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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
20/03/2015 2015/558 Call for evidence on private and bilateral SFIs Consultation Paper PDF
118.4 KB
This call for evidence should be read by all those involved in the EU securitisation markets. It is particularly targeted at the following market participants and the groups and trade associations who represent them: •    Issuers, originators and sponsors of Structured Finance Instruments (SFIs);•    Investors acting in the securitisation markets;•    Market intermediaries other than the issuers, originators and sponsors of SFIs.Responses are most helpful to ESMA when they clearly indicate which question is being answered and provide evidence in support of the response, such as concrete examples of practices experienced, data or costs estimates. Should respondents feel that the distinction provided for by the two proposed categories (issuers vs. investors) is not suitable to their particular situation, ESMA welcomes these contributions in alternative format. ESMA will consider all responses that have been received by 20 May 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’.
08/06/2015 2015/920 Impact of the Best Practice Principles for Providers of Shareholder Voting Research and Analysis , Consultation Paper PDF
337.08 KB
Responding to this Call for Evidence ESMA invites comments on all matters in this paper and in particular on the specific questions presented throughout the paper. Comments are most helpful, if they:a.    respond to the question stated;b.    indicate the specific question to which they relate; andc.    contain a clear rationale.  ESMA will consider all comments received by 27 July 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Publication of responses All contributions received will be published following the close of the Call for Evidence, unless you request otherwise.  Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you, if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.Data protection Information on data protection can be found at www.esma.europa.eu under the heading Legal Notice.Who should read this Call for Evidence This Call for Evidence will be of relevance to persons and entities participating in the voting chain, particularly proxy advisors, investors, companies listed in Europe, proxy solicitors and consultants.
13/07/2016 2016/1121 Consultation Paper on the Guidelines on the validation and review of Credit Rating Agencies’ methodologies Consultation Paper PDF
536.1 KB
20/09/2016 2016/1389 Discussion Paper on the trading obligation for derivatives under MiFIR Consultation Paper PDF
1.3 MB
29/09/2016 2016/1406 Draft technical standards under the Benchmarks Regulation Consultation Paper PDF
1.67 MB
03/10/2016 2016/1422 CP on RTS specifying the scope of the consolidated tape for non-equity financial instruments Consultation Paper PDF
343.95 KB

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.

Contents

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.

Next Steps

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.

05/10/2016 2016/1437 Consultation Paper on Guidelines on the management body of market operators and data reporting services providers Consultation Paper PDF
756.21 KB
06/10/2016 2016/1440 Guidelines on the calibration, publication and reporting of trading halts Consultation Paper PDF
946.62 KB
10/11/2016 2016/1562 Consultation Paper- Draft RTS on package orders for which there is a liquid market Consultation Paper PDF
782.55 KB
19/12/2016 2016/1673 2016-1673 Q&A on MiFID II commodity derivatives topics Q&A PDF
338.93 KB
15/02/2016 2016/288 Discussion Paper Benchmarks Regulation , Consultation Paper PDF
1017.02 KB
27/05/2016 2016/723 Consultation Paper on ESMA technical advice on Benchmarks Regulation , Consultation Paper PDF
905.26 KB
25/01/2016 2016/96 Slides from ESMA’s Open Hearing on validation and review of CRAs’ methodologies Consultation Paper PDF
253.19 KB
19/12/2016 2016/JCESA QA Questions and Answers on Big Data Q&A PDF
333.65 KB
04/04/2017 33-5-94 Response Form CRA Endorsement Guidelines Consultation Paper DOCX
756.11 KB
04/04/2017 33-9-149 Update of the guidelines on the application of the endorsement regime under Article 4(3) of the Credit Rating Agencies Regulation Consultation Paper PDF
1.08 MB

Endorsement is one of two regimes provided in the CRA Regulation that allow credit ratings issued in a third country to be used for regulatory purposes in the EU – the other being equivalence/certification. Article 21(3) of the CRA Regulation requires ESMA to issue and update guidelines on the application of the endorsement regime specified under Article 4(3) of the same Regulation. This Consultation Paper proposes to update the previously issued 2011 Guidelines on Endorsement.
The proposed update of the 2011 Guidelines on Endorsement is mainly driven by the need to reflect the changes to Articles 6-12 and Annex I introduced by CRA 3, which will enter into force for the purposes of equivalence and endorsement on 1 June 2018. On that basis, ESMA has to update the Methodological Framework on which ESMA relies for assessing a third-country legal and supervisory framework for the purposes of endorsement and equivalence. This Methodological Framework is provided in Annex II of the 2011 Guidelines on Endorsement. By 1 June 2018, ESMA should also have completed a reassessment of all the previously assessed third-country legal and regulatory frameworks against the new requirements based on the updated Methodological Framework (provided in Annex III).


ESMA has taken this opportunity to reassess its approach to endorsement more broadly, based on the supervisory experience acquired since the adoption of the 2011 Guidelines on Endorsement. The proposed changes and clarification of the 2011 Guidelines on Endorsement focus in particular on ESMA’s understanding of points (b), (c), (d), and (e) of Article 4(3) of the CRA Regulation.
Furthermore, some parts of the 2011 Guidelines on Endorsement relate to the establishment of ESMA, the initial registration of CRAs and various transitional arrangements. The proposed updated Guidelines on Endorsement do not include these parts, as they are no longer relevant. Finally, some information in the 2011 Guidelines on Endorsement was not addressed to market participants but referred to ESMA’s internal processes. This information has also been excluded from the proposed updated guidelines on Endorsement, but is, for context, summarised in Section 4 of this Consultation Paper.
 

29/09/2017 70-145-105 Draft Guidelines on non-significant benchmarks , Consultation Paper PDF
557.29 KB
24/07/2014 CP/2014/04 Draft Regulatory Technical Standards on risk concentration and intra-group transactions under Article 21a (1a) of the Financial Conglomerates Directive Consultation Paper PDF
324.25 KB
Please send your comments to the EBA and EIOPA using the following links: Respond to the EBA. Respond to EIOPA. The consultation period closes on 24 October 2014.
19/07/2018 ESMA 33-9-252 Consulation Paper on Revised Guidelines on Periodic Reporting by CRAs Consultation Paper PDF
1.87 MB
19/12/2018 ESMA 33-9-290 Consulation Paper on Disclosure Requirements Applicable to Credit Ratings Consultation Paper PDF
519.77 KB