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Financial Regulations in the European Union: Recent Updates

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This article summarizes recent updates related to financial regulations in the European Union.

Insurance Regulations

The following updates have been made to insurance regulations in the EU:

  • The Insurance (Miscellaneous Provisions) Act 2022 comes into operation on October 1, 2022.
  • The Central Bank of Ireland has proposed guidance on intragroup transactions and exposures, with comments invited until September 23, 2022.

MiFID Regulations

Several Level 2 legal acts under MiFID have been published in the Official Journal:

Reporting Requirements for Branches of Third-Country Firms

  • Commission Implementing Regulation (EU) 2022/1220 on reporting requirements for branches of third-country firms and competent authorities has been published.

Commodity Derivatives Position Limits, Management Controls, and Reporting

  • Commission Delegated Regulation (EU) 2022/1302
  • Commission Delegated Regulation (EU) 2022/1299
  • Commission Implementing Regulation (EU) 2022/1300 on commodity derivatives position limits, management controls, and reporting have been published.

These regulations will enter into force on August 15, 2022.

Investment Firms Regulation

  • Commission Delegated Regulation (EU) 2022/1159 has been published to supplement the Investment Firms Regulation with regard to RTS on the disclosure of firms’ investment policies.

MiFIR Data Reporting Q&As

ESMA has updated its Q&As on data reporting under MiFIR, including new Q&As on the reporting of emission allowances.

Investment Funds

The following updates have been made to investment funds regulations:

  • The Central Bank of Ireland has updated its pre-submission process for Qualifying Investor AIFs (QIAIFs), removing requirements for certain types of QIAIFs.
  • ESMA guidelines on stress test scenarios under the Money Market Fund Regulation have been incorporated, with full compliance expected from July 4, 2022.

Other Updates

ESMA has published updated versions of its:

  • UCITS Q&As
  • AIFMD Q&As