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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
05/02/2019 ESMA 70-155-7026 Use of UK data in ESMA databases in case of a no-deal Brexit , , Statement PDF
281.69 KB
07/10/2019 ESMA70-155-7658 Use of UK data in ESMA databases and performance of MiFID II calculations in case of a no-deal Brexit on 31 October 2019 , , Statement PDF
155.54 KB
13/04/2021 ESMA74-362-1934 Updated LEI statement SFTR , , Statement PDF
128.32 KB
07/10/2019 ESMA90-1-167 Update on the UK’s withdrawal from the European Union- preparations for a possible no-deal Brexit scenario on 31 October 2019 , , , Statement PDF
179.84 KB
04/04/2017 33-9-149 Update of the guidelines on the application of the endorsement regime under Article 4(3) of the Credit Rating Agencies Regulation Consultation Paper PDF
1.08 MB

Endorsement is one of two regimes provided in the CRA Regulation that allow credit ratings issued in a third country to be used for regulatory purposes in the EU – the other being equivalence/certification. Article 21(3) of the CRA Regulation requires ESMA to issue and update guidelines on the application of the endorsement regime specified under Article 4(3) of the same Regulation. This Consultation Paper proposes to update the previously issued 2011 Guidelines on Endorsement.
The proposed update of the 2011 Guidelines on Endorsement is mainly driven by the need to reflect the changes to Articles 6-12 and Annex I introduced by CRA 3, which will enter into force for the purposes of equivalence and endorsement on 1 June 2018. On that basis, ESMA has to update the Methodological Framework on which ESMA relies for assessing a third-country legal and supervisory framework for the purposes of endorsement and equivalence. This Methodological Framework is provided in Annex II of the 2011 Guidelines on Endorsement. By 1 June 2018, ESMA should also have completed a reassessment of all the previously assessed third-country legal and regulatory frameworks against the new requirements based on the updated Methodological Framework (provided in Annex III).


ESMA has taken this opportunity to reassess its approach to endorsement more broadly, based on the supervisory experience acquired since the adoption of the 2011 Guidelines on Endorsement. The proposed changes and clarification of the 2011 Guidelines on Endorsement focus in particular on ESMA’s understanding of points (b), (c), (d), and (e) of Article 4(3) of the CRA Regulation.
Furthermore, some parts of the 2011 Guidelines on Endorsement relate to the establishment of ESMA, the initial registration of CRAs and various transitional arrangements. The proposed updated Guidelines on Endorsement do not include these parts, as they are no longer relevant. Finally, some information in the 2011 Guidelines on Endorsement was not addressed to market participants but referred to ESMA’s internal processes. This information has also been excluded from the proposed updated guidelines on Endorsement, but is, for context, summarised in Section 4 of this Consultation Paper.
 

12/07/2018 ESMA42-110-998 Timely submission of requests for authorisation in the context of the United Kingdom withdrawing from the European Union , Statement PDF
128.92 KB
12/07/2022 ESMA74-362-2566 Third updated LEI statement SFTR , , Statement PDF
130.43 KB
05/12/2019 JC 2019 19 The introduction of fallbacks in OTC derivative contracts and the requirement to exchange collateral , Statement PDF
80.41 KB
12/07/2013 2013/925 The Clearing Obligation under EMIR Consultation Paper PDF
773.26 KB

The European Securities and Markets Authority (ESMA) is publishing this discussion paper in order to seek stakeholders’ views on the preparation of the regulatory technical standards ESMA is required to draft under Article 5(2) “Clearing Obligation Procedure” of the Regulation (EU) No 648/2012 of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories (EMIR). The input from stakeholders will help ESMA in the development of the relevant technical standards to be drafted and submitted to the European Commission for endorsement in the form of Commission Regulations, i.e. a legally binding instrument directly applicable in all Member States of the European Union. One essential element in the development of draft technical standards is the analysis of the costs and benefits that those legal provisions will imply. Input in this respect and any supportive data will be highly appreciated and kept confidential where required. Please respond to the consultation using the response template. The closing date for responses is 12 September 2013.

19/12/2016 2016/1672 Technical advice to the Commission on fees for TRs under SFTR and on certain amendments of for fees under EMIR Consultation Paper PDF
709.68 KB

Reasons for publication

On 15 January 2016 the European Securities and Markets Authority (ESMA) received a formal request from the European Commission (Commission) to provide technical advice to assist the Commission in formulating a Regulation on fees for Trade Repositories (TRs) under SFTR by a delegated act.

Contents

The present report contains nine sections. Section 1 refers to the Executive Summary of the report. Section 2 explains the background to our proposals. Section 3 outlines the ESMA’s expected costs. Section 4 establishes the general approach for the determination of fees under EMIR and SFTR. Section 5 explains how ESMA will manage surpluses and deficits under EMIR and SFTR. Section 6 points out the rationale and computation of TRs fees for registration and extension of registration under SFTR. Sections 7 and 8 present the supervision fees under EMIR and SFTR and recognition fees under SFTR. Section 9 refers to the conditions of payment and reimbursement and, finally, Section 10 addresses the instances where delegation to NCAs takes place. Annex I contains the summary of the questions posed by ESMA and Annex II includes the Commission’s mandate to ESMA.

The amendments to fees under EMIR that are consulted in this document are required in order to ensure level –playing field with the ESMA’s fees to TRs under SFTR.

Next Steps

ESMA will consider the feedback it receives to this consultation in Q1 2017 and expects to publish and submit a final report of the technical advice to the European Commission for endorsement by end of Q1/beginning of Q2 of 2017.

12/10/2020 ESMA22-105-1248 Steven Maijoor Opening Statement for ECON Hearing 12 October 2020 , , , , , Statement PDF
134.36 KB
09/11/2020 ESMA70-155-10958 Statement_Brexit_ESMA IT systems_2020Q4 Statement PDF
163.2 KB
11/06/2020 ESMA70-156-3070 Statement_Access ETDs , , Statement PDF
112.54 KB
17/12/2021 ESMA91-372-1913 Statement on UK CCP Article25 2c assessment 2021 , , Statement PDF
166.79 KB
16/06/2022 ESMA70-451-500 Statement on the Implementation of the clearing obligation for pension scheme arrangements Statement PDF
73.53 KB
11/01/2019 ESMA33-128-577 Statement on Securitisation implementation Statement PDF
324.46 KB
04/05/2020 ESMA71-99-1324 Statement on bilateral margin RTS amendments in response to Covid-19 , , , Statement PDF
101.16 KB
16/12/2021 ESMA70-156-5151 Statement Implementation CO and DTO in view of the benchmark transition Statement PDF
84.51 KB
23/11/2020 ESAs 2020 20 Statement ESAs propose to adapt the EMIR implementation timelines- intragroup transactions, equity options and novations to EU counterparties Statement PDF
31.24 KB
26/10/2020 ESMA70-155-7782 Statement Brexit Share Trading Obligation Q42020 , Statement PDF
83.73 KB

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