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Type of document
|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|20/11/2015||2015/1749||Comment Letter to EFRAG’s draft letter on endorsement advice on adoption of IFRS 9||IAS Regulation||Letter||PDF
|30/11/2015||2015/1783||Final Report on complex debt instruments and structured deposits||MiFID - Investor Protection||Final Report||PDF
|02/12/2015||2015/1740||ESMA CL to the IASB Agenda consultation||IAS Regulation||Letter||PDF
|02/12/2015||2015/1741||ESMA CL to EFRAG on IASB Agenda consultation||IAS Regulation||Letter||PDF
|02/12/2015||2015/1742||Comment letter to the IFRS IC on TAD relating to IFRS 5||IAS Regulation||Letter||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||2015/1872||Press Release Cross Selling Guidelines||MiFID - Investor Protection||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published its Guidelines on Cross-Selling Practices under MiFID II (guidelines) to ensure investors are treated fairly when an investment firm offers two or more financial products or services as part of a package.
The guidelines include principles on:
The European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA - initially intended to issue joint guidelines covering all cross-selling practices taking place in the banking, insurance and securities sectors given that cross-selling is often cross-sectoral, and had consulted the stakeholders previously on this basis.
However, in light of legal concerns, the ESAs decided not to issue joint guidelines on cross-selling practices but agreed that ESMA should issue ESMA-only guidelines under MiFID II in order to meet its 3 January 2016 deadline.
While ESMA’s guidelines take into account the results of the ESAs’ joint consultation, the final report focuses on the feedback regarding cross-selling practices under MIFID II. Further, the guidelines are addressed to national regulators supervising the firms which provide MiFID services, when they engage in cross-selling practices.
The ESAs intend to inform the European Commission about the issues encountered and raise the possibility of legislative change to provide a foundation for future joint guidelines.
The guidelines will apply from 3 January 2017.
|22/12/2015||2015/1861||Final report- Guidelines on cross-selling practices||MiFID - Investor Protection||Final Report||PDF
|18/01/2016||2016/34||ESMA CL to EFRAG on IFRS IC DI Uncertain tax positions||IAS Regulation||Letter||PDF
|18/01/2016||2016/35||ESMA CL to the IFRS IC DI Uncertain tax positions||IAS Regulation||Letter||PDF
|18/01/2016||2016/36||ESMA CL to the Draft Interpretation Foreign Currency||IAS Regulation||Letter||PDF
|18/01/2016||2016/37||ESMA CL to EFRAG Draft Interpretation Foreign Currency||IAS Regulation||Letter||PDF
|26/01/2016||2016/92||Comment letter to the IFRS IC TAD on IAS 20||IAS Regulation||Letter||PDF
|26/01/2016||2016/93||Comment letter to the IFRS IC TAD on IAS 39-IFRS 9||IAS Regulation||Letter||PDF
|27/01/2016||ESA/2016/07||The cross-selling of financial products – ESA request to the European Commission||Joint Committee, MiFID - Investor Protection||Letter||PDF
|29/01/2016||2016/163||Opinion on CRR ITS final||MiFID - Secondary Markets||Letter||PDF
|29/01/2016||2016/164||Letter J Hill- Opinion on Draft ITS CRR||MiFID - Secondary Markets||Letter||PDF
|01/02/2016||2016/172||Comment Letter to IASB on ED ‘Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts’||IAS Regulation||Letter||PDF
|01/02/2016||2016/173||Comment Letter to EFRAG on ED ‘Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts’||IAS Regulation||Letter||PDF