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|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
|18/12/2015||2015/1871||Proxy advisors take steps towards increased transparency||Corporate Finance, Corporate Governance, Press Releases||Press Release||PDF
|18/12/2015||2015/1887||Follow-up report on the development of the Best Practice Principles for Providers of Shareholder Voting Research and Analysis||Corporate Finance, Corporate Governance||Final Report||PDF
|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.
|15/02/2016||2016/291||ESMA consults on implementation of the Benchmarks Regulation||Market Integrity, Press Releases, Benchmarks||Press Release||PDF
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:
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:
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.
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.
|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.
|29/09/2016||2016/1407||ESMA consults on future rules for financial benchmarks||Benchmarks, Press Releases||Press Release||PDF
|10/11/2016||2016-1560||Final Report on Technical Advice under the Benchmarks Regulation||Benchmarks||Final Report||PDF
|10/11/2016||2016-1567||ESMA finalises advice on future rules for financial benchmarks||Benchmarks||Press Release||PDF
|23/01/2017||ESMA71-844457584-329||ESMA Chair keynote address at PRIME Finance Conference||Benchmarks, Post Trading, Speeches||Speech||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
|30/03/2017||ESMA71-99-374||ESMA publishes final rules to ensure integrity of EU financial benchmarks||Benchmarks, Press Releases||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published its final report containing the draft regulatory and implementing technical standards (RTS/ITS) under the Benchmarks Regulation (BMR). These contain the detailed rules to implement the new European regulatory framework aimed at ensuring the accuracy and integrity of benchmarks across the European Union.
|04/05/2017||ESMA71-99-398||Joint Public Statement FSMA-ESMA regarding EURIBOR||Benchmarks||Press Release||PDF
In September 2016, the FSMA, as the national competent authority for Belgium, established the Euribor college and chaired its inaugural meeting. The college includes ESMA, the national competent authorities of the various banks contributing to the Euribor, as well as the national competent authorities of Member States for which the Euribor presents a systemic character because of its importance for their real economy, for the financing of households and enterprises, or for consumers in general. The Euribor college, chaired by the FSMA, currently consists of 17 national supervisory authorities and ESMA. The ECB has attended its meetings as an invited expert.
In 2015, EMMI developed a methodology that would ground the Euribor entirely on transactions (“Euribor+”) and has subsequently carried out a “pre-live verification” exercise, based on data gathered from 31 banks over a period running from September 2016 to February 2017. On May 4th 2017, after consultation with the FSMA and as a result of its pre-live verification exercise, EMMI published its decision not to pursue a transition to the proposed Euribor+ methodology in the short term.
The college of Euribor takes note of this decision and will continue to engage with EMMI on alternative plans for Euribor reform and transition.
|02/06/2017||ESMA70-145-81||Final report on draft RTS on cooperation with third countries under BMR||Benchmarks||Final Report||PDF
|21/09/2017||ESMA71-99-595||New Working Group on a Risk-Free Reference Rate for the Euro Area||Benchmarks||Press Release||PDF
Today, the Financial Services and Markets Authority (FSMA), the European Securities and Markets Authority (ESMA), the European Central Bank (ECB) and the European Commission announce the launch of a new working group tasked with the identification and adoption of a "risk-free overnight rate" which can serve as a basis for an alternative to current benchmarks used in a variety of financial instruments and contracts in the euro area.
The working group, chaired by a private sector representative and with the Secretariat to be provided by the ECB, will regularly consult market participants and end-users, as well as gather feedback from other public authorities. Its terms of reference will be made public and the group will regularly report on its meetings. This is to ensure transparency on all steps in the identification and adoption of a new risk free rate.
|11/01/2018||ESMA71-99-919||PR on CRA/TR Fees Thematic Report||Trade Repositories||Press Release||PDF
|07/02/2018||ESMA71-99-945||EC ECB ESMA FSMA press release on WG on RFR composition||Benchmarks||Press Release||PDF
|31/05/2018||ESMA71-99-996||Towards benchmark stability and integrity||Benchmarks||Speech||PDF
|27/09/2018||ESMA71-319-83||Financing Growth in the EU- speech by Verena Ross at the EBS||Corporate Finance, Speeches||Speech||PDF
|15/10/2018||ESMA31-62-1114||2017 Report on EEA prospectus activity||Corporate Finance||Final Report||PDF