REFINE YOUR SEARCH
Type of document
|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|31/05/2017||ESMA71-99-469||ESMA issues principles on supervisory approach to relocations from the UK||Brexit, Press Releases, Supervisory convergence||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published an Opinion setting out general principles aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the United Kingdom. The opinion is addressed to national competent authorities (NCAs), in particular of the 27 Member States that will remain in the EU (EU27).
The opinion is a practical tool to support supervisory convergence in the context of increased requests from UK financial market participants seeking to relocate to the EU27. It covers all legislation referred to in the ESMA Regulation, in particular the AIFMD, the UCITS Directive, MiFID I and MiFID II.
|13/07/2017||ESMA71-99-526||ESMA issues sector-specific principles on relocations from the UK to the EU27||Brexit, Press Releases, Supervisory convergence||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published three Opinions setting out sector-specific principles in the areas of investment firms, investment management and secondary markets, aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the United Kingdom .
The opinions, building on the general opinion issued in May, are practical tools to support supervisory convergence in the context of requests from UK financial market participants seeking to relocate to the EU27. They are addressed to national competent authorities (NCAs) and are relevant for market participants considering relocating.
They provide guidance to NCAs aimed at ensuring a consistent interpretation of the requirements relating to authorisation, supervision and enforcement in order to avoid the development of regulatory and supervisory arbitrage risks.
|09/11/2018||ESMA71-99-1054||ESMA launches call for evidence on periodic auctions for equity instruments||MiFID - Secondary Markets, Press Releases||Press Release||PDF
|04/04/2016||2016/566||ESMA not to exempt ETD under MiFID II||Press Releases, MiFID - Secondary Markets||Press Release||PDF
|21/09/2018||esma70-156-769||ESMA opinion on MiFID II RTS 1||MiFID - Secondary Markets||Technical Standards||PDF
|22/12/2011||2011/457||ESMA outlines future automated trading regime for trading platforms, investment firms and competent authorities||Press Releases, MiFID - Secondary Markets||Press Release||PDF
|08/11/2018||ESMA71-99-1055||ESMA proposes a regulatory change to support the Brexit preparations of counterparties to uncleared OTC derivatives||Brexit, Post Trading, Press Releases||Press Release||PDF
|17/09/2012||2012/581||ESMA proposes remuneration guidelines for firms providing investment services||MiFID - Investor Protection, Press Releases||Press Release||PDF
|19/12/2014||2014/1574||ESMA provides implementing rules for MiFID II||MiFID - Investor Protection, Press Releases, MiFID - Secondary Markets||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has published today its final technical advice (TA) and launches a consultation on its draft regulatory technical and implementing standards (RTS/ ITS) regarding the implementation of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). Both ESMA’s TA and draft RTS translate the MiFID II/MiFIR requirements into practically applicable rules for market participants and national supervisors. The new regulatory framework aims at ensuring that secondary markets are fair, transparent and safe and that investors’ interests are safeguarded when being sold investment products. Steven Maijoor, ESMA Chair, said:“Today’s implementing rules on both secondary markets and investor protection issues reflect ESMA’s desire to achieve the best outcome for market users and investors, taking into account the extensive submissions received from our stakeholders. The advice now goes to the European Commission to use in preparation of its delegated legislation, while our technical standards are open for a second round of consultation. “Once fully implemented, MiFID II will have a significant impact on the EU’s securities markets, its users and infrastructure providers. It will bring greater transparency and improve the overall functioning of markets thus strengthening investors’ trust in the financial sector.”MiFID II to include most financial instruments, trading venues and techniquesMiFID II/MiFIR introduces changes to the functioning of secondary markets, including transparency requirements for a broad range of asset classes; the obligation to trade derivatives on trading venues; requirements for algorithmic and high-frequency-trading and new supervisory tools for commodity derivatives. The key proposals stemming from ESMA’s TA/draft RTS cover the following issues: • increased trade transparency, for non-equity instruments, in particular bonds, derivatives, structured finance products and emission allowances;• a trading obligation for shares and a double volume cap mechanism for shares and equity-like instruments, introducing a major change to the framework for trading these instruments in the Union;• an obligation to trade derivatives on MiFID venues (regulated markets, multilateral (MTFs) or organised trading facilities (OTFs)) only, in line with G20 requirements;• newly introduced position limits and reporting requirements for commodity derivatives;• rules governing high frequency trading, imposing a strict set of organisational requirements on investment firms and trading venues;• provisions regulating access to central counterparties (CCPs), trading venues and benchmarks, designed to increase competition in the Union; and• requirements for a consolidated tape of trading data, including rules for tape providers, reporting, publication and sales of data.MiFID II to improve investor protection ESMA’s TA proposes that the Commission adopts a number of measures that will further the protection of investors across the EU. The main proposals relating to the improved protection of investors, especially retail, include:• clarifications about the circumstances in which portfolio managers can receive research from third parties;• clarifications under which circumstances inducements meet the quality enhancement requirement for the provision of advice;• requirements for investment firms manufacturing and/or distributing financial instruments and structured deposits to have product governance arrangements in place in order to assess the robustness of their manufacture and/or distribution;• requirements for firms to provide clients with details of all costs and charges related to their investment, including cost aggregations, the timing of disclosure (ex-ante and ex-post); information to non-retail clients; the scope of firms subject to this obligation; information on the cumulative effect of costs on the return; • organisational requirements for firms providing investments advice on an independent basis; and• specification of powers for ESMA and national regulators with regards to prohibiting or restricting the marketing and distribution of financial instruments. Next stepsThe TA has been finalised following extensive consultations with stakeholders and will now be sent to the European Commission. ESMA’s draft RTS/ITS, already previously consulted upon, are open for public comment until 2 March 2015. In addition, an open hearing will be held in Paris on 19 February 2015. ESMA will use the input received from the consultations to finalise its draft RTS which will be sent for endorsement to the European Commission by mid-2015, its ITS by January 2016. MiFID II/ MiFIR and its implementing measures will be applicable from 3 January 2017.|
|06/07/2012||2012/424||ESMA publishes MiFID guidelines to enhance investor protection||MiFID - Investor Protection, Press Releases||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has today published two final sets of guidelines aimed at enhancing the protection of investors in the EU. The guidelines relate to the provisions under the Markets in Financial Instruments Directive (MiFID) relating to the suitability of investment advice and the compliance function.|
|25/02/2015||2015/495||ESMA publishes review on best execution supervisory practices under MiFID||MiFID - Investor Protection, Press Releases, Supervisory convergence||Press Release||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.|
|24/02/2012||2012/128||ESMA readies guidelines on automated trading – application deadline starts||Press Releases, MiFID - Secondary Markets||Press Release||PDF
|ESMA today publishes the official translations of its final “Guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities” (ESMA/2011/456), first published on 21 December 2011. High Frequency Trading (HFT) is one form of automated trading. By having translated the guidelines into all the official languages of the EU, today’s publication triggers a transitional period of two months within which national supervisors have to declare whether they intend to comply with the guidelines or otherwise explain the reasons for non-compliance which would be made public by ESMA. According to the ESMA Regulation national supervisors have to make every effort to comply with the Guidelines.|
|02/06/2016||2016/903||ESMA reminds firms of responsibilities when selling bail-in securities||MiFID - Investor Protection||Press Release||PDF
|09/11/2018||ESMA71-99-1057||ESMA renews binary options prohibition for a further three months from 2 January 2019||MiFID - Investor Protection, Press Releases||Press Release||PDF
|27/03/2019||ESMA71-99-1130||ESMA renews CFD measures from 1 May 2019||MiFID - Investor Protection, Press Releases||Press Release||PDF
|19/12/2018||ESMA71-99-1078||ESMA renews CFD measures from February 1||MiFID - Investor Protection, Press Releases||Press Release||PDF
|06/04/2020||ESMA71-99-1301||ESMA report stresses impact of costs on retail investor benefits||Press Release||PDF
|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
|07/02/2014||2014/152||ESMA tells firms to improve their selling practices for complex financial products||MiFID - Investor Protection, Warnings and publications for investors||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has published an Opinion on practices to be observed by investment firms when selling complex financial products to investors. ESMA is issuing this opinion to remind national supervisors and investment firms about the importance of requirements governing selling practices under MiFID (Markets in Financial Instruments Directive).ESMA is issuing this Opinion as it is concerned that firms’ compliance with the MiFID selling practices when selling complex products may have fallen short of expected standards. The concerns relate mainly to the suitability and appropriateness of complex products that are increasingly within the grasp of retail investors. The Opinion sets out ESMA’s minimum expectations with respect to the conduct of firms when selling complex products to retail investors.Steven Maijoor, ESMA Chair, said: “Investment firms increasingly sell complex financial products such as warrants, different types of structured bonds, derivatives and asset-backed securities, which were previously accessible mainly to professional investors, to retail investors.“ESMA is concerned that this trend greatly increases the risk that customers do not understand the risks, costs and expected returns of the products they are buying. Therefore, we believe that it is crucial that investment firms act responsibly and in the best interest of their clients.“The level of concern regarding the risk posed by these products to investor protection when MiFID rules are not fully respected is such that we have also issued an EU-wide warning to investors in order to raise awareness about the risks arising from investing in these types of complex products.” The marketing and sale of complex financial products, in particular to retail investors, is an important investor protection area where ESMA wants to ensure a consistent approach to the application of the MiFID conduct business rules - thereby improving supervisory convergence.The areas covered by the Opinion relate to: firms’ organisation and internal controls; the assessment of the suitability or appropriateness of certain products; disclosures and communications in relation to products; and compliance monitoring of the sales functions.|
|01/03/2019||ESMA71-99-1119||ESMA to recognise the UK Central Securities Depository- no deal||Brexit, Post Trading, Press Releases||Press Release||PDF