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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/03/2011 2011/82 Press release- ESMA establishes a framework for third country prospectus and applies this new framework to facilitate Israeli issuers access , , Press Release PDF
189.19 KB
20/07/2011 2011/223 Press release- ESMA consults on systems and controls for highly automated trading , Press Release PDF
57.39 KB
12/10/2011 2011/339 Press release- ESMA Stakeholder Group elects Guillaume Prache as chair, Judith Hardt and Peter de Proft as vice-chairs , Press Release PDF
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03/11/2011 JC 2011/094 Press release- ESMA, EBA and EIOPA appoint members of Joint Board of Appeal , , Press Release PDF
24.72 KB
09/12/2011 2011/431 Global regulators discuss OTC derivatives regulation , Press Release PDF
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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 Release PDF
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24/02/2012 2012/128 ESMA readies guidelines on automated trading – application deadline starts , Press Release PDF
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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.
01/03/2012 2012/140 ESMA advises European Commission on Prospectus Directive’s overhaul- Advice covers possible delegated acts , , Press Release PDF
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11/04/2012 JC/2012/30 EBA, ESMA and EIOPA publish two reports on Money Laundering , Press Release PDF
69.92 KB
31/08/2012 JC/2012/70 ESAs consult on the application of the capital calculation methods for financial conglomerates , Press Release PDF
175.07 KB
12/04/2013 2013-04-12 JC Report on Risks and Vulnerabilities in the European Union’s (EU) Financial System Press Release PDF
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  The Joint Committee of the European Supervisory Authorities (Joint Committee) has published today its first Report on Risks and Vulnerabilities in the European Union’s (EU) Financial System. Joint Committee of the European Supervisory Authorities calls for action on cross-sectoral risks. • First report by the Joint Committee of the European Supervisory Authorities (ESAs) on cross-sectoral risks facing the EU financial system; • Key risks facing EU financial markets include weak macroeconomic outlook; low interest rate environment; risk of further fragmentation on the single market; increased reliance on collateral; the quality of financial institutions’ assets; lack of confidence in financial institutions’ balance sheet valuations and risk disclosure; loss of confidence in financial benchmarks; • The ESAs have closely monitored the situation in Cyprus as it has developed. The events will lead to losses throughout the financial sector in Cyprus. However, the risks of direct international contagion seem to be limited.
29/07/2013 JC 2013/02 Joint Committee Draft Regulatory Technical Standards Press Release PDF
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EBA, EIOPA and ESMA publish RTS on the consistent application of calculation methods under the Financial Conglomerates Directive The Joint Committee of the three European Supervisory Authorities (EBA, EIOPA and ESMA) has published its draft Regulatory Technical Standards (RTS) on the consistent application of the calculation methods described in the Financial Conglomerates Directive (FICOD) covering the assessment of the financial situation of credit institutions, insurance undertakings and investment firms which are part of a financial conglomerate. These RTS define the appropriate application of calculation methods for the determination of required capital at the financial conglomerate level. Their underlying principles are to eliminate multiple gearing and intra-group creation of own funds, transferability and availability of own funds and to cover deficit at financial conglomerate level having regard to definition of cross-sector capital. Based on the technical calculation methods provided in the FICOD, the RTS aim at harmonising the use of the calculation methods, by applying these principles and specifying which sectoral rules comprise sectoral own funds and solvency requirements in order to ensure a consistent approach in the calculations is applied across different financial conglomerates.   Legal basis These draft regulatory technical standards (RTS) have been developed in accordance with the mandate contained in Article 49(6) of the Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 (Capital Requirements Regulation or CRR) and Article 150 of Directive 2013/36/EU (Capital Requirements Directive or CRD IV) of the European Parliament and of the Council of 26 June 2013 (amending Article 21a of the Directive 2002/87/EC). These Articles provide that the ESAs, through the Joint Committee, shall develop draft Regulatory Technical Standards (RTS) with regard to the conditions of the application of Article 6(2) of Directive 2002/87/EC.   The Joint Committee The Joint Committee is a forum for cooperation that was established on 1st January 2011, with the goal of strengthening cooperation between the European Banking Authority (EBA), European Securities and Markets Authority (ESMA) and European Insurance and Occupational Pensions Authority (EIOPA), collectively known as the three European Supervisory Authorities (ESAs). Through the Joint Committee, the three ESAs cooperate regularly and closely and ensure consistency in their practices. In particular, the Joint Committee works in the areas of supervision of financial conglomerates, accounting and auditing, micro-prudential analyses of cross-sectoral developments, risks and vulnerabilities for financial stability, retail investment products and measures combating money laundering.   Documents Press Release JC 2013/02 Draft Regulatory Technical Standards JC 2013/01
05/09/2013 2013-09-03 Joint Committee Report on Risks and Vulnerabilities Press Release PDF
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12/12/2013 2013/1909 ESMA appoints new Securities Markets Stakeholders Group members , Press Release PDF
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ESMA appoints new Securities Markets Stakeholders Group members The European Securities and Markets Authority (ESMA) has announced the composition of its Securities Markets Stakeholder Group (SMSG) following its approval by ESMA’s Board of Supervisors. These individuals will begin a term of 2½ years on 1 January 2014 and will replace the group whose mandate expires on 31 December 2013. The new SMSG will be composed of 30 individuals drawn from across 17 Member States and representing ESMA’s key stakeholder constituencies – consumer representatives (4), users of financial services (5), financial market participants (10), financial institution employees (2), small and medium sized enterprises (1) and academics (8). A number of the incoming members have previously served in the first SMSG. The SMSG was set up to facilitate consultation with key financial market stakeholders on all aspects of ESMA’s work. The SMSG provides ESMA with opinions and advice on policy workstreams and must be consulted on technical standards and guidelines and recommendations. In addition, the Stakeholder Group is expected to notify ESMA of any inconsistent application of European Union law as well as inconsistent supervisory practices in the Member States. Steven Maijoor, ESMA Chair, said: “The SMSG makes an important contribution to ESMA’s policy development, providing us with timely and valuable input on how our regulatory activities may potentially affect the different users of financial markets. “We have enjoyed a very good working relationship with the outgoing members of the SMSG who, as well as contributing their views and experience to our policymaking discussions, have been pioneers in developing the role of their group as part of the new European System of Financial Supervision. I look forward to working with the SMSG’s new members on a host of challenging issues.” The SMSG meets at least four times a year, and in addition meets twice with ESMA’s Board of Supervisors. Their advice and opinions are published on ESMA’s website.
25/02/2014 2014/225 ESMA Stakeholder Group elects Chair and Vice-Chairs , Press Release PDF
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ESMA Stakeholder Group elects Chair and Vice-Chairs The Securities and Markets Stakeholder Group (SMSG) of the European Securities and Markets Authority (ESMA) has elected Jesper Lau Hansen as its new Chair, and Judith Hardt and Peter De Proft, as its Vice-Chairs. The election took place at the first meeting of its new membership on 29 January 2014, following their appointment by ESMA’s Board of Supervisors in November 2013. The new Chair, Dr. Jesper Lau Hansen, is currently Professor of Company Law and Financial Markets Law at Copenhagen University and represents the academic constituency. The two Vice-Chairs, Judith Hardt, Director General, Federation of European Stock Exchanges (FESE), and Peter De Proft, Director General, European Fund and Asset Management Association (EFAMA), represent financial market participants. Dr. Jesper Lau Hansen, SMSG Chair, said: “I look forward to chairing the SMSG and, together with the Vice-Chairs, representing all securities markets stakeholders by ensuring that those who are directly affected by ESMA’s regulations have their voice heard in their preparation.” Mr. Peter De Proft, SMSG Vice-Chair said: “I am honoured to be appointed Vice Chair of this group for a second term, together with my colleague and Vice Chair, Judith Hardt and looking forward to working as a team with the Chair. “Our mandate is straightforward, but crucial. We must continue to ensure ongoing engagement with industry stakeholders. We are there to provide timely and insightful advice for ESMA and to support them in their mission of protecting investors while promoting stable and well-functioning financial markets in the European Union”. Ms. Judith Hardt, SMSG Vice-Chair said: “The securities markets stakeholder group has a strategic role to play in advising ESMA on the implementation of level 1 measures. Our priority is to help the group formulate timely and useful advice for ESMA at a critical time. I look forward to working together with the Chair and my colleague Peter De Proft.” The SMSG Chair and Vice-Chairs will serve for a period of 2½ years to coincide with the Group’s mandate.
02/04/2014 JC-2014-18 PR Press release- European Supervisory Authorities highlight cross-sectoral risks Press Release PDF
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European Supervisory Authorities highlight cross-sectoral risks The Joint Committee of the European Supervisory Authorities (ESAs) published today its third bi-annual report on risks and vulnerabilities in the European Union's (EU) financial system. The report has identified a number of potential vulnerabilities and cross-sectoral risks to the stability of the European financial system including: weak and uneven economic recovery; uncertain outlook in a number of global emerging economies; asset price imbalances and risks of a sharp adjustment; increased search for yield in a protracted low interest rate environment; conduct of business risks; IT-related operational risks. Andrea Enria, Chairman of the EBA and current Chairman of the Joint Committee, said: “The cross-sectoral risks identified in this report will help focus the scenarios of the stress tests for banks and insurance companies. Concerns about conduct of business are growing and will also require more coordinated attention by the three ESAs”. The report highlights a fragile economic outlook in a number of EU Member States, with uncertainties about asset quality in the banking sector as well as in other institutional investor segments, and reduced growth potential in the insurance sector Moreover, concerns have also emerged in relation to the uncertain political and economic outlook in a number of global emerging economies and, more recently, to the evolving situation in Ukraine and Russia, which may impact the EU through direct and indirect transmission channels, as well as expose institutions to FX risks. In addition, the report focuses on risks associated with search for yield behaviour, which is incentivised by a low interest rate environment. Such behaviour has intensified concerns related to the build-up of imbalances and exacerbated risks linked to sudden interest rate changes, which may result in a disorderly unwinding of financial positions. Furthermore, the report highlights risks linked to the conduct of business and points to series of cases related to financial institutions’ conduct of business, which risk undermining public confidence in financial institutions and markets and which have been associated with significant redress costs. In the report the ESAs recommend supervisors to place greater emphasis on management bodies’ responsibilities to address conduct risks and ensure the appropriate protection of consumers and investors. Notes for editors The Joint Committee is a forum for cooperation that was established on 1st January 2011, with the goal of strengthening cooperation between the European Banking Authority (EBA), European Securities and Markets Authority (ESMA) and European Insurance and Occupational Pensions Authority (EIOPA), collectively known as the three European Supervisory Authorities (ESAs). Through the Joint Committee, the three ESAs cooperate regularly and closely and ensure consistency in their practices. In particular, the Joint Committee works in the areas of supervision of financial conglomerates, accounting and auditing, micro-prudential analyses of cross-sectoral developments, risks and vulnerabilities for financial stability, retail investment products and measures combating money laundering. In addition to being a forum for cooperation, the Joint Committee also plays an important role in the exchange of information with the European Systemic Risk Board (ESRB). The full text of the report can be viewed here: Report – April 2014
22/05/2014 2014/557 ESMA consults on MiFID reforms , , Press Release PDF
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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
24/07/2014 2014/61 EBA, ESMA and EIOPA consult on technical standards for financial conglomerates risk concentration and intra-group transactions , Press Release PDF
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The Joint Committee of the three European Supervisory Authorities (ESAs - EBA, ESMA and EIOPA) launched today a consultation on draft Regulatory Technical Standards (RTS) on risk concentration and intra-group transactions within financial conglomerates. The technical standards aim at enhancing supervisory consistency in the application of the Financial Conglomerates Directive (FICOD). The consultation runs until 24 October 2014. The objective of the draft RTS is to clarify which risk concentrations and intra-group transactions within a financial conglomerate should be considered as significant. In addition, the RTS provide some supervisory measures for coordinators and other relevant competent authorities when identifying types of significant risk concentration and intra-group transactions, their associated thresholds and reports, where appropriate. The consultation paper is available on the websites of the three ESAs: EBA, ESMA and EIOPA. Comments to this consultation paper can be sent to the Joint Committee. Legal background The three ESAs have developed these RTS in accordance with Article 21a (1a) of Directive 2002/87/EC (FICOD), which mandates the three ESAs, through the Joint Committee, to develop RTS to clarify the definitions on risk concentration and intra-group transactions provided in Article 2 of the FICOD and to coordinate the provisions laid down in Articles 7 and 8 and Annex II.
31/07/2014 JC/2014/062 Annex (Press Release) The Joint Committee of the ESAs remind financial institutions of their responsibilities when placing their own financial products with consumers , Press Release PDF
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The Joint Committee of the ESAs reminds financial institutions of their responsibilities when placing their own financial products with consumers. ESMA underlines risks from investing in contingent convertible instruments (CoCos). The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA) published a reminder to banks and insurance companies across the EU on the consumer protection requirements that apply to certain financial instruments they issue. In addition, ESMA highlighted specific risks posed to investors by contingent convertible instruments (CoCos).
22/09/2014 2014-063 (Annex) EU Supervisory Authorities update on risks in EU financial system , Press Release PDF
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The Joint Committee of the European Supervisory Authorities (ESAs) published today its bi-annual report on risks and vulnerabilities in the European Union's (EU) financial system. The report identifies a number of risks to financial stability in the EU, including prolonged weak economic growth in an environment characterised by high indebtedness, intensified search for yield in a protracted low interest rate environment, and uncertainties in global emerging market economies. The report also highlights risks related to conduct of business and Information Technologies (IT). Press Queries - European Banking Authority Press Office +44 (0) 207 382 1772 or press@eba.europa.eu

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