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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|15/11/2018||ESMA70-145-1081||Annual report on administrative and criminal sanctions and other administrative measures under MAR||Market Abuse, Market Integrity||Annual Report||PDF
|23/11/2021||ESMA70-156-4673||Annual Report on MAR administrative and criminal sanctions 2021||Market Abuse||Annual Report||PDF
|04/01/2021||ESMA71-99-1498||Brexit: ESMA withdraws the registrations of six UK-based credit rating agencies and four trade repositories||Brexit, Credit Rating Agencies, Press Releases, Trade Repositories||Press Release||PDF
|14/05/2019||FISMA.C.3/IK/TL/Ares(2019)2120576||EC Art 38 MAR mandate||Market Abuse, Market Integrity||Letter||PDF
|01/02/2019||ESMA71-99-1096||ESMA and EU securities regulators MoUs with FCA||Board of Supervisors, Brexit, Credit Rating Agencies, Fund Management, Press Releases, Trade Repositories||Press Release||PDF
|14/11/2013||2013/1650||ESMA begins preparatory work for new Market Abuse Regime||Market Abuse, Market Integrity, Press Releases||Press Release||PDF
|ESMA begins preparatory work for new Market Abuse Regime 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. The closing date for responses is Monday 27 January 2014. MAR Policy Areas The DP covers ten sections of MAR where ESMA is expected to have to provide input, these include: • conditions to be met by buyback programmes and stabilization measures to benefit from the exemption from market abuse prohibitions; • arrangement and procedures required for market soundings, from the perspective of both the sounding and the sounded market participants; • indicators and signals of market manipulation; • criteria to establish Accepted Market Practices; • arrangement, systems and procedures to put in place for the purpose of suspicious transactions and order reporting as well as its content and format; • issues relating to public disclosure of inside information and the conditions for delay; • format for insider lists; • issues concerning the reporting and public disclosure of managers’ transactions; • arrangements for fair presentation and disclosure of conflicts of interests by producers and disseminators of investment recommendations; • reporting of violations and related procedures. Next steps ESMA will consider the feedback it receives to this consultation in Q1 2014 and incorporate it in to its full consultation papers on both its draft Technical Standards and Technical Advice to the Commission. The dates for these consultations are will depend on the publication of the final version of MAR. Notes for editors 1. 2013/1649 Discussion Paper - ESMA’s policy orientations on possible implementing measures under the Market Abuse Regulation 2. Proposal for a Regulation of the European Parliament and of the Council on insider dealing and market manipulation (market abuse) (MAR) 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 2013/1650 Discussion Paper 2013/1649|
|19/12/2017||ESMA71-99-916||ESMA consults on securitisation requirements||Press Releases, Securitisation||Press Release||PDF
|20/12/2019||ESMA71-99-1256||ESMA CRAs TRs thematic fees report||Press Releases, Supervisory convergence, Trade Repositories||Press Release||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.
|03/02/2022||ESMA71-99-1819||ESMA launches its new STS register||Securitisation||Press Release||PDF
|15/02/2022||ESMA24-436-1152||ESMA response to the Commission consultation on the Listings Act||Market Abuse, MiFID - Investor Protection, Prospectus||Letter||PDF
|01/07/2013||2013/852||ESMA review finds good compliance with EU market abuse rules||Market Abuse, Press Releases, Supervisory convergence||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has published a peer review of the supervisory practices EEA national competent authorities (NCAs) apply in enforcing the requirements of the Market Abuse Directive (MAD). The Directive deals with the prevention of the dissemination of misleading information, the breach of reporting obligations and market abuse.|
|09/03/2020||ESMA71-99-1287||ESMA Supervision WP 2020||Benchmarks, Credit Rating Agencies, Press Releases, Securities Financing Transactions, Securitisation, Trade Repositories||Press Release||PDF
|09/03/2020||ESMA80-199-332||ESMA Supervision- Annual Report 2019 and Work Programme 2020||Benchmarks, Credit Rating Agencies, Securities Financing Transactions, Securitisation, Trade Repositories||Annual Report||PDF
|05/02/2016||2016/247||ESMA to focus on governance, strategy, data and fees in 2016 supervision||Credit Rating Agencies, Press Releases, Trade Repositories||Press Release||PDF
The European Securities and Markets Authority (ESMA) has today published its 2016 supervisory priorities for credit rating agencies (CRAs) and trade repositories (TRs), as well as its annual report summarising the key supervisory work and actions undertaken during 2015.
2016 Supervisory Priorities
ESMA has seen a number of changes in the CRA and TR industries during 2015, with new applicants for registration in both sectors, and current authorised entities seeking to develop their businesses. This has included CRAs providing credit ratings on new asset classes or in new geographic areas, and TRs offering trade reporting services for other instrument types.
ESMA identifies its supervisory priorities on the basis of risk assessment exercises conducted throughout the year. In 2015 these identified high levels of governance and strategy risk, and operational risk in the CRA industry and high levels of risk associated with TRs’ data and systems. Therefore, in 2016 ESMA will focus its supervisory activities on:
Steven Maijoor, ESMA Chair, said:
“The credit rating and trade repository industries continue to evolve and develop. We are receiving new applications for registration and existing entities are seeking to develop their businesses by expanding into new areas. ESMA supports these developments where they contribute to the maintenance of stable and orderly financial markets.
“For this reason, in 2016 ESMA will focus its work on the quality of the services being provided by supervised entities. This means we will concentrate on issues surrounding CRA governance, strategy and ratings quality, along with data quality and access to TRs’ data with a broad focus on the fee structures and information security in both industries.”
2015 Annual Supervisory Review – CRAs and TRs
In 2015, following its risk-based approach, ESMA focused its supervisory efforts on CRAs’ governance, risk management and internal decision making and on CRAs’ business development processes. Some notable achievements were:
The key risks TR supervision focused on in 2015 related to the quality of TRs’ data, access to data held by TRs and the operation and performance of TRs’ systems. In 2015, ESMA continued working with TRs to implement the data quality action plan established in September 2014 including:
ESMA has also been monitoring National Competent Authorities’ (NCAs) access to TR data. It has entered into a number of Memoranda of Understanding (MoUs) to help third country regulatory authorities access TR data and is developing an IT system to allow NCAs to submit data queries through a centralised web portal.
|18/12/2018||fisma.01/РР/ rv/ (2018) 6771757||European Commission letter to ESMA on draft RTS and ITS securitisation disclosures||Securitisation||Letter||PDF
On Friday 14 December 2018, the European Securities and Markets Authority (ESMA) received a letter from the European Commission regarding the draft regulatory and implementing technical standards on securitisation disclosures submitted by ESMA on 22 August 2018.
The letter states that the Commission intends to endorse those draft regulatory and implementing technical standards only once certain amendments are introduced.
|17/12/2021||JC 2021 19||Joint Committee Q&As relating to the Securitisation Regulation||Securitisation||Q&A||PDF
|30/06/2022||ESMA22-106-4013||Letter from ESMA Chair to EC- Prioritisation of 2022 ESMA deliverables||Corporate Information, Market Abuse, Market Integrity, MiFID - Secondary Markets, Post Trading, Trading||Letter||PDF
|08/01/2019||ESMA33-128-619||Letter to EC on regulatory cooperation under the Securitisation Regulation||Securitisation||Letter||PDF
|24/04/2018||ESMA33-128-485||Letter to OG- Delivery of ESMA’s technical standards on disclosure under the Securitisation Regulation||Securitisation||Letter||PDF