What is the Lamfalussy Report?
The Lamfalussy process is an approach to the development of financial service industry regulations used by the European Union. Originally developed in March 2001, the process is named after the chair of the EU advisory committee that created it, Alexandre Lamfalussy.
What is an RTS EU law?
Regulatory Technical Standards (RTS) or Implementing Technical Standards (ITS) which are delegated or implementing acts where the Level 1 legislation confers on one or more ESAs the power (or the duty) to draft the relevant act and to submit it to the Commission for adoption according to the procedure set out in the …
What is the difference between regulatory technical standards and implementing technical standards?
There are two types of standards: the regulatory technical standards (RTS), which are adopted by the Commission by means of a delegated act. the implementing technical standards (ITS), which are adopted by means of an implementing act.
What MiFID means?
Markets in Financial Instruments Directive
The Markets in Financial Instruments Directive (MiFID) is a European regulation that increases the transparency across the European Union’s financial markets and standardizes the regulatory disclosures required for firms operating in the European Union.
What is emir RTS?
EMIR mandates reporting of all derivatives to Trade Repositories (TRs). TRs centrally collect and maintain the records of all derivative contracts. They play a central role in enhancing the transparency of derivative markets and reducing risks to financial stability.
What are the regulatory technical standards?
RTS are a set of technical compliance standards that, once endorsed by the European Commission, need to be met by all parties. The Regulatory Technical Standards cover topics such as data security and legal accountability. The RTS were developed by the European Banking Authority.
Are regulatory technical standards binding?
The Binding Technical Standards are legal acts which specify particular aspects of an EU legislative text (Directive or Regulation) and aim at ensuring consistent harmonisation in specific areas. The EBA develops draft BTS which are finally endorsed and adopted by the European Commission.
Who is covered by MiFID?
It not only covers virtually all aspects of financial investment and trading but also covers virtually all financial professionals within the EU. 2 Bankers, traders, fund managers, exchange officials, and brokers—and their firms—all have to abide by its regulations as must institutional and retail investors.
What MiFIR reporting?
MiFID II/MiFIR sets out a number of reporting requirements in relation to the disclosure of trade data to the public and competent authorities. MiFID II/MiFIR are closely linked to the MiFID transaction reporting requirements, but more complex in terms of its scope and reporting content.
What should I report under EMIR?
Who has to report under EMIR?
EMIR establishes the reporting obligation on both counterparties that should report the details of the derivative trades to one of the trade repositories (TRs), i.e. the buying party should report and the selling party should report. This obligation covers both financial and non-financial counterparties.
What is an EBA RTS?
The European Banking Authority (EBA) published today its final draft Regulatory Technical Standards (RTS) on own funds (Part IV) aimed at setting harmonised criteria for instruments with multiple distributions that would create a disproportionate drag on capital, as well as clarifying the meaning of preferential …