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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
09/06/2015 2015/921 Keynote speech at IDX 2015 Speech PDF
234.3 KB
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.
20/12/2013 2013/SMSG/018 Advice on Discussion Paper – The Clearing Obligation under EMIR SMSG Advice PDF
46.94 KB
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 SMSG Advice PDF
27.43 KB
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 Speech PDF
113.31 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

06/09/2012 2012/SMSG/58 SMSG Advice on EMIR Draft (Regulatory) Technical Standards Letter PDF
235.22 KB