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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
18/02/2015 2015/319 Addendum Consultation Paper- MiFID II/MiFIR Consultation Paper PDF
2.78 MB
The European Securities and Markets Authority (ESMA) has published today a consultation paper (CP) which complements the transparency section of the CP on MiFID II/MiFIR published on 19 December 2014. This CP covers the following non-equity asset classes: foreign exchange derivatives; credit derivatives; other derivatives; and contracts for difference (CFDs). For each asset class two sections are provided: the first presents the analysis on the definition of a liquid market and the second includes the calculations on the pre-trade and post-trade transparency large in scale (LIS) and size specific to the instrument (SSTI) thresholds. The last section of the CP completes draft RTS 9 (Transparency requirements in respect of bonds, structured finance products, emission allowances and derivatives) published in Annex B of the CP on MiFID II/MiFIR on 19 December 2014, where rules and tables were included for bonds, structured finance products, emission allowances and derivatives not covered in this more recent analysis. This CP should be read in conjunction with ESMA’s CP on MiFID II/MiFIR and the related Annex B published on 19 December 2014. This consultation runs until 20 March 2015. ESMA will use the input received to finalise its draft RTS which will be sent for endorsement to the European Commission in mid-2015. MiFID II/ MiFIR and its implementing measures will be applicable from 3 January 2017.
30/10/2014 JC/2014/01 add Addendum to Joint CP on draft ITS on the mapping of ECAIs Consultation Paper PDF
157.22 KB
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
04/10/2019 ESMA70-156-1555 Alignment of MiFIR with the changes introduced by EMIR Refit , Consultation Paper PDF
270.97 KB
03/02/2015 2015/233 Call for Evidence Competition, Choice and Conflicts of Interests in the CRA Industry Consultation Paper PDF
402.12 KB
30/03/2020 ESMA33-5-829 Call for evidence on access and use of ratings Consultation Paper PDF
307.88 KB
20/03/2015 2015/558 Call for evidence on private and bilateral SFIs Consultation Paper PDF
118.4 KB
This call for evidence should be read by all those involved in the EU securitisation markets. It is particularly targeted at the following market participants and the groups and trade associations who represent them: •    Issuers, originators and sponsors of Structured Finance Instruments (SFIs);•    Investors acting in the securitisation markets;•    Market intermediaries other than the issuers, originators and sponsors of SFIs.Responses are most helpful to ESMA when they clearly indicate which question is being answered and provide evidence in support of the response, such as concrete examples of practices experienced, data or costs estimates. Should respondents feel that the distinction provided for by the two proposed categories (issuers vs. investors) is not suitable to their particular situation, ESMA welcomes these contributions in alternative format. ESMA will consider all responses that have been received by 20 May 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’.
26/05/2011 2011/155 Call for evidence- assessment of compliance of credit rating agencies with Article 8.3 of the Credit Rating Agencies Regulation (1060/2009/EC) Consultation Paper PDF
69.4 KB
14/01/2011 2011/5 Call for evidence- criteria for endorsement (Article 21 (2)(a) of the draft amended CRA Regulation) Consultation Paper PDF
218.02 KB
26/05/2011 2011/156 Call for evidence- ratings data periodic reporting requirements for CRAs according to Article 21 (3)(e) of the Draft Amended CRA Regulation Consultation Paper PDF
88.95 KB
19/12/2018 ESMA 33-9-290 Consulation Paper on Disclosure Requirements Applicable to Credit Ratings Consultation Paper PDF
519.77 KB
19/07/2018 ESMA 33-9-252 Consulation Paper on Revised Guidelines on Periodic Reporting by CRAs Consultation Paper PDF
1.87 MB
16/10/2019 JC-2019-63 Consultation Paper on amendments to PRIIPs KID , Consultation Paper PDF
2.42 MB
11/02/2014 2014/150 Consultation Paper on CRA3 Implementation Consultation Paper PDF
1.92 MB
The consultation paper seeks stakeholders’ views on the draft RTS ESMA is required to adopt under the CRA3 Regulation. The input from stakeholders will help ESMA in drafting the final report. Respondents to this consultation are encouraged to provide the relevant data to support their arguments or proposals. Responding to this paper ESMA invites comments on all matters in this paper. Comments are most helpful if they: contain a clear rationale; include quantitative elements to support any concern; and describe any alternatives ESMA should consider, including alternative drafts. ESMA will consider all comments received by 11 April 2014.All contributions should be submitted online on the Consultation Page.   Hearing ESMA is seeking input from users, producers of credit ratings, those involved in the issuance of structured finance instruments (issuers, originators and sponsors), anyone interested in the up-to-date individual rating data or in competition in the credit market.The hearing will be held on Friday, 14 March 2014, from 10.00 to 13.00 CET and is open to all. Please register on the Hearing page.
29/09/2014 2014/1189 Consultation paper on draft guidelines on the application of C6 and C7 of Annex I of MiFID Consultation Paper PDF
420.06 KB
29/09/2014 2014/1188 Consultation paper on draft Implementing Technical Standards on main indices and recognised exchanges under the Capital Requirements Regulation Consultation Paper PDF
568.07 KB
Responding to this paper The European Securities and Markets Authority (ESMA) invites comments on all matters set out in this consultation paper and, in particular, on the specific questions listed in Annex 1. Comments are most helpful if they: ·         indicate the number of the question to which the comment relates; ·         respond to the question stated; ·         contain a clear rationale, including on any related costs and benefits; and ·         describe any alternatives ESMA should consider. Comments should reach us by November 1st 2014. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input/Consultations’. Publication of responses  All contributions received will be published following the end of the consultation period, unless otherwise requested. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. Note also that a confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection  Information on data protection can be found at www.esma.europa.eu by following the link ‘Data protection’. Who should read this paper? All interested stakeholders are invited to respond to this consultation paper. It will primarily be of interest to credit institutions and investment firms who need to calculate their credit risk exposure under the Capital Requirements Regulation (EU) No 575/2013 of 26 June 2013.
31/08/2015 2015/1301 Consultation Paper on Draft implementing technical standards under MiFID II Consultation Paper PDF
655.21 KB
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 and credit institutions performing investment services and activities but it 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 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 this 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 reply form template and send their responses in Word format (pdf documents will not be considered except for annexes); ii.    not remove the tags of type < ESMA_QUESTION_MIFID_ITS_1> - i.e. the response to one question has to be framed by the 2 tags corresponding to the question; andiii.    if they have no response to a question, do not delete it and leave the text “TYPE YOUR TEXT HERE” between the tags. b) Naming protocolIn order to facilitate the handling of stakeholders responses please save your document using the following format: ESMA_MiFID_ITS_NAMEOFCOMPANY_NAMEOFDOCUMENT e.g. if the respondent were ESMA, the name of the reply form would be ESMA_MiFID_ITS_ESMA_REPLYFORM or ESMA_MiFID_ITS_ESMA_ANNEX1 To help you navigate this document more easily, bookmarks are available in “Navigation Pane” for Word 2010 and in “Document Map” for Word 2007.c) Content of the responses Responses are most helpful:i.    if they respond to the question stated;ii.    contain a clear rationale, including on any related costs and benefits; andiii.    describe any alternatives that ESMA should consider. d) Deadline Responses must reach us by 31 October 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input/Consultations’. Publication of responses All contributions received will be published following the end of the consultation period, unless otherwise requested. Please clearly indicate by ticking the appropriate checkbox in the website submission form if you do not wish your contribution to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. Note also that a confidential response may be requested from ESMA in accordance with ESMA’s rules on access to documents. ESMA may consult respondents if ESMA receives such a request. Any decision we make is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the headings ‘Legal notice’ and ‘Data protection’.
05/10/2016 2016/1437 Consultation Paper on Guidelines on the management body of market operators and data reporting services providers Consultation Paper PDF
756.21 KB
22/05/2014 2014/549 Consultation Paper on MiFID II/MiFIR , Consultation Paper PDF
2.03 MB
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 , Consultation Paper PDF
2.78 MB
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 - i.e. the response to one question has to be framed by the 2 tags corresponding to the question; andiii.    if they have no response to a question, not delete it and leave the text “TYPE YOUR TEXT HERE” between the tags. b)    Naming protocolIn order to facilitate the handling of stakeholders responses please save your document using the following format:ESMA_MiFID2_CP_NAMEOFCOMPANY_NAMEOFDOCUMENT: e.g. if the respondent were ESMA, the name of the reply form would be ESMA_MiFID2_CP_ESMA_REPLYFORM or ESMA_MiFID2_CP_ESMA_ANNEX1 c)    Content of the responses Responses are most helpful:i.    if they respond to the question stated;ii.    contain a clear rationale; andiii.    describe any alternatives that ESMA should consider. Given the breadth of issues covered, ESMA expects and encourages respondents to specifically answer those questions relevant to their business, interest and experience. d)    Deadline Responses must reach us by 2 March 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input/Consultations’. Publication of responses All contributions received will be published following the end of the consultation period, unless otherwise requested. Please clearly indicate by ticking the appropriate checkbox in the website submission form if you do not wish your contribution to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. Note also that a confidential response may be requested from ESMA in accordance with ESMA’s rules on access to documents. ESMA may consult respondents if ESMA receives such a request. Any decision we make is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the headings ‘Legal notice’ and ‘Data protection’.
19/12/2014 2014/1570 Consultation paper on MiFID II/MiFIR- part 1 , Consultation Paper PDF
6.55 MB
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 - i.e. the response to one question has to be framed by the 2 tags corresponding to the question; andiii.    if they have no response to a question, not delete it and leave the text “TYPE YOUR TEXT HERE” between the tags. b)    Naming protocolIn order to facilitate the handling of stakeholders responses please save your document using the following format:ESMA_MiFID2_CP_NAMEOFCOMPANY_NAMEOFDOCUMENT: e.g. if the respondent were ESMA, the name of the reply form would be ESMA_MiFID2_CP_ESMA_REPLYFORM or ESMA_MiFID2_CP_ESMA_ANNEX1 c)    Content of the responses Responses are most helpful:i.    if they respond to the question stated;ii.    contain a clear rationale; andiii.    describe any alternatives that ESMA should consider. Given the breadth of issues covered, ESMA expects and encourages respondents to specifically answer those questions relevant to their business, interest and experience. d)    Deadline Responses must reach us by 2 March 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input/Consultations’. Publication of responses All contributions received will be published following the end of the consultation period, unless otherwise requested. Please clearly indicate by ticking the appropriate checkbox in the website submission form if you do not wish your contribution to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. Note also that a confidential response may be requested from ESMA in accordance with ESMA’s rules on access to documents. ESMA may consult respondents if ESMA receives such a request. Any decision we make is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the headings ‘Legal notice’ and ‘Data protection’.

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