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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
03/10/2013 2013/1400 20 September 2013 meeting of the Principals of the OTC Derivative Regulators Group , Press Release PDF
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Principals and senior representatives of authorities responsible for the regulation of the over-the-counter (OTC) derivatives markets in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Québec, Singapore, Switzerland and the United States met on 20 September 2013 at the headquarters of the European Securities and Markets Authority (ESMA) in Paris.  The Principals and representatives include:  ·         Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA); ·         Greg Medcraft, Chairman of the Australian Securities and Investments Commission; ·         Leonardo Pereira, Chairman of the Comissão de Valores Mobiliários (Brazil); ·         Patrick Pearson, Acting Director at the European Commission; ·         Ashley Alder, Chief Executive Officer of the Hong Kong Securities and Futures Commission; ·         Masamichi Kono, Vice-Commissioner of the Japan Financial Services Agency; ·         Howard Wetston, Chair of the Ontario Securities Commission; ·         Anne Héritier Lachat, Chair of the Swiss Financial Market Supervisory Authority; ·         Gary Gensler, Chairman of the United States Commodity Futures Trading Commission; ·         Mary Jo White, Chair of the United States Securities and Exchange Commission; ·         Chuan Teck Lee, Assistant Managing Director at the Monetary Authority of Singapore; ·         Louis Morisset, President and CEO, l’Autorité des marchés financiers du Québec.  The Principals discussed generally: the application of clearing requirements to foreign branches and affiliates; risk mitigation techniques for non-centrally cleared derivatives transactions, such as timely confirmation, portfolio reconciliation, portfolio compression, valuation and dispute resolution; the need to co-operate in the implementation of internationally agreed standards on margin for non-centrally cleared derivatives transactions; co-operation on equivalence and substituted compliance assessments among the relevant authorities; and co-operation between authorities in the supervision of registered foreign entities;  The Principals agreed to meet again in February to continue the discussion of the above points.

21/12/2016 2016/1682 2016-1682 Press Release on Feedback Statement on ESEF , , , Press Release PDF
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13/07/2020 ESMA71-99-1352 3rd EU-wide CCP stress test results PR , , Press Release PDF
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15/11/2018 ESMA70-145-1081 Annual report on administrative and criminal sanctions and other administrative measures under MAR , Annual Report PDF
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23/11/2021 ESMA70-156-4673 Annual Report on MAR administrative and criminal sanctions 2021 Annual Report PDF
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04/01/2021 ESMA71-99-1498 Brexit: ESMA withdraws the registrations of six UK-based credit rating agencies and four trade repositories , , , Press Release PDF
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04/02/2019 ESMA71-99-1107 ESMA agrees no-deal Brexit MOUs with the Bank of England for recognition of UK CCPs and the UK CSD , , Press Release PDF
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01/02/2019 ESMA71-99-1096 ESMA and EU securities regulators MoUs with FCA , , , , , Press Release PDF
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14/04/2016 2016/625 ESMA announces EU-wide stress tests for CCPs , Press Release PDF
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14/11/2013 2013/1650 ESMA begins preparatory work for new Market Abuse Regime , , Press Release PDF
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ESMA begins preparatory work for new Market Abuse Regime The European Securities and Markets Authority (ESMA) has published a Discussion Paper setting out its initial views on the implementing measures it will have to develop for the new Market Abuse Regulation (MAR). MAR aims to enhance market integrity and investor protection. It will achieve this by updating and strengthening the existing market abuse framework, by extending its scope to new markets and trading strategies, and by introducing new requirements. The Discussion Paper presents positions and regulatory options on those issues where ESMA will have to develop MAR implementing measures, likely to include Regulatory Technical Standards, Delegated Acts and Guidelines. These implementing measures are of fundamental importance to the new regime, as they set out how MAR’s enlarged scope is to be implemented in practice by market participants, trading platforms, investors, issuers and persons related to financial markets. In developing these regulatory options ESMA, where similar requirements already exist under the current Market Abuse Directive (MAD), has taken into consideration the existing MAD Level 2 texts and ESMA/CESR guidelines to set out the DP positions in light of the extended scope of MAR. This Discussion Paper is based on the version of the MAR Level 1 text agreed by the European Parliament, the Council and the European Commission on 24 June 2013. The closing date for responses is Monday 27 January 2014. MAR Policy Areas The DP covers ten sections of MAR where ESMA is expected to have to provide input, these include: • conditions to be met by buyback programmes and stabilization measures to benefit from the exemption from market abuse prohibitions; • arrangement and procedures required for market soundings, from the perspective of both the sounding and the sounded market participants; • indicators and signals of market manipulation; • criteria to establish Accepted Market Practices; • arrangement, systems and procedures to put in place for the purpose of suspicious transactions and order reporting as well as its content and format; • issues relating to public disclosure of inside information and the conditions for delay; • format for insider lists; • issues concerning the reporting and public disclosure of managers’ transactions; • arrangements for fair presentation and disclosure of conflicts of interests by producers and disseminators of investment recommendations; • reporting of violations and related procedures. Next steps ESMA will consider the feedback it receives to this consultation in Q1 2014 and incorporate it in to its full consultation papers on both its draft Technical Standards and Technical Advice to the Commission. The dates for these consultations are will depend on the publication of the final version of MAR. Notes for editors 1. 2013/1649 Discussion Paper - ESMA’s policy orientations on possible implementing measures under the Market Abuse Regulation 2. Proposal for a Regulation of the European Parliament and of the Council on insider dealing and market manipulation (market abuse) (MAR) 3. ESMA is an independent EU Authority that was established on 1 January 2011 and works closely with the other European Supervisory Authorities responsible for banking (EBA), and insurance and occupational pensions (EIOPA), and the European Systemic Risk Board (ESRB). 4. ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU). As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU. ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity. Press Release 2013/1650 Discussion Paper 2013/1649
30/09/2016 2016/1411 ESMA consults on future reporting rules for securities financing transactions , , Press Release PDF
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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.

21/03/2014 2014/302 ESMA consults on major shareholders disclosures , Press Release PDF
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ESMA consults on major shareholders disclosures The European Securities and Markets Authority (ESMA) has launched a consultation on draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings and the indicative list of financial instruments subject to notification requirements. The consultation runs until 30 May 2014. The revised Directive harmonises transparency requirements relating to information about issuers whose securities are admitted to trading on an EU regulated market. This harmonisation aims to enhance transparency in respect of the ownership structure of an issuer, to improve legal certainty and reduce the administrative burden for cross-border investors. The revised Transparency Directive also addresses the issue of the disclosure regime for new types of financial instruments that expose investors to an economic risk similar to when holding shares. The draft RTS support these objectives by facilitating the creation of a harmonised regime regarding the aggregation of holdings of shares and financial instruments, the calculation of notification thresholds and the exemptions from notification requirements. Steven Maijoor, ESMA Chair, said: “Transparency is essential for ensuring that markets function properly and investors are afforded adequate protection when making investment decisions. “Today’s proposals support the aims of the Transparency Directive to improve the effectiveness of the transparency regime on corporate ownership. Clarity on this issue will ensure that shareholders and potential investors are in possession of the information needed to make informed investment decisions.” Draft Regulatory Technical Standards The draft RTS on the major shareholding notifications addresses the following issues: • Method of calculation of 5% threshold exemption regarding trading books and market makers; • Calculation method regarding a basket of shares or an index; • Methods for determining the ‘delta’ for calculating voting rights; and • Exemptions regarding notification of financial instruments. The Consultation Paper also sets out the proposed content of an indicative list of financial instruments which should be subject to the notification requirements laid down in the Directive, and outlines the processes for updating that list. The input from stakeholders will help ESMA in drafting the final report and determining the content of the draft RTS. Comments to this consultation can be submitted via ESMA’s website and the deadline for submission is 30 May 2014.
13/07/2016 2016/1126 ESMA consults on proposed central clearing delay for small financial counterparties , Press Release PDF
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28/05/2019 ESMA71-99-1159 ESMA consults on tiering comparable compliance and fees under EMIR 2.2 , Press Release PDF
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20/12/2019 ESMA71-99-1256 ESMA CRAs TRs thematic fees report , , Press Release PDF
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23/12/2019 ESMA71-99-1269 ESMA extends recognition decisions for 3 UK CCPs Press Release PDF
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31/03/2016 2016/468 ESMA fines DTCC Derivatives Repository Limited €64,000 for data access failures , Press Release PDF
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ESMA fines DTCC Derivatives Repository Limited €64,000 for data access failures

The European Securities and Markets Authority (ESMA) has fined the trade repository DTCC Derivatives Repository Limited (DDRL) €64,000, and issued a public notice, for negligently failing to put in place systems capable of providing regulators with direct and immediate access to derivatives trading data. This is a key requirement under the European Markets and Infrastructure Regulation (EMIR) in order to improve transparency and facilitate the monitoring of systemic risks in derivatives markets.

This is the first time ESMA has taken enforcement action against a trade repository registered in the European Union (EU). DDRL is the largest EU registered trade repository.

ESMA found that DDRL failed to provide direct and immediate access to derivatives data from 21 March 2014 to 15 December 2014, a period of about nine months in which access delays increased from two days to 62 days after reporting and affected 2.6 billion reports. This was due to its negligence in:

  • failing to put in place data processing systems that were capable of providing regulators with direct and immediate access to reported data;
  • failing, once they became aware, to inform ESMA in a timely manner of the delays that were occurring; and
  • taking three months to establish an effective remedial action plan even while delays were worsening.

DDRL’s failures caused delays to regulators accessing data, revealed systemic weaknesses in its organisation particularly its procedures, management systems or internal controls and negatively impacted the quality of the data it maintained.

03/04/2019 ESMA71-99-1139 ESMA launches third EU-wide CCP stress test exercise , Press Release PDF
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17/12/2021 ESMA71-99-1787 ESMA Press Release Tier 2 Assessment , , Press Release PDF
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08/11/2018 ESMA71-99-1055 ESMA proposes a regulatory change to support the Brexit preparations of counterparties to uncleared OTC derivatives , , Press Release PDF
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