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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
16/02/2012 2012/95 Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories Consultation Paper PDF
776.04 KB
The Regulation of the European Parliament and Council on OTC Derivatives, CCPs and trade repositories (EMIR) introduces provisions to improve transparency and reduce the risks associated with the OTC derivatives market and establishes common rules for central counterparties (CCPs) and for trade repositories (TRs).  It has been identified that common rules are required in the case of CCPs in view of the shift of risk management from a bilateral to a central process for OTC derivatives and in the case of trade repositories because of the increase in information that needs to be reported to them. The Regulation delegates or confers powers to the Commission to adopt regulatory technical standards (RTS) and implementing technical standards (ITS) on a number of areas. This discussion paper covers the draft RTS and ITS which ESMA is required to develop. Following this discussion paper and on the basis of the relevant input received, ESMA will prepare draft technical standards to be included in the consultation paper which will most likely be published around summer 2012.
06/03/2012 JC/DP/2012/1 Joint Discussion Paper on Draft Regulatory Technical Standards on risk mitigation techniques for OTC derivatives not cleared by a CCP under the Regulation on OTC derivatives, CCPs and Trade Repositories Consultation Paper PDF
402.37 KB
EBA, EIOPA and ESMA (the ESAs) invite market participants and all interested stakeholders to provide their feedback on planned regulatory technical standards covering risk mitigation techniques for OTC derivatives not cleared by central counterparties. The EMIR Regulation (“the Regulation”) on OTC Derivatives, CCPs and trade repositories introduces provisions to improve transparency and reduce the risks associated with the OTC derivatives market and establishes common rules for central counterparties (CCPs) and for trade repositories (TRs). The Regulation acknowledges that not all OTC derivatives would meet the necessary requirements to be centrally cleared. For this reason, it introduces provisions on risk mitigation techniques for OTC derivatives not cleared by a CCP.
14/05/2012 JC/CP/2012/01 EBA, EIOPA and ESMA’s Joint Consultation Paper on its proposed response to the Commission’s Review of the Financial Conglomerates Directive Consultation Paper PDF
590.22 KB
25/06/2012 2012/379 Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories Consultation Paper PDF
2.12 MB

This consultation paper includes the Regulatory and Implementing Technical Standards ESMA is required to draft under the Regulation of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories (EMIR). It covers implementing measures for the application of the clearing obligation for risk mitigation techniques, exemptions for non-financial counterparties and intra-group transactions, requirements for CCPs and reporting and disclosure obligations for trade repositories. 

31/08/2012 JC/CP/2012/02 Joint consultation paper on Draft Regulatory Technical Standards on the uniform conditions of application of the calculation methods under Article 6.2 of the Financial Conglomerates Directive Consultation Paper PDF
769.24 KB
Please send your comments to the EBA, EIOPA and ESMA by email to joint-committee@eba.europa.eu, jointcommittee@eiopa.europa.eu and joint.committee@esma.europa.eu by 05.10.2012, indicating the reference ‘JC CP 2012 02’ in the subject field. Please note that comments submitted after the deadline, or sent to another e-mail address will not be processed.
24/10/2012 JC/CP/2012/01 Responses Responses to the Joint CP on Financial Conglomerates Consultation Paper PDF
183.7 KB
25/10/2012 JC/CP/2012/02 Responses Responses to the second Joint CP on Financial Conglomerates Consultation Paper ZIP
4.54 MB
20/12/2012 2012/852 Guidelines for establishing consistent, efficient and effective assessments of interoperability arrangements Consultation Paper PDF
445.22 KB
20/02/2013 2013/219 ESMA’s Technical Advice to the Commission on Fees for Trade Repositories Consultation Paper PDF
586.97 KB
12/07/2013 2013/925 The Clearing Obligation under EMIR Consultation Paper PDF
773.26 KB

The European Securities and Markets Authority (ESMA) is publishing this discussion paper in order to seek stakeholders’ views on the preparation of the regulatory technical standards ESMA is required to draft under Article 5(2) “Clearing Obligation Procedure” of the Regulation (EU) No 648/2012 of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories (EMIR). The input from stakeholders will help ESMA in the development of the relevant technical standards to be drafted and submitted to the European Commission for endorsement in the form of Commission Regulations, i.e. a legally binding instrument directly applicable in all Member States of the European Union. One essential element in the development of draft technical standards is the analysis of the costs and benefits that those legal provisions will imply. Input in this respect and any supportive data will be highly appreciated and kept confidential where required. Please respond to the consultation using the response template. The closing date for responses is 12 September 2013.

17/07/2013 2013/892 Draft Regulatory Technical Standards on contracts having a direct, substantial and foreseeable effect within the Union and non-evasion of provisions of EMIR Consultation Paper PDF
1.37 MB

Draft Regulatory Technical Standards on contracts having a direct, substantial and foreseeable effect within the Union and non-evasion of provisions of EMIR

18/10/2013 2013/1292 ESMA’s Technical Advice to the Commission on procedural rules to impose fines on Trade Repositories Consultation Paper PDF
1.52 MB

The European Securities and Markets Authority (ESMA) is publishing this consultation paper to assist with the preparation of its Technical Advice to the European Commission on the procedural rules for imposing fines and periodic penalties on Trade Repositories. The Commission requested ESMA's advice on 29 April 2013 to assist it in formulating procedural rules by delegated act. (Annex I) The closing date for responses is 15 November 2013 and ESMA aims to provide its advice to the Commission by 31 December 2013.

06/11/2013 JC-CP-2013-03 Draft guidelines for complaints-handling for the securities (ESMA) and banking (EBA) sectors Consultation Paper PDF
192.58 KB
Reasons for publication Consumers in the EU can purchase, and firms can offer, financial services and products in the investment, banking and insurance sectors across the EU Single Market. In order to increase market confidence of all participants, the Joint Committee of the three European Supervisory Authorities (ESAs) is seeking to develop a harmonised approach to handling complaints. The three ESAs are doing so through guidelines that, once adopted, will apply equally across all 28 Member States and will be the same for all three sectors of financial services. To that end, ESMA and the EBA have developed guidelines for the investment and banking sectors that build on the existing complaints-handling guidelines established by EIOPA for the insurance sector. The objective is to allow EU consumers to refer to a single set of complaints-handling arrangements, irrespective of the type of product or service or the geographical location of the firm in question. This, in turn, will also allow firms to streamline and standardise their complaints-handling arrangements, and national regulators to supervise the same requirements across all sectors of financial services. ESMA and the EBA expect to publish the final guidelines in Q1 2014.   Consultation process Comments should be sent to ESMA and the EBA by e-mail to sarah.raisin@esma.europa.eu and joint-committee@eba.europa.eu. Please note that the deadline for the submission of comments is 7 February 2014. All contributions received will be published following the close of the consultation, unless requested otherwise.
07/11/2013 JC CP 2013 02 Joint Consultation Paper On Mechanistic references to credit ratings in the ESAs’ guidelines and recommendations Consultation Paper PDF
347.81 KB
The Joint Committee of the European Supervisory Authorities (EBA, ESMA and EIOPA - ESAs) is launching today a one-month public consultation on the removal of mechanistic references to credit ratings in their guidelines and on the definition of sole and mechanistic reliance on such ratings. The term “sole and mechanistic reliance on credit ratings” is mentioned in Article 5b(1) of the European Regulation on Credit Rating Agencies (Regulation (EU) No 462/2013). However, neither its formal definition nor explanations of its meaning are included in the document. In order to have a common approach towards this issue, the ESAs have developed a definition of “sole and mechanistic reliance”, and are consulting with market participants on whether this definition is clear and can be used in practice. The consultation paper contains: - a proposed definition for “sole or mechanistic reliance”, including examples; - the provisions in the three ESAs’ guidelines that are not to be defined as mechanistic; and - those provisions that are to be considered as mechanistic and therefore should be amended. The ESAs intend to refer to this definition in all their future guidelines, recommendations and draft technical standards where relevant. The current public consultation also contributes to the initiative of the Financial Stability Board to reduce the reliance on ratings. The consultation paper is available on the websites of the three ESAs: EBA, ESMA and EIOPA. The consultation will end at close of business on 5 December. Responses can be made here.
20/03/2014 2014/299 Draft Technical Standards for the Regulation on improving securities settlement in the European Union and on central securities depositories (CSD) Consultation Paper PDF
919 KB

ESMA is calling for public feedback on possible content to draft technical standards on matters such as settlement discipline, CSD registration and requirements, including confirmation rules (acceptance or rejection of terms in good time before the intended settlement date) for trading venues and investment firms, as well as access to CSDs by other CSDs, participants and other market infrastructures. ESMA has a mandate to draft technical standards on more than 30 aspects under CSDR. ESMA will consider all comments received by 22 May 2014. A public hearing will take place on April 14th at ESMA in Paris, from 13h30 to 17h. As provided for by the ESMA Regulation, a full public consultation will be conducted on the draft technical standards before they are submitted to the European Commission (EC). Therefore, following this DP and on the basis of the relevant input received, ESMA will finalise its proposed draft technical standards, that will be included in a consultation paper. The date of publication of such a consultation paper and the commenting period will depend on the date of publication of the CSDR in the Official Journal and the final deadline for ESMA to deliver the draft RTS and ITS to the EC. Responding to this paper ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex IV. Comments are most helpful if they: indicate the specific question to which the comment relates; respond to the question stated; contain a clear rationale; and describe any alternatives ESMA should consider. ESMA will consider all comments received by 22 May 2014. All contributions should be submitted via ESMA’s website. Publication of responses All contributions received will be published following the close of the consultation period, 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 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 ‘Disclaimer’. Who should read this paper All interested stakeholders are invited to respond to this discussion paper. In particular, responses are sought from CSDs, CSD users or linked entities, market infrastructures and investors.

14/04/2014 JC/CP/2014/03 EBA, ESMA and EIOPA consultation paper on draft technical standards under EMIR Consultation Paper PDF
1.11 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

24/07/2014 CP/2014/04 Draft Regulatory Technical Standards on risk concentration and intra-group transactions under Article 21a (1a) of the Financial Conglomerates Directive Consultation Paper PDF
324.25 KB
Please send your comments to the EBA and EIOPA using the following links: Respond to the EBA. Respond to EIOPA. The consultation period closes on 24 October 2014.
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’.

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