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|08/08/2013||2013/1087||Final Report on amended EMIR implementing technical standards||Post Trading||Technical Standards||PDF
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||Post Trading||Technical Standards||PDF
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).
|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
|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
|20/12/2013||2013/SMSG/018||Advice on Discussion Paper – The Clearing Obligation under EMIR||Securities and Markets Stakeholder Group||SMSG Advice||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.|
|28/05/2014||2014/576||Voting Procedures for CCP colleges under EMIR||Post Trading||Opinion||PDF
|29/01/2015||2015/223||Opinion on draft RTS on the Clearing Obligation||Post Trading||Opinion||PDF
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.
|21/05/2015||2015/838||ESMA's opinion on the composition of CCP colleges under EMIR||Post Trading||Opinion||PDF
|22/05/2015||2015/880||ESMA Opinion to the EU institutions on the impact of EMIR on UCITS||Fund Management||Opinion||PDF
|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.|
|15/11/2016||2016/1575||Opinion- Common indicators for new products and services under Article 15 and for significant changes under Article 49 of EMIR||Post Trading||Opinion||PDF
|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.
|27/03/2018||ESMA70-151-1272||ESMA Guidelines on position calculation by trade repositories under EMIR Final Report||Post Trading||Guidelines & Recommendations||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
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|10/04/2017||ESMA70-708036281-18||Opinion on portfolio margining requirements under Article 27 of EMIR Delegated Regulation||Post Trading||Opinion||PDF