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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.
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.
CP26/39: Income sharing distribution and operational incident reporting for consolidated tape providers
The FCA consults on rules for how the equity consolidated tape provider (CTP) should split its income among data contributors, and proposes extending enhanced operational incident reporting requirements to all CTPs. The consultation is relevant to trading venues, approved publication arrangements, systematic internalisers, current and potential CTPs, and trade associations.
Daten im Text: 2026-12-17 Consultation CP26/39 closes; responses via online form or email to cp26-39@fca.org.uk · 2027-03-18 Operational incident reporting rules in PS26/2, on which these proposals build, come into force
Zu prüfende Punkte
Check whether your firm is a data contributor, trading venue, APA or systematic internaliser that would be affected by the proposed income sharing rules.
Review the proposed operational incident reporting requirements against current internal incident reporting processes if your firm is or may become a CTP.
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.
The FCA consults on Primary Market Bulletin 67 (GC26/8), proposing amendments to technical notes 602.5 and 605.5 to reflect updated Prospectus Rules, revocation of technical note UKLA/TN/103.1 following the UK Listing Rules, and revocation of procedural note Primary Market/PN/902.4 as it duplicates information on the FCA website. Comments are requested by 9 December 2026.
Daten im Text: 2026-12-09 Deadline for comments on the consultation proposals to primarymarketbulletin@fca.org.uk
Zu prüfende Punkte
Review whether your prospectus or admission-to-trading work relies on technical notes 602.5, 605.5, UKLA/TN/103.1 or Primary Market/PN/902.4.
Consider whether to submit comments on the proposals by 9 December 2026.
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.
SEBI order for compliance - Release Order dated November 06, 2026 issued under RC No. 9229 of 2026 drawn against Rakeshbhai K Pandya in the matter of Trading activity in the scrip of ANI Integrated Services Limited
SEBI published a release order dated November 6, 2026 under recovery certificate RC No. 9229 of 2026, issued against Rakeshbhai K Pandya concerning trading activity in the scrip of ANI Integrated Services Limited. The publication is a recovery proceedings notice relating to an individual and the page text does not state the amount or the underlying findings.
Zu prüfende Punkte
Check whether the firm has any dealings or client relationships connected with the named individual or the scrip ANI Integrated Services Limited, if relevant to monitoring obligations.
Cancellation of Recovery Certificate No. 9229 of 2026 dated 29.07.2026 issued against Rakeshbhai K Pandya in the matter of Trading activity in the scrip of ANI Integrated Services Limited
SEBI published a notice cancelling Recovery Certificate No. 9229 of 2026, dated 29.07.2026, issued against Rakeshbhai K Pandya. The matter concerns trading activity in the scrip of ANI Integrated Services Limited. The publication does not state the reasons for the cancellation.
Zu prüfende Punkte
Check whether any internal records or client accounts reference Rakeshbhai K Pandya or the scrip ANI Integrated Services Limited in relation to this matter.
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