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|25/06/2012||2012/403||ESMA proposes rules on derivatives, central counterparties and trade repositories||Press Releases||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has launched a consultation on its technical standards under the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR), which is aimed at improving the functioning of OTC derivatives markets in the European Union (EU). EMIR aims to achieve this by reducing risks via the use of central clearing and risk mitigation techniques, increasing transparency via trade repositories (TR) and ensuring sound and resilient central counterparties (CCPs).|
|07/11/2013||2013/1629||ESMA registers trade repositories||Post Trading, Press Releases||Press Release||PDF
ESMA registers DDRL, KDPW, Regis-TR, and UnaVista as trade repositories The European Securities and Markets Authority (ESMA) has approved today the registrations of the first four trade repositories (TRs) under the European Market Infrastructure Regulation (EMIR). The following entities are registered as TRs for the European Union (EU): DTCC Derivatives Repository Ltd. (DDRL), based in the United Kingdom; Krajowy Depozyt Papierów Wartosciowych S.A. (KDPW), based in Poland; Regis-TR S.A., based in Luxembourg; and UnaVista Ltd, based in the United Kingdom. Steven Maijoor, ESMA Chair, said: “Registering the first European trade repositories is an important component in making derivative markets more transparent and resilient. TRs play a fundamental role in the surveillance of derivatives markets and in risk monitoring. The data gathered by TRs will enable regulators to identify and reduce the risks associated with derivative markets. “ESMA’s TR supervision will ensure more robust market infrastructures and benefit investors, fi-nancial markets and the economy as a whole. Trade reporting to start mid-February TRs are commercial firms that centrally collect and maintain the records of derivatives contracts reported to them. The registration of these TRs means that they can be used by the counterparties to a derivative transaction to fulfil their trade reporting obligations under EMIR. The registrations will take effect on 14 November 2013, with the reporting obligation beginning on 12 February 2014, i.e. 90 calendar days after the official registration date. The registered TRs cover all derivative asset classes –commodities, credit, foreign exchange, equity, interest rates and others – irrespective of whether the contracts are traded on or off exchange. ESMA now assumes supervisory responsibility for the TRs who must continue to comply, on an on-going basis, with the regulatory requirements set out under EMIR. ESMA is currently processing further TR applications. Press release ref. 2013/1629
|18/11/2013||2013/1661||ESMA finalises clearing and risk mitigation obligations for non-EU OTC derivatives||Press Releases||Press Release||PDF
|ESMA finalises clearing and risk mitigation obligations for non-EU OTC derivatives 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). EMIR provisions regarding central clearing and risk mitigation techniques also apply to those OTC derivatives entered into by two non-EU counterparties which have a direct, substantial and foreseeable impact on EU financial markets. Ensuring that risks posed to the EU’s financial markets by non-EU transactions are addressed by regulation and supervision is key in ensuring safer markets. ESMA’s draft RTS clarify that OTC derivative contracts entered into by two counterparties established in one or more non-EU countries, for which a decision on equivalence of the jurisdiction’s regulatory regime has not been adopted, will be subject to EMIR where one of the following conditions are met: • One of the two non-EU counterparties to the OTC derivative contract is guaranteed by an EU financial for a total gross notional amount of at least €8bn, and for an amount of at least 5% of the OTC derivatives exposures of the EU financial guarantor; or • The two non-EU counterparties execute their transactions via their EU branches and would qualify as financial counterparty if established in the EU. ESMA’s draft RTS will cover OTC derivative contracts concluded after the date the RTS becomes applicable. Non-evasion clause The draft RTS also specify cases of transactions aimed at evading EMIR’s regulatory requirements, which would be the case for derivatives contracts or arrangements concluded without any business substance or economic justification, and in a way to circumvent the clearing obligation and risk mitigation provisions. Next steps ESMA’s draft RTS have been submitted for endorsement to the European Commission on 15 November 2013. The Commission has three months to decide whether to endorse the final draft RTS and must then submit the endorsed RTS to the European Parliament and the Council. Notes for Editors 1. 2013/1657 - Draft technical standards under EMIR on contracts with a direct, substantial and foreseeable effect within the Union and non-evasion. 2. Regulation (EU) No.648/2012 on OTC derivatives, central counterparties and trade repositories. 3. ESMA is an independent EU Authority that was established on 1 January 2011 and works closely with the other European Supervisory Authorities responsible for banking (EBA), and insurance and occupational pensions (EIOPA), and the European Systemic Risk Board (ESRB). 4. ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU). As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU. ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity. Press Release 2013/1661 Final Report 2013/1657|
|28/11/2013||2013/1735||ESMA registers ICE TVEL and CME TR as trade repositories||Press Releases||Press Release||PDF
|ESMA registers ICE TVEL and CME TR as trade repositoriesThe European Securities and Markets Authority (ESMA) has approved today the registrations of two further trade repositories (TRs) under the European Market Infrastructure Regulation (EMIR). The following entities have been registered as TRs for the European Union (EU):• ICE Trade Vault Europe Ltd (ICE TVEL), based in the United Kingdom; and• CME Trade Repository Ltd (CME TR), based in the United Kingdom.Trade reporting to start mid-FebruaryTRs are commercial firms that centrally collect and maintain the records of derivatives contracts reported to them. The registration of these two TRs means that they can be used by the counterparties to a derivative transaction to fulfil their trade reporting obligations under EMIR. These registrations will take effect on 5 December 2013. Following the registration of a first group of TRs on 7 November 2013, which became effective on 14 November 2013, the reporting obligation start date for all asset classes will begin on 12 February 2014.Following today’s registrations, there are now six TRs registered in the EU, which can be used for trade reporting. ESMA registered DDRL, Regis-TR, UnaVista and KDPW on 7 November and it has not received any further application for registration. Notes for editors1. EMIR introduced provisions to improve transparency, establish common rules for central counterparties (CCPs) and for trade repositories (TRs) and to reduce the risks associated with the OTC derivatives market. It provides for the obligation to centrally clear OTC derivative contracts or to apply risk mitigation techniques such as the exchange of collateral. It also provides for the direct supervision and the registration of TRs by ESMA as well as the recognition of non-EU TRs.2. The two trade repositories approved by ESMA today are part, or subsidiaries of, bigger groups. More detail on the parental relationships:• ICE Trade Vault Europe Ltd, based in the United Kingdom, is a subsidiary of the IntercontinentalExchange Inc. (ICE), based in the United States;• CME Trade Repository Ltd, based in the United Kingdom, is owned by the Chicago Mercantile Exchange Group (CME), based in the United States.3. For more details on the list of registered TRs and the derivative asset classes which are covered by the registration, please refer to the following list:http://www.esma.europa.eu/page/Registered-Trade-Repositories4. ESMA is an independent EU Authority that works closely with the other European Supervisory Authorities responsible for banking (EBA), and insurance and occupational pensions (EIOPA), and the European Systemic Risk Board (ESRB).5. ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU). As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU. ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity.|
|12/07/2013||2013/936||ESMA begins detailing central clearing of OTC derivatives||Press Releases||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has launched a Discussion Paper to prepare the regulatory technical standards (RTS) which will implement provisions of the European Markets Infrastructure Regulation (EMIR) regarding the obligation to centrally clear OTC derivatives. The consultation is aimed at assisting ESMA in developing its approach to determining which classes of OTC derivatives need to be centrally cleared and the phase-in periods for the counterparties concerned. EMIR introduced provisions to improve transparency, establish common rules for central counterparties (CCPs) and for trade repositories (TRs) and to reduce the risks associated with the OTC derivatives market. It provides for the obligation to centrally clear OTC derivative contracts or to apply risk mitigation techniques such as the exchange of collateral.|
|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.|
|01/10/2014||2014/1209||Press release- ESMA defines products, counterparties and starting dates for the clearing of interest rate swaps||Post Trading, Press Releases||Press Release||PDF
The European Securities and Markets Authority (ESMA) has today issued final draft regulatory technical standards (RTS) for the central clearing of Interest Rate Swaps (IRS) which it is required to develop under the European Markets Infrastructure Regulation (EMIR). The RTS define those types of IRS contracts which will have to be centrally cleared, the types of counterparties covered by the obligation and the dates by which central clearing of IRS will become mandatory for them.
|28/05/2014||2014/576||Voting Procedures for CCP colleges under EMIR||Post Trading||Opinion||PDF
|11/07/2014||2014/819||ESMA defines central clearing of interest rate and credit default swaps||Press Releases||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has launched a first round of consultations to prepare for central clearing of OTC derivatives within the European Union. The two consultation papers seek stakeholders’ views on draft regulatory technical standards (RTS) for the clearing of Interest Rate Swaps (IRS) and Credit Default Swaps (CDS) that ESMA has to develop under the European Markets Infrastructure Regulation (EMIR). With the overarching objective of reducing systemic risk, EMIR introduces the obligation to clear certain classes of OTC derivatives in central clearing houses (CCPs) that have been authorised (European CCPs) or recognised (third-country CCPs) under its framework. To ensure that the clearing obligation reduces systemic risk, EMIR specifies a process for the identification of the classes of OTC derivatives that should be subject to mandatory clearing. This includes the assessment of specific criteria that the relevant classes of OTC derivatives have to meet. ESMA is required to draft RTS on the clearing obligation within six months of the authorisation or recognition of CCPs. ESMA has analysed the classes from several CCP notifications and has determined that some IRS and CDS classes should be subject to the clearing obligation. Following the difference in timing of the corresponding CCP authorisations, the IRS and CDS classes are covered in two separate papers and consultation periods, with a large overlap between the two to give the opportunity to stakeholders to review them and provide feedback at the same time. These two consultation papers may be followed by one or more on other asset classes.Basis, fixed-to-float, forward rate agreements and overnight index swaps to be centrally cleared Regarding IRS, ESMA’s draft RTS propose the following four classes, on a range of currencies and underlying indices, to be subject to central clearing: • Basis swaps;• Fixed-to-float interest rate swaps; • Forward rate agreements; and• Overnight index swaps. European untranched index CDS to be centrally cleared Regarding CDS, ESMA’s draft RTS proposes European untranched Index CDS (for two indices) to be subject to central clearing.Draft standards built on swaps already offered for clearing ESMA defined the IRS and CDS classes to be subject to central clearing following an analysis of all IRS and CDS classes which are currently offered for clearing by European CCPs. In addition, for equity and interest rate futures and options which are offered for clearing, ESMA decided that a clearing obligation is not necessary at this stage. Next steps The IRS Consultation Paper is open for feedback until 18 August 2014 and the CDS Consultation Paper until 18 September 2014. ESMA will use the answers received to draft its final RTSs on the clearing obligation for IRS and CDS and send them for endorsement to the European Commission. The clearing obligation will take effect following a phased implementation, with the current proposal ranging from six months to three years after the entry into force of the RTS, depending on the types of counterparties concerned.|
|13/08/2015||2015/1260||ESMA recommends changes to EMIR framework||Post Trading, Press Releases||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published four reports focused on how the European Markets Infrastructure Regulation (EMIR) framework has been functioning and providing input and recommendations to the European Commission’s (EC) EMIR Review. Three of the reports are required under Article 85 of EMIR, and cover non-financial counterparties (NFCs), pro-cyclicality and the segregation and portability for CCPs. The fourth report responds to the EC’s Review including recommendations on amending EMIR in relation to the clearing obligation, the recognition of third country CCPs and the supervision and enforcement procedures for trade repositories. Steven Maijoor, ESMA Chair, said: “EMIR is a key component of the EU’s regulatory reform package in response to the financial crisis affecting many elements of OTC derivatives markets. While its implementation is still underway we recommend a number of changes, based on our experiences, to improve and streamline the regulatory and supervisory framework and to ensure that the objectives of stability and investor protection are met.” ESMA’s Response to European Commission EMIR Review This report provides input to the EC’s consultation on the EMIR review with recommendations to amend the EMIR framework in a number of areas including: • Clearing obligation - in order to strengthen the EMIR framework and to better respond to changing market conditions, ESMA proposes amending EMIR in order to streamline the process for determining clearing obligations and to introduce tools allowing the suspension of the clearing obligation when certain market conditions arise. It also proposes removing the frontloading requirement; • Recognition of third country CCPs - regarding the recognition of third-country CCPs, ESMA is proposing to rethink the entire equivalence and recognition process to increase its efficiency and effectiveness and to better respond to regulatory differences between third countries. ESMA proposes that the jurisdiction decision be governed by Regulatory Technical Standards (RTS) and that any recognition process should also include additional risk-based considerations allowing it to deny or suspend the recognition of a third country CCP; and • Trade Repositories (TRs) – in order to improve the supervision of TRs, the report makes proposals for changes to ESMA’s supervisory and enforcement powers and procedures including increases in fine levels, broadening the enforcement decisions available to ESMA, appropriate timeframes to consider applications in the registration process and clarifying TRs’ obligations in relation to data quality and reconciliation and supervisory reporting. ESMA’s Reports under Article 85 of EMIR • Non-Financial counterparties (Report No.1) ESMA recommends removing the hedging criteria from EMIR and to use other measures to determine the systemic relevance of NFCs, as this would allow regulators to identify the few NFCs with the highest systemic importance while greatly simplifying the process and reduce the compliance costs for the majority of small and medium NFCs, which pose limited risks to the system overall. • Limiting Pro-cyclicality (Report No.2) ESMA recommends further specifying the rules for implementing the counter-cyclical tools adopted by CCPs for margins and collateral, including regular testing and transparency on the results to further improve their effectiveness. • Segregation and Portability (Report No.3) ESMA has identified some differences in CCP practices in the implementation of the relevant provisions. In order to promote convergent practices and achieve a level playing field, it recommends introducing clarifications and more detailed requirements by RTS along with incentives related to margin period of risk depending on the safety of the chosen account structure. ESMA also proposes monitoring the take-up of the different types of account models to confirm adequacy and efficiency.
|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.
|01/04/2015||2015/674||Press release- ESMA launches centralised data projects for MiFIR and EMIR||MiFID - Secondary Markets, Press Releases||Press Release||PDF
|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
|22/05/2015||2015/884||Press Release- ESMA calls for modification of UCITS Directive||Fund Management, Press Releases||Press Release||PDF
|30/09/2016||2016/1411||ESMA consults on future reporting rules for securities financing transactions||Post Trading, Press Releases, Securities Financing Transactions||Press Release||PDF
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.
|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||2016/468||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.
|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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