On 14 March 2019, the European Securities and Markets Authority (ESMA) updated the ESMA Interactive Single Rulebook related to the provisions of the Market in Financial Instruments Directive (MIFID II) and Regulation (MiFIR).
The Interactive Single Rulebook is an online tool of ESMA. It aims to facilitate the consistent application of the EU single rulebook in the securities markets in areas under ESMA’s remit. Currently it covers MiFID II/MiFIR, the Directive on Undertakings in Collective Investment to Transferable Securities (UCITS) as well as the Credit Rating Agencies Regulation legislation allowing a comprehensive overview of and an easy access to:
- Level 1 texts (i.e. the respective EU Regulations or Directives);
- Level 2 measures (i.e. Implementing Acts or Delegated Acts adopted by the European Commission, including Technical Standards developed by ESMA and endorsed by the European Commission); and
- Level 3 measures (i.e. Guidelines, Opinions, and Q&As issued by ESMA).
The European Banking Authority (EBA) has also available online the EBA Interactive Single Rulebook of the Level 1 text on areas under its remit, which covers:
- the Capital Requirements Regulation (CRR) and the Capital Requirements Directive (CRD IV);
- the Bank Recovery and Resolution Directive (BRRD);
- the Deposit Guarantee Schemes Directive (DGSD);
- and the Payments Services Directive (PSD2),
together with the corresponding Technical Standards developed by the EBA and adopted by the European Commission, as well Guidelines and related Q&As issued by the EBA.
These online tools, meant by each of ESMA and EBA just as a documentation tool (without any assumption of liability from their part on their contents), provide invaluable assistance and source of information on the respective EU law applicable to Financial Services and, self-evidently, demonstrate the growing interaction between the law and technology.
Our experienced Financial Services team can help you navigate the applicable regulatory framework in Cyprus and for any enquiry or assistance please contact Dimitris Papoutsis or your usual contact at Elias Neocleous & Co LLC.