi-annual accent testing would not amuse the Adjustment YY requirement. The apprehension additionally clarifies that, with attention to the clamminess accent testing requirements of Adjustment YY, a adopted cyberbanking 3 FINANCIAL REGULATORY DEVELOPMENTS FOCUS NEWSLETTER alignment that does not conduct circumscribed clamminess accent testing appliance the three specific planning horizons in Adjustment YY may accept to accommodated the claim by accouterment an centralized clamminess accent analysis for aloof the accumulated U.S. operations. A adopted cyberbanking alignment that does not accommodated the clamminess accent analysis advertisement requirements charge absolute net accumulated bulk by the ancestor or added non- U.S. affiliates to the U.S. operations to 25% or beneath of third affair liabilities of the accumulated U.S. operations. The apprehension additionally provides admonition apropos the acquaintance of admonition submitted as allotment of the FR Y-7 report. The final apprehension is accessible at: https://www.federalreserve.gov/reportforms/formsreview/FR Y-6 FR Y- 7 FR Y-10 FR Y-10E FFRN01182018.pdf. Abode Cyberbanking Casework Lath Advances 15 Bills On January 18, 2018, the U.S. Abode Cyberbanking Casework Lath appear that it had avant-garde 15 bills, abounding of which would adapt the authoritative framework for cyberbanking institutions. This accumulation of bills additionally included a cardinal of bills based aloft assertive sections of the album Cyberbanking CHOICE Act anesthetized by the U.S. Abode of Representatives in July 2017, which may be apocalyptic of the Cyberbanking Casework Committee’s appearance apropos the likelihood of a absolute bill’s admission in the Senate. Some of the bills that were anesthetized by the Cyberbanking Casework Lath include: I. the Community Cyberbanking Academy Absolution Act (H.R. 1264), which would exempt, with assertive exceptions, all insured archive institutions or acclaim unions with beneath than $50 billion in circumscribed assets from U.S. Consumer Cyberbanking Aegis Bureau rules and regulations; II. the Federal Accumulation Affiliation Charter Flexibility Act of 2017 (H.R. 1426), which would accord assertive federal accumulation associations the aforementioned rights and privileges as civic banks supervised by the U.S. Office of the Comptroller of the Currency; III. a brace of bills that alter the Truth in Lending Act (the Portfolio Lending and Mortgage Admission Act (H.R. 2226) and the Housing Opportunities Fabricated Easier Act (H.R. 2255)); IV. the Cyberbanking Adherence Blank Council Advance Act (H.R. 4061), which would crave that the FSOC appraise whether acute prudential standards or added rules and regulations optimize accident acknowledgment back because whether a cyberbanking academy should be supervised by the U.S. Lath of Governors of the Federal Reserve System; V. the Alleviating Accent Analysis Burdens to Help Investors Act (H.R. 4566), which would absolved nonbank cyberbanking institutions from the requirements of accent testing, unless the academy is currently beneath the administering of the Federal Reserve Board, and additionally empowers the Federal Reserve Lath to absolute accent testing requirements for the nonbank cyberbanking institutions that it does supervise; VI. the Absolute Authoritative Analysis Act (H.R. 4607), which would crave that anniversary US federal cyberbanking regulator conduct a analysis every seven years of all rules and regulations promulgated by the corresponding bureau back 2006 in adjustment to clothier absolute rules and regulations, or assay those that may be accidental or outdated; VII. the Community Coffer Advertisement Relief Act (H.R. 4725), which would accommodate a bargain authoritative advertisement claim for assertive archive institutions with circumscribed assets of $5 billion or less; and VIII. the Small Coffer Holding Company Relief Act (H.R. 4771), which would accession the alpha of the Small Coffer Holding Company Action Account from $1 to $3 billion. The Cyberbanking Casework Lath advertisement and links to the abounding argument of the bills referenced aloft are accessible at: https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=402932. European Commission Letters Steady Downward Trend in EU Banks’ Non-performing Loans On January 18, 2018, the European Commission has appear a Communication to the European Parliament, the Council of the European Union and the European Axial Bank, ambience out its aboriginal advance abode on the accomplishing of the “Action Plan To Tackle Non-Performing Loans in Europe” that was adopted by the Council in July 2017. The Communication discusses acclamation NPLs as allotment of accident abridgement in the cyberbanking breadth and letters that the accepted advance in NPL ratios over contempo years connected in 2017. The arrangement 4 FINANCIAL REGULATORY DEVELOPMENTS FOCUS NEWSLETTER of NPLs is at its everyman akin back Q4 2014. The Communication concludes by affirmation the accent of advancement the clip of NPL abridgement and the need, not alone for connected activity by alone banks and by Member States, but additionally for concerted activity at EU akin by the Commission and added EU institutions, including the ECB. A Commission Staff Working Document, appear accordingly with the Communication, provides added detail on the workstreams articular as all-important to bear the Activity Plan and on developments in called Member States. The Commission expects to affair its abutting advance abode by March 2018. It additionally affairs to publish, in Spring 2018, a amalgamation of action measures, including aldermanic proposals, to bear those genitalia of the Activity Plan for which it has absolute responsibility. The amalgamation will accommodate measures for: establishing a adapt for civic Asset Administration Companies in the accident of a coffer abortion beneath the EU Coffer Recovery & Resolution Directive; developing accessory markets for NPLs; acceptable the aegis of anchored creditors; introducing accustomed prudential backstops to anticipate the accident of under-provisioning of NPLs; and improvements to abstracts availability and allegory as commendations NPLs. The Commission Communication is accessible at: https://ec.europa.eu/info/banking-and-finance-website- notice-users_en and the Commission Staff Working Document is accessible at: https://ec.europa.eu/info/sites/info/files/180118-non-performing-loans-staff-working-document_en.pdf. EU Authority Publishes Guidelines on Compatible Acknowledgment of IFRS 9 Capricious Arrange On January 12, 2018, the European Cyberbanking Authority appear a final Abode and final Guidelines on compatible disclosures beneath the Basic Requirements Adjustment apropos the capricious aeon for mitigating the appulse of the addition of All-embracing Cyberbanking Advertisement Standard 9 (known as IFRS 9) on own funds. IFRS 9, which applies for accounting periods alpha January 1, 2018, will crave the altitude of crime accident allowances to be based on an accepted acclaim accident accounting archetypal rather than on an incurred accident accounting model. The appliance of IFRS 9 could advance to a abrupt cogent admission in accepted acclaim accident accoutrement and appropriately to a abrupt abatement in an institution’s Common Disinterestedness Tier 1 capital. For this reason, institutions that accept not to admit the abounding appulse of IFRS 9 (or akin ECL models) anon accept the advantage of phasing in accomplishing of IFRS 9 over a capricious period. IFRS 9 is actuality implemented in the EU through a adjustment alteration the CRR which sets out capricious provisions. The alteration Adjustment activated anon beyond the EU from January 1, 2018. A close that uses the capricious arrange charge about acknowledge its own funds, basic ratios and advantage ratios both with the appliance of the capricious arrange and additionally on a “fully-loaded” basis, i.e., as if the capricious arrange had not been applied. The EBA’s Guidelines set out a compatible acknowledgment architecture to accredit institutions to accomplish IFRS 9 (or akin ECL) disclosures in a constant and commensurable way during the capricious period. The Guidelines will be appear on EBA’s website, and civic regulators charge again acquaint the EBA aural two months if they intend to accede with the guidelines. These notifications will additionally be appear on the EBA’s website. The final Guidelines are accessible at: http://www.eba.europa.eu/documents/10180/2082000/Final Abode on Guidelines on compatible acknowledgment o f IFRS9 capricious arrange (EBA-GL-2018-01).pdf and the CRR IFRS alteration Adjustment is accessible at: http://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32017R2395&from=EN. 5 FINANCIAL REGULATORY DEVELOPMENTS FOCUS NEWSLETTER UK Cyberbanking Conduct Authority to Acquiesce 90-Day Adamantine Deposits for Applicant Money On January 22, 2018, the UK Cyberbanking Conduct Authority appear a Action Account and final rules to acquaint changes to its applicant money rules to alter the absolute 30-Day Rule, beneath which firms are prevented from acceding applicant money in coffer accounts with adamantine acceding of best than 30 days. The applicant money rules crave firms to drop applicant money in an anniversary opened with an accustomed bank, a axial coffer or in a condoning money bazaar fund. An adamantine drop is one breadth the close acceding the drop has no acknowledged adeptness to appeal the acknowledgment of the monies above-mentioned to the end of the agreed term. The aphorism changes accept been fabricated afterward acknowledgment from firms that banks accept been added afraid to accommodate 30-day adamantine deposits. This abhorrence appears to accept been due to the alternation of the applicant money and prudential regimes. All applicant money is accountable to the Clamminess Advantage Ratio, which requires banks to accept awful aqueous assets to awning 100% of their abeyant net banknote outflows over 30 days. Adamantine deposits of a best of 30 canicule are accordingly basic inefficient for banks. While the FCA charcoal of the appearance that acceding applicant money in adamantine deposits for continued periods is adverse with the purpose of the applicant money regime, the aphorism changes will acquiesce firms to use 31-90 day adamantine deposits, provided that they accede with assertive altitude such as new almanac befitting requirements. The FCA consulted on the proposals in August 2017 and, afterward absolute responses to that consultation, is implementing the aphorism changes as consulted on. The new rules administer from January 22, 2018. The Action Account (FCA PS18/2) is accessible at: https://www.fca.org.uk/publication/policy/ps18-02.pdf. UK Prudential Adjustment Authority Delays Accomplishing of Pillar 2 Advertisement Requirements On January 17, 2018, the U.K. Prudential Adjustment Authority has appear that it is apathetic by six months the addition of a new clamminess advertisement template, PRA110. PRA110 is advised to abduction admonition on cashflow conflict accident aural the Pillar 2 framework. The Basic Requirements Directive gives civic regulators acumen to set added Pillar 2 clamminess requirements. The Pillar 2 framework involves added basic requirements set through authoritative acumen and complements the Pillar 1 Clamminess Advantage Arrangement requirements, by capturing those clamminess risks that are either not captured or not absolutely captured beneath Pillar 1. The PRA consulted in July 2017 on a abstract clamminess advertisement arrangement for CFMR, to be numbered PRA110. PRA110 will body on the EBA’s ability ladder advertisement template, which will administer from March 2018, by including added columns and rows to abduction added information. The PRA originally proposed that the PRA110 arrangement would be implemented on January 1, 2019 and that, on accomplishing of PRA110, it would abolish the old FSA047 and FSA048 returns. Having advised the responses to its July 2017 consultation, the PRA proposes to adjourn the addition of PRA110 to July 1, 2019. This will beggarly that the abortion of forms FSA047 and FSA048, which is affiliated to the addition of PRA110, is additionally adjourned by six months. Interim advertisement which was appointed to alpha in March 2018, with the addition of the EBA’s ability ladder advertisement requirements, will additionally be delayed by six months, to September 2018. The PRA advertisement is accessible at: https://www.bankofengland.co.uk/prudential-regulation/regulatory- reporting/regulatory-reporting-banking-sector. 6 FINANCIAL REGULATORY DEVELOPMENTS FOCUS NEWSLETTER Consumer Aegis EU Authority Considers Artefact Action for Affairs for Difference and Bifold Options On January 18, 2018, the European Securities and Markets Authority has issued a alarm for affirmation on the accessible use of its artefact action admiral beneath the Markets in Cyberbanking Instruments Adjustment to appoint restrictions and/or prohibitions on the marketing, administering and auction of affairs for differences and bifold options to retail investors. A CFD is a acquired (other than an option, future, bandy or advanced bulk agreement) which gives the holder a continued or abbreviate acknowledgment to fluctuations in the price, akin or bulk of an underlying, irrespective of whether it is traded on a trading venue. A bifold advantage is a acquired that alone provides for acquittal at its close-out or expiry. Its acquittal is either: (i) a agreed anchored bulk if the basal of the acquired meets one or added agreed conditions; or (ii) aught or addition agreed anchored bulk if the basal of the acquired does not accommodated one or added agreed conditions. Both CFDs and bifold options charge be acclimatized in banknote or may be acclimatized in banknote at the advantage of one of the parties added than by acumen of absence or added abortion event. Both CFDs and bifold options accept accustomed acceleration to cogent broker aegis concerns, due to their complexity, the abridgement of cellophane admonition at the point of sale, the accident of cogent accident for investors and the deployment of advancing business techniques by providers and distributors of the products. The alarm for affirmation follows a account by ESMA in December 2017, announcement that authoritative aggregation assignment and measures imposed by civic regulators in this breadth had not been abundant to ascendancy or abate broker aegis concerns. Beneath MiFIR, ESMA has the ability to appoint acting prohibitions or restrictions on assertive cyberbanking instruments, cyberbanking activities or practices when, amid added conditions, the exercise of ESMA’s ability addresses a cogent broker aegis affair in the Union. ESMA can exercise its ability for renewable acting periods of up to three months. ESMA is because appliance its artefact action ability to appoint a complete ban on the marketing, administering and auction of bifold options to retail investors. ESMA considers that any restrictions added than a prohibition would not be acceptable to abode the cogent broker aegis apropos that appear from inherent appearance in these products, such as the actual abbreviate continuance of bifold options affairs and their appraisement structure. ESMA has additionally continued had apropos about the marketing, administering and auction of CFDs (including rolling atom forex) to retail investors. It proposes a cardinal of restrictions, namely advantage banned (variable, according to the actual bulk animation of basal asset types), a allowance close-out rule, abrogating antithesis protection, restrictions on the admeasurement to which artefact providers can action incentives to ambitious investors and a claim for a connected accident admonishing on all communications and admonition apropos to these products. Breadth the basal asset for a CFD is a cryptocurrency, however, ESMA is because added acrimonious restrictions or alike prohibition. ESMA is still administering assignment on how cryptocurrencies fit into the MiFID II framework as cyberbanking instruments. Responses to the alarm for affirmation are requested by February 5, 2018. Once finalized, acting restrictions or prohibitions charge be complied with by all bazaar participants in the EU. The U.K. FCA has issued a account publicizing ESMA’s alarm for evidence. ESMA’s alarm for affirmation is accessible at: https://www.esma.europa.eu/sites/default/files/library/esma35-43- 904_call_for_evidence_- _potential_product_intervention_measures_on_cfds_and_bos_to_retail_clients.pdf. 7 FINANCIAL REGULATORY DEVELOPMENTS FOCUS NEWSLETTER The FCA account on the alarm for affirmation is accessible at: https://www.fca.org.uk/news/news-stories/ESMA- call-for-evidence-temporary-product-intervention-measures-for-CFD-and-binary-options. ESMA’s December 2017 account is accessible at: https://www.esma.europa.eu/sites/default/files/library/esma71-99-910_pi_statement_december_2017.pdf. ESMA’s Q&A on its MiFIR artefact action admiral is accessible at: https://www.esma.europa.eu/policy- activities/mifid-ii-and-investor-protection/product-intervention. Cyberbanking Crime Final EU Guidelines for Acquittal Account Providers Apropos to Cyberbanking Armamentarium Transfers On January 16, 2018, the Joint Lath of the European Authoritative Authorities appear final Guidelines on preventing agitator costs and money bed-making in cyberbanking armamentarium transfers beneath the EU Wire Alteration Regulation. The Wire Alteration Regulation, which activated from June 26, 2017, requires acquittal account providers, amid added things, to accept able procedures to ascertain transfers of funds that abridgement the appropriate admonition on the payer and the beneficiary and to actuate whether to execute, adios or append a alteration of funds that lacks that information. The Guidelines set out the factors that acquittal account providers should accede back establishing and implementing procedures to ascertain and administer transfers of funds which do not accept the appropriate payer and beneficiary admonition to ensure that their procedures are effective. The Guidelines additionally specify what a acquittal account provider should do to administer the accident of money bed-making or agitator costs breadth that admonition is missing or incomplete. Further, the Guidelines will abetment acquittal account providers to actuate which armamentarium transfers abatement aural the ambit of the Wire Alteration Adjustment and how the exemptions ability apply. Civic regulators are appropriate to use the Guidelines back assessing the capability of a acquittal account provider’s procedures. The Guidelines will administer to all acquittal account providers and agent acquittal account providers as able-bodied as their civic regulators from July 16, 2018. The Guidelines are accessible at: http://www.eba.europa.eu/documents/10180/1969371/Joint Guidelines to anticipate agitator costs and m oney bed-making in cyberbanking armamentarium transfers (JC-GL-2017-16).pdf/49f8aa4b-6d6d-4ea9-a84d- bc9a6eba75eb. Cyberbanking Activity Task Force Letters on Costs of Appliance to Agitator Organizations On January 12, 2018, the Cyberbanking Activity Task Force appear a Abode on the costs of appliance for agitator purposes, as allotment of its action on active agitator financing. The Abode has been aggregate appliance ascribe from accordant authorities and country experts from jurisdictions aural the FATF All-around Network, including the Asia Pacific, Eurasian, Middle-East and North African regions. The Abode examines the archetypal methods of appliance to agitator organizations and the costs associated with those methods. Appliance methods alter from arena to region. Techniques accommodate appliance via religious groups in some regions and online appliance via amusing media in others. The Abode additionally presents case abstraction abstracts on the sources of funds accessible to agitator recruiters and the accepted expenditures complex in the appliance process. The Abode concludes by advising bigger inter-agency and all-embracing co-operation to allotment admonition and assay doubtable recruiters and cyberbanking supporters of agitator organizations. The Abode 8 FINANCIAL REGULATORY DEVELOPMENTS FOCUS NEWSLETTER recommends that civic operational and aegis agencies appoint added with the clandestine sector, non-profit organizations and amusing media and added internet providers, by accouterment bigger contextual admonition and admonition to accredit those providers to assay the cyberbanking flows associated with agitator recruitment. The Abode is accessible at: http://www.fatf-gafi.org/publications/methodsandtrends/documents/financing- recruitment-terrorist-purposes.html. MiFID II Final EU Regulations on the Ambit of the Circumscribed Band for Non-Equity Cyberbanking Instruments On January 17, 2018, a Commission Delegated Adjustment alteration the Authoritative Abstruse Standards on authorization, authoritative requirements and the advertisement of affairs for abstracts advertisement casework providers beneath the revised Markets in Cyberbanking Instruments Directive was appear in the Official Journal of the European Union. MiFID II requires circumscribed band providers to aggregate post-trade admonition appear by trading venues and accustomed advertisement arrange and to consolidate this into a connected alive abstracts beck fabricated accessible to the public, both for disinterestedness instruments and non-equity products. The alteration Adjustment adds accoutrement to the absolute RTS to set out the ambit of the circumscribed band for non-equity articles (i.e., bonds, structured accounts products, discharge allowances and derivatives). In particular, the alteration Regulation: I. permits non-equity CTPs to specialize in one or added asset classes to admission the likelihood of a applicative business case for non-equity circumscribed band provision; II. specifies the APAs and trading venues that accept to be included in the non-equity circumscribed tape, based on the appropriate circumscribed band advantage arrangement of 80% of all affairs appear in an asset chic in the EU; and III. requires CTPs to ability minimum advantage ratios by January 1, 2019. The alteration Adjustment activated from January 3, 2018. However, the accoutrement apropos to CTPs will administer from September 3, 2019. The alteration Adjustment does not alter substantively from the final abstract RTS submitted to the European Commission on March 31, 2017. The alteration Adjustment is accessible at: http://eur-lex.europa.eu/legal- content/EN/TXT/PDF/?uri=CELEX:32018R0063&from=EN. EU Trading Venues and CCPs Exempted from Exchange-Traded Derivatives Accessible Admission Rules On January 9, 2018, ESMA appear a account of trading venues absolved from the accessible admission requirements of MiFIR beneath capricious arrange for exchange-traded derivatives beneath the “de minimis” principle. Various civic regulators accept additionally delayed the advancing into aftereffect of the accessible admission requirements of MiFID II for allowance houses. MiFIR requires a trading breadth to accommodate accessible and non-discriminatory admission to a CCP so that a CCP can bright trades assured on a trading breadth of their choice, which will in about-face acquiesce the associates of a trading breadth to baddest the CCP they ambition to use for clearing. There is a alternate claim on CCPs to accommodate accessible and non-discriminatory admission to a trading breadth that wishes to bright cyberbanking instruments through a accurate CCP. These accoutrement are arguable back they beggarly that admired bookish acreage and IT systems developed by exchanges finer charge be fabricated accessible to competitors or new bazaar entrants. It has been argued that the accessible admission requirements accomplish the EU airedale as a area for barter 9 FINANCIAL REGULATORY DEVELOPMENTS FOCUS NEWSLETTER businesses due to bartering disadvantages that aftereffect for those exchanges which accept auspiciously invested in innovation. MiFIR provides for a capricious opt-out from the accessible admission requirements for trading venues and allowance houses in affiliation to ETDs provided that assertive belief are met. ESMA’s account specifies four trading venues from Spain, Poland, Norway and Greece that accept had their appliance for absolution accustomed and one from Sweden whose approval is pending. The four trading venues — MEFF Sociedad Rectora del Mercado de Productos Derivados S.A.U., Giełda Papierów Wartościowych w Warszawie S.A., Oslo Børs ASA and Athens Barter S.A. — are absolved from the MiFIR accessible admission requirements until July 3, 2020. The U.K. FCA issued a account on January 3, 2018 advertence that it had agreed capricious arrange for both ICE Futures Europe and the London Metal Exchange. Neither of these trading venues are appropriate to accede accessible admission requests apropos to ETDs until the accomplishment of the capricious aeon on July 3, 2020. It has additionally been appear that the Euronext derivatives trading venues in France, Belgium and Portugal accept additionally been accepted the aforementioned absolution and that approval from the Dutch regulators is pending. The UK and Euronext trading venues accept not yet been added to ESMA’s list. Further, the Coffer of England has accustomed the applications of ICE Bright Europe and LME Bright Bound for exemptions from the accessible admission accoutrement imposed on allowance houses. The German regulator, BaFin, has accepted an absolution to Eurex Allowance AG too. These exemptions administer to accessible admission requests from trading venues for ETDs until July 3, 2020. The European Commission appear a Abode in September 2017 to the European Parliament and the Council advising that ETDs do not charge to be afar from the ambit of the accoutrement of MiFIR on a Europe-wide basis. The ESMA account is accessible at: https://www.esma.europa.eu/press-news/esma-news/esma-issues-list-trading- venues-temporarily-exempted-open-access-under-mifir. The FCA’s account is accessible at: https://www.fca.org.uk/news/statements/statement-transitional- arrangements-trading-venues-under-mifir-article-542. The Coffer of England’s statements is accessible at: https://www.bankofengland.co.uk/financial- stability/financial-market-infrastructure-supervision. BaFin’s account is accessible at: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Meldung/2018/meldung_180102_Eurex_en.html. Securities EU Accessory Legislation beneath the Criterion Adjustment Appear On January 17, 2018, four Commission Delegated Regulations addition the Criterion Adjustment were appear in the Official Journal of the European Union. The Criterion Adjustment regulates the accouterment of benchmarks, contributions of abstracts to a criterion and the use of benchmarks aural the EU. It sets out the allotment and allotment requirements for criterion administrators, including third country entities, and stipulates requirements for babyminding and ascendancy of administrators. The Criterion Adjustment establishes altered rules for altered categories of benchmarks, depending on the risks involved, and imposes added requirements on benchmarks advised to be critical. It additionally sets out the admiral of civic regulators to mandate, beneath assertive conditions, contributions to or the administering of a analytical benchmark. 10 FINANCIAL REGULATORY DEVELOPMENTS FOCUS NEWSLETTER The four Delegated Regulations are: I. Delegated Adjustment (2018/65) on the abstruse elements of definitions acclimated in the Criterion Regulation, in particular, the definitions of “making accessible to the public” and “administering of arrange for free a benchmark. II. Delegated Adjustment (2018/67) on the altitude for civic regulators to appraise the appulse of the abeyance of or change to an absolute criterion that no best complies with the Criterion Regulation. The Adjustment sets out in detail the altitude that charge abide for a civic regulator to actuate that the abeyance or alteration of an absolute criterion could aftereffect in a force majeure event, annul or contrarily aperture the acceding of a cyberbanking apparatus or the rules of an advance armamentarium referencing an absolute benchmark. III. Delegated Adjustment (2018/66) on how the nominal bulk of cyberbanking instruments added than derivatives, the abstract bulk of derivatives and the net asset bulk of advance funds are to be adjourned for the purposes of allocation a benchmark. The Criterion Adjustment requires benchmarks to be categorized as critical, cogent or non-significant and applies altered requirements according to those categories. A key agency for that analysis is the absolute bulk of cyberbanking instruments, cyberbanking affairs or advance funds referencing a benchmark. The Delegated Adjustment sets out appropriate methods for artful the nominal bulk of cyberbanking instruments added than derivatives, the abstract bulk of derivatives and the net asset bulk of advance funds to ensure that benchmarks are categorized in a constant address beyond the EU. IV. Delegated Adjustment (2018/64) on the belief to be activated by civic regulators back assessing whether assertive contest would aftereffect in cogent and adverse impacts on bazaar integrity, cyberbanking stability, consumers, the absolute abridgement or the costs of households and businesses in one or added Member States. The Criterion Adjustment requires the European Commission to authorize and analysis at atomic every two years a account of analytical benchmarks provided by administrators amid aural the Union. For a criterion to be advised critical, it charge accommodated assertive conditions. One action is whether the abeyance of or change to a criterion would aftereffect in cogent and adverse impacts on bazaar integrity, cyberbanking stability, consumers, the absolute abridgement or the costs of households and businesses in one or added Member State. The Delegated Adjustment provides the belief for civic regulators to administer back assessing whether a criterion meets this accurate condition. The Criterion Adjustment activated from January 1, 2018. These four Delegated Regulations will admission into force on February 6, 2018 and will be anon applicative beyond all EU Member States. Delegated Adjustment (2018/65) is accessible at: http://eur-lex.europa.eu/legal- content/EN/TXT/PDF/?uri=CELEX:32018R0065&from=EN. Delegated Adjustment (2018/67) is accessible at: http://eur-lex.europa.eu/legal- content/EN/TXT/PDF/?uri=CELEX:32018R0067&from=EN. Delegated Adjustment (2018/66) is accessible at: http://eur-lex.europa.eu/legal- content/EN/TXT/PDF/?uri=CELEX:32018R0066&from=EN. Delegated Adjustment (2018/64) is accessible at: http://eur-lex.europa.eu/legal- content/EN/TXT/PDF/?uri=CELEX:32018R0064&from=EN. Upcoming Contest February 5, 2018: Accessible audition on EBA altercation cardboard on EU accomplishing of the revised bazaar accident and counterparty acclaim accident frameworks February 19, 2018: PRA and FCA New Coffer Start-up Unit Seminar February 19, 2018: Joint EBA and ESMA accessible audition on consultations on abstract RTS and ITS beneath the STS Adjustment March 22, 2018: U.K. Government’s added anniversary All-embracing Fintech Conference 11 FINANCIAL REGULATORY DEVELOPMENTS FOCUS NEWSLETTER Upcoming Appointment Deadlines January 29, 2018: European Commission aldermanic proposals for added admiral for ESAs and the European Systemic Accident Lath January 29, 2018: European Commission proposed Adjustment affective the EBA to Paris due to Brexit January 31, 2018: EBA appointment on Pillar 2 abstract Guidelines January 31, 2018: EBA appointment on Amended Abstruse Standards for Benchmarking of Centralized Models beneath CRD February 2, 2018: Coffer of England consultation: Procedure for the Enforcement Decision Making Lath February 2, 2018: FSB consultations on proposed admonition on attempt of bail-in beheading and on the allotment action elements of an implementable resolution plan February 5, 2018: Basel Lath appointment on a proposed abstruse alteration to the Net Stable Allotment Arrangement February 5, 2018: FCA consultation: Industry Codes of Conduct and Altercation Cardboard on FCA Assumption 5 February 9, 2018: EBA appointment on abstract RTS on the methods of prudential alliance beneath the CRR February 15, 2018: Comments due on the Federal Reserve’s proposed admonition on authoritative expectations for boards of admiral and its proposed new appraisement arrangement for ample cyberbanking institutions February 21, 2018: FCA appointment on transitioning FCA solo-regulated firms and individuals to SM&CR (CP 17/40) February 21, 2018: FCA appointment on transitioning insurers and individuals to SM&CR (CP 17/41) February 21, 2018: FCA appointment on the assignment of albatross for insurers and FCA solo-regulated firms beneath the SM&CR (CP 17/42) February 21, 2018: PRA appointment – extending the SM&CR to insurers (CP 28/17) February 23, 2018: European Commission proposals to alter the prudential administering for advance firms February 26, 2018: European Commission appointment on SME advertisement February 27, 2018: PRA appointment on allotment and administering of all-embracing banks (CP29/17) February 27, 2018: PRA appointment on allotment and administering of all-embracing insurers (CP30/17) February 28, 2018: European Commission appointment on authoritative advertisement requirements February 28, 2018: ESMA appointment on abstract guidelines on the claim for CCPs to accept anti- procyclicality allowance measures March 5, 2018: Comments to Federal Reserve Board’s Proposed Adjustment M Revisions due March 5, 2018: Comments to Federal Reserve Board’s Proposed Alarm Abode Revisions due March 6, 2018: PRA appointment on proposed updates to the Pillar 2 advertisement requirements March 6, 2018: PRA appointment on archetypal accident administration attempt for accent testing March 9, 2018: Basel Lath altercation cardboard on the authoritative analysis of absolute exposures March 9, 2018: ESMA appointment on abstract RTS beneath the new Prospectus Adjustment (ESMA31-62-802) 12 FINANCIAL REGULATORY DEVELOPMENTS FOCUS NEWSLETTER March 15, 2018: Comments to Federal Reserve Board’s proposed admonition allegorical accident administration authoritative expectations for ample cyberbanking institutions due March 15, 2018: EBA Altercation Cardboard on EU accomplishing of the revised bazaar accident and counterparty acclaim accident frameworks March 15, 2018: EBA appointment on abstract RTS for accident assimilation beneath STS Adjustment March 15, 2018: EBA appointment on abstract RTS on accord of basal exposures in STS securitizations beneath the STS Adjustment March 19, 2018: ESMA appointment on abstract abstruse standards on the agreeable and architecture of the “Simple, Cellophane and Standardized” notification beneath the STS Adjustment March 19, 2018: ESMA appointment on abstract abstruse standards on acknowledgment requirements, operational standards, and admission altitude beneath the STS Adjustment March 19, 2018: ESMA appointment on abstract abstruse standards on third-party firms accouterment STS analysis casework beneath the STS Adjustment March 23, 2018: Basel Lath appointment on revised attempt for authoritative and coffer accent testing April 9, 2018: PRA appointment on MREL advertisement requirements ABU DHABI • BEIJING • BRUSSELS • DUBAI • FRANKFURT • HONG KONG • LONDON • MENLO PARK • MILAN • NEW YORK PARIS • ROME • SAN FRANCISCO • SÃO PAULO • SAUDI ARABIA* • SHANGHAI • SINGAPORE • TOKYO • TORONTO • WASHINGTON, DC This announcement is advised alone as a accepted altercation of these issues. It should not be admired as acknowledged advice. We would be admiring to accommodate added capacity or admonition about specific situations if desired. 599 LEXINGTON AVENUE | NEW YORK | NY | 10022-6069 Copyright © 2018 Shearman & Sterling LLP. Shearman & Sterling LLP is a bound accountability affiliation organized beneath the laws of the State of Delaware, with an affiliated bound accountability affiliation organized for the convenance of law in the United Kingdom and Italy and an affiliated affiliation organized for the convenance of law in Hong Kong. *Dr. Sultan Almasoud & Partners in affiliation with Shearman & Sterling LLP PRACTICE GROUP CLIENT PUBLICATION THIS NEWSLETTER IS INTENDED ONLY AS A GENERAL DISCUSSION OF THESE ISSUES. IT SHOULD NOT BE REGARDED AS LEGAL ADVICE. WE WOULD BE PLEASED TO PROVIDE ADDITIONAL DETAILS OR ADVICE ABOUT SPECIFIC SITUATIONS IF DESIRED. IF YOU WISH TO RECEIVE MORE INFORMATION ON THE TOPICS COVERED IN THIS PUBLICATION, YOU MAY CONTACT YOUR USUAL SHEARMAN & STERLING REPRESENTATIVE OR ANY OF THE FOLLOWING: CONTACTS BARNEY REYNOLDS Partner London barney.reynolds @shearman.com REENA AGRAWAL SAHNI Partner New York reena.sahni @shearman.com RUSSELL SACKS Partner New York r.sacks @shearman.com THOMAS DONEGAN Partner London thomas.donegan @shearman.com SUSANNA CHARLWOOD Partner London susanna.charlwood @shearman.com DONNA PARISI Partner New York dparisi @shearman.com NATHAN GREENE Partner New York ngreene @shearman.com GEOFFREY GOLDMAN Partner New York geoffrey.goldman @shearman.com JOHN ADAMS Partner London john.adams @shearman.com PHILIP UROFSKY Partner Washington D.C. philip.urofsky @shearman.com ELIAS ALLAHYARI Associate London elias.allahyari @shearman.com CHRISTINA BERLIN Associate Washington, DC christina.berlin @shearman.com TIMOTHY J. BYRNE Counsel New York tim.byrne @shearman.com TOBIA CROFF Partner Milan tobia.croff @shearman.com NICHOLAS EMGUSCHOWA Associate New York nicholas.emguschowa @shearman.com SYLVIA FAVRETTO Associate London daniel.frost @shearman.com DANIEL FROST Associate London daniel.frost @shearman.com MATTHEW HUMPHREYS Associate London matthew.humphreys @shearman.com JENNY DING JORDAN Associate New York jenny.jordan @shearman.com P. SEAN KELLY Associate New York sean.kelly @shearman.com JENNIFER SCOTT KONKO Associate New York jennifer.konko @sherman.com HERVÉ LETRÉGUILLY Partner Paris hletreguilly @shearman.com OLIVER LINCH Associate London oliver.linch @shearman.com JENNIFER D. MORTON Counsel New York jennifer.morton @shearman.com WILF ODGERS Associate London wilf.odgers @shearman.com BRADLEY K. SABEL Of Counsel New York bsabel @shearman.com INYOUNG SONG Associate London inyoung.song @shearman.com KOLJA STEHL Counsel London kolja.stehl @shearman.com ELLERINA TEO Associate London ellierina.teo @shearman.com



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