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Date | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
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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 151.67 KB |
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07/02/2014 | 2014/146 | MiFID practices for firms selling complex products | MiFID - Investor Protection, Warnings and publications for investors | Opinion | PDF 122.37 KB |
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28/05/2014 | 2014/576 | Voting Procedures for CCP colleges under EMIR | Post Trading | Opinion | PDF 94.15 KB |
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31/07/2014 | 2014/944 | Potential Risks Associated with Investing in Contingent Convertible Instruments | Warnings and publications for investors, Innovation and Products | Statement | PDF 106.1 KB |
The European Securities and Markets Authority (ESMA) is issuing this statement to clarify to institutional investors risks from a newly emerging asset class referred to by most market participants as contingent convertibles instruments (CoCos). If they work as intended in a crisis CoCos will play an important role to inhibit risk transfer from debt holders to taxpayers. They along with standards to improve the quality and quantity of bank capital reflect a considerate response to the former regulatory capital framework. However, it is unclear as to whether investors fully consider the risks of CoCos and correctly factor those risks into their valuation. ESMA believes there are specific risks to CoCos and that investors should take those risks into consideration prior to investing in these instruments. | |||
29/01/2015 | 2015/223 | Opinion on draft RTS on the Clearing Obligation | Post Trading | Opinion | PDF 601.97 KB |
Legal Basis According to Article 5(2) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR), the European Securities and Markets Authority (ESMA) shall develop draft regulatory technical standards specifying the class of OTC derivatives that should be subject to the clearing obligation, the date or dates from which the clearing obligation takes effect, including any phase in and the categories of counterparties to which the obligation applies, and the minimum remaining maturity of the OTC derivative contracts referred to in Article 4(1)(b)(ii) of EMIR. Background and Procedure On 1 October 2014, ESMA submitted a draft regulatory technical standard (RTS) on the clearing obligation to the European Commission pursuant to Article 10(1) of Regulation No (EU) 1095/2010 (the ESMA Regulation) and Article 5(2) of EMIR. This draft RTS covered Interest Rate Swaps. On 18 December 2014, the Commission informed ESMA of its intention to endorse with amendments this draft RTS and submitted to ESMA a modified version of the RTS (the “modified RTS”) introducing, among others, (1) amendments to the date on which the frontloading obligation starts to apply and (2) a new provision on the treatment of non-EU intragroup transactions. Pursuant to Article 10(1) of the ESMA Regulation, this notification from the Commission opens a period of six weeks during which ESMA may amend its draft RTS on the clearing obligation on the basis of the Commission’s proposed amendments and resubmit it to the Commission in the form of a formal opinion. ESMA has to send a copy of its formal opinion to the European Parliament and to the Council. In accordance with Article 44(1) of the ESMA Regulation the Board of Supervisors has to adopt a formal opinion. Executive Summary ESMA agrees with the ultimate objectives of the modifications that the European Commission intends to introduce. However, ESMA considers that the tool proposed by the Commission for the matter related to the non-EU intra group transactions is not appropriate from a legal perspective and, in the case that the Commission intention is to define a later application date for those transactions, ESMA stands ready to explore, in coordination with the Commission, a different manner to incorporate that provision. ESMA backs the modifications on the frontloading section, though has a few observations and improvements with respect to several recitals. ESMA proposes to incorporate the suggestion of the Commission to deal with the application of the 8 billion threshold to investment funds for the definitions of types of counterparties as a specific provision in the text of the RTS. |
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09/03/2015 | 2015/511 | Revised opinion on draft RTS on the clearing obligation on interest rate swaps | Post Trading | Opinion | PDF 336.52 KB |
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21/05/2015 | 2015/838 | ESMA's opinion on the composition of CCP colleges under EMIR | Post Trading | Opinion | PDF 131.98 KB |
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19/11/2015 | 2015/1750 | EMIR statement re bank guarantees energy market | Post Trading | Statement | PDF 111.67 KB |
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02/02/2016 | 2016/184-199 | Opinions on Exemptions from the clearing obligation for pension schemes | Post Trading | Opinion | PDF 388.77 KB |
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. |
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10/02/2016 | 2016-278 | EU-US approach CCP equivalence | Post Trading, Press Releases | Statement | PDF 97.22 KB |
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16/02/2016 | ESMA70-151-3417 | Comply or explain table for G&R on CCP college | Guidelines and Technical standards, Post Trading | Compliance table | PDF 141.53 KB |
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16/02/2016 | ESMA70-151-3418 | Comply or explain table for G&R on IO arrangements | Guidelines and Technical standards, Post Trading | Compliance table | PDF 141.37 KB |
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16/02/2016 | ESMA70-151-3419 | Comply or explain table for G&R on PFMIs | Guidelines and Technical standards, Post Trading | Compliance table | PDF 141.61 KB |
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13/04/2016 | 2016/592-594 | Opinions on Pension Schemes Exemptions | Post Trading | Opinion | PDF 273.73 KB |
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13/06/2016 | 2016/943 | Statement by Verena Ross at ECON Public Hearing on Securitisation | Board of Supervisors, Speeches | Statement | PDF 242.38 KB |
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30/06/2016 | 2016/998 | Opinion on the exemption for Danish pension scheme | Post Trading | Opinion | PDF 227.83 KB |
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07/07/2016 | 2016/1073 | Opinion on the exemption for Swedish pension scheme | Post Trading | Opinion | PDF 203.12 KB |
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03/08/2016 | 2016/1233 | Opinion on the exemption for Danish pension scheme | Post Trading | Opinion | PDF 205.32 KB |
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30/09/2016 | 2016/1408 | ESMA appoints new chairs to Standing Committees | Board of Supervisors, Fund Management, Market Integrity, MiFID - Investor Protection | Statement | PDF 141.3 KB |
The Board of Supervisors of the European Securities and Markets Authority (ESMA) has appointed the following individuals to serve as chairs of its standing committees:
The standing committees are expert groups drawn from ESMA staff and the national competent authorities for securities markets regulation in the Member States, and are responsible for the development of policy in their respective areas. The appointments are for a period of two years and commence with immediate effect. |
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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 246.48 KB |