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Date | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
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25/09/2000 | 00-064c | The regulation of Alternative Trading Systems in Europe. A paper for the EU Commission | MiFID - Secondary Markets | Final Report | PDF 84.28 KB |
Alternative Trading Systems (ATS) offer electronic securities trading facilities outside the traditional trading channels. An expert group chaired by Howard Davies, Chairman of the UK FSA, has studied the impact of such systems in depth. The group has prepared a comprehensive report identifying and assessing the benefits and risks associated with the emergence of ATS and analysing the current regulatory treatment of such systems, within Europe and elsewhere. The report proposes both a short term and a long term option for a harmonised regulatory treatment of such systems in Europe.The paper was submitted to the European Commission as FESCO"s contribution to the preparation of the forthcoming Green Paper on possible amendments to the Investment Services Directive. The Green Paper will shortly be published as a basis for consultation with Member States, the financial services industry and other interested parties. However, the FESCO paper noted that, while the Green Paper on the ISD might be the catalyst for a far-reaching review of the regulatory approach to ATS, it would not provide a short-term solution. Accordingly, FESCO proposed that the short-term solution should take the form of a set of additional regulatory requirements for ATS operating as investment firms.FESCO will be working on proposals for what those additional regulatory requirements might be over the next six months, with a view to producing a consultation paper in the first half of 2001. This consultation paper will provide an opportunity for interested parties to comment in detail on the FESCO proposals. If, however, in the meantime interested parties have any specific comments on the possible additional regulatory requirements identified in paragraph 71 of the September paper, they should make these known to the Secretariat of FESCO via the following e-mail address: fdankers@europefesco.org | |||
20/01/2011 | 2011/16 | Letter to the SEC- Rulemakings on Registration of non-resident Swap Data Repositories | MiFID - Secondary Markets | Letter | PDF 30.66 KB |
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20/01/2011 | 2011/4 | Letter to the CFTC- Rulemakings on Registration of foreign Swap Data Repositories and Foreign Boards of Trade | MiFID - Secondary Markets | Letter | PDF 34.38 KB |
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15/03/2011 | 2011/94 | ESMA response to the European Commission consultation on CSDs and securities settlement | Post Trading | Letter | PDF 54.2 KB |
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20/07/2011 | 2011/224 | Consultation paper- Guidelines on systems and controls in a highly automated trading environment for trading platforms, investment firms and competent authorities | MiFID - Secondary Markets | Consultation Paper | PDF 623.6 KB |
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20/07/2011 | 2011/223 | Press release- ESMA consults on systems and controls for highly automated trading | Press Releases, MiFID - Secondary Markets | Press Release | PDF 57.39 KB |
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09/12/2011 | 2011/431 | Global regulators discuss OTC derivatives regulation | Press Releases, MiFID - Secondary Markets | Press Release | PDF 18.94 KB |
Leaders and senior representatives of the authorities responsible for the regulation of the over-the-counter (OTC) derivatives markets in Canada, the European Union, Hong Kong, Japan, Singapore and the United Statesmet met yesterday in Paris. | |||
22/12/2011 | 2011/445 | Consultation paper on guidelines on certain aspects of the MiFID suitability requirements | MiFID - Investor Protection | Consultation Paper | PDF 355.06 KB |
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22/12/2011 | 2011/446 | Consultation paper on guidelines on certain aspects of the MiFID compliance function requirements | MiFID - Investor Protection | Consultation Paper | PDF 393.94 KB |
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22/12/2011 | 2011/456 | Final report- Guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities | MiFID - Secondary Markets | Guidelines & Recommendations | PDF 407 KB |
This is the final report. The guidelines along with the translations are published separately. |
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22/12/2011 | 2011/457 | ESMA outlines future automated trading regime for trading platforms, investment firms and competent authorities | Press Releases, MiFID - Secondary Markets | Press Release | PDF 151.9 KB |
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16/02/2012 | 2012/95 | Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories | Post Trading | Consultation Paper | PDF 776.04 KB |
The Regulation of the European Parliament and Council on OTC Derivatives, CCPs and trade repositories (EMIR) introduces provisions to improve transparency and reduce the risks associated with the OTC derivatives market and establishes common rules for central counterparties (CCPs) and for trade repositories (TRs). It has been identified that common rules are required in the case of CCPs in view of the shift of risk management from a bilateral to a central process for OTC derivatives and in the case of trade repositories because of the increase in information that needs to be reported to them. The Regulation delegates or confers powers to the Commission to adopt regulatory technical standards (RTS) and implementing technical standards (ITS) on a number of areas. This discussion paper covers the draft RTS and ITS which ESMA is required to develop. Following this discussion paper and on the basis of the relevant input received, ESMA will prepare draft technical standards to be included in the consultation paper which will most likely be published around summer 2012. | |||
24/02/2012 | 2012/122 | Guidelines- Systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities | Guidelines and Technical standards, MiFID - Secondary Markets | Guidelines & Recommendations | PDF 1006.44 KB |
ESMA Board of Supervisors (the BoS) has decided on the 26 September 2018 to withdraw the guidelines on “Systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities”. The guidelines were issued by ESMA, in February 2012, to ensure a common, uniform and consistent application of MiFID and MAD. The BoS decision to withdraw the guidelines is based on the subject matter being fully incorporated into MiFID II, MAR, and relevant delegated acts. |
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24/02/2012 | 2012/128 | ESMA readies guidelines on automated trading – application deadline starts | Press Releases, MiFID - Secondary Markets | Press Release | PDF 167.16 KB |
ESMA today publishes the official translations of its final “Guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities” (ESMA/2011/456), first published on 21 December 2011. High Frequency Trading (HFT) is one form of automated trading. By having translated the guidelines into all the official languages of the EU, today’s publication triggers a transitional period of two months within which national supervisors have to declare whether they intend to comply with the guidelines or otherwise explain the reasons for non-compliance which would be made public by ESMA. According to the ESMA Regulation national supervisors have to make every effort to comply with the Guidelines. | |||
20/06/2012 | 2012/378 | Operation of notifications of MiFID Article 41 suspensions and removals of financial instruments from trading | MiFID - Secondary Markets | Reference | PDF 353.3 KB |
This protocol has been created to ensure effective co-operation between Competent Authorities (CAs) with respect to their obligations under Article 41 of MiFID (Suspension and removal of in-struments from trading).The purpose of the notification obligations under Article 41 is to afford investors across all Mem-ber States the same level of protection regardless of where they trade. In order to achieve this outcome, a shared understanding of the different circumstances under which trading may be suspended in different Member States according to their national law and the expected course of action under Article 41 is helpful. To ensure trading is suspended or an instrument is removed from trading in an effective and timely way, an effective communication process is necessary.The protocol will be kept under review in light of practical experience. | |||
22/06/2012 | 2012/382 | MiFID Q&A in the area of investor protection and intermediaries | MiFID - Investor Protection | Q&A | PDF 319.78 KB |
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25/06/2012 | 2012/379 | Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories | Post Trading | Consultation Paper | PDF 2.12 MB |
This consultation paper includes the Regulatory and Implementing Technical Standards ESMA is required to draft under the Regulation of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories (EMIR). It covers implementing measures for the application of the clearing obligation for risk mitigation techniques, exemptions for non-financial counterparties and intra-group transactions, requirements for CCPs and reporting and disclosure obligations for trade repositories. |
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06/07/2012 | 2012/387 en | Guidelines on certain aspects of the MiFID suitability requirements | MiFID - Investor Protection | Guidelines & Recommendations | PDF 298.21 KB |
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06/07/2012 | 2012/388 EN | Guidelines on certain aspects of the MiFID compliance function requirements | MiFID - Investor Protection | Guidelines & Recommendations | PDF 305.13 KB |
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06/07/2012 | 2012/387 | Final report Guidelines on certain aspects of the MiFID suitability requirements | Guidelines and Technical standards, MiFID - Investor Protection | Final Report | PDF 444.15 KB |