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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
27/09/2012 2012/600 Draft technical standards under the Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC Derivatives, CCPs and Trade Repositories Technical Standards PDF
1.88 MB
15/03/2013 2013/312 Regulatory technical standards on colleges for central counterparties supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 Opinion PDF
151.67 KB
27/03/2013 2013/428 EMIR: A Fair Price for Safety and Transparency , Speech PDF
113.31 KB

EMIR: A Fair Price for Safety and Transparency - speech by Steven Maijoor, ESMA Chair, at the EMIR conference in the Hague

08/08/2013 2013/1087 Final Report on amended EMIR implementing technical standards Technical Standards PDF
335.07 KB

The European Securities and Markets Authority (ESMA) has sent the European Commission a Final Report proposing an amendment to Article 5 of the Commission Implementing Regulation (EU) No.1247/2012 (ITS on reporting) on the format and frequency of reporting to trade repositories under EMIR. The amendment relates specifically to the reporting of exchange traded derivatives (ETDs) and proposes postponing the reporting start date by one year. Background Article 5 regards the reporting start date of derivatives to trade repositories, however the current dates do not include a specification of ETDs. This specification would be useful as there is a risk currently that reporting of ETDs is not harmonised unless further regulatory guidance is issued. Based on the need to ensure the consistent implementation of EMIR, ESMA considered that guidelines and recommendations should be developed in relation to this issue. A delay in the reporting date for ETD transactions will allow sufficient time for the development of the relevant guidelines and their implementation by counterparties, trade repositories and regulators. The European Commission has three months to decide whether to endorse ESMA’s draft implementing technical standards.

18/11/2013 2013/1657 Draft technical standards under EMIR on contracts with a direct, substantial and foreseeable effect within the Union and non-evasion Technical Standards PDF
394.75 KB

The European Securities and Markets Authority (ESMA) has issued final draft regulatory technical standards (RTS) related to derivative transactions by non-European Union (EU) counterparties. The RTS implement provisions of the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR).

07/05/2014 2014/478 Keynote Speech at AFME Post Trade Conference- The reform of financial markets: halfway there- Steven Maijoor, ESMA Chair Speech PDF
220.01 KB

Keynote Speech - The reform of financial markets: halfway there Steven Maijoor, ESMA Chair AFME Post Trade Conference, London Excerpt "Three challenges Ladies and gentlemen, so far so good about the completion of the legislation to meet our G20 commitments and developing a single rulebook for financial services. Let me now turn to the three main challenges I see in the current phase of regulatory reform. My main message is that while the legislative phase nears completion, it does not imply the completion of the regulatory reform programme. Let me explain that further by identifying three commitments for the next phase of regulatory reform. Firstly, commitment to the financial reform, its implementation and to adequate supervision. Legislation needs to be accompanied by good implementing measures, to ensure the legislation works in practice, and credible supervision. Secondly, a commitment to supervisory convergence in order to establish a truly internal market and to prevent regulatory arbitrage within the EU. Agreeing at EU level on a single rule book for all 28 Member States is a big step. However, ensuring that this single rule book is supervised consistently across the 28 Member States is an even bigger step. Thirdly, in order to prevent crises we need commitment to the lessons learned from the crisis regarding risk analysis and the availability of high quality data on financial markets. We need more information on securities markets. Since the beginning of the financial crisis securities regulators have learned a lot about how to deal with financial stability – an area that was beforehand mainly reserved for central bankers and banking regulators. Information on financial markets is key to achieve the financial stability objective. It is therefore no surprise that many pieces of recently introduced legislation already include data requirements. Securities regulators however also need to step up their role on this and need more resources to collect and analyse data. It goes without saying that more data and analysis will also support our other important objective of investor protection."

28/05/2014 2014/576 Voting Procedures for CCP colleges under EMIR Opinion PDF
94.15 KB
01/10/2014 2014/1184 Final report on ESMA's draft technical standards on the Clearing Obligation for Interest Rate OTC Derivatives Technical Standards PDF
1.17 MB
29/01/2015 2015/223 Opinion on draft RTS on the Clearing Obligation Opinion PDF
601.97 KB

Legal Basis According to Article 5(2) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR), the European Securities and Markets Authority (ESMA) shall develop draft regulatory technical standards specifying the class of OTC derivatives that should be subject to the clearing obligation, the date or dates from which the clearing obligation takes effect, including any phase in and the categories of counterparties to which the obligation applies, and the minimum remaining maturity of the OTC derivative contracts referred to in Article 4(1)(b)(ii) of EMIR. Background and Procedure On 1 October 2014, ESMA submitted a draft regulatory technical standard (RTS) on the clearing obligation to the European Commission pursuant to Article 10(1) of Regulation No (EU) 1095/2010 (the ESMA Regulation) and Article 5(2) of EMIR. This draft RTS covered Interest Rate Swaps. On 18 December 2014, the Commission informed ESMA of its intention to endorse with amendments this draft RTS and submitted to ESMA a modified version of the RTS (the “modified RTS”) introducing, among others, (1) amendments to the date on which the frontloading obligation starts to apply and (2) a new provision on the treatment of non-EU intragroup transactions. Pursuant to Article 10(1) of the ESMA Regulation, this notification from the Commission opens a period of six weeks during which ESMA may amend its draft RTS on the clearing obligation on the basis of the Commission’s proposed amendments and resubmit it to the Commission in the form of a formal opinion. ESMA has to send a copy of its formal opinion to the European Parliament and to the Council. In accordance with Article 44(1) of the ESMA Regulation the Board of Supervisors has to adopt a formal opinion. Executive Summary ESMA agrees with the ultimate objectives of the modifications that the European Commission intends to introduce. However, ESMA considers that the tool proposed by the Commission for the matter related to the non-EU intra group transactions is not appropriate from a legal perspective and, in the case that the Commission intention is to define a later application date for those transactions, ESMA stands ready to explore, in coordination with the Commission, a different manner to incorporate that provision. ESMA backs the modifications on the frontloading section, though has a few observations and improvements with respect to several recitals. ESMA proposes to incorporate the suggestion of the Commission to deal with the application of the 8 billion threshold to investment funds for the definitions of types of counterparties as a specific provision in the text of the RTS.

09/03/2015 2015/511 Revised opinion on draft RTS on the clearing obligation on interest rate swaps Opinion PDF
336.52 KB
21/05/2015 2015/838 ESMA's opinion on the composition of CCP colleges under EMIR Opinion PDF
131.98 KB
28/09/2015 2015-ESMA-1455 Final Report MAR TS Technical Standards PDF
1.77 MB
28/09/2015 2015/1457 Final Report CSDR TS on CSD Requirements and Internalised Settlement Technical Standards PDF
467.07 KB
28/09/2015 2015/1457 - Annex II Annex II- CSDR TS on CSD Requirements and Internalised Settlement Technical Standards PDF
1.44 MB
28/09/2015 2015/1457 Annex III Annex III- CSDR TS on CSD Requirements and Internalised Settlement Technical Standards PDF
910.14 KB
02/10/2015 2015/1481 Final Report Draft technical standards on the Clearing Obligation – Index Credit Derivatives Technical Standards PDF
781.24 KB
05/01/2016 2015/1791 Peer Review Report Compliance with SSR as regards Market Making activities Report PDF
615.09 KB
01/02/2016 2016/174 Final Report on CSDR RTS on settlement discipline Report PDF
1.59 MB
01/02/2016 2016/174/Annex IV Impact assessment on CSDR RTS on settlement discipline Report PDF
1.39 MB
02/02/2016 2016/184-199 Opinions on Exemptions from the clearing obligation for pension schemes Opinion PDF
388.77 KB

Today’s document published by ESMA contains opinions on 16 UK-based pension schemes where the UK Financial Conduct Authority (FCA) is the competent authority for securities markets. After the exemptions are granted by the FCA, ESMA will publish the list of the types of entities/ arrangements that have been exempted.

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