ESMA LIBRARY
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Reset all filtersDate | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
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21/12/2016 | 2016/1682 | 2016-1682 Press Release on Feedback Statement on ESEF | Corporate Disclosure, European Single Electronic Format, Press Releases, Transparency | Press Release | PDF 225.03 KB |
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05/05/2015 | JC/2015/02 | ESAs- main risks to EU financial market stability have intensified | Risk Analysis & Economics - Markets Infrastructure Investors, Press Releases, Joint Committee | Press Release | PDF 125.34 KB |
The Joint Committee of the European Supervisory Authorities (ESAs) published its fifth Report on Risks and Vulnerabilities in the EU Financial System. Overall, the report found that in the past six months, risks affecting the EU financial system have not changed in substance, but have further intensified. The EU’s economic performance improved slightly in early 2015, however the financial sector in general continues to be affected by a combination of factors such as low investment demand, economic uncertainty in the Eurozone and its neighbouring countries, a global economic slow-down and a low-interest rate environment. The main risks affecting the financial system remain broadly unchanged from those identified in the report’s previous edition, but have become more entrenched. The major risks include: • Low growth, low inflation, volatile asset prices and their consequences for financial entities; • Search for yield behaviour exacerbated by potential rebounds; • Deterioration in the conduct of business; and • Increased concern about IT risks and cyber-attacks. Despite these risks, a number of ongoing policy and regulatory initiatives are contributing to improving the stability and confidence in the financial system as well as facilitating additional funding channels to the real economy. These include ongoing regulatory reforms in the securities, banking and insurance sectors such as the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR), the work on the implementation of the Capital Requirements Directive and Regulation (CRDIV/CRR), the work on the Bank Recovery and Resolution Directive (BRRD), the Deposit-Guarantee Schemes Directive (DGS) and the Solvency II Directive, as well as the European Commission’s plan for a Capital Markets Union (CMU). Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA) and the current Chairman of the Joint Committee, said: “The Joint Committee has noted some improvement in overall market conditions; however, the recovery is not yet sustained and is exposed to risks related to broad macroeconomic conditions, in particular the low interest environment and resulting search-for-yield behaviour. Additionally regulators continue to have concerns about the operational risks generated by some financial institutions’ inappropriate business conduct, as well as those risks posed by inadequate management of IT risks. “However, recent regulatory initiatives across the banking, insurance and securities sectors, such as the Comprehensive Assessment, the insurance sector stress test and Solvency II along with, the ongoing MiFID, EMIR and PRIPS reforms are contributing to improving the stability and confidence in the EU financial system." Key Risks Identified The identified risks in the Report can be divided into macro risks to the EU financial system and economy and operational risks. Macro Risks The key macro risks identified relate to: 1. Risks from weak economic growth and low inflation environment, which include: • Adverse effect that low interest rates and uncertainties about the economic recovery have had on the outlook for the financial industry; • Higher valuation and market liquidity risk has raised concerns about the outlook for financial entities’ stability in the event of reversals in interest rates and asset prices; 2. Low profitability is motivating financial institutions and other investors to search for yield, which requires increased supervisory attention to the viability of business models, related restructuring activity and adequate management of risks. However, the promotion of sound and innovative business models for market-based funding structures could help to deliver additional stimulus; and 3. Some continued doubts on the comparability and consistency of banks’ calculations of risk weighted assets. Operational Risks The key operational risks relate to: 4. Business conduct risk remains a key concern with the Report recommending that supervisors should include misconduct costs in future stress tests where appropriate, while financial institutions should strengthening product oversight and governance frameworks. Further improvements in the regulatory framework and supervisory practices to address conduct risks are also warranted. In addition, further progress needs to be made on benchmark reforms where continuity and integrity remain a source of concern even if key panels remained stable; and 5. IT operational risk and cyber risk remain of great concern and pose challenges to the the safety and integrity of financial institutions. IT risk increased due to costs pressures, outsourcing, the need for additional capacities and a mounting number of cyber-attacks. The adequate integration of IT risk into overall risk management is a key policy for mitigation. | |||
06/06/2013 | 2013/684 | ESMA and the EBA publish final principles on benchmarks | Risk Analysis & Economics - Markets Infrastructure Investors, Press Releases, Benchmarks | Press Release | PDF 125.48 KB |
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11/01/2013 | 2013/13 | ESMA and the EBA take action to strengthen Euribor and benchmark rate-setting processes | Risk Analysis & Economics - Markets Infrastructure Investors, Press Releases | Press Release | PDF 207.75 KB |
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10/01/2019 | ESMA50-165-731 | ESMA annual statistical report on performance and costs of retail investment products in the EU | MiFID - Investor Protection, Risk Analysis & Economics - Markets Infrastructure Investors | Annual Report | PDF 3.43 MB |
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02/06/2016 | 2016/743 | ESMA assesses usefulness of distributed ledger technologies | Innovation and Products, Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors | Press Release | PDF 152.48 KB |
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21/03/2014 | 2014/302 | ESMA consults on major shareholders disclosures | Corporate Disclosure, Transparency | 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. | |||
19/12/2017 | ESMA71-99-916 | ESMA consults on securitisation requirements | Press Releases, Securitisation | Press Release | PDF 150.34 KB |
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18/10/2018 | ESMA71-99-1027 | ESMA data analysis values EU derivatives market at €660 trillion with central clearing increasing significantly | Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors | Press Release | PDF 238.11 KB |
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19/02/2020 | ESMA71-99-1284 | ESMA finds continued high risks as financial markets remain highly volatile | Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors | Press Release | PDF 94.61 KB |
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14/02/2013 | 2013/215 | ESMA issues first risk report on EU securities markets | Risk Analysis & Economics - Markets Infrastructure Investors, Press Releases | Press Release | PDF 99.25 KB |
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03/02/2022 | ESMA71-99-1819 | ESMA launches its new STS register | Securitisation | Press Release | PDF 82.51 KB |
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17/03/2016 | 2016/366 | ESMA maintains market risk indicator at highest level | Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors | Press Release | PDF 117.11 KB |
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18/11/2020 | ESMA71-99-1437 | ESMA publishes first overview of the size and structure of EU securities markets | Risk Analysis & Economics - Markets Infrastructure Investors | Press Release | PDF 93.67 KB |
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05/09/2019 | ESMA71-99-1205 | ESMA publishes stress simulation framework for investment funds | Fund Management, Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors | Press Release | PDF 119.98 KB |
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14/09/2015 | 2015/1379 | ESMA raises its market risk indicator to highest level | Risk Analysis & Economics - Markets Infrastructure Investors, Press Releases | Press Release | PDF 120.03 KB |
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06/04/2020 | ESMA71-99-1301 | ESMA report stresses impact of costs on retail investor benefits | Fund Management, MiFID - Investor Protection, Risk Analysis & Economics - Markets Infrastructure Investors | Press Release | PDF 109.54 KB |
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07/03/2019 | ESMA71-99-1111 | ESMA report values EU Alternative Investment Funds at €4.9 trillion | Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors | Press Release | PDF 257.55 KB |
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10/01/2020 | ESMA71-99-1270 | ESMA report values EU Alternative Investment Funds at €5.8 trillion | Fund Management, Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors | Press Release | PDF 149.02 KB |
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17/03/2021 | ESMA71-99-1579 | ESMA sees high risk for investors in non-regulated crypto assets | Risk Analysis & Economics - Markets Infrastructure Investors | Press Release | PDF 98.02 KB |