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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
14/09/2011 2011/288 Call for evidence- Empty voting , , Consultation Paper PDF
81.13 KB
25/06/2012 2012/379 Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories Consultation Paper PDF
2.12 MB

This consultation paper includes the Regulatory and Implementing Technical Standards ESMA is required to draft under the Regulation of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories (EMIR). It covers implementing measures for the application of the clearing obligation for risk mitigation techniques, exemptions for non-financial counterparties and intra-group transactions, requirements for CCPs and reporting and disclosure obligations for trade repositories. 

29/06/2012 2012/415 Call for Evidence on Empty Voting , CESR Document PDF
275.66 KB
ESMA launched a Call for Evidence on Empty Voting in September 2011 to analyse the potential issues and concerns raised by the practice of empty voting and to examine whether there was a possible need for further action. An analysis of the responses received to the consultation has led ESMA to conclude that there is insufficient evidence to justify any regulatory action at the European level at present.
20/12/2012 2012/852 Guidelines for establishing consistent, efficient and effective assessments of interoperability arrangements Consultation Paper PDF
445.22 KB
16/02/2012 2012/95 Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories Consultation Paper PDF
776.04 KB
The Regulation of the European Parliament and Council on OTC Derivatives, CCPs and trade repositories (EMIR) introduces provisions to improve transparency and reduce the risks associated with the OTC derivatives market and establishes common rules for central counterparties (CCPs) and for trade repositories (TRs).  It has been identified that common rules are required in the case of CCPs in view of the shift of risk management from a bilateral to a central process for OTC derivatives and in the case of trade repositories because of the increase in information that needs to be reported to them. The Regulation delegates or confers powers to the Commission to adopt regulatory technical standards (RTS) and implementing technical standards (ITS) on a number of areas. This discussion paper covers the draft RTS and ITS which ESMA is required to develop. Following this discussion paper and on the basis of the relevant input received, ESMA will prepare draft technical standards to be included in the consultation paper which will most likely be published around summer 2012.
18/10/2013 2013/1292 ESMA’s Technical Advice to the Commission on procedural rules to impose fines on Trade Repositories Consultation Paper PDF
1.52 MB

The European Securities and Markets Authority (ESMA) is publishing this consultation paper to assist with the preparation of its Technical Advice to the European Commission on the procedural rules for imposing fines and periodic penalties on Trade Repositories. The Commission requested ESMA's advice on 29 April 2013 to assist it in formulating procedural rules by delegated act. (Annex I) The closing date for responses is 15 November 2013 and ESMA aims to provide its advice to the Commission by 31 December 2013.

03/10/2013 2013/1400 20 September 2013 meeting of the Principals of the OTC Derivative Regulators Group , Press Release PDF
86.63 KB

Principals and senior representatives of authorities responsible for the regulation of the over-the-counter (OTC) derivatives markets in Australia, Brazil, the European Union, Hong Kong, Japan, Ontario, Québec, Singapore, Switzerland and the United States met on 20 September 2013 at the headquarters of the European Securities and Markets Authority (ESMA) in Paris.  The Principals and representatives include:  ·         Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA); ·         Greg Medcraft, Chairman of the Australian Securities and Investments Commission; ·         Leonardo Pereira, Chairman of the Comissão de Valores Mobiliários (Brazil); ·         Patrick Pearson, Acting Director at the European Commission; ·         Ashley Alder, Chief Executive Officer of the Hong Kong Securities and Futures Commission; ·         Masamichi Kono, Vice-Commissioner of the Japan Financial Services Agency; ·         Howard Wetston, Chair of the Ontario Securities Commission; ·         Anne Héritier Lachat, Chair of the Swiss Financial Market Supervisory Authority; ·         Gary Gensler, Chairman of the United States Commodity Futures Trading Commission; ·         Mary Jo White, Chair of the United States Securities and Exchange Commission; ·         Chuan Teck Lee, Assistant Managing Director at the Monetary Authority of Singapore; ·         Louis Morisset, President and CEO, l’Autorité des marchés financiers du Québec.  The Principals discussed generally: the application of clearing requirements to foreign branches and affiliates; risk mitigation techniques for non-centrally cleared derivatives transactions, such as timely confirmation, portfolio reconciliation, portfolio compression, valuation and dispute resolution; the need to co-operate in the implementation of internationally agreed standards on margin for non-centrally cleared derivatives transactions; co-operation on equivalence and substituted compliance assessments among the relevant authorities; and co-operation between authorities in the supervision of registered foreign entities;  The Principals agreed to meet again in February to continue the discussion of the above points.

07/11/2013 2013/1629 ESMA registers trade repositories , Press Release PDF
100.25 KB

ESMA registers DDRL, KDPW, Regis-TR, and UnaVista as trade repositories The European Securities and Markets Authority (ESMA) has approved today the registrations of the first four trade repositories (TRs) under the European Market Infrastructure Regulation (EMIR). The following entities are registered as TRs for the European Union (EU):   DTCC Derivatives Repository Ltd. (DDRL), based in the United Kingdom; Krajowy Depozyt Papierów Wartosciowych S.A. (KDPW), based in Poland; Regis-TR S.A., based in Luxembourg; and UnaVista Ltd, based in the United Kingdom. Steven Maijoor, ESMA Chair, said: “Registering the first European trade repositories is an important component in making derivative markets more transparent and resilient. TRs play a fundamental role in the surveillance of derivatives markets and in risk monitoring. The data gathered by TRs will enable regulators to identify and reduce the risks associated with derivative markets. “ESMA’s TR supervision will ensure more robust market infrastructures and benefit investors, fi-nancial markets and the economy as a whole. Trade reporting to start mid-February TRs are commercial firms that centrally collect and maintain the records of derivatives contracts reported to them. The registration of these TRs means that they can be used by the counterparties to a derivative transaction to fulfil their trade reporting obligations under EMIR. The registrations will take effect on 14 November 2013, with the reporting obligation beginning on 12 February 2014, i.e. 90 calendar days after the official registration date. The registered TRs cover all derivative asset classes –commodities, credit, foreign exchange, equity, interest rates and others – irrespective of whether the contracts are traded on or off exchange. ESMA now assumes supervisory responsibility for the TRs who must continue to comply, on an on-going basis, with the regulatory requirements set out under EMIR. ESMA is currently processing further TR applications. Press release ref. 2013/1629

20/02/2013 2013/219 ESMA’s Technical Advice to the Commission on Fees for Trade Repositories Consultation Paper PDF
586.97 KB
20/03/2013 2013/318 Feedback Statement on proposed amendments to the ESMA update of the CESR recommendations for the consistent implementation of the Prospectuses Regulation regarding mineral companies , , CESR Document PDF
265.19 KB
17/07/2013 2013/892 Draft Regulatory Technical Standards on contracts having a direct, substantial and foreseeable effect within the Union and non-evasion of provisions of EMIR Consultation Paper PDF
1.37 MB

Draft Regulatory Technical Standards on contracts having a direct, substantial and foreseeable effect within the Union and non-evasion of provisions of EMIR

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.

01/10/2014 2014/1185 Consultation Paper on clearing obligation under EMIR- No.3 Consultation Paper PDF
1.3 MB

Who should read this paper All interested stakeholders are invited to respond to this consultation paper. In particular, responses are sought from financial and non-financial counterparties of OTC derivatives transactions which will be subject to the clearing obligation, as well as central counterparties (CCPs). Responding to this paper The European Securities and Markets Authority (ESMA) invites responses to the questions listed in this Consultation Paper on the Clearing Obligation under EMIR (no. 3). All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Please follow the instructions given in the document ‘Reply form for the Consultation Paper on the Clearing Obligation under EMIR (no. 3) also published on the ESMA website . Comments are most helpful if they:•    respond to the question stated;•    indicate the specific question to which the comment relates;•    contain a clear rationale; and•    describe any alternatives ESMA should consider. ESMA will consider all comments received by 6 November 2014. Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominentlyindicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the heading ‘Legal Notice’.

01/10/2014 2014/1209 Press release- ESMA defines products, counterparties and starting dates for the clearing of interest rate swaps , Press Release PDF
94.72 KB

The European Securities and Markets Authority (ESMA) has today issued final draft regulatory technical standards (RTS) for the central clearing of Interest Rate Swaps (IRS) which it is required to develop under the European Markets Infrastructure Regulation (EMIR). The RTS define those types of IRS contracts which will have to be centrally cleared, the types of counterparties covered by the obligation and the dates by which central clearing of IRS will become mandatory for them.

18/12/2014 2014/1563 Consultation paper on Technical Standards under the CSD Regulation Consultation Paper PDF
2.5 MB

ESMA invites comments on all matters in this paper and in particular on the specific question included in the paper. Comments are most helpful if they:1.    respond to the question stated;2.    indicate the specific question to which the comment relates;3.    contain a clear rationale; and4.    describe any alternatives ESMA should consider.ESMA will consider all comments received by 19 February 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’ using the reply form.

18/12/2014 2014/1564 Consultation paper on Technical Advice under the CSD Regulation Consultation Paper PDF
488 KB

ESMA invites comments on all matters in this paper and in particular on the specific question included in the paper. Comments are most helpful if they:1.    respond to the question stated;2.    indicate the specific question to which the comment relates;3.    contain a clear rationale; and4.    describe any alternatives ESMA should consider.ESMA will consider all comments received by 19 February 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’ using the reply form.

18/12/2014 2014/1565 Consultation paper on Guidelines on Access to a CCP or a Trading Venue by a CSD Consultation Paper PDF
171.8 KB

ESMA invites comments on all matters in this paper and in particular on the specific question included in the paper. Comments are most helpful if they:1.    respond to the question stated;2.    indicate the specific question to which the comment relates;3.    contain a clear rationale; and4.    describe any alternatives ESMA should consider.ESMA will consider all comments received by 19 February 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’ using the reply form.

19/12/2014 2014/1566 Draft Regulatory Technical Standards on European Electronic Access Point (EEAP) Consultation Paper PDF
2.17 MB

Responding to this paper ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex III. Comments are most helpful if they:1.    respond to the question stated;2.    indicate the specific question to which the comment relates;3.    contain a clear rationale; and4.    describe any alternatives ESMA should consider. In order to respond to this paper, please follow the instructions given in the document ‘Reply form for the EEAP Consultation Paper’ also published on the ESMA website. ESMA will consider all comments received by 30 March 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise.  Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the heading Legal Notice. Who should read this paper In particular, comments are sought from issuers, officially appointed mechanisms, investors, users of regulated information and stakeholders at large who are affected by Directive 2004/109/EC of December 2004 as amended by Directive 2013/50/EC.

20/03/2014 2014/299 Draft Technical Standards for the Regulation on improving securities settlement in the European Union and on central securities depositories (CSD) Consultation Paper PDF
919 KB

ESMA is calling for public feedback on possible content to draft technical standards on matters such as settlement discipline, CSD registration and requirements, including confirmation rules (acceptance or rejection of terms in good time before the intended settlement date) for trading venues and investment firms, as well as access to CSDs by other CSDs, participants and other market infrastructures. ESMA has a mandate to draft technical standards on more than 30 aspects under CSDR. ESMA will consider all comments received by 22 May 2014. A public hearing will take place on April 14th at ESMA in Paris, from 13h30 to 17h. As provided for by the ESMA Regulation, a full public consultation will be conducted on the draft technical standards before they are submitted to the European Commission (EC). Therefore, following this DP and on the basis of the relevant input received, ESMA will finalise its proposed draft technical standards, that will be included in a consultation paper. The date of publication of such a consultation paper and the commenting period will depend on the date of publication of the CSDR in the Official Journal and the final deadline for ESMA to deliver the draft RTS and ITS to the EC. Responding to this paper ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex IV. Comments are most helpful if they: indicate the specific question to which the comment relates; respond to the question stated; contain a clear rationale; and describe any alternatives ESMA should consider. ESMA will consider all comments received by 22 May 2014. All contributions should be submitted via ESMA’s website. Publication of responses All contributions received will be published following the close of the consultation period, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the heading ‘Disclaimer’. Who should read this paper All interested stakeholders are invited to respond to this discussion paper. In particular, responses are sought from CSDs, CSD users or linked entities, market infrastructures and investors.

21/03/2014 2014/300 Draft Regulatory Technical Standards on major shareholdings and indicative list of financial instruments subject to notification requirements under the revised Transparency Directive , Consultation Paper PDF
883.94 KB
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 Transparency Directive 2013/50/EC (TD) was published in the Official Journal of the European Union on 6 November 2013 and entered into force on 27 November 2013. ESMA is required to submit certain draft Regulatory Technical Standards (RTSs) on major shareholdings (for details on each RTS, see the relevant section) to the European Commission (Commission or EC) by 27 November 2014. According to Articles 10 and 15 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council establishing ESMA (ESMA Regulation), ESMA must conduct a public consultation before submitting draft RTSs to the Commission. This Consultation Paper (CP) therefore seeks stakeholders’ views on proposals for such RTSs. The input from stakeholders will help ESMA finalise the draft RTSs. Respondents to this CP are encouraged to consider the costs and benefits that the draft RTSs would imply and provide the relevant data to support their arguments or proposals. The CP also seeks stakeholders’ views on the proposed content of an indicative list of financial instru-ments referenced to shares and with economic effect similar to holding shares and entitlements to acquire shares. To respond

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