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28/06/2017 ESMA35-36-885 Product Intervention- General Statement , Statement PDF
123.04 KB

This statement provides an update on the European Securities and Markets Authority’s (ESMA) work in relation to the sale of contracts for differences (CFDs), binary options and other speculative products to retail investors.

 

ESMA has been concerned about the provision of speculative products such as CFDs, rolling spot forex and binary options to retail investors for a considerable period of time and has conducted ongoing monitoring and supervisory convergence work in this area. In this context, ESMA has previously published a number of Q&As on CFDs and other speculative products[1] to foster supervisory convergence, having established a CFD Task Force in July 2015, and also issued a further investor warning on the sale of CFDs, binary options and other speculative products in July 2016[2].

 

However, ESMA remains concerned that these supervisory convergence tools may not be sufficiently effective to ensure that the risks to consumer protection are sufficiently controlled or reduced. ESMA is therefore discussing the possible use of its product intervention powers under Article 40 of MiFIR to address investor protection risks in relation to CFDs, rolling spot forex and binary options.

 

ESMA is in the process of discussing the possible use of its product intervention powers under Article 40 of MiFIR, the possible content of any such measures, and how they could be applied. However, ESMA can confirm that the measures being discussed for (i) CFDs and rolling spot forex and (ii) binary options include proposals that take into account a number of measures that have been adopted or publicly consulted on by EU National Competent Authorities. These measures include leverage limits, guaranteed limits on client losses, and / or restrictions on the marketing and distribution of these products.

 

In accordance with Article 40 of MiFIR, any intervention measures must be approved by the ESMA Board of Supervisors and can only come into effect from 3 January 2018 at the earliest[3].

19/06/2017 ESMA70-156-71 Consultation paper trading obligation for derivatives under MiFIR Consultation Paper PDF
1.08 MB
10/11/2016 2016-1563 Issues for consideration in implementing IFRS 9: Financial Instruments , , Statement PDF
256.22 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
28/10/2016 ESMA/2016/1528 European common enforcement priorities for 2016 financial statements , , Statement PDF
317.18 KB
28/10/2016 2016/1529 Joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders , Consultation Paper PDF
1.13 MB
06/10/2016 2016/1440 Guidelines on the calibration, publication and reporting of trading halts Consultation Paper PDF
946.62 KB
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
05/10/2016 2016/1436 Consultation Paper on Draft guidelines on MiFID II product governance requirements Consultation Paper PDF
661.2 KB
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.

30/09/2016 2016/1408 ESMA appoints new chairs to Standing Committees , , , Statement PDF
141.3 KB

The Board of Supervisors of the European Securities and Markets Authority (ESMA) has appointed the following individuals to serve as chairs of its standing committees:

  • Hannelore Lausch, Executive Director of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Germany, will chair the Market Data Standing Committee;
  • Cyril Roux, Deputy Governor of the Central Bank of Ireland (CBI, will chair the Investment Management Standing Committee; and
  • Merel van Vroonhoven, Chair of the Autoriteit Financiële Markten (AFM), Netherlands, will chair the Investor Protection and Intermediaries Standing Committee.

The standing committees are expert groups drawn from ESMA staff and the national competent authorities for securities markets regulation in the Member States, and are responsible for the development of policy in their respective areas.  The appointments are for a period of two years and commence with immediate effect.

20/09/2016 2016/1389 Discussion Paper on the trading obligation for derivatives under MiFIR Consultation Paper PDF
1.3 MB
01/07/2016 2016/1062 Announcement Alternative Performance Measures Guidelines in force Statement PDF
119.56 KB
20/06/2016 2016/940 Statement by Steven Maijoor at ECON MiFID II/MiFIR Scrutiny Session, 21 June 2016 , Statement PDF
235.65 KB
02/06/2016 2016/902 MiFID practices for firms selling financial instruments subject to the BRRD resolution regime Statement PDF
259.47 KB
23/12/2015 2015/1909 Guidelines on Transaction Reporting Reference Data Order Record Keeping and Clock Synchronisation Consultation Paper PDF
3.46 MB

The European Securities and Markets Authority's (ESMA) consultation paper seeks stakeholders’ views on the draft guidance on the application of the provisions of the ESMA RTS on transaction reporting, instrument reference data, order record keeping and clock synchronisation (RTS 22, 23, 24 and 25). This guidance complements the technical standards and will be essential for the consistent implementation of the new MiFIR rules.

Section 1 specifies individual scenarios applicable to a given transaction reporting activity. Each of the scenarios is accompanied with the precise technical formats and schema to be used to represent the specific reportable values. Section 2 specifies scenarios applicable to specific order record keeping activities. In addition to the reporting and record keeping scenarios, these sections also provide a number of other clarifications on the application of the requirements under the new technical standards which were requested by the market participants during the consultations on the MiFID II technical standards but could not be addressed in the final technical standards due to the level of detail and specificity of such requests. Section 3 provides clarifications on the application of the clock synchronisation requirements.

ESMA will consider the feedback it received to this consultation in Q2 2016 and expects to publish in the second half of 2016.

27/10/2015 2015/1609 Public Statement- Improving Disclosures , Statement PDF
169.77 KB
27/10/2015 2015/1608 Public Statement- ECEP 2015 , Statement PDF
210.15 KB
25/09/2015 2015/1463 ESMA Consultation Paper on ESEF , , Consultation Paper PDF
2.34 MB
31/08/2015 2015/1301 Consultation Paper on Draft implementing technical standards under MiFID II Consultation Paper PDF
655.21 KB
Who should read this paper? This document will be of interest to all stakeholders involved in the securities markets. It is primarily of interest to competent authorities and firms that are subject to MiFID II and MiFIR – in particular, investment firms and credit institutions performing investment services and activities but it is also important for trade associations and industry bodies, institutional and retail investors and their advisers, and consumer groups, as well as any market participant engaged in the dealing with or processing of financial instruments Responding to this paper The European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in this Consultation Paper Please note that ESMA will only be able to consider responses received using this “form to reply ” and complying with the procedure below. a) InstructionsPlease note that, in order to facilitate analysis of the large number of responses expected, ESMA will be using an IT tool that does not allow processing of responses which do not follow the formatting indications described below. Therefore, in responding stakeholders should:i.    use the published reply form template and send their responses in Word format (pdf documents will not be considered except for annexes); ii.    not remove the tags of type < ESMA_QUESTION_MIFID_ITS_1> - i.e. the response to one question has to be framed by the 2 tags corresponding to the question; andiii.    if they have no response to a question, do not delete it and leave the text “TYPE YOUR TEXT HERE” between the tags. b) Naming protocolIn order to facilitate the handling of stakeholders responses please save your document using the following format: ESMA_MiFID_ITS_NAMEOFCOMPANY_NAMEOFDOCUMENT e.g. if the respondent were ESMA, the name of the reply form would be ESMA_MiFID_ITS_ESMA_REPLYFORM or ESMA_MiFID_ITS_ESMA_ANNEX1 To help you navigate this document more easily, bookmarks are available in “Navigation Pane” for Word 2010 and in “Document Map” for Word 2007.c) Content of the responses Responses are most helpful:i.    if they respond to the question stated;ii.    contain a clear rationale, including on any related costs and benefits; andiii.    describe any alternatives that ESMA should consider. d) Deadline Responses must reach us by 31 October 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 end of the consultation period, unless otherwise requested. Please clearly indicate by ticking the appropriate checkbox in the website submission form if you do not wish your contribution to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. Note also that a confidential response may be requested from ESMA in accordance with ESMA’s rules on access to documents. ESMA may consult respondents if ESMA receives such a request. Any decision we make 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 headings ‘Legal notice’ and ‘Data protection’.