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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|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.
|18/12/2015||2015/1887||Follow-up report on the development of the Best Practice Principles for Providers of Shareholder Voting Research and Analysis||Corporate Finance, Corporate Governance||Final Report||PDF
|22/12/2015||2015/1861||Final report- Guidelines on cross-selling practices||MiFID - Investor Protection||Final Report||PDF
|01/02/2016||2016/174||Final Report on CSDR RTS on settlement discipline||Post Trading||Report||PDF
|01/02/2016||2016/174/Annex IV||Impact assessment on CSDR RTS on settlement discipline||Post Trading||Report||PDF
|01/03/2016||2016/328||Possible systemic risk and cost implications of interoperability arrangements||Post Trading||Final Report||PDF
|05/04/2016||2016/429||Review of Article 26 of RTS No 153/2013 with respect to MPOR for client accounts||Post Trading||Final Report||PDF
Reasons for publication
In relation to the draft amended technical standards, ESMA consulted stakeholders on two occasions: the first consultation on a Discussion Paper (DP) was conducted from 27 August to 30 September 2015; the second, on the consultation paper (CP) including the proposed draft RTS was carried out from 14 December 2015 to 1st February 2016.
ESMA received a strong support from the respondents to the CP on the proposed amendment introducing the possibility for EU CCPs to margin on a one day gross basis for clients’ accounts. The responses to the consultation confirm that a one day gross account structure provides a sufficient level of protection to the CCPs and to the clients.
On the proposed conditions linked to this type of account, the majority of the respondents are of the view that they are needed to ensure the safety of the CCPs. Some clarifications or slight amendments have been introduced following the comments received, in particular on intraday margins calls and on entities belonging to the same group as clearing members.
|05/04/2016||2016/422||Final Report RTS on access aggregation and comparison of TR data under Art.81 of EMIR||Post Trading||Final Report||PDF
|07/04/2016||2016/584||Suitability Peer Review- Final Report||MiFID - Investor Protection, Supervisory convergence||Final Report||PDF
|07/04/2016||2016/585||Suitability Peer Review- Annex||MiFID - Investor Protection, Supervisory convergence||Final Report||PDF
|29/04/2016||2016/658||EU-wide CCP Stress test Report 2015||Post Trading||Final Report||PDF
|26/05/2016||2016/725||Draft RTS on indirect clearing arrangements under EMIR and MiFIR||Guidelines and Technical standards, Post Trading, MiFID - Secondary Markets||Final Report||PDF
|04/10/2016||2016/1415||ESMA reporton on securities financing transactions and leverage in the EU||Post Trading, Risk Analysis & Economics - Markets Infrastructure Investors||Report||PDF
|10/11/2016||2016-1560||Final Report on Technical Advice under the Benchmarks Regulation||Benchmarks||Final Report||PDF
|14/11/2016||2016/1565||Final Report on the clearing obligation for financial counterparties with a limited volume of activity||Post Trading, Press Releases||Final Report||PDF
|22/12/2016||2016/1683||Peer Review on CCPs' Margin and Collateral requirements||Post Trading||Report||PDF
|11/01/2017||ESMA42-1643088512-2962||ESMA42-1643088512-2962 Follow-up Report to the Peer Review on Best Execution||MiFID - Investor Protection, MiFID - Secondary Markets, Supervisory convergence||Report||PDF
|18/01/2017||ESAS-2017-82||Report on the functionning of the CRR with the related obligations under EMIR||Post Trading||Report||PDF
|23/03/2017||ESMA70-708036281-8||Final Report on guidelines on participant default rules and procedures under CSDR||Post Trading||Report||PDF
|23/03/2017||ESMA70-708036281-7||Final Report on CSDR Guidelines on Access by a CSD to the Transaction Feeds of a CCP or of a Trading Venue under CSDR||Post Trading||Report||PDF