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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
06/06/2013 2013/684 ESMA and the EBA publish final principles on benchmarks , , Press Release PDF
125.48 KB
21/03/2014 2014/302 ESMA consults on major shareholders disclosures , Press Release PDF
93.61 KB
ESMA consults on major shareholders disclosures The European Securities and Markets Authority (ESMA) has launched a consultation on draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings and the indicative list of financial instruments subject to notification requirements. The consultation runs until 30 May 2014. The revised Directive harmonises transparency requirements relating to information about issuers whose securities are admitted to trading on an EU regulated market. This harmonisation aims to enhance transparency in respect of the ownership structure of an issuer, to improve legal certainty and reduce the administrative burden for cross-border investors. The revised Transparency Directive also addresses the issue of the disclosure regime for new types of financial instruments that expose investors to an economic risk similar to when holding shares. The draft RTS support these objectives by facilitating the creation of a harmonised regime regarding the aggregation of holdings of shares and financial instruments, the calculation of notification thresholds and the exemptions from notification requirements. Steven Maijoor, ESMA Chair, said: “Transparency is essential for ensuring that markets function properly and investors are afforded adequate protection when making investment decisions. “Today’s proposals support the aims of the Transparency Directive to improve the effectiveness of the transparency regime on corporate ownership. Clarity on this issue will ensure that shareholders and potential investors are in possession of the information needed to make informed investment decisions.” Draft Regulatory Technical Standards The draft RTS on the major shareholding notifications addresses the following issues: • Method of calculation of 5% threshold exemption regarding trading books and market makers; • Calculation method regarding a basket of shares or an index; • Methods for determining the ‘delta’ for calculating voting rights; and • Exemptions regarding notification of financial instruments. The Consultation Paper also sets out the proposed content of an indicative list of financial instruments which should be subject to the notification requirements laid down in the Directive, and outlines the processes for updating that list. The input from stakeholders will help ESMA in drafting the final report and determining the content of the draft RTS. Comments to this consultation can be submitted via ESMA’s website and the deadline for submission is 30 May 2014.
10/11/2016 2016-1560 Final Report on Technical Advice under the Benchmarks Regulation Final Report PDF
943.42 KB
10/11/2016 2016-1567 ESMA finalises advice on future rules for financial benchmarks Press Release PDF
234.22 KB
29/09/2016 2016/1407 ESMA consults on future rules for financial benchmarks , Press Release PDF
147.04 KB
11/10/2016 2016/1458 ESMA to focus on supervisory convergence issues in 2017 , , , Press Release PDF
230.38 KB

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:

  • Converging supervisory practices on the implementation of MiFIDII/MiFIR ;
  • Focusing on data quality;
  • Level 2 work on the Benchmarks Regulation and on various initiatives under the umbrella of the Capital Markets Union; and
  • Directly supervising credit rating agencies (CRA) and trade repositories (TR), with a particular focus on their ancillary activities given the trend of combining ancillary and core services.
21/12/2016 2016/1682 2016-1682 Press Release on Feedback Statement on ESEF , , , Press Release PDF
225.03 KB
15/02/2016 2016/291 ESMA consults on implementation of the Benchmarks Regulation , , Press Release PDF
118.88 KB

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:

  • improve the quality of the input data and methodologies used by benchmark administrators;
  • ensure that benchmark contributors provide adequate data and are subject to proper controls; and
  • ensure the supervision and viability of critical benchmarks.

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:

  • definition of benchmarks;
  • requirements for the benchmark oversight function;
  • requirements for the benchmark input data;
  • governance and control requirements for supervised benchmark contributors;
  • authorisation and registration of an administrator; and
  • transparency requirements regarding the benchmark methodology.

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.

Next steps

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.

18/12/2017 ESMA 71-99-670 New rules make EU issuers’ annual financial reports machine-readable Press Release PDF
218.36 KB
18/12/2017 ESMA32-60-204 Final report on the RTS on the European Single Electronic Format Final Report PDF
6.37 MB
07/06/2019 ESMA32-60-474 Draft RTS amending Delegated Regulation (EU) 2018/815 on the updates of the taxonomy to be used for the ESEF , Final Report PDF
6.5 MB
18/06/2020 ESMA32-60-607 Final report on draft RTS including 2020 update RTS on ESEF Final Report PDF
6.21 MB
04/02/2020 ESMA32-67-613 Report on amendments to ESMA Guidelines on enforcement of financial information Final Report PDF
272.06 KB
20/12/2018 ESMA70-145-1008 Final report on Guidelines on non-significant benchmarks Final Report PDF
673.72 KB
02/06/2017 ESMA70-145-81 Final report on draft RTS on cooperation with third countries under BMR Final Report PDF
203.07 KB
03/10/2018 ESMA71-99-1046 WP 2019 Press Release , , Press Release PDF
282.94 KB
01/10/2019 ESMA71-99-1220 ESMA 2020 WP , , , , Press Release PDF
106.92 KB
14/02/2020 ESMA71-99-1285 ESMA responds to European Commission consultation on the Benchmark Regulation review , Press Release PDF
112.54 KB
09/03/2020 ESMA71-99-1287 ESMA Supervision WP 2020 , , , , , Press Release PDF
130.42 KB
17/04/2020 ESMA71-99-1313 Benchmarks MoU- 30 Mar (MAS ESMA) , , Press Release PDF
112.32 KB