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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
11/11/2019 ESMA71-99-1245 Press release: ESMA advises Commission on third-country CCPs , Press Release PDF
124.3 KB
22/10/2019 ESMA71-99-1236 EU enforcers must monitor closely new reporting standards , , Press Release PDF
150.91 KB
28/05/2019 ESMA71-99-1159 ESMA consults on tiering comparable compliance and fees under EMIR 2.2 , Press Release PDF
89.98 KB
05/04/2019 ESMA71-99-1142 ESMA updates its recognition of UK CCPs and CSD , , Press Release PDF
82.48 KB
03/04/2019 ESMA71-99-1139 ESMA launches third EU-wide CCP stress test exercise , Press Release PDF
134.41 KB
25/03/2019 ESMA71-99-1133 Press release: ESMA registers UnaVista TRADEcho B.V. as trade repository , Press Release PDF
76.22 KB
01/03/2019 ESMA71-99-1119 ESMA to recognise the UK Central Securities Depository- no deal , , Press Release PDF
79.27 KB
18/02/2019 ESMA71-99-1114 ESMA to recognise three UK CCPs in the event of a no-deal Brexit , , Press Release PDF
128.51 KB
04/02/2019 ESMA71-99-1107 ESMA agrees no-deal Brexit MOUs with the Bank of England for recognition of UK CCPs and the UK CSD , , Press Release PDF
131.3 KB
08/11/2018 ESMA71-99-1055 ESMA proposes a regulatory change to support the Brexit preparations of counterparties to uncleared OTC derivatives , , Press Release PDF
149.65 KB
01/02/2017 ESMA71-844457584-338 Press release- ESMA announces details of 2017 CCP stress test Press Release PDF
167.94 KB
22/12/2016 2016/1685 Press Release- ESMA identifies areas for improvement in EU CCP supervision Press Release PDF
192.51 KB
13/10/2016 2016 IFRS Press Release ESMA and IFRS® Foundation strengthen cooperation , , Press Release PDF
213.42 KB
04/10/2016 2016/1432 Press release- ESMA reports on shadow banking, leverage and pro-cyclicality , , Press Release PDF
151.69 KB
30/09/2016 2016/1411 ESMA consults on future reporting rules for securities financing transactions , , Press Release PDF
148.11 KB

The European Securities and Markets Authority (ESMA) has issued today a consultation paper on draft technical standards implementing the Securities Financing Transaction Regulation (SFTR), which aims to increase the transparency of shadow banking activities. Securities financing transactions (SFTs) are transactions where securities are used to borrow cash (or other higher investment-grade securities), or vice versa – this includes repurchase transactions, securities lending and sell/buy-back transactions.

13/07/2016 2016/1126 ESMA consults on proposed central clearing delay for small financial counterparties , Press Release PDF
132.06 KB
29/04/2016 2016/644 ESMA publishes results of EU central counterparties stress test , Press Release PDF
178.76 KB

The European Securities and Markets Authority (ESMA) has published today the results of its first EU-wide stress test exercise regarding Central Counterparties (CCPs). The exercise is aimed at assessing the resilience and safety of the European CCP sector as well as to identify possible vulnerabilities. The results of the test shows that the system of EU CCPs can overall be assessed as resilient to the stress scenarios used to model extreme but plausible market developments.

ESMA has also issued a Q&A document which explains in more detail the overall scope of the stress tests exercise, the different scenarios and methodologies applied.

 

14/04/2016 2016/625 ESMA announces EU-wide stress tests for CCPs , Press Release PDF
168.16 KB
13/08/2015 2015/1260 ESMA recommends changes to EMIR framework , Press Release PDF
236.41 KB

The European Securities and Markets Authority (ESMA) has published four reports focused on how the European Markets Infrastructure Regulation (EMIR) framework has been functioning and providing input and recommendations to the European Commission’s (EC) EMIR Review. Three of the reports are required under Article 85 of EMIR, and cover non-financial counterparties (NFCs), pro-cyclicality and the segregation and portability for CCPs. The fourth report responds to the EC’s Review including recommendations on amending EMIR in relation to the clearing obligation, the recognition of third country CCPs and the supervision and enforcement procedures for trade repositories. Steven Maijoor, ESMA Chair, said: “EMIR is a key component of the EU’s regulatory reform package in response to the financial crisis affecting many elements of OTC derivatives markets. While its implementation is still underway we recommend a number of changes, based on our experiences, to improve and streamline the regulatory and supervisory framework and to ensure that the objectives of stability and investor protection are met.” ESMA’s Response to European Commission EMIR Review This report provides input to the EC’s consultation on the EMIR review with recommendations to amend the EMIR framework in a number of areas including: • Clearing obligation - in order to strengthen the EMIR framework and to better respond to changing market conditions, ESMA proposes amending EMIR in order to streamline the process for determining clearing obligations and to introduce tools allowing the suspension of the clearing obligation when certain market conditions arise. It also proposes removing the frontloading requirement; • Recognition of third country CCPs - regarding the recognition of third-country CCPs, ESMA is proposing to rethink the entire equivalence and recognition process to increase its efficiency and effectiveness and to better respond to regulatory differences between third countries. ESMA proposes that the jurisdiction decision be governed by Regulatory Technical Standards (RTS) and that any recognition process should also include additional risk-based considerations allowing it to deny or suspend the recognition of a third country CCP; and • Trade Repositories (TRs) – in order to improve the supervision of TRs, the report makes proposals for changes to ESMA’s supervisory and enforcement powers and procedures including increases in fine levels, broadening the enforcement decisions available to ESMA, appropriate timeframes to consider applications in the registration process and clarifying TRs’ obligations in relation to data quality and reconciliation and supervisory reporting. ESMA’s Reports under Article 85 of EMIR • Non-Financial counterparties (Report No.1) ESMA recommends removing the hedging criteria from EMIR and to use other measures to determine the systemic relevance of NFCs, as this would allow regulators to identify the few NFCs with the highest systemic importance while greatly simplifying the process and reduce the compliance costs for the majority of small and medium NFCs, which pose limited risks to the system overall. • Limiting Pro-cyclicality (Report No.2) ESMA recommends further specifying the rules for implementing the counter-cyclical tools adopted by CCPs for margins and collateral, including regular testing and transparency on the results to further improve their effectiveness. • Segregation and Portability (Report No.3) ESMA has identified some differences in CCP practices in the implementation of the relevant provisions. In order to promote convergent practices and achieve a level playing field, it recommends introducing clarifications and more detailed requirements by RTS along with incentives related to margin period of risk depending on the safety of the chosen account structure. ESMA also proposes monitoring the take-up of the different types of account models to confirm adequacy and efficiency.

16/02/2015 2015/281 Press Release- ESMA publishes annual report and supervisory focus for CRAs and TRs , , , Press Release PDF
186.67 KB
The European Securities and Markets Authority (ESMA) has published today an annual report (Report) on its direct supervisory activities in 2014 regarding credit rating agencies (CRAs) and trade repositories (TR). The report summarises the key actions taken during 2014 and outlines ESMA’s supervisory work plans for both sectors for 2015.