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|23/04/2020||JC 2020 41||ESAs consult on Environmental, Social and Governance disclosure rules||Joint Committee, Sustainable finance||Press Release||PDF
|09/03/2020||ESMA71-99-1287||ESMA Supervision WP 2020||Benchmarks, Credit Rating Agencies, Press Releases, Securities Financing Transactions, Securitisation, Trade Repositories||Press Release||PDF
|09/03/2020||ESMA80-199-332||ESMA Supervision- Annual Report 2019 and Work Programme 2020||Benchmarks, Credit Rating Agencies, Securities Financing Transactions, Securitisation, Trade Repositories||Annual Report||PDF
|20/12/2019||ESMA71-99-1256||ESMA CRAs TRs thematic fees report||Press Releases, Supervisory convergence, Trade Repositories||Press Release||PDF
|16/12/2019||ESMA71-99-1266||Press release on joint GLs on cooperation and information exchange||Guidelines and Technical standards, Joint Committee, Press Releases||Press Release||PDF
|15/07/2019||ESMA71-99-1181||Press release: ESMA fines Regis-TR S.A. €56,000 for data access failures||Press Releases, Trade Repositories||Press Release||PDF
|10/04/2019||JC 2019 26||Joint ESA advice on the need for legislative improvements relating to ICT risk management requirements||Innovation and Products, Joint Committee||Technical Advice||PDF
|10/04/2019||JC 2019 25||Joint ESA advice on the costs and benefits of developing a coherent cyber resilience testing framework for significant market participants and infrastructures||Innovation and Products, Joint Committee||Technical Advice||PDF
|09/04/2019||2019 19||Joint Committee Annual Report 2018||Joint Committee||Annual Report||PDF
|01/02/2019||ESMA71-99-1096||ESMA and EU securities regulators MoUs with FCA||Board of Supervisors, Brexit, Credit Rating Agencies, Fund Management, Press Releases, Trade Repositories||Press Release||PDF
|22/06/2018||ESMA71-99-998||European Supervisory Authorities hold its 2018 Consumer Protection Day||Joint Committee, Press Releases||Press Release||PDF
|11/01/2018||ESMA71-99-919||PR on CRA/TR Fees Thematic Report||Trade Repositories||Press Release||PDF
|27/10/2017||ESMA71-99-623||Press Release on 2017 Enforcement Priorities||Audit, Corporate Disclosure, IFRS Supervisory Convergence, Press Releases||Press Release||PDF
|26/09/2017||ESMA71-99-599||EBA and ESMA provide guidance to assess the suitability of management body members and key function holders||Guidelines and Technical standards, Joint Committee, MiFID - Investor Protection, Press Releases||Press Release||PDF
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have published their joint Guidelines to assess the suitability of members of management bodies and key function holders.
|02/02/2017||ESMA71-844457584-339||Press Release ESMA Supervision 2016 annual report and 2017 work programme||Credit Rating Agencies, Trade Repositories||Press Release||PDF
|19/12/2016||2016/JCESA PR||Press release- European Supervisory Authorities consult on Big Data||Joint Committee, Press Releases||Press Release||PDF
|10/11/2016||2016-1564||ESMA prepares for new International Financial Reporting Standard 9||Audit, Corporate Disclosure, IFRS Supervisory Convergence, Press Releases||Press Release||PDF
|07/04/2016||JC/2016/21 PR||Joint Press Release draft RTS on PRIIPs||Fund Management, Joint Committee, Press Releases||Press Release||PDF
|31/03/2016||2016/468||ESMA fines DTCC Derivatives Repository Limited €64,000 for data access failures||Press Releases, Trade Repositories||Press Release||PDF
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:
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.
|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.