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ARTICLE · 24 FEBRUARY 2014

Financial Regulatory Developments Focus - 18 February 2014

A&O Shearman
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In this newsletter, we provide a snapshot of the principal European, US and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructures, asset managers and corporates.

United StatesFinance and Banking
A&O Shearman
A&O Shearman
Thomas Donegan
Thomas Donegan
William Murdie
William Murdie
Winfried Carli
Winfried Carli
John Adams
John Adams
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In this newsletter, we provide a snapshot of the principal European, US and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructures, asset managers and corporates.

DERIVATIVES

ESMA Requests Clarification on Definition of Derivatives under EMIR

On 17 February 2014, the European Securities and Markets Authority ("ESMA") published a letter it had sent to Michel Barnier, the Commissioner for Internal Market and Services of the European Commission. The letter raises the issue of the definition of derivatives or derivatives contract in the European Market Infrastructure Regulation ("EMIR") which refers to the list of financial instruments in the Markets in Financial Instruments Directive ("MiFID"). MiFID has been transposed into the national laws of Member States with the result that there is no common definition of derivative or derivative contract in the EU. The result is that it will be very difficult

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