ESMA’s role in the field of international cooperation
Membership of international organisations
ESMA’s international work has included taking its seat as an observer to the International Organisation of Securities Commissions (IOSCO) Board. ESMA is also actively participating in the Committee 6 on CRAs, in the European Regional Committee, and in the Risks Committee as well as in the Committee on Payment and Settlement Systems (CPSS-IOSCO). In addition, ESMA joined several policy committees as an observer.
Besides IOSCO, ESMA is also participating in some of the work of the Financial Stability Board.
ESMA is an official observer to the IFRS Advisory Council, the formal advisory body to the IASB and the Trustees of the IFRS Foundation providing advice on the priorities and development of IFRS as high quality globally accepted standards.
Together with the European Commission, ESMA has worked within the OTC Derivatives Regulators Group (ODRG). The main focus has been to identify gaps and inconsistencies on the rules implementing the G20 commitments and ways to address them.
ESMA’s own international work has seen it focus on equivalence assessments, developing and concluding cooperation agreements, as well as preparing for the extension of the Alternative Investment Fund Managers Directive (AIFMD) passporting regime. During the last year ESMA negotiated and concluded agreements between EU securities regulators and their global counterparts with responsibility for the supervision of CCPs and TRs:
- ESMA signed 4 MoUs with with non-EU authorities, from 4 different third countries, that are responsible for the supervision of the TC-CCPs from these countries that have applied for recognition under EMIR, and is negotiating MoUs with non-EU authorities from 7 other third countries
- ESMA signed 2 MoUs related to access by third country authorities to trade repository data. ESMA is negotiating other TR data access MoUs
CRAs and TRs
As an organisation responsible for the development of regulations affecting the EU’s financial markets and for the supervision of key market participants (CRA and TR), ESMA is closely involved in day to day cooperation with its regulatory counterparts in third country jurisdictions.
ESMA concluded 30 delegation agreements delegating to ESMA tasks regarding the provision of a central facility in relation to instrument and trading data and the calculation of transparency and liquidity thresholds under Regulation (EU) No 600/2014 and single access point to trade repositories data under Regulation (EU) No 648/2012. Specific overview of these delegation agreements are detailed in the Overview document.
The delegation agreements are all substantially identical, the difference only being the name of the authority that concluded the delegation agreement, the individual contact point at that authority and the individual financial contribution of that authority.
Against this background, we publish a sample of the delegation agreement and its Annexes.