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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|22/04/2015||2015/532||Investment using virtual currency or distributed ledger technology||Innovation and Products||Consultation Paper||PDF
|ESMA has been monitoring and analysing virtual currency investment over the last 6 months, to understand developments in the market, potential benefits or risks for investors, market integrity or financial stability, and to support the functioning of the EU single market. ESMA’s analysis is set out in this paper. ESMA is seeking to share its analysis in order to promote wider understanding of innovative market developments, and invites market participants and other stakeholders to submit feedback and any additional information on the following topics: Virtual currency investment products, i.e. collective investment schemes or derivatives such as options and CFDs that have virtual currencies (VCs) as an underlying or invest in VC related businesses and infrastructure; Virtual currency based assets/securities and asset transfers, i.e. financial assets such as shares, funds, etc. that are exclusively traded using virtual currency distributed ledgers (also known as block chains);and The application of the distributed ledger technology to securities/investments, whether inside or outside a virtual currency environment.|
|23/12/2015||2015/1909||Guidelines on Transaction Reporting Reference Data Order Record Keeping and Clock Synchronisation||MiFID - Secondary Markets||Consultation Paper||PDF
The European Securities and Markets Authority's (ESMA) consultation paper seeks stakeholders’ views on the draft guidance on the application of the provisions of the ESMA RTS on transaction reporting, instrument reference data, order record keeping and clock synchronisation (RTS 22, 23, 24 and 25). This guidance complements the technical standards and will be essential for the consistent implementation of the new MiFIR rules.
Section 1 specifies individual scenarios applicable to a given transaction reporting activity. Each of the scenarios is accompanied with the precise technical formats and schema to be used to represent the specific reportable values. Section 2 specifies scenarios applicable to specific order record keeping activities. In addition to the reporting and record keeping scenarios, these sections also provide a number of other clarifications on the application of the requirements under the new technical standards which were requested by the market participants during the consultations on the MiFID II technical standards but could not be addressed in the final technical standards due to the level of detail and specificity of such requests. Section 3 provides clarifications on the application of the clock synchronisation requirements.
ESMA will consider the feedback it received to this consultation in Q2 2016 and expects to publish in the second half of 2016.
|06/10/2016||2016/1440||Guidelines on the calibration, publication and reporting of trading halts||MiFID - Secondary Markets||Consultation Paper||PDF
|14/11/2013||2013/1649||ESMA’s policy orientations on possible implementing measures under the Market Abuse Regulation||Market Abuse, Market Integrity||Consultation Paper||PDF
|The European Securities and Markets Authority (ESMA) has published a Discussion Paper setting out its initial views on the implementing measures it will have to develop for the new Market Abuse Regulation (MAR). MAR aims to enhance market integrity and investor protection. It will achieve this by updating and strengthening the existing market abuse framework, by extending its scope to new markets and trading strategies, and by introducing new requirements. The Discussion Paper presents positions and regulatory options on those issues where ESMA will have to develop MAR implementing measures, likely to include Regulatory Technical Standards, Delegated Acts and Guidelines. These implementing measures are of fundamental importance to the new regime, as they set out how MAR’s enlarged scope is to be implemented in practice by market participants, trading platforms, investors, issuers and persons related to financial markets. In developing these regulatory options ESMA, where similar requirements already exist under the current Market Abuse Directive (MAD), has taken into consideration the existing MAD Level 2 texts and ESMA/CESR guidelines to set out the DP positions in light of the extended scope of MAR. This Discussion Paper is based on the version of the MAR Level 1 text agreed by the European Parliament, the Council and the European Commission on 24 June 2013. Consultation Reference 2013/1649 Closing date for responses Monday, 27 January 2014 Contact market.integrity[at]esma.europa.eu|
|02/04/2020||ESMA70-151-2823||ESMA Report to the European Commission on Central Clearing Obligations for PSA- No 1||Joint Committee, Post Trading, Supervisory convergence||Consultation Paper||PDF
|03/06/2020||ESMA50-164-3342||Draft Guidelines on Outsourcing to Cloud Service Providers||Innovation and Products||Consultation Paper||PDF
|20/09/2016||2016/1389||Discussion Paper on the trading obligation for derivatives under MiFIR||MiFID - Secondary Markets||Consultation Paper||PDF
|02/06/2016||2016/773||Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets||Innovation and Products, Risk Analysis & Economics - Markets Infrastructure Investors||Consultation Paper||PDF
|22/05/2014||2014/548||Discussion Paper on MiFID II/MiFIR||MiFID - Investor Protection, MiFID - Secondary Markets||Consultation Paper||PDF
|This publication is the first step in the process of translating the MiFID II/MiFIR requirements into practically applicable rules and regulations to address the effects of the financial crisis and to improve financial market transparency and strengthen investor protection.MiFID II/MiFIR introduces changes that will have a large impact on the EU’s financial markets, these include transparency requirements for a broader range of asset classes; the obligation to trade derivatives on-exchange; requirements on algorithmic and high-frequency-trading and new supervisory tools for commodity derivatives. It will also strengthen protection for retail investors through limits on the use of commissions; conditions for the provision of independent investment advice; stricter organisational requirements for product design and distribution; product intervention powers; and the disclosure of costs and charges.Responding to this paperThe European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the ESMA MiFID II/MiFIR Discussion Paper.Please use this “form to reply”.The level 1 texts adopted by the European Council during its 13 May 2014 meeting are available here: MiFID II and MiFIR. These links are from the Council Press Release.|
|15/02/2016||2016/288||Discussion Paper Benchmarks Regulation||Market Integrity, Benchmarks||Consultation Paper||PDF
|12/07/2019||ESMA70-156-1065||CP_MiFID review report_cost of market data and consolidated tape equity||MiFID - Secondary Markets||Consultation Paper||PDF
|27/03/2020||ESMA74-362-47||CP on the TS on reporting data quality data access and registration of TRs under EMIR REFIT||Post Trading, Supervisory convergence, Trade Repositories||Consultation Paper||PDF
|03/10/2016||2016/1422||CP on RTS specifying the scope of the consolidated tape for non-equity financial instruments||MiFID - Secondary Markets||Consultation Paper||PDF
This consultation paper (CP) seeks stakeholders’ views on the draft Regulatory Technical Standard (RTS) ESMA is required to draft under Article 65(8)(c) of Directive 2014/65/EU with regard to the consolidated tape for non-equity instruments.
The input from stakeholders will help ESMA in finalising this draft RTS. Respondents to the consultations are encouraged to provide the relevant data to support their arguments or proposals.
Section 2 introduces the topic. Section 3 addresses the issue of specialisation of the CT, whereas section 4 discusses which trading venues and APAs should be mandatorily included in the CT. Finally, the CP ends with section 5 which discusses the inclusion of new trading venues and APAs to the CT as well as the removal of a trading venue or APA from the CT.
On the basis of the responses to this CP, ESMA will finalise the draft RTS and submit the final report to the European Commission for endorsement. The consultation closes on 5 December.
|24/09/2020||ESMA74-362-773||CP on MiFID II MiFIR review report||Benchmarks, MiFID - Secondary Markets, MiFID II: Transparency Calculations and DVC, Post Trading||Consultation Paper||PDF
|30/03/2016||2016/444||CP on MAR GL on information on commodities||Market Abuse||Consultation Paper||PDF
|24/05/2019||ESMA70-156-864||CP amending ITS on main indices and recognised exchanges under CRR||MiFID - Secondary Markets||Consultation Paper||PDF
|26/03/2020||ESMA70-151-2852||Consultation Report PTRR Services- Article 85(3a) of EMIR||Post Trading, Supervisory convergence||Consultation Paper||PDF
|02/11/2006||06-562||Consultation paper- Market Abuse Directive, Level 3 – second set of CESR guidance and information on the common operation of the Directive to the market||Market Abuse||Consultation Paper||PDF
|20/05/2008||08-274||Consultation paper- Market Abuse Directive Level 3 – Third set of CESR guidance and information on the common operation of the Directive to the market||Market Abuse||Consultation Paper||PDF
|03/10/2008||08-717||Consultation paper- MAD Level 3 – Third set of CESR guidance and information on the common operation of the Directive to the market||Market Abuse||Consultation Paper||PDF