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|03/02/2017||ESMA80-1467488426-27||Supervision Annual Report 2016 and Work Programme 2017||Credit Rating Agencies, Trade Repositories||Report||PDF
|05/02/2016||2016/234||ESMA’s supervision of credit rating agencies and trade repositories- 2015 annual report and 2016 work plan.||Credit Rating Agencies, Trade Repositories||Report||PDF
The European Securities and Markets Authority’s (ESMA) annual report and work programme has been prepared according to Article 21 of Regulation 1060/2009 on credit rating agencies as amended (the CRA Regulation) and Article 85 of Regulation 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR). It highlights the direct supervisory activities carried out by ESMA during 2015 regarding credit rating agencies (CRAs) and trade repositories (TRs) and outlines ESMA’s main priorities in these areas for 2016.
ESMA adopts a risk-based approach to the supervision of CRAs and TRs in accordance with its overall objectives of promoting financial stability and orderly markets and enhancing investor protection. This risk-based approach requires the analysis of information from a variety of sources and the application of multiple supervisory tools including day-to-day supervision, cycle of engagement meetings with supervised entities, on-site inspections and dedicated investigations.
In order to build on the expertise that ESMA has developed through its supervision of CRAs and TRs, ESMA created a single Supervision Department in November 2015. ESMA intends to draw on the best practices identified from the supervision of both types of entity to further enhance its supervisory effectiveness in future.
|31/03/2016||2016/408||Decision to adopt a supervisory measure taking the form of a public notice and to impose a fine in accordance with Statement of Findings in accordance with Articles 64(5), 65, 67 and 73 of Regulation (EC) No 648/2012 EMIR||Trade Repositories||Decision||PDF
Decision to adopt a supervisory measure taking the form of a public notice and to impose a fine in accordance with Statement of Findings in accordance with Articles 64(5), 65, 67 and 73 of Regulation (EC) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories
Public notice regarding negligent breach by DTCC Derivatives Repository Ltd of its legal obligation to ensure immediate access for regulators to data reported under EMIR
DTCC Derivatives Repository Ltd (‘DDRL’) is a trade repository registered in the European Union and is part of the DTCC group which includes a number of companies providing post-trading services to the global financial services industry. DDRL was registered by ESMA as a trade repository under Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (‘EMIR’) on 7 November 2013. ESMA has responsibilities for the supervision and enforcement of provisions under EMIR concerning DDRL and other trade repositories registered in the EU.
In May 2014, ESMA’s supervisory team became aware of delays in providing regulators with access to data reported to DDRL under EMIR. Following further examination, the supervisory team formed the view that there were serious indications of the possible existence of facts liable to constitute one or more of the infringements listed in EMIR. The matter was accordingly referred to an independent investigation officer (the ‘IIO’). The IIO considered the evidence referred to him and conducted further investigations, before submitting his findings to ESMA’s Board of Supervisors (the ‘ESMA Board’).
Based on the findings of the IIO and the evidence put before it, the ESMA Board found on 23 March 2016 that an examination of the facts showed that DDRL had committed the following infringement under EMIR and had done so negligently. DDRL committed an infringement of EMIR by not allowing regulators and supervisors direct and immediate access to the details of derivatives contracts they need to fulfil their responsibilities and mandates.
|02/05/2016||2016/666||Opinion on draft RTS 2 non-equity transparency||MiFID - Secondary Markets||Opinion||PDF
|02/05/2016||2016/666 ANNEX||Annex- Opinion on draft RTS 2 non-equity transparency||MiFID - Secondary Markets||Opinion||PDF
|02/05/2016||2016/668||Opinion on draft RTS 21 position limits||MiFID - Secondary Markets||Opinion||PDF
|02/05/2016||2016/668 ANNEX||Annex- Opinion on draft RTS 21 position limits||MiFID - Secondary Markets||Opinion||PDF
|30/05/2016||2016/730||Opinion on draft RTS 20 on ancillary activity||MiFID - Secondary Markets||Opinion||PDF
|30/05/2016||2016/730 ANNEX||Annex- Opinion on draft RTS 20 on ancillary activity||MiFID - Secondary Markets||Opinion||PDF
|06/08/2020||ESMA 70-155-9767||Opinion on position limits on CEGH VTP||MiFID - Secondary Markets||Opinion||PDF
|06/08/2020||ESMA-70-155-10052||Opinion on position limits on PSV||MiFID - Secondary Markets||Opinion||PDF
|06/08/2020||ESMA-70-155-10053||Opinion on position limits on PEG||MiFID - Secondary Markets||Opinion||PDF
|24/10/2017||ESMA-70-155-1818||MiFID II position limits on aluminium contracts||MiFID - Secondary Markets||Opinion||PDF
|20/03/2019||ESMA-70-155-5287||Position limit notification for Hungarian Future||MiFID - Secondary Markets||Opinion||PDF
|06/08/2020||ESMA-70-155-9763||Opinion on position limits on GPL||MiFID - Secondary Markets||Opinion||PDF
|31/03/2017||ESMA/2017/70-8792942901-40||Final report on Draft RTS specifying the scope of the consolidated tape for non-equity financial instruments||MiFID - Secondary Markets||Report||PDF
|11/01/2017||ESMA42-1643088512-2962||ESMA42-1643088512-2962 Follow-up Report to the Peer Review on Best Execution||MiFID - Investor Protection, MiFID - Secondary Markets, Supervisory convergence||Report||PDF
|03/06/2020||ESMA70-154-165||Opinion on third-country trading venues for the purpose of transparency under MiFID II / MiFIR||MiFID - Secondary Markets||Opinion||PDF
|13/07/2017||ESMA70-154-270||Opinion to support supervisory convergence in the area of secondary markets in the context of the United Kingdom withdrawing from the European Union||Brexit, MiFID - Secondary Markets, Supervisory convergence||Opinion||PDF
|22/12/2017||ESMA70-154-884||ESMA opinion on ancillary activity under MiFID II – market size calculation||MiFID - Secondary Markets||Opinion|