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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|30/10/2014||JC/2014/01 add||Addendum to Joint CP on draft ITS on the mapping of ECAIs||Joint Committee||Consultation Paper||PDF
|The Joint Committee of the three European Supervisory Authorities (EBA, ESMA and EIOPA - ESAs) published today an addendum to the joint consultation on the mapping of the credit assessments to risk weights of External Credit Assessment Institutions (ECAIs). The addendum provides further details on the application of the rules proposed in the draft Implementing Technical Standards (ITS) in relation to particular ECAIs and is to be considered as an extension of the consultation process. The consultation period will be reopened until 30 November 2014 in order to collect additional comments. In line with the specifications included in the joint Consultation Paper published in February 2014, this addendum contains the individual mapping tables of all relevant ECAIs. The proposed mappings establish the level of capital that financial institutions should hold in order to ensure the safety and soundness of the EU financial system. These draft mappings are based on the amount of objective information available for each ECAI regarding the performance of its credit ratings. Therefore, the draft mappings mainly reflect the historical ability of ECAIs to anticipate negative credit events. For those cases where only a small number of credit ratings were available, the draft mappings have to a large extent relied on alternative information; whereas, when no relevant information was found, a certain degree of prudence has been applied. Furthermore, the addendum contains some additional aspects resulting from the cost-benefit/impact assessment analysis. The analysis shows that the proposals for the largest ECAIs are not expected to have a significant impact on financial institutions in terms of capital requirements. Only in very specific cases the average capital requirement associated with a particular ECAI might increase by up to 10%. In the case of ECAIs that currently have no mapping established, the impact is expected to reflect the true risk profile of the rated entities. In addition, the EBA also published the individual draft mapping reports that illustrate how the rules proposed in the draft ITS were applied. The draft mappings will be reviewed in light of any comments received during the consultation process. Consultation process The consultation deadline is 30 November 2014 and responses can be submitted here. All contributions received will be published following the close of the consultation, unless requested otherwise. Draft Mapping Reports|
|17/07/2019||ESMA35-43-1905||Call for evidence Impact of the inducements and costs and charges disclosure requirements under MiFID II||MiFID - Investor Protection||Consultation Paper||PDF
|30/09/2019||ESMA-35-43-2090||Call for evidence on MiFID II product intervention powers||MiFID - Investor Protection||Consultation Paper||PDF
|01/10/2021||ESMA35-43-2827||Call for evidence on retail investor protection aspects||MiFID - Investor Protection||Consultation Paper||PDF
|21/10/2021||JC 2021 61||Call for evidence on the European Commission mandate regarding the PRIIPs Regulation||Fund Management, Joint Committee||Consultation Paper||PDF
|18/01/2018||ESMA35-43-904||Call for Evidence – Potential product intervention measures on contracts for differences and binary options to retail clients||MiFID - Investor Protection||Consultation Paper||PDF
|14/09/2011||2011/288||Call for evidence- Empty voting||Corporate Disclosure, Corporate Governance, Transparency||Consultation Paper||PDF
|19/12/2018||ESMA35-43-1210||Consulation paper on integrating sustainability risks and factors in MiFID II||MiFID - Investor Protection||Consultation Paper|
|24/09/2021||ESMA35-43-2836||Consultation on Review of the MiFID II framework on best execution reports||MiFID - Investor Protection||Consultation Paper||PDF
|16/10/2019||JC-2019-63||Consultation Paper on amendments to PRIIPs KID||Fund Management, Joint Committee||Consultation Paper||PDF
|15/07/2019||ESMA35-43-2019||Consultation paper on compliance function guidelines||MiFID - Investor Protection||Consultation Paper||PDF
|05/10/2016||2016/1436||Consultation Paper on Draft guidelines on MiFID II product governance requirements||MiFID - Investor Protection||Consultation Paper||PDF
|22/12/2011||2011/446||Consultation paper on guidelines on certain aspects of the MiFID compliance function requirements||MiFID - Investor Protection||Consultation Paper||PDF
|13/07/2017||ESMA35-43-748||Consultation Paper on guidelines on certain aspects of the MiFID II suitability requirements||MiFID - Investor Protection||Consultation Paper||PDF
|22/12/2011||2011/445||Consultation paper on guidelines on certain aspects of the MiFID suitability requirements||MiFID - Investor Protection||Consultation Paper||PDF
|18/11/2022||ESMA34-472-373||Consultation paper on Guidelines on funds’ names||Fund Management, Sustainable finance||Consultation Paper||PDF
|13/07/2018||ESMA31-62-996||Consultation Paper on Guidelines on Risk Factors||Corporate Finance||Consultation Paper||PDF
|19/12/2018||ESMA35-43-1210||Consultation paper on integrating sustainability risks and factors in MiFID II||MiFID - Investor Protection||Consultation Paper||PDF
|22/05/2014||2014/549||Consultation Paper on MiFID II/MiFIR||MiFID - Investor Protection, MiFID - Secondary Markets||Consultation Paper||PDF
|This publication is the first step in the process of translating the MiFID II/MiFIR requirements into practically applicable rules and regulations to address the effects of the financial crisis and to improve financial market transparency and strengthen investor protection.MiFID II/MiFIR introduces changes that will have a large impact on the EU’s financial markets, these include transparency requirements for a broader range of asset classes; the obligation to trade derivatives on-exchange; requirements on algorithmic and high-frequency-trading and new supervisory tools for commodity derivatives. It will also strengthen protection for retail investors through limits on the use of commissions; conditions for the provision of independent investment advice; stricter organisational requirements for product design and distribution; product intervention powers; and the disclosure of costs and charges.Responding to this paperThe European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the ESMA MiFID II/MiFIR Consultation Paper.Please use this “form to reply”.The level 1 texts adopted by the European Council during its 13 May 2014 meeting are available here: MiFID II and MiFIR. These links are coming from the Council Press Release.|
|19/12/2014||2014/1570 Annex B||Consultation paper on MiFID II/MiFIR- Annex B||MiFID - Investor Protection, MiFID - Secondary Markets||Consultation Paper||PDF
|Who should read this paper?
This document will be of interest to all stakeholders involved in the securities markets. It is primarily of interest to competent authorities and firms that are subject to MiFID II and MiFIR – in particular, investment firms, credit institutions performing investment services and activities, data reporting services providers and trading venues. This paper is also important for trade associations and industry bodies, institutional and retail investors and their advisers, and consumer groups, as well as any market participant because the MiFID II and MiFIR requirements seek to implement enhanced provisions to ensure investor protection and the transparency and orderly running of financial markets with potential impacts for anyone engaged in the dealing with or processing of financial instruments.
Responding to this paper
The European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the ESMA MiFID II/MiFIR Consultation Paper.
Please note that ESMA will only be able to consider responses received using this “form to reply” and complying with the procedure below.
a) InstructionsPlease note that, in order to facilitate analysis of the large number of responses expected, ESMA will be using an IT tool that does not allow processing of responses which do not follow the formatting indications described below. Therefore, in responding stakeholders should:i. use the published template and send their responses in Word format (pdf documents will not be considered except for annexes); ii. not remove the tags of type