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03/10/2013 2013/1400 20 September 2013 meeting of the Principals of the OTC Derivative Regulators Group Post Trading, Press Releases Press Release PDF
86.63 KB

Principals and senior representatives of authorities responsible for the regulation of the over-the-counter (OTC) derivatives markets in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Québec, Singapore, Switzerland and the United States met on 20 September 2013 at the headquarters of the European Securities and Markets Authority (ESMA) in Paris.  The Principals and representatives include:  ·         Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA); ·         Greg Medcraft, Chairman of the Australian Securities and Investments Commission; ·         Leonardo Pereira, Chairman of the Comissão de Valores Mobiliários (Brazil); ·         Patrick Pearson, Acting Director at the European Commission; ·         Ashley Alder, Chief Executive Officer of the Hong Kong Securities and Futures Commission; ·         Masamichi Kono, Vice-Commissioner of the Japan Financial Services Agency; ·         Howard Wetston, Chair of the Ontario Securities Commission; ·         Anne Héritier Lachat, Chair of the Swiss Financial Market Supervisory Authority; ·         Gary Gensler, Chairman of the United States Commodity Futures Trading Commission; ·         Mary Jo White, Chair of the United States Securities and Exchange Commission; ·         Chuan Teck Lee, Assistant Managing Director at the Monetary Authority of Singapore; ·         Louis Morisset, President and CEO, l’Autorité des marchés financiers du Québec.  The Principals discussed generally: the application of clearing requirements to foreign branches and affiliates; risk mitigation techniques for non-centrally cleared derivatives transactions, such as timely confirmation, portfolio reconciliation, portfolio compression, valuation and dispute resolution; the need to co-operate in the implementation of internationally agreed standards on margin for non-centrally cleared derivatives transactions; co-operation on equivalence and substituted compliance assessments among the relevant authorities; and co-operation between authorities in the supervision of registered foreign entities;  The Principals agreed to meet again in February to continue the discussion of the above points.
13/07/2020 ESMA71-99-1352 3rd EU-wide CCP stress test results PR CCP Directorate, Post Trading, Press Releases Press Release PDF
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17/04/2020 ESMA71-99-1313 Benchmarks MoU- 30 Mar (MAS ESMA) Benchmarks, International cooperation, Press Releases Press Release PDF
112.32 KB
04/01/2021 ESMA71-99-1498 Brexit: ESMA withdraws the registrations of six UK-based credit rating agencies and four trade repositories Brexit, Credit Rating Agencies, Press Releases, Trade Repositories Press Release PDF
94.63 KB
23/07/2018 ESMA71-99-1017 CRA fine- ESMA fines five banks Credit Rating Agencies, Press Releases Press Release PDF
223.54 KB
26/09/2017 ESMA71-99-599 EBA and ESMA provide guidance to assess the suitability of management body members and key function holders Guidelines and Technical standards, Joint Committee, MiFID - Investor Protection, Press Releases Press Release PDF
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The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have published their joint Guidelines to assess the suitability of members of management bodies and key function holders.
07/02/2018 ESMA71-99-945 EC ECB ESMA FSMA press release on WG on RFR composition Benchmarks Press Release PDF
391.71 KB
04/02/2019 ESMA71-99-1107 ESMA agrees no-deal Brexit MOUs with the Bank of England for recognition of UK CCPs and the UK CSD Brexit, Post Trading, Press Releases Press Release PDF
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15/03/2012 2012/158 ESMA allows EU-registered CRAs to endorse credit ratings issued in the US, Canada, Hong Kong and Singapore Credit Rating Agencies Press Release PDF
189.93 KB		 ESMA today announces that it considers the regulatory frameworks for credit rating agencies (CRAs) of the United States of America, Canada, Hong Kong and Singapore to be in line with European rules. The EU Regulation (EC) No 1060/2009 on Credit Rating Agencies1 requires ESMA to assess whether the requirements of third-country CRA regimes are “as stringent as” the European ones. Today’s announcement allows European financial institutions to continue using for regulatory purposes credit ratings issued in these countries after 30 April 2012. ESMA’s assessment of third-country CRA regimes is an important tool for enhancing internationally consistent supervision of CRAs in the interests of protecting financial markets and investors in the EU.
01/02/2019 ESMA71-99-1096 ESMA and EU securities regulators MoUs with FCA Board of Supervisors, Brexit, Credit Rating Agencies, Fund Management, Press Releases, Trade Repositories Press Release PDF
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06/06/2013 2013/684 ESMA and the EBA publish final principles on benchmarks Risk Analysis & Economics - Markets Infrastructure Investors, Press Releases, Benchmarks Press Release PDF
125.48 KB
28/02/2013 2013/266 ESMA and the EBA warn investors about contracts for difference MiFID - Investor Protection, Warnings and publications for investors, Press Releases Press Release PDF
119.01 KB		 The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have published a warning to retail investors about the dangers of investing in contracts for difference (CFDs).The two authorities are concerned that during the current period of low investment returns, inexperienced retail investors across the EU are being tempted to invest in complex financial products, which they may not fully understand and which can end up costing them money they cannot afford to lose.Andrea Enria and Steven Maijoor, Chairs of the EBA and ESMA, warned:“Retail investors across the EU should be aware of all the risks arising from investing in CFDs.  These products appear to promise investors substantial returns at a low cost but may ultimately cost them far more than they may have intended or could afford to lose.“CFDs are complex products that are not suitable for all types of investors, therefore you should always make sure that you understand how the product you are buying works, that it does what you want it to do and that you are in a position to take the loss if it fails.”Investors trading CFDs should protect themselvesInvestors should only consider trading in CFDs if they have extensive experience of trading in volatile markets, if they fully understand how these operate and have sufficient time to manage their investment on an active basis.Investors should carefully read their agreement or contract with the CFD provider before making a trading decision.  They should make sure that they at least understand the following: •    the costs of trading CFDs with the CFD provider,  •    whether the CFD provider will disclose the margins it makes on their trades, •    how the prices of the CFDs are determined by the CFD provider, •    what happens if they hold their position open overnight,  •    whether the CFD provider can change or re-quote the price once an investor places an order, •    whether the CFD provider will execute investor’s orders even if the underlying market is closed, •    whether there is an investor or deposit protection scheme in place in the event of counterparty or client asset issues.If investors do not understand what’s on offer, they should not trade. Further information Always check if the CFD provider is authorised to do investment business in your country.  You can check this on the website of the CFD provider’s national regulator.  A list of all the national regulatory authorities, and their websites, is also available from:•    ESMA at http://www.esma.europa.eu/investor-corner; and •    EBA at http://www.eba.europa.eu/Publications/Consumer-Protection-Issues.aspx.The investor warning on CFDs will be translated into the official EU languages.Concurrently with the publication of this warning, the EBA is addressing an internal Opinion under Art. 29 of the EBA Regulations to national supervisory authorities on the prudential supervision of CFDs. Notes for editors1.    ESMA/2013/267 Investor Warning – Contracts for Difference (CFDs)2.    ESMA and the EBA are independent EU Authorities that were established on 1 January 2011 and work closely with the European other European Supervisory Authority responsible for insurance and occupational pensions (EIOPA).3.    ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU).  As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU. ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity.4.    The EBA has a broad remit in the areas of banking, payments and e-money regulation, as well as on issues related to corporate governance, auditing and financial reporting. Its tasks include the protection of consumers and depositors, preventing regulatory arbitrage, guaranteeing a level playing field (especially by building a single rule book for the European banking system) strengthening international supervisory coordination, promoting supervisory convergence and providing advice to EU institutions. Further information:Reemt SeibelESMA Communications Officer Tel:   +33 (0)1 58 36 4272Mob: +33 6 42 48 55 29Email: reemt.seibel@esma.europa.eu David CliffeESMA Senior Communications OfficerTel:   +33 (0)1 58 36 43 24Mob: +33 6 42 48 29 06Email: david.cliffe@esma.europa.euRomain SadetEBA Communications Officer Tel:   +44 (0) 207 997 5914Mob: +44 (0) 7785 463278  Email: romain.sadet@eba.europa.eu     Franca CongiuEBA Communications OfficerTel:   +44 (0) 207 382 1781Mob: +44 (0) 7771 376395Email: francarosa.congiu@eba.europa.eu
14/04/2016 2016/625 ESMA announces EU-wide stress tests for CCPs Post Trading, Press Releases Press Release PDF
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18/04/2012 2012/256 ESMA approves credit ratings from Argentina and Mexico for use in the EU Credit Rating Agencies, Press Releases Press Release PDF
186.59 KB		 The European Securities and Markets Authority (ESMA) announces today that it considers the regulatory frameworks for credit rating agencies (CRAs) of Argentina and Mexico to be in line with European Union rules.  Today’s announcement allows European financial institutions to continue using credit ratings issued in these countries for regulatory purposes after 30 April 2012.In order to facilitate regulatory information exchange, and as a precondition to endorsement, ESMA has entered into co-operation agreements for the supervision of CRAs with the national competent authorities of Argentina and Mexico.  Ratings issued under the regulatory frameworks of Australia, Canada, Hong Kong, Japan, Singapore and the United States have already been approved for use in the EU.
27/04/2012 2012/274 ESMA approves credit ratings from Brazil for use in the EU Credit Rating Agencies, Press Releases Press Release PDF
182.58 KB		 ESMA considers the regulatory framework for credit rating agencies (CRAs) of Brazil to be in line with European Union rules. This allows European financial institutions to continue using credit ratings issued in Brazil for regulatory purposes after 30 April 2012. In order to facilitate the exchange of regulatory information, and as a precondition to endorsement, ESMA has also entered into a co-operation agreement for the supervision of CRAs with the Securities and Exchange Commission of Brazil (Comissão de Valores Mobiliários – CVM).
07/06/2013 2013/700 ESMA approves Dagong Europe as a credit rating agency Credit Rating Agencies Press Release PDF
73.5 KB		 The European Securities and Markets Authority (ESMA) has formally approved the registration of Dagong Europe Credit Rating Srl (Dagong Europe), based in Italy, as a credit rating agency (CRA) under Article 16 of the CRA Regulation. The registration takes effect from 13 June 2013.
30/05/2013 2013/630 ESMA approves EIU as a credit rating agency Credit Rating Agencies, Press Releases Press Release PDF
73.53 KB		 The European Securities and Markets Authority (ESMA) has formally approved the registration of the Economist Intelligence Unit (EIU), based in the United Kingdom, as a credit rating agency (CRA) under Article 16 of the CRA Regulation. The registration takes effect from 3 June 2013. EIU’s registration as a CRA means that its credit ratings can be used for regulatory purposes under EU legislation.
01/07/2013 2013/853 ESMA approves Spread Research as a credit rating agency Credit Rating Agencies Press Release PDF
73.4 KB		 The European Securities and Markets Authority (ESMA) has formally approved the registration of Spread Research SAS, based in France, as a credit rating agency (CRA) under Article 16 of the CRA Regulation. The registration takes effect from 1 July 2013.
14/11/2013 2013/1650 ESMA begins preparatory work for new Market Abuse Regime Market Abuse, Market Integrity, Press Releases Press Release PDF
95.26 KB		 ESMA begins preparatory work for new Market Abuse Regime The European Securities and Markets Authority (ESMA) has published a Discussion Paper setting out its initial views on the implementing measures it will have to develop for the new Market Abuse Regulation (MAR). MAR aims to enhance market integrity and investor protection. It will achieve this by updating and strengthening the existing market abuse framework, by extending its scope to new markets and trading strategies, and by introducing new requirements. The Discussion Paper presents positions and regulatory options on those issues where ESMA will have to develop MAR implementing measures, likely to include Regulatory Technical Standards, Delegated Acts and Guidelines. These implementing measures are of fundamental importance to the new regime, as they set out how MAR’s enlarged scope is to be implemented in practice by market participants, trading platforms, investors, issuers and persons related to financial markets. In developing these regulatory options ESMA, where similar requirements already exist under the current Market Abuse Directive (MAD), has taken into consideration the existing MAD Level 2 texts and ESMA/CESR guidelines to set out the DP positions in light of the extended scope of MAR. This Discussion Paper is based on the version of the MAR Level 1 text agreed by the European Parliament, the Council and the European Commission on 24 June 2013. The closing date for responses is Monday 27 January 2014. MAR Policy Areas The DP covers ten sections of MAR where ESMA is expected to have to provide input, these include: • conditions to be met by buyback programmes and stabilization measures to benefit from the exemption from market abuse prohibitions; • arrangement and procedures required for market soundings, from the perspective of both the sounding and the sounded market participants; • indicators and signals of market manipulation; • criteria to establish Accepted Market Practices; • arrangement, systems and procedures to put in place for the purpose of suspicious transactions and order reporting as well as its content and format; • issues relating to public disclosure of inside information and the conditions for delay; • format for insider lists; • issues concerning the reporting and public disclosure of managers’ transactions; • arrangements for fair presentation and disclosure of conflicts of interests by producers and disseminators of investment recommendations; • reporting of violations and related procedures. Next steps ESMA will consider the feedback it receives to this consultation in Q1 2014 and incorporate it in to its full consultation papers on both its draft Technical Standards and Technical Advice to the Commission. The dates for these consultations are will depend on the publication of the final version of MAR. Notes for editors 1. 2013/1649 Discussion Paper - ESMA’s policy orientations on possible implementing measures under the Market Abuse Regulation 2. Proposal for a Regulation of the European Parliament and of the Council on insider dealing and market manipulation (market abuse) (MAR) 3. ESMA is an independent EU Authority that was established on 1 January 2011 and works closely with the other European Supervisory Authorities responsible for banking (EBA), and insurance and occupational pensions (EIOPA), and the European Systemic Risk Board (ESRB). 4. ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU). As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU. ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity. Press Release 2013/1650 Discussion Paper 2013/1649
03/06/2014 2014/596 ESMA censures Standard & Poor’s for internal control failings Credit Rating Agencies, Press Releases Press Release PDF
111.54 KB		 The European Securities and Markets Authority (ESMA) has issued a public notice censuring Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited (S&P) for breaches of Regulation 1060/2009 (CRA Regulation). The decision by ESMA to issue a public notice results from its investigation into the erroneous publication on 10 November 2011 by S&P, to the subscribers of its Global Credit Portal, of an email stating “France (Republic of) (Unsolicited Ratings): DOWNGRADE”, although S&P’s rating of France had not been downgraded. ESMA found that this incident was the result of a failure by S&P to meet certain organisational requirements set out in the CRA Regulation, relating to sound internal control mechanisms, effective control and safeguard arrangements for information processing systems and decision-making procedures and organisational structures. ESMA, based on the provisions of the CRA Regulation, decided that the relevant breaches warranted a supervisory measure in the form of a public notice. The final decision on the supervisory measure took into account the steps taken by S&P to end the infringement and was considered proportionate to the seriousness of the breach. Case Background S&P, on 10 November 2011 at 15:57 CET, erroneously released to subscribers of its web-based Global Credit Portal (GCP) an email alert which stated in its header “France (Republic of) (Unsolicited Ratings): DOWNGRADE”, although S&P’s credit rating of France had not changed. GCP is one of the methods used by S&P to disseminate its credit ratings and other financial information products. Among other services, it provides an email alert function that a subscriber can customise in order to receive alerts when certain information changes on GCP, e.g. in case S&P decides to change a credit rating on a particular issuer. S&P’s internal database, where it maintained its credit ratings, was also used to store its Banking Industry Country Risk Assessments (BICRAs). BICRAs are not credit ratings but assessments of the banking systems in particular countries and have been published since 2006. S&P later decided to maintain BICRAs in the same centralised internal database as its credit ratings and to display BICRAs on GCP. The relevant technical specifications for this project treated BICRAs as ratings and no effective action was taken to address the implications this could have. This eventually led to the erroneous release when an attempt to change an incorrect display of France’s BICRA on GCP triggered an email alert stating in its header that the rating of France had been downgraded. ESMA’s Role Since July 2011 ESMA has been responsible for the regulation of credit rating agencies in the European Union including their registration and supervision in line with the requirements of the CRA Regulation. ESMA has the power to take appropriate enforcement action where it discovers a breach of the CRA Regulation, ranging from the issuance of public notices to the withdrawal of registration and imposition of fines.

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