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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|28/05/2014||2014/576||Voting Procedures for CCP colleges under EMIR||Post Trading||Opinion||PDF
|02/10/2013||2013/1374||Technical advice on third country regulatory equivalence under EMIR – Switzerland (Supplement)||Post Trading||Final Report||PDF
|02/10/2013||2013/1370||Technical advice on third country regulatory equivalence under EMIR – India||Post Trading||Final Report||PDF
|02/10/2013||2013/1375||Technical advice on third country regulatory equivalence under EMIR – Canada||Post Trading||Final Report||PDF
|17/11/2017||ESMA33-9-207||Technical Advice on CRA Regulatory Equivalence- CRA 3 Update||Credit Rating Agencies||Final Report||PDF
|02/12/2013||2013/1775||Sovereign ratings investigation- ESMA’s assessment of governance, conflicts of interest, resourcing adequacy and confidentiality controls||Credit Rating Agencies||Final Report||PDF
|This report summarises the findings of the European Securities and Markets Authority’s (ESMA) general investigation into sovereign credit ratings issued by Fitch Ratings, Moody’s Investors Service and Standard & Poor’s which took place between February and October 2013, as indicated in its Credit Rating Agencies (CRAs) 2013 Supervision and Policy Work Plan. In this report ESMA describes the observed deficiencies and main concerns while also identifying a number of good practices in the following areas: • the role of senior management and other non-rating functions in the rating process and the actual or potential conflicts of interest which could arise; • the actual or potential conflicts of interests generated by the involvement of sovereign analysts in research and publication activities; • confidentiality of sovereign rating information and controls in place prior to publication of ratings (including IT and access controls to confidential information); • timing of publication of sovereign ratings, including timely disclosure of rating changes; • monitoring of the adequacy and expertise of resources dedicated to sovereign ratings; • preparation of rating committees; and • definitions of roles and responsibilities among different analytical functions. ESMA’s investigation revealed shortcomings in the sovereign ratings process which could pose risks to the quality, independence and integrity of the ratings and of the rating process. As of the date of this document, ESMA has not determined whether any of the observations made in this report constitute serious indications of the possible existence of facts liable to constitute one or more infringements of the CRA Regulation.|
|09/03/2015||2015/511||Revised opinion on draft RTS on the clearing obligation on interest rate swaps||Post Trading||Opinion||PDF
|05/04/2016||2016/429||Review of Article 26 of RTS No 153/2013 with respect to MPOR for client accounts||Post Trading||Final Report||PDF
Reasons for publication
In relation to the draft amended technical standards, ESMA consulted stakeholders on two occasions: the first consultation on a Discussion Paper (DP) was conducted from 27 August to 30 September 2015; the second, on the consultation paper (CP) including the proposed draft RTS was carried out from 14 December 2015 to 1st February 2016.
ESMA received a strong support from the respondents to the CP on the proposed amendment introducing the possibility for EU CCPs to margin on a one day gross basis for clients’ accounts. The responses to the consultation confirm that a one day gross account structure provides a sufficient level of protection to the CCPs and to the clients.
On the proposed conditions linked to this type of account, the majority of the respondents are of the view that they are needed to ensure the safety of the CCPs. Some clarifications or slight amendments have been introduced following the comments received, in particular on intraday margins calls and on entities belonging to the same group as clearing members.
|03/01/2013||2012/874||Report to the European Parliament, the Council and the Commission on the budgetary implications of Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR)||Post Trading||Final Report||PDF
|05/08/2014||2014/939||Report to the European Parliament, the Council and the Commission on ESMA’s staffing and resource for CRA supervision||Credit Rating Agencies||Final Report||PDF
|The European Securities and Markets Authority (ESMA) is required by Article 39a of Regulation (EU) No 462/2013 of the European Parliament and the Council of 21 May 2013, amending Regulation (EC) No 1060/2009 on credit rating agencies (CRA Regulation), to assess the staffing and resources needs arising from the assumption of its powers and duties under the CRA Regulation and submit a report to the European Parliament, the Council and the Commission of these needs. The Report describes the tasks that ESMA carries out in view of its responsibilities under the CRA Regulation. For each task the report analyses the implications in terms of processes and activities to be carried out. The report also provides the implications in terms of resources and budget. While ESMA experienced a steep increase of resources in the initial years following the entry into force of the CRA Regulation, incremental growth in staff numbers in 2015 and 2016 can be envisaged to adequately cope with additional tasks following from the CRA3 Regulation.|
|02/10/2015||2015/1473||Report on the Possibility of Establishing one or more Mappings of Credit Ratings Published on the European Rating Platform||Credit Rating Agencies||Final Report||PDF
|31/03/2014||2014/03/ODRG||Report of the OTC Derivatives Regulators Group (ODRG) on Cross-Border Implementation Issues||Post Trading||Final Report||PDF
|15/03/2013||2013/312||Regulatory technical standards on colleges for central counterparties supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012||Post Trading||Opinion||PDF
|01/03/2016||2016/328||Possible systemic risk and cost implications of interoperability arrangements||Post Trading||Final Report||PDF
|13/04/2016||2016/592-594||Opinions on Pension Schemes Exemptions||Post Trading||Opinion||PDF
|02/02/2016||2016/184-199||Opinions on Exemptions from the clearing obligation for pension schemes||Post Trading||Opinion||PDF
Today’s document published by ESMA contains opinions on 16 UK-based pension schemes where the UK Financial Conduct Authority (FCA) is the competent authority for securities markets. After the exemptions are granted by the FCA, ESMA will publish the list of the types of entities/ arrangements that have been exempted.
|15/11/2016||2016/1575||Opinion- Common indicators for new products and services under Article 15 and for significant changes under Article 49 of EMIR||Post Trading||Opinion||PDF
|16/01/2017||ESMA03-445018618-8||Opinion on the exemption from the clearing obligation of Swedish pension schemes- Notification Ref. 23||Post Trading||Opinion||PDF
|16/01/2017||ESMA03-445018618-7||Opinion on the exemption from the clearing obligation of Swedish pension schemes- Notification Ref. 21||Post Trading||Opinion||PDF
|07/07/2016||2016/1073||Opinion on the exemption for Swedish pension scheme||Post Trading||Opinion||PDF