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20/04/2022 ESMA80-187-945 Verena Ross' speech at ECMI/CEPS Webinar, 20 April 2022 , , Speech PDF
178.1 KB

Verena Ross' speech at ECMI/CEPS Webinar, 20 April 2022: "ESMA – driving forward high-quality supervision and transparency in a single EU capital market"

19/06/2019 ESMA74-362-39 Keynote by ESMA Chair at ISLA Annual Securities Finances and Collateral Management Conference Speech PDF
239.83 KB
08/10/2021 ESMA74-362-2159 ESMA as a data driven regulator and supervisor- AFME 5th Annual European Compliance and Legal Virtual Conference , , , , , , , , , Speech PDF
167.18 KB
28/10/2021 ESMA71-99-1752 Press Release- ESMA addresses investment recommendations made on social media platforms , , Press Release PDF
445.71 KB
11/06/2020 ESMA71-99-1342 Decision Short Selling Reporting Renewal Statement , , , Press Release PDF
83.55 KB
15/04/2020 ESMA71-99-1318 ESMA issues positive opinions on short selling bans by 5 jurisdictions , , , Press Release PDF
114.75 KB
16/03/2020 ESMA71-99-1291 ESMA requires net short position holders to report positions of 0.1% and above , , , Press Release PDF
82.58 KB
02/07/2019 ESMA71-99-1158 MWT Reclaim Schemes Release , Press Release PDF
103.56 KB
12/05/2022 ESMA70-445-372 Verena Ross' ISDA keynote speech – ESMA’s priorities for transparency , Speech PDF
177.57 KB
25/02/2021 ESMA70-155-11890 Statement CumEx CumCum scandal- Fabrizio Planta , , , Speech PDF
132.57 KB
27/06/2018 ESMA70-145-924 Speech by ESMA Executive Director Verena Ross on LEI , Speech PDF
255.18 KB
06/12/2017 ESMA50-164-1173 Press Release MiFID/MAR Transitional Transparency Calculations , , , , Press Release PDF
225.44 KB
16/05/2019 ESMA34-45-712 Verena Ross- ICMA 2019 conference speech , , , Speech PDF
134.24 KB
08/12/2020 ESMA32-67-765 Speech Steven Maijoor- The three paradoxes of sustainability reporting and how to address them , , , Speech PDF
123.06 KB
02/03/2021 ESMA32-60-721 Press release- ESMA supports increasing corporate transparency through ESAP , Press Release PDF
79.28 KB
09/10/2020 ESM22-103-1158 ESM22-103-1158 Keynote Speech- Verena Ross- AFME Compliance and Legal Conference , , , , Speech PDF
133.94 KB
15/02/2016 2016/291 ESMA consults on implementation of the Benchmarks Regulation , , Press Release PDF
118.88 KB

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:

  • improve the quality of the input data and methodologies used by benchmark administrators;
  • ensure that benchmark contributors provide adequate data and are subject to proper controls; and
  • ensure the supervision and viability of critical benchmarks.

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:

  • definition of benchmarks;
  • requirements for the benchmark oversight function;
  • requirements for the benchmark input data;
  • governance and control requirements for supervised benchmark contributors;
  • authorisation and registration of an administrator; and
  • transparency requirements regarding the benchmark methodology.

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.

Next steps

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.

21/12/2016 2016/1682 2016-1682 Press Release on Feedback Statement on ESEF , , , Press Release PDF
225.03 KB
25/09/2015 2015/1460 ESMA Final Report on DRAFT RTS on EEAP Technical Standards PDF
1.62 MB
21/03/2014 2014/302 ESMA consults on major shareholders disclosures , Press Release PDF
93.61 KB
ESMA consults on major shareholders disclosures 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 Directive harmonises transparency requirements relating to information about issuers whose securities are admitted to trading on an EU regulated market. This harmonisation aims to enhance transparency in respect of the ownership structure of an issuer, to improve legal certainty and reduce the administrative burden for cross-border investors. The revised Transparency Directive also addresses the issue of the disclosure regime for new types of financial instruments that expose investors to an economic risk similar to when holding shares. The draft RTS support these objectives by facilitating the creation of a harmonised regime regarding the aggregation of holdings of shares and financial instruments, the calculation of notification thresholds and the exemptions from notification requirements. Steven Maijoor, ESMA Chair, said: “Transparency is essential for ensuring that markets function properly and investors are afforded adequate protection when making investment decisions. “Today’s proposals support the aims of the Transparency Directive to improve the effectiveness of the transparency regime on corporate ownership. Clarity on this issue will ensure that shareholders and potential investors are in possession of the information needed to make informed investment decisions.” Draft Regulatory Technical Standards The draft RTS on the major shareholding notifications addresses the following issues: • Method of calculation of 5% threshold exemption regarding trading books and market makers; • Calculation method regarding a basket of shares or an index; • Methods for determining the ‘delta’ for calculating voting rights; and • Exemptions regarding notification of financial instruments. The Consultation Paper also sets out the proposed content of an indicative list of financial instruments which should be subject to the notification requirements laid down in the Directive, and outlines the processes for updating that list. The input from stakeholders will help ESMA in drafting the final report and determining the content of the draft RTS. Comments to this consultation can be submitted via ESMA’s website and the deadline for submission is 30 May 2014.