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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
25/09/2000 00-064c The regulation of Alternative Trading Systems in Europe. A paper for the EU Commission MiFID - Secondary Markets Final Report PDF
84.28 KB		 Alternative Trading Systems (ATS) offer electronic securities trading facilities outside the traditional trading channels. An expert group chaired by Howard Davies, Chairman of the UK FSA, has studied the impact of such systems in depth. The group has prepared a comprehensive report identifying and assessing the benefits and risks associated with the emergence of ATS and analysing the current regulatory treatment of such systems, within Europe and elsewhere. The report proposes both a short term and a long term option for a harmonised regulatory treatment of such systems in Europe.The paper was submitted to the European Commission as FESCO"s contribution to the preparation of the forthcoming Green Paper on possible amendments to the Investment Services Directive. The Green Paper will shortly be published as a basis for consultation with Member States, the financial services industry and other interested parties. However, the FESCO paper noted that, while the Green Paper on the ISD might be the catalyst for a far-reaching review of the regulatory approach to ATS, it would not provide a short-term solution. Accordingly, FESCO proposed that the short-term solution should take the form of a set of additional regulatory requirements for ATS operating as investment firms.FESCO will be working on proposals for what those additional regulatory requirements might be over the next six months, with a view to producing a consultation paper in the first half of 2001. This consultation paper will provide an opportunity for interested parties to comment in detail on the FESCO proposals. If, however, in the meantime interested parties have any specific comments on the possible additional regulatory requirements identified in paragraph 71 of the September paper, they should make these known to the Secretariat of FESCO via the following e-mail address: fdankers@europefesco.org
11/05/2005 05-274 Feedback Statement- Market Abuse Directive, Level 3 – first set of guidance and information on the common operation of the Directive Market Abuse Final Report PDF
79.76 KB		 http://www.cesr-eu.org/data/document/05_274.pdf
22/11/2007 07-693 Report on Administrative Measures and Sanctions available in Member States under the Market Abuse Directive (MAD) Market Abuse Final Report PDF
3.44 MB
28/02/2008 08-099 CESR Executive summary to the report on administrative measures and sanctions as well as the criminal sanctions available in Member States under the Market Abuse Directive Market Abuse Final Report PDF
874.1 KB
01/07/2013 2013/805 Supervisory Practices under MAD- Peer review report and Good Practices Market Abuse, Supervisory convergence Final Report PDF
1.17 MB		 ESMA's peer review of the supervisory practices EEA national competent authorities (NCAs) covers how national authorities enforce the requirements of the Market Abuse Directive (MAD).  The Directive deals with the prevention of the dissemination of misleading information, the breach of reporting obligations and market abuse.
01/07/2013 2013/806 Supervisory Practices under MAD- Mapping Report Market Abuse, Supervisory convergence Final Report PDF
315.44 KB		 ESMA's Mapping Report on Supervisory Practices under MAD sets out the situation in each Member State as regards their implementation of the various requirements of the Market Abuse Directive.
19/12/2014 2014/1569 Technical Advice to the Commission on MiFID II and MiFIR MiFID - Investor Protection, MiFID - Secondary Markets Technical Advice PDF
2.8 MB		 Reasons for publication The European Securities and Markets Authority (ESMA) received a formal request (mandate) from the European Commission (Commission) on 23 April 2014 to provide technical advice to assist the Commission on the possible content of the delegated acts required by several provisions of Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The mandate focuses on technical issues which follow from MiFID II and MiFIR and is available on the European Commission website (here). ESMA was required to provide technical advice by no later than six months after the entry into force of MiFID II and MiFIR (2 July 2014). Contents This final report follows the same structure as the Consultation Paper  (CP) published by ESMA on 22 May 2014 which is: (1) Introduction, (2) Investor protection, (3) Transparency, (4) Data publication, (5) Micro-structural issues, (6) Requirements applying on and to trading venues, (7) Commodity derivatives and (8) Portfolio compression. This paper also contains summaries of responses to the CP received by ESMA. The rationale of those items covered already in the CP for which no relevant changes have been introduced, is not developed again in this Final Report. ESMA recommends, therefore, to read this report together with the CP published on 22 May 2014 to have a complete vision of the rationale for ESMA’s technical advice. Next steps Delegated acts should be adopted by the Commission so that they enter into application by 30 months following the entry into force of the Directive and Regulation, taking into account the right of the European Parliament and Council to object to a delegated act within 3 months (which can be extended by a further 3 months).
03/02/2015 2015/224 ESMA’s technical advice on possible delegated acts concerning the Market Abuse Regulation Market Abuse Technical Advice PDF
1021.03 KB		 This advice:•    specifies the MAR market manipulation indicators, by providing examples of practices that may constitute market manipulation as well as proposing “additional” indicators of market manipulation; •    recommends to set the minimum thresholds that exempt certain market participants in the emission allowance market from publicly disclosing inside information at six million tonnes of CO2eq per year and at 2,430 MW rated thermal input;•    suggests the way to determine to which regulator delays in disclosure of inside information needs to be notified.  •    provides clarifications on the enhanced disclosure of managers’ transactions. - ESMA recommends disclosing  any acquisition, disposal, subscription or exchange of financial instruments of the relevant issuer or related financial instruments carried out by managers,, further illustrated through a non-exhaustive list of types of transactions subject to this obligation.  . ESMA also clarifies the transactions that can be allowed by the issuer during a closed period when normally managers are prohibited to trade; and•    proposes procedures and arrangements to ensure sound whistleblowing infrastructures – i.e. EU national regulators should allow the receipt of reports of infringements, including appropriate communication channels and guarantee the protection of reporting and reported persons, with respect to their identity and their personal data. Next steps ESMA has sent its technical advice to the European Commission for its consideration in drafting its implementing standards regarding MAR. ESMA’s regulatory technical standards regarding MAR will be delivered in July 2015.
28/09/2015 2015-ESMA-1464 Annex II Annex II- CBA- draft RTS and ITS on MiFID II and MiFIR MiFID - Secondary Markets Final Report PDF
5.07 MB
28/09/2015 2015/1455 CBA Cost analysis for Final Report on MAR technical standards Market Abuse Final Report PDF
2.59 MB
11/12/2015 2015/1858 Final Report- Draft ITS under MiFID II MiFID - Secondary Markets Final Report PDF
972.8 KB
22/12/2015 2015/1905 MAD Supervisory Practices peer review follow-up Market Abuse, Supervisory convergence Final Report PDF
239.64 KB
04/04/2016 2016/461 Final report on temporary exemption for ETDs under MiFID II MiFID - Secondary Markets Final Report PDF
619.46 KB
02/05/2016 2016/666 Opinion on draft RTS 2 non-equity transparency MiFID - Secondary Markets Opinion PDF
193.79 KB
02/05/2016 2016/666 ANNEX Annex- Opinion on draft RTS 2 non-equity transparency MiFID - Secondary Markets Opinion PDF
633.28 KB
02/05/2016 2016/668 Opinion on draft RTS 21 position limits MiFID - Secondary Markets Opinion PDF
152.8 KB
02/05/2016 2016/668 ANNEX Annex- Opinion on draft RTS 21 position limits MiFID - Secondary Markets Opinion PDF
124.02 KB
04/05/2016 2016/653 Final Report on RTS on reporting obligations under Article 26 of MiFIR MiFID - Secondary Markets Final Report PDF
231.35 KB
26/05/2016 2016/725 Draft RTS on indirect clearing arrangements under EMIR and MiFIR Guidelines and Technical standards, Post Trading, MiFID - Secondary Markets Final Report PDF
740.71 KB
30/05/2016 2016/730 Opinion on draft RTS 20 on ancillary activity MiFID - Secondary Markets Opinion PDF
148.29 KB

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