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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|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.|
|31/03/2015||2015/659||ESMA Report on Enforcement and Regulatory Activities of Accounting Enforcers in 2014||Corporate Disclosure, IFRS Supervisory Convergence||Final Report||PDF
|21/05/2015||2015/856 Ann1||Investment-based crowdfunding- Insights from regulators in the EU||Innovation and Products||Final Report||PDF
|30/06/2015||2015/1057||ESMA Guidelines on Alternative Performance Measures||Corporate Disclosure, IFRS Supervisory Convergence||Final Report||PDF
|02/07/2015||2015/1067||Final report on the extension of the scope of interoperability arrangements||Post Trading||Final Report||PDF
|05/08/2015||2015/1219||Final Report- Technical Advice under the CSD Regulation||Post Trading||Technical Advice||PDF
|13/08/2015||2015/1254||EMIR Review Report no.4- ESMA input as part of the Commission consultation on the EMIR Review||Post Trading||Final Report||PDF
|13/08/2015||2015/1253||EMIR Review Report no.3- Review on the segregation and portability requirements||Post Trading||Final Report||PDF
|13/08/2015||2015/1252||EMIR Review Report no.2- Review on the efficiency of margining requirements to limit procyclicality||Post Trading||Final Report||PDF
|13/08/2015||2015/1251||EMIR Review Report no.1- Review on the use of OTC derivatives by non-financial counterparties||Post Trading||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
|10/11/2015||2015/1629||Final Report Clearing Obligation IRS other currencies||Post Trading||Final Report||PDF
|13/11/2015||2015/1645||Final report EMIR Article 9 RTS ITS||Post Trading||Final Report||PDF
|30/11/2015||2015/1783||Final Report on complex debt instruments and structured deposits||MiFID - Investor Protection||Final Report||PDF
|11/12/2015||2015/1858||Final Report- Draft ITS under MiFID II||MiFID - Secondary Markets||Final Report||PDF
|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.
|22/12/2015||2015/1861||Final report- Guidelines on cross-selling practices||MiFID - Investor Protection||Final Report||PDF
|01/03/2016||2016/328||Possible systemic risk and cost implications of interoperability arrangements||Post Trading||Final Report||PDF
|04/04/2016||2016/461||Final report on temporary exemption for ETDs under MiFID II||MiFID - Secondary Markets||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.