Global Trustee and Fiduciary Services Bite-Sized Issue 6 2024

6 QUICK LINKS AIFMD CMU CRYPTOASSETS EMIR FINTECH IFD/IFR MAR MIFID II/MIFIR OPERATIONAL RESILIENCE SECURITISATION SUSTAINABLE FINANCE/ESG UCITS ASIA EUROPE UNITED STATES UNITEDKINGDOM Global Trustee and Fiduciary Services Bite-Sized | Issue 6 | 2024 Pre-close calls are communication sessions between an issuer and analysts who generate research, forecasts and recommendations related to the issuer’s financial instruments. These sessions occur just before the periods preceding an interim or year-end financial report, during which issuers avoid providing additional information or updates. The outcomes of pre-close calls can influence market expectations and instrument prices. To address potential concerns related to pre-close calls, ESMA recommends following several good practices, including: 1. Prior to a “pre-close call”, carrying out an assessment of the information intended to disclose, making sure that it is not inside information; 2. Informing the public about the upcoming “pre-close calls” on the issuer’s website, highlighting the relevant details (date, place, topics and participants); 3. Making the material and documents used simultaneously available on the issuer’s website. ESMA also notes that the analysis of specific episodes and identification of potential breaches of MAR is for national competent authorities. Link to Statement here MIFID II/MIFIR NewQ&As Published On 28 May 2024, the European Securities and Markets Authority (ESMA) updated the following Questions and Answers: • Reporting of accumulator contracts (ESMA QA 2204) – How should accumulators be classified? – Should the investment firm (IF) report the single transactions executed when settling the accumulator contract? – Should the IF report the transactions concluded with third parties to secure the financial instruments to be sold to the accumulator’s buyer? – How should the accumulator contract be reported? Link to NewQ&As here ESMA Consults on Commodity Derivatives Under MiFID Review On 23 May 2024, the ESMA launched a public consultation on proposed changes to the rules for position management controls and position reporting. ESMA is consulting on changes to the regulatory technical standards on position management controls, the Implementing Technical Standards on position reporting, and on position reporting in Commission Delegated Regulation (EU). ESMA says that detailed feedback is welcomed on the proposed changes, particularly concerning the extension of position management controls to emission allowances derivatives; the exclusion of emission allowances from position reporting; and the introduction of one weekly position report (excluding options) in addition to the existing one (combining futures and options). The consultation period closes on 21 August 2024. After reviewing the feedback, ESMA aims to publish a final report towards the end of 2024. Link to Consultation here MiFIR Review: ESMA Consults on Consolidated Tape Providers and Their Selection On 23 May 2024, ESMA launched a public consultation on draft technical standards related to Consolidated Tape Providers (CTPs), other data reporting service providers (DRSPs) and the assessment criteria for the CTP selection procedure under the Markets in Financial Instruments Regulation (MiFIR).