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14/02/2020 ESMA71-99-1285 ESMA responds to European Commission consultation on the Benchmark Regulation review , Press Release PDF
112.54 KB
19/09/2019 ESMA70-155-8524 ESMA Opinion CNMV revised Accepted Market Practice , Opinion PDF
520.92 KB
02/07/2019 ESMA71-99-1158 MWT Reclaim Schemes Release , Press Release PDF
103.56 KB
13/04/2018 ESMA70-145-442 ESMA Opinion on AMF Accepted Market Practice on liquidity contracts , Opinion PDF
542.91 KB
07/02/2018 ESMA71-99-945 EC ECB ESMA FSMA press release on WG on RFR composition Press Release PDF
391.71 KB
06/12/2017 ESMA50-164-1173 Press Release MiFID/MAR Transitional Transparency Calculations , , , , Press Release PDF
225.44 KB
27/09/2017 ESMA70-145-171 Opinion on the intended accepted market practice on liquidity contracts notified by the CMVM Opinion PDF
364.69 KB

Link to the revised template describing the Portuguese AMP as established by a decision of the Portuguese CMVM of 9 November 2017 and published in accordance with Article 2 (3) of Commission Delegated Regulation  (EU) 2016/908:

21/09/2017 ESMA71-99-595 New Working Group on a Risk-Free Reference Rate for the Euro Area Press Release PDF
147.1 KB

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.

12/09/2017 ESMA70-146-15 ESMA opinion on CNMV short selling ban on Liberbank Opinion PDF
181.56 KB
12/07/2017 ESMA70-146-13 Opinion on CNMV renewal of emergency measure under Short-Selling Regulation Opinion PDF
309.99 KB
30/05/2017 ESMA70-145-103 Communication on launch of reference data submission under MAR , Opinion PDF
132.12 KB
04/05/2017 ESMA71-99-398 Joint Public Statement FSMA-ESMA regarding EURIBOR Press Release PDF
364.2 KB

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.

25/04/2017 ESMA70-145-76 Points for convergence in relation to MAR accepted market practices on liquidity contracts , Opinion PDF
166.37 KB
30/03/2017 ESMA71-99-374 ESMA publishes final rules to ensure integrity of EU financial benchmarks , Press Release PDF
166.98 KB

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.

16/12/2016 2016/1663 Opinion on intended accepted market practice on liquidity contracts by the CNMV Opinion PDF
6.43 MB

Link to the revised template describing the Spanish AMP as established through a Circular and published by the CNMV in accordance with Article 2 (3) of Commission Delegated Regulation  (EU) 2016/908:


10/11/2016 2016-1567 ESMA finalises advice on future rules for financial benchmarks Press Release PDF
234.22 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.

29/09/2016 2016/1407 ESMA consults on future rules for financial benchmarks , Press Release PDF
147.04 KB
06/07/2016 2016/1078 Opinion on CONSOB emergency measure under the Short Selling Regulation , Opinion PDF
158.94 KB


of 6 July 2016

on a proposed emergency measure by CONSOB under Section 1 of Chapter V of Regulation (EU) No 236/2012






In accordance with Article 44(1) of Regulation (EC) No 1095/2010 the Board of Supervisors has adopted the following opinion:

  1. Legal basis

According to Article 27(2) of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps[1], the European Securities and Markets Authority (ESMA) shall within 24 hours of the notification made by a competent authority under Article 26 of that Regulation, issue an opinion on whether it considers the measure or proposed measure is necessary to address the exceptional circumstances.

  1. Background
    1. In accordance with Article 26 of Regulation (EU) No 236/2012, CONSOB notified ESMA on 5 July 2016 of its intention to make use of its powers of intervention in exceptional circumstances and to introduce an emergency measure under Article 20(2)(b) of that Regulation.
    2. The concerned emergency measure consists of a ban on net short positions on Banca Monte dei Paschi di Siena spa (“BMPS” - ISIN IT0005092165) shares, either directly or through related instruments and irrespectively of the venue or market in which the transactions leading to those positions are conducted.
    3. The proposed measure will not apply to trading in index-related instruments.
    4. CONSOB has not exempted entities performing market making activities from the scope of the prohibition. CONSOB justifies the absence of an exemption for market makers on the fact that the definition of market makers is not convergent across different jurisdictions.
    5. The proposed measure is expected to enter into force on 7 July 2016 at 00:00:01 CET and to be applicable until 5 October 2016 at 24:00:00 CET.
    6. On 4 July 2016 BMPS published a press release whereby it informed the public of a draft regulatory request coming from the European Central Bank (“ECB”).
    7. In particular, the ECB has requested BMPS to reduce the amount of non-performing loans (“NPL”) by close to 15 billion euro by 2018 and provide the ECB, by 3 October 2016, with a credible plan outlining the measures to be taken by BMPS in order to reduce the NPL compared to the total loans (i.e. from an actual ratio NPL/total loans of 42% to a target ratio of 20% by 2018).
    8. BMPS should submit the above plan by Monday 3 October 2016.
    9. Following the publication of the press release, BMPS price fell by 13.99% in a single day (4 July 2016) in respect to the reference price of the day before. The drop in price continued, more intensely, the following day (-19.39% on 5 July 2016).
  1. On the adverse events or developments
    1. ESMA considers that the circumstances described above are adverse events or developments which constitute a serious threat to market confidence in Italy.
    2. More specifically, it should be noted that the BMPS share price already fell by 26.29% in the period starting from 24 June to 1 July 2016, following the results of the UK referendum. Overall, the price of BMPS shares has fallen by 50% in the last thirteen days, and a substantial selling pressure and unusual volatility in the price of shares issued by BMPS could be reasonably expected as market uncertainty remains. Moreover, BMPS is among the Italian issuers with the highest net short position (roughly equal to 6% of the share capital as at 1 July 2016).
    3. As a result, and at least until the abovementioned BMPS plan to reduce the amount of non-performing loans has been submitted to the ECB, a threat to market confidence persists regarding BMPS shares. If an abrupt decline in the price of BMPS shares continues, there is a risk of contagion effect to other shares of the Italian banking sector.
    4. In this respect, it should be considered that the ECB has requested BMPS to reduce the amount of NPL by close to 15 billion euro by 2018 and that BMPS net equity, according to the Consolidated Report on Operations as at 31 December 2015, was close to 9.5 billion euro. Therefore, the realisation of the plan may require significant adjustment.
    5. The combination of large short positions, severe decline movements in price in the last weeks and the impact of the actions that the bank will need to undertake in view of the relevance of the required measures constitutes in ESMA´s view a clearly adverse scenario for the stability of the bank and, given its relative size, of the Italian banking sector.
  1. On the appropriateness and proportionality of the measure
    1. ESMA considers that the emergency measure under Article 20(2)(b) of Regulation (EU) No 236/2012 in relation to BMPS shares is appropriate and proportionate to address the threat in the Italian financial markets.
    2. The measure is adequate to address the expected substantial selling pressures and the unusual volatility causing significant downward spirals in BMPS shares (adverse events and developments as indicated in letter c) of Article 24(1) of Commission Delegated Regulation (EU) No 918/2012), given that it limits the ability to enter into short positions, which may be a relevant factor behind the severe falls experienced in recent dates. In that sense, to the extent that the measure restricts the ability to adopt short positions, it may also indirectly reduce the risk of a contagion effect to other shares of the Italian banking sector.
    3. The measure is appropriate because it is the least stringent of all the measures that would sufficiently address the threat. A temporary restriction on short selling according to Article 23 of the Regulation (EU) No 236/2012 (which CONSOB also adopted on 5 July 2016) would not address the long period of risk as it may not be extended to the described period of three months. Similarly, a mere short sale prohibition would not cover activities through derivatives. Above that, a total ban including all products could have been considered, but CONSOB has decided to minimise possible detrimental effects on the efficiency of financial markets, and does not extend the restrictions to index-related instruments.
    4. As to the non-exemption for entities performing market making activities (market makers), ESMA notes that CONSOB considers that, given the broad dispersion of what is considered a market maker in different Member States, should the exemption be introduced, it would apply to a potentially very wide number of entities, affecting therefore the effectiveness of the prohibition. On the one hand, ESMA acknowledges that such a diversity exists and that the exemption for market makers could reach a wide number of entities compared to those that usually perform market making on a regular basis. On the other hand, ESMA considers that the non-application of the exemption to active market makers could dis-incentivise or make more complex the quoting of BMPS shares by market makers active in this specific share, which could detract additional liquidity from the market.
  1. On the duration of the measure
    1. ESMA considers that the duration of the measure, although it consumes the maximum period envisaged in the Regulation and is therefore a long-lasting measure, is justified, given the intention of covering the deadline BMPS was given by the ECB to deliver the plan to reduce the amount of non-performing loans (3 October 2016).
    2. Besides, the measure may be lifted before the end of the established period if circumstances that justified the imposition of the measure improve. ESMA recommends CONSOB to monitor closely the situation and to consider lifting the measure before the initial deadline if the situation so permits, to ensure that the restrictions remain in place for the shortest possible time.

This opinion will be published on ESMA’s website.

Done at Paris, 6 July 2016


[1] OJ L 86, 24.3.2012, p. 1–24.

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.