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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|07/04/2016||2016/584||Suitability Peer Review- Final Report||MiFID - Investor Protection, Supervisory convergence||Final Report||PDF
|04/04/2016||2016/461||Final report on temporary exemption for ETDs under MiFID II||MiFID - Secondary Markets||Final Report||PDF
|17/03/2016||2016/348||Report on Trends, Risks and Vulnerabilities No.1, 2016||Risk Analysis & Economics - Markets Infrastructure Investors||Final Report||PDF
|22/12/2015||2015/1861||Final report- Guidelines on cross-selling practices||MiFID - Investor Protection||Final Report||PDF
|22/12/2015||2015/WP/2015/2||Working Paper No.2, 2015 “Monitoring systemic risk in the hedge fund sector”||Risk Analysis & Economics - Markets Infrastructure Investors||Final Report||PDF
The working paper proposes new measures for systemic risk in the hedge fund sector. These measures are based on the ability of hedge funds to influence (be influenced by) the performance trend of the entire hedge fund sector. The proposed measures display a high ability to identify periods of financial distress, are robust to modifications in the underlying econometric model and deliver an innovation in the monitoring of systemic risks in the fund industry.
|17/12/2015||2015/1886||Final report on guidelines for the assessment of knowledge and competence||MiFID - Investor Protection||Final Report||PDF
Reasons for publication
1. Article 25(1) of Directive 2014/65/EU (MiFID II) states that Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice or providing information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm possess the necessary knowledge and competence to fulfil their obligations under Article 24 and Article 25 .
2. The European Securities and Markets Authority is required by Article 25(9) of MiFID II to develop – by 3 January 2016 - guidelines specifying criteria for the assessment of knowledge and competence of investment firms’ personnel. The guidelines will come into effect on 3 January 2017.
3. In accordance with Article 16(2) of the ESMA Regulation, a consultation was launched on 23 April 2015. The Consultation Paper (CP) set out draft ESMA guidelines for the assessment of knowledge and competence of individuals in investment firms providing investment advice or information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm. The consultation period closed on 10 July 2015.
4. ESMA received 80 responses. The answers received on the CP are available on ESMA’s website unless respondents requested otherwise.
5. As provided by Article 16 of the ESMA Regulation, ESMA also sought the advice of the Securities and Markets Stakeholder Group’s (SMSG).
6. This paper contains summaries of responses received and feedback statements provided by ESMA. ESMA recommends that this report should be read together with the CP published on 23 April 2015 to have a complete understanding of the rationale for the guidelines. The final guidelines presented in Annex VI take into account the comments and suggestions raised by respondents.
7. Section II briefly summarises the feedback to the CP and the main responses from ESMA.
8. Section III contains the Annexes: Annex I provides the Summary of questions, Annex II contains the legislative mandate, Annex III reports the cost-benefit analysis, Annex IV reports the Opinion of the Securities and Markets Stakeholder Group, Annex V details the feedback on the CP, Annex VI sets out the final text of the guidelines and Annex VII describes some illustrative examples of the application of certain aspects of the guidelines.
9. The final guidelines in Annex VI will be translated into the official EU languages and published on the ESMA website. The publication of the translations will trigger a two-month period during which National Competent Authorities (NCAs) must notify ESMA whether they comply or intend to comply with the guidelines.
|11/12/2015||2015/1858||Final Report- Draft ITS under MiFID II||MiFID - Secondary Markets||Final Report||PDF
|30/11/2015||2015/1783||Final Report on complex debt instruments and structured deposits||MiFID - Investor Protection||Final Report||PDF
|28/09/2015||2015-ESMA-1464 Annex II||Annex II- CBA- draft RTS and ITS on MiFID II and MiFIR||MiFID - Secondary Markets||Final Report||PDF
|14/09/2015||2015/1290||Report on Trends, Risks and Vulnerabilities No.2, 2015||Risk Analysis & Economics - Markets Infrastructure Investors||Final Report||PDF
|05/05/2015||JC/2015/007||Joint Committee Report on Risks and Vulnerabilities in the EU Financial System||Risk Analysis & Economics - Markets Infrastructure Investors, Joint Committee||Final Report||PDF
|The Joint Committee of the European Supervisory Authorities (ESAs) published its fifth Report on Risks and Vulnerabilities in the EU Financial System. Overall, the report found that in the past six months, risks affecting the EU financial system have not changed in substance, but have further intensified. The EU’s economic performance improved slightly in early 2015, however the financial sector in general continues to be affected by a combination of factors such as low investment demand, economic uncertainty in the Eurozone and its neighbouring countries, a global economic slow-down and a low-interest rate environment. The main risks affecting the financial system remain broadly unchanged from those identified in the report’s previous edition, but have become more entrenched. The major risks include: • Low growth, low inflation, volatile asset prices and their consequences for financial entities; • Search for yield behaviour exacerbated by potential rebounds; • Deterioration in the conduct of business; and • Increased concern about IT risks and cyber-attacks.|
|11/03/2015||2015/527||ESMA Risk Dashboard No 1 2015||Risk Analysis & Economics - Markets Infrastructure Investors||Final Report||PDF
|11/03/2015||2015/526||Report on Trends, Risks and Vulnerabilities No 1 2015||Risk Analysis & Economics - Markets Infrastructure Investors||Final Report||PDF
|25/02/2015||2015/494||Best Execution under MiFID||MiFID - Investor Protection, Supervisory convergence||Final Report||PDF
|The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders. ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including: • prioritisation of best execution as a key conduct of business supervisory issue; • the allocation of sufficient resources to best execution supervision; and • a more proactive supervisory approach to monitoring compliance with best execution requirements, both desk-based and onsite inspections. The review was conducted on the basis of information provided by 29 NCAs and complemented by on-site visits to the NCAs of France, Liechtenstein, Luxembourg, Malta, Poland and Spain.|
|17/12/2014||ECO-2014/1||ESMA's Economic Report No 1, 2014- High-frequency trading activity in EU equity markets||Risk Analysis & Economics - Markets Infrastructure Investors||Final Report||PDF
|14/11/2014||2014/1341||ESMA Risk Dashboard No. 4, 2014||Risk Analysis & Economics - Markets Infrastructure Investors||Final Report||PDF
|The European Securities and Markets Authority (ESMA) has today published its Risk dashboard for the third quarter of 2014. ESMA’s Risk Dashboard assess the risks associated to European financial markets looking into liquidity, market, contagion and credit risks. The Dashboard finds that in 3Q14 EU systemic stress indicators increased, after experiencing a calm 2Q14. Contagion risk augmented and liquidity and market risk remained on high levels, with potential for further increases ahead. Credit risk receded though remaining at a high level. Overall, market sentiment continued to be at odds with sluggish economic fundamentals and guarded expectations. An environment of ultra-low interest rates supported markets and preserved the current hunt-for-yield behaviour of investors. However, markets recognised resulting new balance sheet risks, as risk spreads increased, equity valuation moderated and expectations for future short-term interest rates fanned out. Due to these offsetting forces liquidity risk and market risk remained stable, preserving the risk of critical market corrections for the future. The systemic impact of such corrections could be exacerbated by liquidity bottlenecks, such as might arise from structural factors such as thin dealer markets or rising collateral requirements.|
|23/09/2014||2014/1164 Annex||Annex to the Statement by Steven Maijoor, Chair of ESMA to the ECON hearing, 23 September 2014||Corporate Information||Final Report||PDF
|22/09/2014||JC/2014/063||Joint Committee Report on Risks and Vulnerabilities in the EU Financial System||Risk Analysis & Economics - Markets Infrastructure Investors, Joint Committee||Final Report||PDF
|The Joint Committee of the European Supervisory Authorities (ESAs) published today its bi-annual report on risks and vulnerabilities in the European Union's (EU) financial system. The report identifies a number of risks to financial stability in the EU, including prolonged weak economic growth in an environment characterised by high indebtedness, intensified search for yield in a protracted low interest rate environment, and uncertainties in global emerging market economies. The report also highlights risks related to conduct of business and Information Technologies (IT).|
|03/09/2014||2014/883||ESMA Risk Dashboard No. 3, 2014||Risk Analysis & Economics - Markets Infrastructure Investors||Final Report||PDF
|03/09/2014||2014/884||Report on Trends Risks Vulnerabilities No. 2, 2014||Risk Analysis & Economics - Markets Infrastructure Investors||Final Report||PDF