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|11/04/2019||ESMA80-196-2575||Guidance on EMIR and SFT TR registration||Trade Repositories||Reference||PDF
|28/03/2019||ESMA70-151-1350||Guidelines on position calculation by Trade Repositories under EMIR||Guidelines and Technical standards, Post Trading||Guidelines & Recommendations||PDF
BG - Преводът е предоставен от Центъра за преводи за органите на Европейския съюз.
CS - Tento překlad vypracovalo Překladatelské středisko pro instituce Evropské unie.
DA - Denne oversættelse er udarbejdet af Oversættelsescentret for Den Europæiske Unions Organer.
DE - Die Übersetzung erfolgte durch das Übersetzungszentrum für die Einrichtungen der Europäischen Union.
EL - Η παρούσα μετάφραση έγινε από το Μεταφραστικό Κέντρο των Οργάνων της Ευρωπαϊκής Ένωσης.
ES - Texto traducido por el Centro de Traducción de los Órganos de la Unión Europea.
ET - Selle tõlke tegi Euroopa Liidu Asutuste Tõlkekeskus.
FI - Euroopan unionin elinten käännöskeskus on tehnyt tämän käännöksen.
FR - La présente traduction a été fournie par le Centre de traduction des organes de l’Union européenne.
HR - Za prijevod se pobrinuo Prevoditeljski centar za tijela Europske unije.
HU - Ezt a fordítást az Európai Unió.
IT - La presente traduzione è stata fornita dal Centro di traduzione degli organismi dell’Unione europea.
LT - Šį tekstą išvertė Europos Sąjungos įstaigų vertimo centras.
LV - Šo tulkojumu ir nodrošinājis Eiropas Savienības iestāžu Tulkošanas centrs.
MT - Din it-traduzzjoni ġiet ipprovduta miċ-Ċentru tat-Traduzzjoni għall-Korpi tal-Unjoni Ewropea.
NL - Deze vertaling is verzorgd door het Vertaalbureau voor de organen van de Europese Unie.
PL - Tłumaczenie wykonane przez Centrum Tłumaczeń dla Organów Unii Europejskiej.
PT - Esta tradução foi fornecida pelo Centro de Tradução dos Organismos da União Europeia.
RO - Această traducere a fost asigurată de Centrul de Traduceri pentru Organismele Uniunii Europene.
SK - Preklad vyhotovilo Prekladateľské stredisko pre orgány Európskej únie.
SL - Prevod je zagotovil Prevajalski center za organe Evropske unije.
SV - Den här översättningen har utförts av Översättningscentrum för Europeiska unionens organ.
|31/05/2017||ESMA71-99-470||ESMA registers Bloomberg Trade Repository Limited as a trade repository||Press Releases, Trade Repositories||Statement||PDF
The European Securities and Markets Authority (ESMA), the EU supervisor of trade repositories (TRs), has registered Bloomberg Trade Repository Limited as a TR under the European Market Infrastructure Regulation (EMIR), with effect from 7 June 2017. Bloomberg Trade Repository Limited is based in the United Kingdom and covers the following derivative asset classes: commodities, credit, foreign exchange, equities and interest rates.
|26/05/2016||2016/725||Draft RTS on indirect clearing arrangements under EMIR and MiFIR||Guidelines and Technical standards, Post Trading, MiFID - Secondary Markets||Final Report||PDF
|31/03/2016||2016/468||ESMA fines DTCC Derivatives Repository Limited €64,000 for data access failures||Press Releases, Trade Repositories||Press Release||PDF
ESMA fines DTCC Derivatives Repository Limited €64,000 for data access failures
The European Securities and Markets Authority (ESMA) has fined the trade repository DTCC Derivatives Repository Limited (DDRL) €64,000, and issued a public notice, for negligently failing to put in place systems capable of providing regulators with direct and immediate access to derivatives trading data. This is a key requirement under the European Markets and Infrastructure Regulation (EMIR) in order to improve transparency and facilitate the monitoring of systemic risks in derivatives markets.
This is the first time ESMA has taken enforcement action against a trade repository registered in the European Union (EU). DDRL is the largest EU registered trade repository.
ESMA found that DDRL failed to provide direct and immediate access to derivatives data from 21 March 2014 to 15 December 2014, a period of about nine months in which access delays increased from two days to 62 days after reporting and affected 2.6 billion reports. This was due to its negligence in:
DDRL’s failures caused delays to regulators accessing data, revealed systemic weaknesses in its organisation particularly its procedures, management systems or internal controls and negatively impacted the quality of the data it maintained.
|31/03/2016||2016/408||Decision to adopt a supervisory measure taking the form of a public notice and to impose a fine in accordance with Statement of Findings in accordance with Articles 64(5), 65, 67 and 73 of Regulation (EC) No 648/2012 EMIR||Trade Repositories||Decision||PDF
Decision to adopt a supervisory measure taking the form of a public notice and to impose a fine in accordance with Statement of Findings in accordance with Articles 64(5), 65, 67 and 73 of Regulation (EC) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories
Public notice regarding negligent breach by DTCC Derivatives Repository Ltd of its legal obligation to ensure immediate access for regulators to data reported under EMIR
DTCC Derivatives Repository Ltd (‘DDRL’) is a trade repository registered in the European Union and is part of the DTCC group which includes a number of companies providing post-trading services to the global financial services industry. DDRL was registered by ESMA as a trade repository under Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (‘EMIR’) on 7 November 2013. ESMA has responsibilities for the supervision and enforcement of provisions under EMIR concerning DDRL and other trade repositories registered in the EU.
In May 2014, ESMA’s supervisory team became aware of delays in providing regulators with access to data reported to DDRL under EMIR. Following further examination, the supervisory team formed the view that there were serious indications of the possible existence of facts liable to constitute one or more of the infringements listed in EMIR. The matter was accordingly referred to an independent investigation officer (the ‘IIO’). The IIO considered the evidence referred to him and conducted further investigations, before submitting his findings to ESMA’s Board of Supervisors (the ‘ESMA Board’).
Based on the findings of the IIO and the evidence put before it, the ESMA Board found on 23 March 2016 that an examination of the facts showed that DDRL had committed the following infringement under EMIR and had done so negligently. DDRL committed an infringement of EMIR by not allowing regulators and supervisors direct and immediate access to the details of derivatives contracts they need to fulfil their responsibilities and mandates.
|05/02/2016||2016/234||ESMA’s supervision of credit rating agencies and trade repositories- 2015 annual report and 2016 work plan.||Credit Rating Agencies, Trade Repositories||Report||PDF
The European Securities and Markets Authority’s (ESMA) annual report and work programme has been prepared according to Article 21 of Regulation 1060/2009 on credit rating agencies as amended (the CRA Regulation) and Article 85 of Regulation 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR). It highlights the direct supervisory activities carried out by ESMA during 2015 regarding credit rating agencies (CRAs) and trade repositories (TRs) and outlines ESMA’s main priorities in these areas for 2016.
ESMA adopts a risk-based approach to the supervision of CRAs and TRs in accordance with its overall objectives of promoting financial stability and orderly markets and enhancing investor protection. This risk-based approach requires the analysis of information from a variety of sources and the application of multiple supervisory tools including day-to-day supervision, cycle of engagement meetings with supervised entities, on-site inspections and dedicated investigations.
In order to build on the expertise that ESMA has developed through its supervision of CRAs and TRs, ESMA created a single Supervision Department in November 2015. ESMA intends to draw on the best practices identified from the supervision of both types of entity to further enhance its supervisory effectiveness in future.
|09/06/2015||2015/921||Keynote speech at IDX 2015||Speeches||Speech||PDF
|Rule-making and Implementation – EMIR and MiFID IIESMA is dealing with the two main European legislative projects affecting derivatives regulation – EMIR and MiFID II – for a number of years now. While EMIR has already entered the review stage, MiFID II still has 1.5 years to go before it applies in practice and during which ESMA will have to finalise its legislative implementing measures and work towards practical implementation along with the European national supervisors. These two projects show the different phases of ESMA regulatory work and I will talk about aspects of both of them today. For EMIR, ESMA is very much in the implementation stage. The initial work on technical standards has been completed and we are now working to ensure stringent implementation of the legislation. For example, we are working on the review of reporting to Trade Repositories building on the experience of the start of TR reporting in February 2014. We expect to submit draft technical standards to the European Commission after this summer. The revised ESMA standards should become applicable in the second half of 2016. I will elaborate on this a bit later. In addition, under EMIR, ESMA continues working on the clearing obligation for derivatives and again I will say a bit more about the current work on this implementation topic a little later on. At the same time, EMIR is already undergoing a review. Like for most legislative measures, a review clause was included in EMIR and the Commission has launched a public consultation recently. ESMA will be actively contributing to the review, building on its experience in implementing EMIR. For MiFID II, the decisive date for application remains 3 January 2017. ESMA is therefore very much still in the rule-making stage with regards to this project. The initial date for ESMA to deliver its main set of technical standards to the European Commission is 3 July 2015. While ESMA is in full flow trying to finalise its package of standards, the timetable has recently been slightly amended due to ESMA and the European Commission agreeing on an early legal review. Under the European set of rules, any technical standard proposed by ESMA has to be adopted by the European Commission and one prerequisite for such adoption is the standard passing the review by the Commission Legal Services. Given that MiFID II is of a size unprecedented in terms of number and volume of technical standards, ESMA and the European Commission considered it important for the standards to be legally reviewed before final and formal submission of draft standards from ESMA to the European Commission. That way, the risk of having potentially a number of standards rejected for legal drafting reasons which would render the subsequent implementation timetable for MiFID II unworkable should be diminished.The early legal review will take place over the course of the summer and ESMA expects to submit its draft technical standards for formal adoption by the European Commission at the end of September 2015. At that point in time there will be clarity for stakeholders as to the exact content of ESMA’s proposals relevant for the regulation of derivatives trading.|
|22/05/2015||2015/884||Press Release- ESMA calls for modification of UCITS Directive||Fund Management, Press Releases||Press Release||PDF
|22/05/2015||2015/880||ESMA Opinion to the EU institutions on the impact of EMIR on UCITS||Fund Management||Opinion||PDF
|22/05/2015||2015/881||Feedback statement on the discussion paper on the impact of EMIR on the calculation of counterparty risk for OTC financial derivative transactions by UCITS||Fund Management||Reference||PDF
|05/08/2014||2014/1009||Guidelines and Recommendations on the implementation of the CPSS-IOSCO Principles for Financial Market Infrastructures in respect of CCP||Guidelines and Technical standards||Guidelines & Recommendations||PDF
|These Guidelines and Recommendations concern the implementation of the CPSS-IOSCO Principles for Financial Market Infrastructure (PFMIs) by competent authorities as part of the exercise of their duties resulting from EMIR for the authorisation and supervision of CCPs under Article 22(1) of EMIR.|
|20/12/2013||2013/SMSG/018||Advice on Discussion Paper – The Clearing Obligation under EMIR||Securities and Markets Stakeholder Group||SMSG Advice||PDF
|20/12/2013||2013/SMSG/017||Advice on Consultation Paper – Draft Regulatory Technical Standards on contracts having a direct, substantial and foreseeable effect within the Un-ion and non-evasion of provisions of EMIR||Securities and Markets Stakeholder Group||SMSG Advice||PDF
|27/03/2013||2013/428||"EMIR: A Fair Price for Safety and Transparency"- speech by Steven Maijoor, ESMA Chair, at the EMIR conference in the Hague||Speeches||Speech||PDF
|27/03/2013||2013/428||EMIR: A Fair Price for Safety and Transparency||Post Trading, Speeches||Speech||PDF
EMIR: A Fair Price for Safety and Transparency - speech by Steven Maijoor, ESMA Chair, at the EMIR conference in the Hague
|06/09/2012||2012/SMSG/58||SMSG Advice on EMIR Draft (Regulatory) Technical Standards||Securities and Markets Stakeholder Group||Letter||PDF