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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.
04/10/2019 ESMA70-156-1555 Alignment of MiFIR with the changes introduced by EMIR Refit , Consultation Paper PDF
270.97 KB
14/09/2011 2011/288 Call for evidence- Empty voting , , Consultation Paper PDF
81.13 KB
26/01/2011 2011/35 Call for evidence- Request for technical advice on possible delegated acts concerning the Prospectus Directive (2003/71/EC) as amended by the Directive 2010/73/EU , Consultation Paper PDF
3.85 MB
11/07/2014 2014/799 Consultation paper Clearing Obligation no1 IRS Consultation Paper PDF
1.54 MB

With the overarching objective of reducing systemic risk, EMIR introduces the obligation to clear certain classes of OTC derivatives in central clearing houses (CCPs) that have been authorised (European CCPs) or recognised (third-country CCPs) under its framework.ESMA defined the IRS classes to be subject to central clearing following an analysis of all IRS classes which are currently offered for clearing by European CCPs. ESMA’s draft RTS propose to subject the following four classes: Basis swaps, fixed-to-float interest rate swaps, forward rate agreements and overnight index swaps on a range of currencies and maturities. The clearing obligation will take effect following a phased implementation depending on the types of counterparties.Responding to this paperThe European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the consultation paper on the clearing obligation no.1. Please use this “form to reply”Details on EMIR and the clearing obligation can be found at the following link: http://www.esma.europa.eu/page/OTC-derivatives-and-clearing-obligation

11/07/2014 2014/800 Consultation paper Clearing Obligation no2 CDS Consultation Paper PDF
1007.78 KB

With the overarching objective of reducing systemic risk, EMIR introduces the obligation to clear certain classes of OTC derivatives in central clearing houses (CCPs) that have been authorised (European CCPs) or recognised (third-country CCPs) under its framework.Following a first consultation paper on the IRS classes to be subject to central clearing, in this second paper ESMA defined the CDS classes to be subject to the clearing obligation based on the analysis of all CDS classes which are currently offered for clearing by European CCPs. ESMA’s draft RTS propose to subject the following class: untranched European index CDS, for two indices. The clearing obligation will take effect following a phased implementation depending on the types of counterparties.Responding to this paperThe European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the consultation paper on the clearing obligation no.1. Please use this “form to reply”Details on EMIR and the clearing obligation can be found at the following link: http://www.esma.europa.eu/page/OTC-derivatives-and-clearing-obligation

11/05/2015 2015/807. Consultation Paper No 4 on the Clearing Obligation under EMIR Consultation Paper PDF
1.41 MB
11/07/2018 ESMA70-151-1530 Consultation Paper no.6 on the Clearing Obligation Consultation Paper PDF
720.71 KB
11/12/2015 2015/1866 Consultation Paper on access, aggregation and comparison of TR data Consultation Paper PDF
330.99 KB
04/05/2018 JC 2018 14 Consultation Paper on amendments to the EMIR Clearing Obligation under the Securitisation Regulation Consultation Paper PDF
699.06 KB
13/12/2019 ESMA43-370-12 Consultation Paper on CCP penalties Consultation Paper PDF
508.22 KB
01/10/2014 2014/1185 Consultation Paper on clearing obligation under EMIR- No.3 Consultation Paper PDF
1.3 MB

Who should read this paper All interested stakeholders are invited to respond to this consultation paper. In particular, responses are sought from financial and non-financial counterparties of OTC derivatives transactions which will be subject to the clearing obligation, as well as central counterparties (CCPs). Responding to this paper The European Securities and Markets Authority (ESMA) invites responses to the questions listed in this Consultation Paper on the Clearing Obligation under EMIR (no. 3). All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Please follow the instructions given in the document ‘Reply form for the Consultation Paper on the Clearing Obligation under EMIR (no. 3) also published on the ESMA website . Comments are most helpful if they:•    respond to the question stated;•    indicate the specific question to which the comment relates;•    contain a clear rationale; and•    describe any alternatives ESMA should consider. ESMA will consider all comments received by 6 November 2014. Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominentlyindicate 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. 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 not to disclose the response 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 heading ‘Legal Notice’.

20/12/2018 ESMA70-151-1847 Consultation Paper on CSDR GL on Art 6 standardised procedures and messaging protocols Consultation Paper PDF
476.36 KB
20/12/2018 ESMA70-151-1855 Consultation Paper on CSDR Guidelines on settlement fails reporting Consultation Paper PDF
1.19 MB
08/01/2018 ESMA70-151-1013 Consultation Paper on Draft Guidelines on Anti-Procyclicality Margin Measures for CCPs  Consultation Paper PDF
318.1 KB
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’.
26/09/2014 2014/1186 Consultation paper on draft RTS on prospectus related issues under the Omnibus II Directive , Consultation Paper PDF
670.42 KB
ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex I. Comments are most helpful if they:•    respond to the question stated;•    indicate the specific question to which they relate;•    contain a clear rationale; and•    describe any alternatives ESMA should consider.ESMA will consider all comments received by 19 December 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 close of the consultation, unless you request otherwise. 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. 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 not to disclose the response 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 heading ‘Legal Notice’.Who should read this paper This document will be of interest to all stakeholders. It would primarily be of interest to investors, issuers, offerors or persons asking for admission to trading on a regulated market, as well as to any market participant who is affected by Directive 2003/71/EC of 4 November 2003 (the Prospectus Directive) as amended by Directive 2010/73/EU and Directive 2010/78/EU and its Regulation (Commission Regulation (EC) No 809/2004) and Delegated Regulations (Commission Delegated Regulation (EC) No 486/2012, No 862/2012, No 759/2013 and No 1392/2014.
31/01/2017 ESMA70-708036281-17 Consultation Paper on ESMA’s Guidelines on transfer of data between TRs Consultation Paper PDF
1003.51 KB

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