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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
28/05/2014 2014/576 Voting Procedures for CCP colleges under EMIR Opinion PDF
94.15 KB
06/07/2011 2011/203 The European Fund Industry Paradigm , Speech PDF
35.65 KB

The European Fund Industry Paradigm: Combining Long Term Investment Horizons and Risk Profiles Opening speech by Steven Maijoor, Chair of ESMA, at the Paris EUROPLACE Financial Forum - 6 July 2011

01/06/2015 2015/904 The Capital Markets Union, Asset Management and Stability , Speech PDF
78.68 KB
Steven Maijoor delivered a speech at the 26th Annual Conference of the International Bar Association on the Globalisation of Investment Funds.
17/11/2017 ESMA34-49-103 Technical advice, draft implementing technical standards and guidelines under the MMF Regulation Final Report PDF
989.54 KB
02/10/2013 2013/1374 Technical advice on third country regulatory equivalence under EMIR – Switzerland (Supplement) Final Report PDF
117.72 KB
02/10/2013 2013/1370 Technical advice on third country regulatory equivalence under EMIR – India Final Report PDF
2.44 MB
02/10/2013 2013/1375 Technical advice on third country regulatory equivalence under EMIR – Canada Final Report PDF
1.39 MB
27/03/2014 2014/332 Structured Retail Products- Good practices for product governance arrangements , Opinion PDF
203.1 KB
Legal basis 1.    Regulation (EU) No 1095/2010 (ESMA Regulation)  sets out the European Securities and Markets Authority’s (ESMA) scope of action, tasks and powers which include “enhancing customer protection”, and “foster[ing] investor protection”.  2.    In order to continue delivering on this investor protection statutory objective, ESMA is issuing this opinion on certain aspects linked to the manufacturing and distribution of structured retail products (SRP). This opinion takes into account relevant work done in this field both at European and interna-tional level.  3.    This opinion is without prejudice to the requirements for the provision of investment services and activities established in the Markets in Financial Instruments Directive (MiFID)  and its implementing measures (notably, Directive 2006/73/EC), the regulatory developments arising from the MiFID review or existing product rules that may apply to SRPs.  4.    ESMA’s competence to deliver an opinion is based on Article 29(1) (a) of the ESMA Regulation. In accordance with Article 44(1) of the ESMA Regulation, the Board of Supervisors has adopted this opinion. Background 5.    In its July 2013 report on ‘Retailisation in the EU’ , ESMA highlighted that, from a consumer protec-tion perspective, retail investors may face difficulties in understanding the drivers of risks and returns of structured products. If retail investors do not properly understand the risk and reward profile of structured products, and if the products are not properly assessed against the risk appetite of retail investors, retail investors might be exposed to unexpected losses and this might lead to complaints, reputational risks for manufacturers and distributors, and a loss of confidence in the regulatory framework and, more broadly, in financial markets. 6.    In 2013, ESMA mapped the measures adopted in the EU Member States in relation to complex products in order to identify issues and to better understand the rationale behind national initiatives (by looking at similarities and differences in the various approaches, and reviewing how complexity has been treated in the different EU Members States). 7.    As a result, ESMA has developed a broad set of non-exhaustive examples of good practices, attached as Annex 1 hereto, illustrating arrangements that firms - taking into account the nature, scale and complexity of their business - could put in place to improve their ability to deliver on investor protection regarding, in particular, (i) the complexity of the SRPs they manufacture or distribute, (ii) the nature and range of the investment services and activities undertaken in the course of that business, and (iii) the type of investors they target. These good practices should also be a helpful tool for competent authorities in carrying out their supervisory action. Opinion 8.    ESMA considers that sound product governance arrangements are fundamental for investor protec-tion purposes, and can reduce the need for product intervention actions by competent authorities. 9.    ESMA considers that, when supervising firms manufacturing or distributing an SRP, competent authorities should promote, in their supervisory approaches, the examples of good practices for firms set out in Annex 1 hereto. 10.    Although the good practices set out in Annex 1 hereto focus on structured products sold to retail investors, ESMA considers that they may also be a relevant reference for other types of financial in-struments (such as asset-backed securities, or contingent convertible bonds), as well as when financial instruments are being sold to professional clients. 11.    The exposure to risk is an intrinsic feature of investment products. The good practices set out in Annex 1 refer to product governance arrangements and do not (and cannot) aim at removing investment risk from products.
29/10/2015 2015/1615 Steven Maijoor speech at ECN , Speech PDF
261.75 KB
03/04/2019 ESMA71-319-93 Steven Maijoor Keynote speech- BETTER FINANCE 10th Anniversary 2019 , , , Speech PDF
165.49 KB
19/09/2018 ESMA71-99-1036 Steven Maijoor Keynote New technologies within and beyond capital markets , Speech PDF
163.18 KB
14/09/2015 JC 2015 056 Statement by Steven Maijoor Chair ESAs Joint Committee- ECON Scrutiny session on PRIIPs 14 September 2015 , Speech PDF
105.88 KB
26/05/2016 2016/735 Speech for the AIMA Global Policy and Regulatory Forum – Verena Ross, 18 May 2016, London , Speech PDF
180.75 KB
23/01/2017 ESMA71-844457584-330 Speech by Patrick Armstrong- FinTech, Oslo Børs ASA Conference, 18 January 2017 , Speech PDF
181.84 KB
18/05/2017 pkaspeech Speech by Patrick Armstrong on The Adoption of RegTech within the Financial Services Industry Speech PDF
255.17 KB
24/06/2016 2016/1002 Speech Banque de France conference on CCPs – Steven Maijoor, Paris, 24 June 2016 Speech PDF
271.88 KB
09/03/2015 2015/511 Revised opinion on draft RTS on the clearing obligation on interest rate swaps Opinion PDF
336.52 KB
05/04/2016 2016/429 Review of Article 26 of RTS No 153/2013 with respect to MPOR for client accounts Final Report PDF
217.11 KB

Reasons for publication
This final report proposes amending Article 26 of the Commission Delegated Regulation No 153/2013 with regard to regulatory technical standards (RTS) on requirements for central counterparties (CCP) on the time horizons for the liquidation period which European Securities and Markets Authority (ESMA) has drafted under the Regulation (EU) No 648/2012 of the European Parliament and Council on Over-The-Counter (OTC) derivatives, central counterparties and trade repositories (EMIR).

In relation to the draft amended technical standards, ESMA consulted stakeholders on two occasions: the first consultation on a Discussion Paper (DP) was conducted from 27 August to 30 September 2015; the second, on the consultation paper (CP) including the proposed draft RTS was carried out from 14 December 2015 to 1st February 2016.

ESMA received a strong support from the respondents to the CP on the proposed amendment introducing the possibility for EU CCPs to margin on a one day gross basis for clients’ accounts. The responses to the consultation confirm that a one day gross account structure provides a sufficient level of protection to the CCPs and to the clients.

On the proposed conditions linked to this type of account, the majority of the respondents are of the view that they are needed to ensure the safety of the CCPs. Some clarifications or slight amendments have been introduced following the comments received, in particular on intraday margins calls and on entities belonging to the same group as clearing members.

Contents
This paper provides explanations on the draft regulatory technical standards amending the Commission Delegated Regulation No 153/2013 with regard to RTS on requirements for CCP. This report explains the rationale and the scope of the review of Article 26 of RTS No 153/2013 carried out by ESMA. It summarizes the answers received following the publication of the consultation paper and it provides the explanations on whether and how the concerns expressed by stakeholders have been reflected in the final draft RTS.
Annexed to this final report are the legislative mandates related to the draft RTS (Annex I), the ESMA cost-benefit-analysis (Annex II) and the draft RTS (Annex III).

Next Steps
Following the submission of the amended draft RTS to the European Commission, it has three months to decide whether to endorse ESMA’s draft RTS.

23/04/2018 ESMA71-319-74 Resilience, Recovery and Resolution: three essential Rs for CCPs speech by ESMA Chair Maijoor at ILF Conference 2018 Speech PDF
245.82 KB
03/01/2013 2012/874 Report to the European Parliament, the Council and the Commission on the budgetary implications of Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) Final Report PDF
526.73 KB

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