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|15/03/2018||15-3-18||ESAs weigh benefits and risks of Big Data||Innovation and Products, Press Releases||Press Release||PDF
|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 Releases, Securities and Markets Stakeholder Group||Press Release||PDF
|12/09/2012||2012/571||Julie Galbo joins ESMA’s Management Board||Board of Supervisors||Press Release||PDF
|14/11/2013||2013/1650||ESMA begins preparatory work for new Market Abuse Regime||Market Abuse, Market Integrity, Press Releases||Press Release||PDF
|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|
|12/12/2013||2013/1909||ESMA appoints new Securities Markets Stakeholders Group members||Press Releases, Securities and Markets Stakeholder Group||Press Release||PDF
|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.|
|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
|04/07/2013||2013/889||ESMA Vice Chair and Management Board Election Results||Management Board, Board of Supervisors||Press Release||PDF
|ESMA Vice Chair and Management Board Election Results Vice Chair Re-elected The Board of Supervisors of the European Securities and Markets Authority (ESMA) has re-elected Carlos Tavares as its Vice Chair. Mr. Tavares, who is Chairman of the Portuguese Comissão Do Mercado De Valores Mobiliários (CMVM), has completed an initial 2½ year term and will now serve a further term of 2½ years in the position. Management Board Election The terms of three members of ESMA’s Management Board expired and elections were held by the Board of Supervisors to fill the positions for a term of 2½ years. Those elected are: Kostas Botopoulos, Hellenic Capital Markets Commission (HCMC), Greece – new member; Klaus Kumpfmüller, Finanzmarktaufsicht (FMA), Austria – new member; and Martin Wheatley, Financial Conduct Authority (FCA), United Kingdom –re-elected for a second term. The outgoing members were Karl-Burkhard Caspari from the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) of Germany and Raul Malmstein of Estonia’s, Finantsinspektsioon. The Management Board, chaired by Steven Maijoor, the ESMA Chair, is responsible for ensuring that the Authority carries out its mission and performs the tasks assigned to it under the Regulation. The Management Board now consists of: Steven Maijoor, European Securities and Markets Authority (ESMA); Kostas Botopoulos, Hellenic Capital Markets Commission (HCMC), Greece; Klaus Kumpfmüller, Finanzmarktaufsicht (FMA), Austria; Jean Guill, Commission de Surveillance du Secteur Financier (CSSF), Luxembourg; Gérard Rameix, Autorité des Marchés Financiers (AMF), France; Julie Galbo, Finanstilsynet, Denmark and Martin Wheatley, Financial Conduct Authority (FCA), United Kingdom. Reference 2013/889|
|29/09/2014||2014/1191||ESMA Management Board Election Results||Corporate Information, Management Board, Board of Supervisors, Press Releases||Press Release||PDF
|The European Securities and Markets Authority has elected three new members to its Management Board to replace outgoing members whose term will expire in October this year. The election took place at the Board of Supervisors meeting in Rome on 25 September and the successful candidates, who will serve a term of 2½ years beginning on the 1 November 2014, are: • Cyril Roux, Central Bank of Ireland (CBI), Ireland – new member; • Gérard Rameix, Autorité des marchés financiers (AMF), France – ending first term and re-elected; and • Marek Szuszkiewicz, Komisja Nadzoru Finanswego (KNF), Poland – new member.|
|18/12/2014||2014/1568||Press Release- Investment-based crowdfunding needs EU-wide common approach||Innovation and Products, Press Releases||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has published an Opinion along with an Advice on Investment-based crowdfunding. The Opinion clarifies the EU rules applicable to crowdfunding, while the Advice highlights issues for consideration by the EU institutions to achieve greater regulatory and supervisory convergence within the EU.The Opinion is addressed to the national competent authorities (NCA) and provides clarity on how crowdfunding business models fit within the existing EU regulatory framework. It outlines how existing EU rules are likely to apply to crowdfunding platforms, depending on the precise business model used. It also provides guidance to NCAs who may be considering how to regulate platforms operating outside the scope of the harmonised EU rules on the key risks inherent to crowdfunding and the key components of a regulatory regime to address them.The Advice, addressed to the EU institutions – Commission, Parliament and Council, highlights the concern that strong incentives currently exist for crowdfunding platforms to structure their business models to fall outside the scope of regulation and asks them to consider policy options to reduce these incentives. Avoiding regulation presents risks to investor protection and makes it harder for platforms to grow their businesses.Steven Maijoor, ESMA Chair, said: “ESMA’s aim is to enable crowdfunding to reach its potential as a source of finance, while ensuring that risks to users of crowdfunding platforms are identified and addressed in a proportionate and convergent way across the EU. “We believe that there are benefits both for investors as well as for platforms by operating inside rather than outside the regulated space. Opinion to National Competent AuthoritiesConsidering the diverse business models used within investment-based crowdfunding and depending on the precise structures used different EU legislation may apply. The Opinion sets out an analysis of how the main business models map across existing EU rules, e.g., the Markets in Financial Instruments Directive (MiFID), the Prospectus Directive, the Directive for Alternative Investment Fund Managers (AIFMD) and other financial and banking regulations. In addition, the Opinion outlines what ESMA believes should be the key components of an appropriate regulatory regime for investment-based crowdfunding activities. ESMA’s Advice to the EU InstitutionsThe Advice to the EU institutions highlights gaps and issues in the current applicable regime where policymakers could consider taking action to ensure there is a regime protecting investors while also fit for purpose for crowdfunding platforms. These gaps and issues include: the impact of the Prospects Directive thresholds; capital requirements and the use of the MiFID optional exemption; and the potential development of a specific EU crowdfunding regime, in particular for those platforms that currently operate outside of the scope of MiFID The Opinion and Advice have been prepared in collaboration with and input from the European Banking Authority (EBA) on the regulation that falls within its scope of action, i.e. the Payment Services Directive, and constitute the first output of a co-ordinated programme of work with the next expected output being a publication by EBA on lending-based crowdfunding. In line with their respective remits, ESMA has focused on investment-based crowdfunding, while EBA has focused on lending-based crowdfunding.|
|25/02/2014||2014/225||ESMA Stakeholder Group elects Chair and Vice-Chairs||Press Releases, Securities and Markets Stakeholder Group||Press Release||PDF
|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.|
|27/03/2014||2014/334||ESMA issues good practices for structured retail product governance||MiFID - Investor Protection, Innovation and Products||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has published an opinion on structured retail products, setting out good practices for firms when manufacturing and distributing these products.|
|01/07/2015||2015/1005||Questions and Answers: Investment-based crowdfunding: money laundering/terrorist financing||Innovation and Products||Q&A||PDF
|26/06/2015||2015/1049||ESMA announces the appointment of new chairs to Standing Committees||Corporate Information, Board of Supervisors, Press Releases||Press Release||PDF
|03/12/2015||2015/1835||ESMA seeks candidates for its stakeholder representative group||Securities and Markets Stakeholder Group, Press Releases||Press Release||PDF
|10/11/2016||2016-1567||ESMA finalises advice on future rules for financial benchmarks||Benchmarks||Press Release||PDF
|01/07/2016||2016/1066||ESMA appoints new Securities and Markets Stakeholder Group||Press Releases, Securities and Markets Stakeholder Group||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published the new list of members of its Securities and Markets Stakeholder Group (SMSG) following its approval by its Board of Supervisors. The selected individuals begin a 2½ year term on 1 July 2016 and will replace the group whose mandate expired on 30 June 2016.
The new SMSG will be composed of 30 individuals drawn from across 13 Member States and representing ESMA’s key stakeholder constituencies – financial market participants (10), employee representatives (2), consumer representatives (6), users of financial services (3), small and medium sized enterprises (2) and academics (7). The new SMSG will feature 27 new members. A number of the incoming members have served in the previous SMSG.
The SMSG was established according to ESMA’s founding regulation and facilitates consultation between ESMA and its key financial market stakeholders on its work. The SMSG provides ESMA with opinions and advice on its policy work and must be consulted on technical standards and guidelines and recommendations. Additionally, it can inform ESMA of any inconsistent application of European Union law as well as inconsistent supervisory practices in Member States.
|29/09/2016||2016/1407||ESMA consults on future rules for financial benchmarks||Benchmarks, Press Releases||Press Release||PDF
|11/10/2016||2016/1458||ESMA to focus on supervisory convergence issues in 2017||Board of Supervisors, Management Board, Planning reporting budget, Press Releases||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published its 2017 Work Programme which sets out its priorities and areas of focus for 2017 in support of its mission to enhance investor protection and promote stable and orderly financial markets.
The programme reflects the shift in focus of ESMA’s work, from building the single rulebook, towards ensuring its consistent application across the European Union (EU), as outlined in its 2016-2020 Strategic Orientation. The key areas of focus under ESMA’s activities of supervisory convergence, assessing risks, single rulebook and direct supervision will be:
|05/02/2016||2016/247||ESMA to focus on governance, strategy, data and fees in 2016 supervision||Credit Rating Agencies, Press Releases, Trade Repositories||Press Release||PDF
The European Securities and Markets Authority (ESMA) has today published its 2016 supervisory priorities for credit rating agencies (CRAs) and trade repositories (TRs), as well as its annual report summarising the key supervisory work and actions undertaken during 2015.
2016 Supervisory Priorities
ESMA has seen a number of changes in the CRA and TR industries during 2015, with new applicants for registration in both sectors, and current authorised entities seeking to develop their businesses. This has included CRAs providing credit ratings on new asset classes or in new geographic areas, and TRs offering trade reporting services for other instrument types.
ESMA identifies its supervisory priorities on the basis of risk assessment exercises conducted throughout the year. In 2015 these identified high levels of governance and strategy risk, and operational risk in the CRA industry and high levels of risk associated with TRs’ data and systems. Therefore, in 2016 ESMA will focus its supervisory activities on:
Steven Maijoor, ESMA Chair, said:
“The credit rating and trade repository industries continue to evolve and develop. We are receiving new applications for registration and existing entities are seeking to develop their businesses by expanding into new areas. ESMA supports these developments where they contribute to the maintenance of stable and orderly financial markets.
“For this reason, in 2016 ESMA will focus its work on the quality of the services being provided by supervised entities. This means we will concentrate on issues surrounding CRA governance, strategy and ratings quality, along with data quality and access to TRs’ data with a broad focus on the fee structures and information security in both industries.”
2015 Annual Supervisory Review – CRAs and TRs
In 2015, following its risk-based approach, ESMA focused its supervisory efforts on CRAs’ governance, risk management and internal decision making and on CRAs’ business development processes. Some notable achievements were:
The key risks TR supervision focused on in 2015 related to the quality of TRs’ data, access to data held by TRs and the operation and performance of TRs’ systems. In 2015, ESMA continued working with TRs to implement the data quality action plan established in September 2014 including:
ESMA has also been monitoring National Competent Authorities’ (NCAs) access to TR data. It has entered into a number of Memoranda of Understanding (MoUs) to help third country regulatory authorities access TR data and is developing an IT system to allow NCAs to submit data queries through a centralised web portal.
|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.