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04/05/2017 ESMA71-99-398 Joint Public Statement FSMA-ESMA regarding EURIBOR Press Release PDF
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In September 2016, the FSMA, as the national competent authority for Belgium, established the Euribor college and chaired its inaugural meeting. The college includes ESMA, the national competent authorities of the various banks contributing to the Euribor, as well as the national competent authorities of Member States for which the Euribor presents a systemic character because of its importance for their real economy, for the financing of households and enterprises, or for consumers in general. The Euribor college, chaired by the FSMA, currently consists of 17 national supervisory authorities and ESMA. The ECB has attended its meetings as an invited expert.

In 2015, EMMI developed a methodology that would ground the Euribor entirely on transactions (“Euribor+”) and has subsequently carried out a “pre-live verification” exercise, based on data gathered from 31 banks over a period running from September 2016 to February 2017. On May 4th 2017, after consultation with the FSMA and as a result of its pre-live verification exercise, EMMI published its decision not to pursue a transition to the proposed Euribor+ methodology in the short term.

The college of Euribor takes note of this decision and will continue to engage with EMMI on alternative plans for Euribor reform and transition.

05/04/2017 ESMA71-99-386 Press release: ESMA clarifies market structure issues under MiFID II Press Release PDF
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30/03/2017 ESMA71-99-374 ESMA publishes final rules to ensure integrity of EU financial benchmarks , Press Release PDF
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The European Securities and Markets Authority (ESMA) has published its final report containing the draft regulatory and implementing technical standards (RTS/ITS) under the Benchmarks Regulation (BMR). These contain the detailed rules to implement the new European regulatory framework aimed at ensuring the accuracy and integrity of benchmarks across the European Union.

29/03/2017 ESMA71-99-375 ESMA appoints new members to its Management Board , Press Release PDF
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15/12/2016 2016/1656 Press release- ESMA appoints new member to its Management Board , Press Release PDF
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10/11/2016 2016-1567 ESMA finalises advice on future rules for financial benchmarks Press Release PDF
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10/11/2016 2016/1570 ESMA consults on transparency rules for package orders under MiFID II Press Release PDF
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11/10/2016 2016/1458 ESMA to focus on supervisory convergence issues in 2017 , , , Press Release PDF
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The European Securities and Markets Authority (ESMA) has published its 2017 Work Programme which sets out its priorities and areas of focus for 2017 in support of its mission to enhance investor protection and promote stable and orderly financial markets.

The programme reflects the shift in focus of ESMA’s work, from building the single rulebook, towards ensuring its consistent application across the European Union (EU), as outlined in its 2016-2020 Strategic Orientation. The key areas of focus under ESMA’s activities of supervisory convergence, assessing risks, single rulebook and direct supervision will be:

  • Converging supervisory practices on the implementation of MiFIDII/MiFIR ;
  • Focusing on data quality;
  • Level 2 work on the Benchmarks Regulation and on various initiatives under the umbrella of the Capital Markets Union; and
  • Directly supervising credit rating agencies (CRA) and trade repositories (TR), with a particular focus on their ancillary activities given the trend of combining ancillary and core services.
05/10/2016 2016/1438 ESMA consults on product governance guidelines to safeguard investors , Press Release PDF
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03/10/2016 2016/1425 ESMA consults on consolidated tape for non-equity products , Press Release PDF
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The European Securities and Markets Authority (ESMA) has issued today a consultation paper on its draft regulatory technical standards (RTS) regarding the creation of a consolidated tape for non-equity instruments which is required under the Markets in Financial Instruments Directive (MiFID II). The new MiFID II framework, which covers equity-like and non-equity instruments traded on trading venues, introduces provisions for establishing a central source of post-trade prices or consolidated tape.

ESMA, having already issued its draft RTS on an equity tape, is seeking feedback on its draft RTS for the non-equity tape. In order to create the non-equity tape, trading venues and approved publication arrangements (APAs) will send real-time post-trade data to consolidated tape providers (CTPs), who will consolidate this data in real-time and make the data available to the public.

29/09/2016 2016/1407 ESMA consults on future rules for financial benchmarks , Press Release PDF
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25/07/2016 2016/1167 Press release- ESMA issues warning on sale of speculative products to retail investors Press Release PDF
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02/06/2016 2016/903 ESMA reminds firms of responsibilities when selling bail-in securities Press Release PDF
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30/05/2016 2016/742 ESMA issues opinion on MiFID II standards on ancillary activities , Press Release PDF
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02/05/2016 2016/566 Press release MiFID II RTS , Press Release PDF
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07/04/2016 2016/582 ESMA finds room for improvement in national supervision of investment advice to retail clients , , Press Release PDF
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04/04/2016 2016/566 ESMA not to exempt ETD under MiFID II , Press Release PDF
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15/02/2016 2016/291 ESMA consults on implementation of the Benchmarks Regulation , , Press Release PDF
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The European Securities and Markets Authority (ESMA) has today published a Discussion Paper (DP) regarding the technical implementation of the incoming Benchmarks Regulation (BR). ESMA is seeking stakeholder’s input to inform its future proposals on draft Regulatory Technical Standards (RTS) and Technical Advice (TA) to the European Commission.

Benchmarks are used in financial markets as a reference to price financial instruments and to measure performance of investment funds, as well as being an important element of many financial contracts and their integrity is critical to financial markets and to investors in particular. The BR’s objective is to improve the governance and control over the benchmark process, thereby ensuring their reliability and protecting users. The changes aim to:

  • improve the quality of the input data and methodologies used by benchmark administrators;
  • ensure that benchmark contributors provide adequate data and are subject to proper controls; and
  • ensure the supervision and viability of critical benchmarks.

Steven Maijoor, ESMA Chair, said:

“The Benchmark Regulation, once implemented, will ensure the accuracy, robustness and integrity of benchmarks and the benchmark setting process by clarifying the behaviours and standards expected of administrators and contributors. These requirements will ensure that benchmarks are produced in a transparent and reliable manner and so contribute to well-functioning and stable markets, and investor protection.

“ESMA, in preparing for its work on regulatory technical standards and technical advice, is keen to ensure that all affected stakeholders have their views heard on this important topic and we hope that all interested parties will take this opportunity to contribute.”

The DP is seeking stakeholder’s feedback in the following areas:

  • definition of benchmarks;
  • requirements for the benchmark oversight function;
  • requirements for the benchmark input data;
  • governance and control requirements for supervised benchmark contributors;
  • authorisation and registration of an administrator; and
  • transparency requirements regarding the benchmark methodology.

The exact date when the Benchmarks Regulation will enter into force is still unknown as it has not yet been published in the Official Journal of the EU.

Next steps

ESMA will hold an open hearing on the DP on 29 February 2016 in Paris. It will use the responses to its DP to develop detailed implementing measures on which it will publish a follow-up consultation in Q3 2016.

22/12/2015 2015/1872 Press Release Cross Selling Guidelines Press Release PDF
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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:

  • improving disclosures when different products are cross-sold with one another;
  • requiring firms to provide investors with all relevant information in a timely and clear manner;
  • addressing conflicts of interest arising from remuneration models; and
  • improving client understanding on whether purchasing the individual products offered in a package is possible.

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.

06/11/2015 2015/1627 ESMA appoints new members to its Management Board , Press Release PDF
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