REFINE YOUR SEARCH
Type of document
|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|28/06/2017||ESMA35-36-885||Product Intervention- General Statement||Innovation and Products, MiFID - Investor Protection||Statement||PDF
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 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.
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.
 ESMA/2016/1166 Warning about CFDs, binary options and other speculative products published 25 July 2016
|19/06/2017||ESMA70-156-71||Consultation paper trading obligation for derivatives under MiFIR||MiFID - Secondary Markets||Consultation Paper||PDF
|07/03/2017||ESMA50-1623096732-432x||Closing remarks Financial Innovation Day||Innovation and Products||Statement||PDF
|07/03/2017||ESMA50-1623096732-432||Opening remarks Financial Innovation Day||Innovation and Products||Statement||PDF
|10/11/2016||2016/1562||Consultation Paper- Draft RTS on package orders for which there is a liquid market||MiFID - Secondary Markets||Consultation Paper||PDF
|28/10/2016||ESMA/2016/1528||European common enforcement priorities for 2016 financial statements||Corporate Disclosure, Corporate Information, IFRS Supervisory Convergence||Statement||PDF
|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||Guidelines and Technical standards, MiFID - Investor Protection||Consultation Paper||PDF
|06/10/2016||2016/1440||Guidelines on the calibration, publication and reporting of trading halts||MiFID - Secondary Markets||Consultation Paper||PDF
|05/10/2016||2016/1437||Consultation Paper on Guidelines on the management body of market operators and data reporting services providers||MiFID - Secondary Markets||Consultation Paper||PDF
|05/10/2016||2016/1436||Consultation Paper on Draft guidelines on MiFID II product governance requirements||MiFID - Investor Protection||Consultation Paper||PDF
|03/10/2016||2016/1422||CP on RTS specifying the scope of the consolidated tape for non-equity financial instruments||MiFID - Secondary Markets||Consultation Paper||PDF
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.
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.
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||Board of Supervisors, Fund Management, Market Integrity, MiFID - Investor Protection||Statement||PDF
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:
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||MiFID - Secondary Markets||Consultation Paper||PDF
|20/06/2016||2016/940||Statement by Steven Maijoor at ECON MiFID II/MiFIR Scrutiny Session, 21 June 2016||Speeches, MiFID - Secondary Markets||Statement||PDF
|02/06/2016||2016/773||Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets||Innovation and Products, Risk Analysis & Economics - Markets Infrastructure Investors||Consultation Paper||PDF
|02/06/2016||2016/902||MiFID practices for firms selling financial instruments subject to the BRRD resolution regime||MiFID - Investor Protection||Statement||PDF
|23/12/2015||2015/1909||Guidelines on Transaction Reporting Reference Data Order Record Keeping and Clock Synchronisation||MiFID - Secondary Markets||Consultation Paper||PDF
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.
|31/08/2015||2015/1301||Consultation Paper on Draft implementing technical standards under MiFID II||MiFID - Secondary Markets||Consultation Paper||PDF
|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’.|
|23/04/2015||2015/753||Draft guidelines for the assessment of knowledge and competence||MiFID - Investor Protection||Consultation Paper||PDF
|The European Securities and Markets Authority is required by Article 25(9) of MiFID II to develop guidelines specifying criteria for the assessment of knowledge and competence of the investment firm’s personnel giving investment advice or information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm to fulfil their obligations under Article 24 and Article 25.In accordance with Article 16(2) of the ESMA Regulation, this paper sets out, for consultation, draft ESMA guidelines on certain aspects of MiFID II for the assessment of knowledge and competence. ESMA considers that these guidelines will establish a knowledge and competence framework that will set principles for individuals in MiFID firms that give investment advice or information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm.The purpose of these guidelines is to improve investor protection by increasing the knowledge and competence of individuals in investment firms providing services to clients.|
|22/04/2015||2015/532||Investment using virtual currency or distributed ledger technology||Innovation and Products||Consultation Paper||PDF
|ESMA has been monitoring and analysing virtual currency investment over the last 6 months, to understand developments in the market, potential benefits or risks for investors, market integrity or financial stability, and to support the functioning of the EU single market. ESMA’s analysis is set out in this paper. ESMA is seeking to share its analysis in order to promote wider understanding of innovative market developments, and invites market participants and other stakeholders to submit feedback and any additional information on the following topics: Virtual currency investment products, i.e. collective investment schemes or derivatives such as options and CFDs that have virtual currencies (VCs) as an underlying or invest in VC related businesses and infrastructure; Virtual currency based assets/securities and asset transfers, i.e. financial assets such as shares, funds, etc. that are exclusively traded using virtual currency distributed ledgers (also known as block chains);and The application of the distributed ledger technology to securities/investments, whether inside or outside a virtual currency environment.|