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05/02/2016 2016/247 ESMA to focus on governance, strategy, data and fees in 2016 supervision , , Press Release PDF
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The European Securities and Markets Authority (ESMA) has today published its 2016 supervisory priorities for credit rating agencies (CRAs) and trade repositories (TRs), as well as its annual report summarising the key supervisory work and actions undertaken during 2015.

2016 Supervisory Priorities

ESMA has seen a number of changes in the CRA and TR industries during 2015, with new applicants for registration in both sectors, and current authorised entities seeking to develop their businesses. This has included CRAs providing credit ratings on new asset classes or in new geographic areas, and TRs offering trade reporting services for other instrument types.

ESMA identifies its supervisory priorities on the basis of risk assessment exercises conducted throughout the year. In 2015 these identified high levels of governance and strategy risk, and operational risk in the CRA industry and high levels of risk associated with TRs’ data and systems. Therefore, in 2016 ESMA will focus its supervisory activities on:

  • CRA governance and strategy and the quality of credit ratings;
  • TR data quality and data access;
  • Fees charged and information security for all supervised entities.

Steven Maijoor, ESMA Chair, said:

“The credit rating and trade repository industries continue to evolve and develop. We are receiving new applications for registration and existing entities are seeking to develop their businesses by expanding into new areas. ESMA supports these developments where they contribute to the maintenance of stable and orderly financial markets.

“For this reason, in 2016 ESMA will focus its work on the quality of the services being provided by supervised entities. This means we will concentrate on issues surrounding CRA governance, strategy and ratings quality, along with data quality and access to TRs’ data with a broad focus on the fee structures and information security in both industries.”

2015 Annual Supervisory Review – CRAs and TRs

In 2015, following its risk-based approach, ESMA focused its supervisory efforts on CRAs’ governance, risk management and internal decision making and on CRAs’ business development processes. Some notable achievements were:

  • investigating the techniques being applied to validate credit rating methodologies by some CRAs and using the differences identified to encourage industry-wide debate about appropriate validation standards;
  • conducting an IT risk assessment which identified that CRAs are facing serious risks in several areas including IT operations and information security;
  • investigating the process of issuing credit ratings followed by one CRA and raising concerns about the preparation of issue ratings, the workloads of credit rating analysts and their involvement in the provision of ancillary services; and
  • concluding an enforcement case against DBRS Ratings Ltd for internal control failings and imposing a €30,000 fine for past record-keeping breaches. The case highlighted the need for CRAs to establish clear decision-making procedures, organisational structures and effective compliance functions.

The key risks TR supervision focused on in 2015 related to the quality of TRs’ data, access to data held by TRs and the operation and performance of TRs’ systems. In 2015, ESMA continued working with TRs to implement the data quality action plan established in September 2014 including:

  • harmonising TRs’ data validation;
  • monitoring the inter-TR reconciliation process; and
  • ensuring the harmonisation of the aggregate data made available on TRs’ websites.

ESMA has also been monitoring National Competent Authorities’ (NCAs) access to TR data. It has entered into a number of Memoranda of Understanding (MoUs) to help third country regulatory authorities access TR data and is developing an IT system to allow NCAs to submit data queries through a centralised web portal.

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.
04/07/2013 2013/889 ESMA Vice Chair and Management Board Election Results , Press Release PDF
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ESMA Vice Chair and Management Board Election Results Vice Chair Re-elected The Board of Supervisors of the European Securities and Markets Authority (ESMA) has re-elected Carlos Tavares as its Vice Chair. Mr. Tavares, who is Chairman of the Portuguese Comissão Do Mercado De Valores Mobiliários (CMVM), has completed an initial 2½ year term and will now serve a further term of 2½ years in the position. Management Board Election The terms of three members of ESMA’s Management Board expired and elections were held by the Board of Supervisors to fill the positions for a term of 2½ years. Those elected are: Kostas Botopoulos, Hellenic Capital Markets Commission (HCMC), Greece – new member; Klaus Kumpfmüller, Finanzmarktaufsicht (FMA), Austria – new member; and Martin Wheatley, Financial Conduct Authority (FCA), United Kingdom –re-elected for a second term. The outgoing members were Karl-Burkhard Caspari from the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) of Germany and Raul Malmstein of Estonia’s, Finantsinspektsioon. The Management Board, chaired by Steven Maijoor, the ESMA Chair, is responsible for ensuring that the Authority carries out its mission and performs the tasks assigned to it under the Regulation. The Management Board now consists of: Steven Maijoor, European Securities and Markets Authority (ESMA); Kostas Botopoulos, Hellenic Capital Markets Commission (HCMC), Greece; Klaus Kumpfmüller, Finanzmarktaufsicht (FMA), Austria; Jean Guill, Commission de Surveillance du Secteur Financier (CSSF), Luxembourg; Gérard Rameix, Autorité des Marchés Financiers (AMF), France; Julie Galbo, Finanstilsynet, Denmark and Martin Wheatley, Financial Conduct Authority (FCA), United Kingdom. Reference 2013/889
02/10/2020 ESMA71-99-1406 ESMA Work Programme 2021 , , , , Press Release PDF
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28/09/2021 ESMA71-99-1735 ESMA Work Programme 2022 , , , , Press Release PDF
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16/06/2021 ESMA71-99-1694 ESMA's 2020 Annual Report , , , Press Release PDF
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01/06/2018 ESMA71-99-973 ESMA71-99-973 Press Release Product Intervention EUOJ publication , , Press Release PDF
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15/05/2009 09-220 Feedback statement- MAD Level 3 – Third set of CESR guidance and information on the common operation of the Directive to the market CESR Document PDF
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15/03/2013 2013/311 Gérard Rameix elected to ESMA’s Management Board , Press Release PDF
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28/06/2013 2013/845 Joint Committee of ESAs holds its first Consumer Protection Day Press Release PDF
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17/12/2021 JC 2021 19 Joint Committee Q&As relating to the Securitisation Regulation Q&A PDF
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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.

21/09/2017 ESMA71-99-595 New Working Group on a Risk-Free Reference Rate for the Euro Area Press Release PDF
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Today, the Financial Services and Markets Authority (FSMA), the European Securities and Markets Authority (ESMA), the European Central Bank (ECB) and the European Commission announce the launch of a new working group tasked with the identification and adoption of a "risk-free overnight rate" which can serve as a basis for an alternative to current benchmarks used in a variety of financial instruments and contracts in the euro area.

The working group, chaired by a private sector representative and with the Secretariat to be provided by the ECB, will regularly consult market participants and end-users, as well as gather feedback from other public authorities. Its terms of reference will be made public and the group will regularly report on its meetings. This is to ensure transparency on all steps in the identification and adoption of a new risk free rate.

11/01/2018 ESMA71-99-919 PR on CRA/TR Fees Thematic Report Press Release PDF
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30/05/2018 ESMA71-99-987 PR on EBA-ESMA statement on retail holders of bail-inable instruments , , Press Release PDF
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02/02/2017 ESMA71-844457584-339 Press Release ESMA Supervision 2016 annual report and 2017 work programme , Press Release PDF
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15/12/2021 ESMA 71-99-1783 Press release ESMA Vice Chair 2021 , , , Press Release PDF
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13/11/2017 ESMA71-99-649 Press Release ICO Statements , , Press Release PDF
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03/10/2019 ESMA71-99-1226 Press release MAR review consulation Press Release PDF
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06/12/2017 ESMA50-164-1173 Press Release MiFID/MAR Transitional Transparency Calculations , , , , Press Release PDF
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