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ESMA · Mitteilung · · Hoch
Ein Jahr bis zur T+1-Abwicklung: Der regulatorische Rahmen ist vollständig, jetzt geht es um die Umsetzung
ESMA veröffentlicht eine Pressemitteilung, wonach die EU am 11. Oktober 2027 auf die T+1-Abwicklung umstellt und der regulatorische Rahmen für die Umstellung nun vollständig ist. Sie verweist auf die überarbeitete RTS zur Settlement Discipline und die überarbeiteten CSDR-Leitlinien zu standardisierten Verfahren und Nachrichtenprotokollen zwischen Wertpapierfirmen und ihren professionellen Kunden, die Anforderungen an Zuteilungen und Bestätigungen festlegen.
Daten im Text: 2026-12-07 Wertpapierfirmen und ihre Kunden müssen die neuen Anforderungen an Zuteilungen und Bestätigungen erfüllen, einschließlich der verpflichtenden Nutzung elektronischer standardisierter ch · 2027-10-11 Die EU stellt auf T+1-Abwicklung um.
Zu prüfende Punkte
Prüfen, ob die aktuellen Zuteilungs- und Bestätigungsprozesse mit professionellen Kunden die verpflichtenden Anforderungen an elektronische, standardisierte und maschinenlesbare Kommunikation erfüllen, die ab dem 7. Dezember 2026 gelten.
Bereitschaft der Systeme und Prozesse in der gesamten Handels- und Abwicklungskette für die Umstellung auf T+1 am 11. Oktober 2027 bewerten und Tests so früh wie möglich in Betracht ziehen.
FCA calls on private market firms to manage conflicts of interest in line with rapid growth
The FCA published the findings of a review of how firms identify, manage, mitigate and disclose conflicts of interest across private equity, private credit and real estate. The review found good practice alongside recurring weaknesses in cross-fund transfers, multi-party transactions, gifts and entertainment, and information barriers. The FCA states it expects firms to identify, record, manage and disclose conflicts effectively and to demonstrate fair treatment of investors.
Zu prüfende Punkte
Review whether the firm's conflicts identification and recording arrangements cover cross-fund transfers and multi-party transactions.
Check whether gifts and entertainment controls and information barrier arrangements are up to date with the firm's current size and complexity.
Consider whether conflicts disclosures give investors enough information to assess whether their interests are being protected.
The FCA, DWP and The Pensions Regulator published a joint Discussion Paper seeking views on proposals for a Guided Retirement framework in contract-based and trust-based workplace pension schemes. It concerns firms operating contract-based workplace pensions, trustees and sponsors, pension service providers and other stakeholders, and it proposes building on the COBS 9B targeted support conduct framework for contract-based providers.
Daten im Text: 2026-11-03 Discussion Paper opens · 2026-12-22 Deadline for submitting consultation responses
Zu prüfende Punkte
Review the Discussion Paper proposals on Guided Retirement and assess their potential relevance to contract-based workplace pension offerings.
Consider whether to submit a consultation response by the stated deadline.
ESMA aktualisiert sein Handbuch zur Transparenz mit neuen Leitlinien für OTC-Derivate und Tick-Size-Regime
ESMA hat sein Handbuch zur Nachhandelstransparenz gemäß MiFID II/MiFIR aktualisiert. Die Aktualisierung enthält Leitlinien zur Identifizierung von OTC-Derivaten, die Transparenzanforderungen unterliegen, zur Bereitstellung identifizierender Referenzdaten für OTC-Derivate sowie zum Tick-Size-Regime, einschließlich Q&As und Empfehlungen zu Eingriffen von Handelsplätzen und nationalen zuständigen Behörden. Laut Text gilt das aktualisierte Handbuch als Entwurf, bis die zugehörigen RTS 2 und die RTS zu CTP-Input-/Output-Daten in Kraft treten.
Zu prüfende Punkte
Prüfen, ob die OTC-Derivate des Unternehmens gemäß den aktualisierten Leitlinien zur Identifizierung Transparenzanforderungen unterliegen.
Prüfen, wie identifizierende Referenzdaten für OTC-Derivate für die Transparenzmeldung bereitgestellt werden, wobei zu beachten ist, dass das Handbuch bis zum Inkrafttreten der zugehörigen RTS ein Entwurf ist.
Die Tick-Size-Q&As und Empfehlungen zu Eingriffen von Handelsplätzen und nationalen zuständigen Behörden prüfen, soweit sie für die Handelsaktivitäten des Unternehmens relevant sind.
CP26/37: Senior Managers and Certification Regime (SM&CR) Review: Phase 2
The FCA consults on the second phase of its review of the Senior Managers and Certification Regime (SM&CR), proposing to streamline senior manager applications, reduce the number of firms in the Enhanced regime, remove the Certification Regime and simplify Conduct Rule training and breach reporting thresholds. It applies to all firms in scope of the SM&CR, including third-country branches, and to cryptoasset firms expected to come into scope.
Daten im Text: 2026-10-22 Consultation opens · 2027-01-22 Deadline to send comments on CP26/37 · 2027-06-30 Expected publication of final rules in a Policy Statement in the first half of 2027
Zu prüfende Punkte
Check whether any of your current SMF roles would be affected by the proposed removal or notification changes.
Review the proposed changes to Statements of Responsibilities, Management Responsibilities Maps, Conduct Rule training and breach reporting thresholds against your current processes.
Consider whether your firm would be affected by the proposed change to Enhanced regime thresholds, and whether to respond by 22 January 2027.
Conflicts of interest and fair customer treatment in private markets
The FCA published detailed findings from a multi-firm review of how private market firms identify, manage, mitigate and disclose conflicts of interest in private equity, private credit and real estate assets. The review covers asset managers, AIFMs and investment advisers operating in private markets, and assessed their governance, controls and fair treatment of investors against SYSC 10, COLL 8.5.7, COBS 2.3A.8R, COBS 11.7 and COBS 11.7A.
Zu prüfende Punkte
Check whether your conflicts inventory covers conflicts across the investment lifecycle, from origination and allocation through valuation and exit.
Review whether your control frameworks have evolved in line with the growth and complexity of your business model.
Review whether escalation thresholds and channels for material conflicts, including engagement with Limited Partners, are clearly defined.
The FCA published findings from its consumer finance supervisory work on how firms assess, evidence and monitor fair value under the Consumer Duty, highlighting good practice and areas for improvement under the price and value outcome in PRIN 2A.4 and chapter 7 of guidance FG22/5. It also shares observations on communicating fees and charges and preventing foreseeable harm from repeat or cumulative charges. The publication states that its examples do not create new requirements, and it is of interest mainly to consumer finance firms subject to the Consumer Duty.
Zu prüfende Punkte
Check whether fair value assessments include all financial and non-financial costs, such as consumers' time and effort, alongside expected benefits.
Review whether fair value conclusions are supported by sufficient evidence, management information and customer outcome data, including for customer groups with characteristics of vulnerability.
Review how fees and charges are communicated and whether controls such as limits on repeat or cumulative charges are monitored for effectiveness.
ESMA streamlines several Q&As as part of simplification efforts
ESMA has updated its Q&As on market structure under MiFID II, the Market Abuse Regulation and the Short Selling Regulation, withdrawing or amending several items as part of its Simplification and Burden Reduction initiative. The changes cover Q&As that are outdated, duplicative or covered by other ESMA guidance, such as supervisory briefings and opinions. The publication is relevant to firms that rely on these Q&As for interpreting MiFID II, MAR and SSR obligations.
Zu prüfende Punkte
Check whether your internal procedures reference any Q&As that have been withdrawn or amended.
Review the updated set of Q&As together with other ESMA guidance, such as supervisory briefings and opinions, for the applicable interpretation.
The FCA published a notice that Bullseye Financial Ltd entered administration on 23 October 2026, with Robert Young and Matthew Haw appointed as joint administrators. The firm, authorised by the FCA, served only professional investors in portfolio management and execution-only dealing, and had agreed on 11 March 2026 to a voluntary requirement to stop all regulated activity. The notice explains how customers can contact the administrators, the FSCS and the Financial Ombudsman, and warns about scams.
Zu prüfende Punkte
Check whether any client accounts or investments previously handled by Bullseye Financial require contact with the joint administrators.
Review whether any clients were served through Bullseye Financial by HDH Investment Services Ltd, which the notice says entered liquidation on 16 April 2026.
Check that client communications about scam risks and the FCA Firm Checker reference are available where relevant.
Adjudication Order in the matter of trading activities of certain client of Inventure growth and Securities Limited suspected to be Front Running to the trades of Axis Mutual Fund
SEBI published an adjudication order concerning trading activities of a certain client of Inventure Growth and Securities Limited that were suspected to be front running trades of Axis Mutual Fund. The order concerns a securities broker and a mutual fund in the context of suspected front running.
Zu prüfende Punkte
Review whether surveillance controls cover front running risk around large or pending mutual fund trades.
Check whether client order and trading activity monitoring is aligned with the front running concerns described in the order.
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