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|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
|14/02/2020||ESMA71-99-1282||ESMA seeks candidates for its stakeholder group||Press Releases, Securities and Markets Stakeholder Group||Press Release||PDF
|20/12/2019||ESMA71-99-1256||ESMA CRAs TRs thematic fees report||Press Releases, Supervisory convergence, Trade Repositories||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
|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
|09/01/2019||ESMA71-99-1084||Crypto-assets need common EU-wide approach to ensure investor protection||Innovation and Products, Press Releases||Press Release||PDF
|04/12/2018||ESMA71-99-1069||ESMA appoints a new Securities and Markets Stakeholder Group||Securities and Markets Stakeholder Group||Press Release||PDF
|05/07/2018||ESMA71-99-999||SMSG Renewal July 2018 Press Release||Press Releases, Securities and Markets Stakeholder Group||Press Release||PDF
|15/03/2018||15-3-18||ESAs weigh benefits and risks of Big Data||Innovation and Products, Press Releases||Press Release||PDF
|11/01/2018||ESMA71-99-919||PR on CRA/TR Fees Thematic Report||Trade Repositories||Press Release||PDF
|13/11/2017||ESMA71-99-649||Press Release ICO Statements||Innovation and Products, Press Releases, Warnings and publications for investors||Press Release||PDF
|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
|12/01/2017||ESMA71-844457584-322||ESMA calls for consistent application of MiFIR product intervention powers||Innovation and Products||Press Release||PDF
|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
|01/07/2016||2016/1066||ESMA appoints new Securities and Markets Stakeholder Group||Press Releases, Securities and Markets Stakeholder Group||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published the new list of members of its Securities and Markets Stakeholder Group (SMSG) following its approval by its Board of Supervisors. The selected individuals begin a 2½ year term on 1 July 2016 and will replace the group whose mandate expired on 30 June 2016.
The new SMSG will be composed of 30 individuals drawn from across 13 Member States and representing ESMA’s key stakeholder constituencies – financial market participants (10), employee representatives (2), consumer representatives (6), users of financial services (3), small and medium sized enterprises (2) and academics (7). The new SMSG will feature 27 new members. A number of the incoming members have served in the previous SMSG.
The SMSG was established according to ESMA’s founding regulation and facilitates consultation between ESMA and its key financial market stakeholders on its work. The SMSG provides ESMA with opinions and advice on its policy work and must be consulted on technical standards and guidelines and recommendations. Additionally, it can inform ESMA of any inconsistent application of European Union law as well as inconsistent supervisory practices in Member States.
|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
|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.
|18/12/2015||2015/1871||Proxy advisors take steps towards increased transparency||Corporate Finance, Corporate Governance, Press Releases||Press Release||PDF
|03/12/2015||2015/1835||ESMA seeks candidates for its stakeholder representative group||Securities and Markets Stakeholder Group, Press Releases||Press Release||PDF