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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|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
|09/12/2011||2011/431||Global regulators discuss OTC derivatives regulation||Press Releases, MiFID - Secondary Markets||Press Release||PDF
|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||2011/457||ESMA outlines future automated trading regime for trading platforms, investment firms and competent authorities||Press Releases, MiFID - Secondary Markets||Press Release||PDF
|24/02/2012||2012/128||ESMA readies guidelines on automated trading – application deadline starts||Press Releases, MiFID - Secondary Markets||Press Release||PDF
|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.|
|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
|19/12/2014||2014/1569||Technical Advice to the Commission on MiFID II and MiFIR||MiFID - Investor Protection, MiFID - Secondary Markets||Technical Advice||PDF
|Reasons for publication The European Securities and Markets Authority (ESMA) received a formal request (mandate) from the European Commission (Commission) on 23 April 2014 to provide technical advice to assist the Commission on the possible content of the delegated acts required by several provisions of Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The mandate focuses on technical issues which follow from MiFID II and MiFIR and is available on the European Commission website (here). ESMA was required to provide technical advice by no later than six months after the entry into force of MiFID II and MiFIR (2 July 2014). Contents This final report follows the same structure as the Consultation Paper (CP) published by ESMA on 22 May 2014 which is: (1) Introduction, (2) Investor protection, (3) Transparency, (4) Data publication, (5) Micro-structural issues, (6) Requirements applying on and to trading venues, (7) Commodity derivatives and (8) Portfolio compression. This paper also contains summaries of responses to the CP received by ESMA. The rationale of those items covered already in the CP for which no relevant changes have been introduced, is not developed again in this Final Report. ESMA recommends, therefore, to read this report together with the CP published on 22 May 2014 to have a complete vision of the rationale for ESMA’s technical advice. Next steps Delegated acts should be adopted by the Commission so that they enter into application by 30 months following the entry into force of the Directive and Regulation, taking into account the right of the European Parliament and Council to object to a delegated act within 3 months (which can be extended by a further 3 months).|
|19/12/2014||2014/1574||ESMA provides implementing rules for MiFID II||MiFID - Investor Protection, Press Releases, MiFID - Secondary Markets||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has published today its final technical advice (TA) and launches a consultation on its draft regulatory technical and implementing standards (RTS/ ITS) regarding the implementation of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). Both ESMA’s TA and draft RTS translate the MiFID II/MiFIR requirements into practically applicable rules for market participants and national supervisors. The new regulatory framework aims at ensuring that secondary markets are fair, transparent and safe and that investors’ interests are safeguarded when being sold investment products. Steven Maijoor, ESMA Chair, said:“Today’s implementing rules on both secondary markets and investor protection issues reflect ESMA’s desire to achieve the best outcome for market users and investors, taking into account the extensive submissions received from our stakeholders. The advice now goes to the European Commission to use in preparation of its delegated legislation, while our technical standards are open for a second round of consultation. “Once fully implemented, MiFID II will have a significant impact on the EU’s securities markets, its users and infrastructure providers. It will bring greater transparency and improve the overall functioning of markets thus strengthening investors’ trust in the financial sector.”MiFID II to include most financial instruments, trading venues and techniquesMiFID II/MiFIR introduces changes to the functioning of secondary markets, including transparency requirements for a broad range of asset classes; the obligation to trade derivatives on trading venues; requirements for algorithmic and high-frequency-trading and new supervisory tools for commodity derivatives. The key proposals stemming from ESMA’s TA/draft RTS cover the following issues: • increased trade transparency, for non-equity instruments, in particular bonds, derivatives, structured finance products and emission allowances;• a trading obligation for shares and a double volume cap mechanism for shares and equity-like instruments, introducing a major change to the framework for trading these instruments in the Union;• an obligation to trade derivatives on MiFID venues (regulated markets, multilateral (MTFs) or organised trading facilities (OTFs)) only, in line with G20 requirements;• newly introduced position limits and reporting requirements for commodity derivatives;• rules governing high frequency trading, imposing a strict set of organisational requirements on investment firms and trading venues;• provisions regulating access to central counterparties (CCPs), trading venues and benchmarks, designed to increase competition in the Union; and• requirements for a consolidated tape of trading data, including rules for tape providers, reporting, publication and sales of data.MiFID II to improve investor protection ESMA’s TA proposes that the Commission adopts a number of measures that will further the protection of investors across the EU. The main proposals relating to the improved protection of investors, especially retail, include:• clarifications about the circumstances in which portfolio managers can receive research from third parties;• clarifications under which circumstances inducements meet the quality enhancement requirement for the provision of advice;• requirements for investment firms manufacturing and/or distributing financial instruments and structured deposits to have product governance arrangements in place in order to assess the robustness of their manufacture and/or distribution;• requirements for firms to provide clients with details of all costs and charges related to their investment, including cost aggregations, the timing of disclosure (ex-ante and ex-post); information to non-retail clients; the scope of firms subject to this obligation; information on the cumulative effect of costs on the return; • organisational requirements for firms providing investments advice on an independent basis; and• specification of powers for ESMA and national regulators with regards to prohibiting or restricting the marketing and distribution of financial instruments. Next stepsThe TA has been finalised following extensive consultations with stakeholders and will now be sent to the European Commission. ESMA’s draft RTS/ITS, already previously consulted upon, are open for public comment until 2 March 2015. In addition, an open hearing will be held in Paris on 19 February 2015. ESMA will use the input received from the consultations to finalise its draft RTS which will be sent for endorsement to the European Commission by mid-2015, its ITS by January 2016. MiFID II/ MiFIR and its implementing measures will be applicable from 3 January 2017.|
|22/05/2014||2014/557||ESMA consults on MiFID reforms||MiFID - Investor Protection, Press Releases, MiFID - Secondary Markets||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has launched the consultation process for the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). This 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.MiFID II/MiFIR contains over 100 requirements for ESMA to draft Regulatory Technical Standards (RTS) and Implementing Technical Standards (ITS), and to provide Technical Advice to the European Commission to allow it to adopt delegated acts. In order to ensure that MIFID II achieves its objectives in practice, ESMA is publishing the following documents:1. Consultation Paper on MiFID/MiFIR Technical Advice – ESMA needs to deliver this advice to the European Commission by December 2014 and is therefore subject to a condensed consultation process for this paper; and2. Discussion Paper on MiFID/MiFIR draft RTS/ITS – this will provide the basis for a further consultation paper on the draft RTS/ITS which is expected to be issued in late 2014/early 2015. The closing date for responses to both papers is Friday 1 August. Steven Maijoor, ESMA Chair, said:“The launch of today’s MiFID II/MiFIR consultation process is an important step in the biggest overhaul of financial markets regulation in the EU for a decade. The reform of MiFID is an integral part of the EU’s strategy to address the effects of the financial crisis and aims to bring greater transparency to markets and to strengthen investor protection. These changes are key to restoring trust in our financial markets.“We appreciate the magnitude of this exercise for stakeholders. We strongly encourage all those affected by these reforms to provide their views to ensure that we take them into account in our final proposals.”The main issues covered in the Discussion and Consultation Paper are divided into those addressing the structure, transparency and regulation of financial markets, and those aimed at strengthening investor protection.Financial Markets Structure, Transparency and RegulationThe main proposals in this area cover the following issues: enhanced transparency and trading obligations - increasing pre- and post-trade transparency for many categories of instruments, e.g. shares, ETFs, certificates, bonds and derivatives, limitations to trade shares OTC and new obligations to trade derivatives on trading venues; micro-structural issues – refining the definition of high frequency trading and direct electronic access and specifying the requirements for operating in the market using algorithmic techniques; data publication and access – issues related to the development of the consolidated tape including requirements for tape providers, approved publication arrangements and reporting mechanisms, and the definition of a reasonable commercial basis for data sales; and the access to CCPs, trading venues and benchmarks; other organisational requirements for trading venues; and commodity derivatives – new regulatory tools, including position limits. Investor ProtectionThe main proposals relating to the improved protection of retail investors include technical advice on: inducements – new limitations on the receipt of commissions (inducements); independent advice – clearly distinguishing independent from non-independent advice; product governance – requirements on the manufacture and distribution of financial products including target market and risk identification; product intervention/banning - introducing powers for both ESMA and national regulators to prohibit or restrict the marketing and distribution of certain financial instruments; and improved information on costs and charges – requirements to provide clients with details of all charges related to their investment (relating to both the investment service and the financial instrument provided) so they can understand the overall cost and its effect on their investment’s return. In addition, the draft regulatory technical standards in the investor protection area relate to the authorisation of investment firms, passporting, and certain best execution obligations.Next StepsESMA will hold three public hearings about secondary markets, investor protection and commodity derivatives issues on Monday 7 and Tuesday 8 July. Further details on the hearings will be published on ESMA’s website. 2014/548 2014/549|
|01/04/2015||2015/674||Press release- ESMA launches centralised data projects for MiFIR and EMIR||MiFID - Secondary Markets, Press Releases||Press Release||PDF
|10/11/2016||2016-1567||ESMA finalises advice on future rules for financial benchmarks||Benchmarks||Press Release||PDF
|29/09/2016||2016/1407||ESMA consults on future rules for financial benchmarks||Benchmarks, Press Releases||Press Release||PDF
|30/09/2016||2016/1411||ESMA consults on future reporting rules for securities financing transactions||Post Trading, Press Releases, Securities Financing Transactions||Press Release||PDF
The European Securities and Markets Authority (ESMA) has issued today a consultation paper on draft technical standards implementing the Securities Financing Transaction Regulation (SFTR), which aims to increase the transparency of shadow banking activities. Securities financing transactions (SFTs) are transactions where securities are used to borrow cash (or other higher investment-grade securities), or vice versa – this includes repurchase transactions, securities lending and sell/buy-back transactions.
|03/10/2016||2016/1425||ESMA consults on consolidated tape for non-equity products||MiFID - Secondary Markets, Press Releases||Press Release||PDF
The European Securities and Markets Authority (ESMA) has issued today a consultation paper on its draft regulatory technical standards (RTS) regarding the creation of a consolidated tape for non-equity instruments which is required under the Markets in Financial Instruments Directive (MiFID II). The new MiFID II framework, which covers equity-like and non-equity instruments traded on trading venues, introduces provisions for establishing a central source of post-trade prices or consolidated tape.
ESMA, having already issued its draft RTS on an equity tape, is seeking feedback on its draft RTS for the non-equity tape. In order to create the non-equity tape, trading venues and approved publication arrangements (APAs) will send real-time post-trade data to consolidated tape providers (CTPs), who will consolidate this data in real-time and make the data available to the public.
|10/11/2016||2016/1570||ESMA consults on transparency rules for package orders under MiFID II||MiFID - Secondary Markets||Press Release||PDF
|15/02/2016||2016/291||ESMA consults on implementation of the Benchmarks Regulation||Market Integrity, Press Releases, Benchmarks||Press Release||PDF
The European Securities and Markets Authority (ESMA) has today published a Discussion Paper (DP) regarding the technical implementation of the incoming Benchmarks Regulation (BR). ESMA is seeking stakeholder’s input to inform its future proposals on draft Regulatory Technical Standards (RTS) and Technical Advice (TA) to the European Commission.
Benchmarks are used in financial markets as a reference to price financial instruments and to measure performance of investment funds, as well as being an important element of many financial contracts and their integrity is critical to financial markets and to investors in particular. The BR’s objective is to improve the governance and control over the benchmark process, thereby ensuring their reliability and protecting users. The changes aim to:
Steven Maijoor, ESMA Chair, said:
“The Benchmark Regulation, once implemented, will ensure the accuracy, robustness and integrity of benchmarks and the benchmark setting process by clarifying the behaviours and standards expected of administrators and contributors. These requirements will ensure that benchmarks are produced in a transparent and reliable manner and so contribute to well-functioning and stable markets, and investor protection.
“ESMA, in preparing for its work on regulatory technical standards and technical advice, is keen to ensure that all affected stakeholders have their views heard on this important topic and we hope that all interested parties will take this opportunity to contribute.”
The DP is seeking stakeholder’s feedback in the following areas:
The exact date when the Benchmarks Regulation will enter into force is still unknown as it has not yet been published in the Official Journal of the EU.
ESMA will hold an open hearing on the DP on 29 February 2016 in Paris. It will use the responses to its DP to develop detailed implementing measures on which it will publish a follow-up consultation in Q3 2016.
|04/04/2016||2016/566||ESMA not to exempt ETD under MiFID II||Press Releases, MiFID - Secondary Markets||Press Release||PDF
|02/05/2016||2016/566||Press release MiFID II RTS||Press Releases, MiFID - Secondary Markets||Press Release||PDF
|30/05/2016||2016/742||ESMA issues opinion on MiFID II standards on ancillary activities||Press Releases, MiFID - Secondary Markets||Press Release||PDF
|06/12/2017||ESMA50-164-1173||Press Release MiFID/MAR Transitional Transparency Calculations||Market Abuse, Market Integrity, MiFID - Secondary Markets, MiFID II: Transparency Calculations and DVC, Press Releases||Press Release||PDF
|09/10/2019||ESMA70-156-1010||On the application of waivers and deferrals||MiFID - Secondary Markets||Annual Report||PDF