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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
27/05/2016 2016/723 Consultation Paper on ESMA technical advice on Benchmarks Regulation , Consultation Paper PDF
905.26 KB
29/04/2016 2016/665 Q&A on ESMA’s EU-wide stress tests for CCPs Q&A PDF
269.98 KB
11/03/2016 2016/356 Discussion paper- Draft RTS and ITS under SFTR Consultation Paper PDF
1.93 MB
15/02/2016 2016/288 Discussion Paper Benchmarks Regulation , Consultation Paper PDF
1017.02 KB
19/12/2016 2016/1672 Technical advice to the Commission on fees for TRs under SFTR and on certain amendments of for fees under EMIR Consultation Paper PDF
709.68 KB

Reasons for publication

On 15 January 2016 the European Securities and Markets Authority (ESMA) received a formal request from the European Commission (Commission) to provide technical advice to assist the Commission in formulating a Regulation on fees for Trade Repositories (TRs) under SFTR by a delegated act.

Contents

The present report contains nine sections. Section 1 refers to the Executive Summary of the report. Section 2 explains the background to our proposals. Section 3 outlines the ESMA’s expected costs. Section 4 establishes the general approach for the determination of fees under EMIR and SFTR. Section 5 explains how ESMA will manage surpluses and deficits under EMIR and SFTR. Section 6 points out the rationale and computation of TRs fees for registration and extension of registration under SFTR. Sections 7 and 8 present the supervision fees under EMIR and SFTR and recognition fees under SFTR. Section 9 refers to the conditions of payment and reimbursement and, finally, Section 10 addresses the instances where delegation to NCAs takes place. Annex I contains the summary of the questions posed by ESMA and Annex II includes the Commission’s mandate to ESMA.

The amendments to fees under EMIR that are consulted in this document are required in order to ensure level –playing field with the ESMA’s fees to TRs under SFTR.

Next Steps

ESMA will consider the feedback it receives to this consultation in Q1 2017 and expects to publish and submit a final report of the technical advice to the European Commission for endorsement by end of Q1/beginning of Q2 of 2017.

15/12/2016 2016/1661 Consultation Paper- Draft technical standards on data to be made publicly available by TRs under Article 81 of EMIR Consultation Paper PDF
740.22 KB
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 , Consultation Paper PDF
1.13 MB
30/09/2016 2016/1409 Draft RTS and ITS under SFTR and amendments to related EMIR RTS , Consultation Paper PDF
5.63 MB

The European Securities and Markets Authority (ESMA) is publishing this Consultation Paper as part of its consultations on Level 2 measures under the Securities Financing Transactions Regulation (SFTR) as well as certain amendments to the Level 2 measures under EMIR in order to take into account legal developments as well as to ensure consistency, where relevant, between the frameworks of both regulations

Contents

Section 1 is the executive summary of the document. Section 2 explains the background to our proposals. Section 3 includes detailed information on the procedure and criteria for registration as TR under SFTR. Section 4 details the use of internationally agreed reporting standards, the reporting logic under SFTR and the main aspects of the structure of an SFT report. Section 5 covers the requirements regarding transparency of data and aggregation and comparison of data. Section 6 details the access levels of authorities. Section 7 contains the tables of fields, for the relevant types of SFTs, as well as a summary of all the questions.

Next Steps

ESMA will consider the feedback it received to this document in the fourth quarter of 2016. The final report and the draft technical standards will be submitted to the European Commission for endorsement by the end of Q1/beginning Q2 2017.

29/09/2016 2016/1406 Draft technical standards under the Benchmarks Regulation Consultation Paper PDF
1.67 MB
13/07/2016 2016/1125 Consultation Paper on the clearing obligation for financial counterparties with a limited volume of activity Consultation Paper PDF
738.84 KB
11/05/2015 2015/807. Consultation Paper No 4 on the Clearing Obligation under EMIR Consultation Paper PDF
1.41 MB
14/12/2015 2015/1867R Response Form to CP on review of Article 26 of RTS 153-2013 Consultation Paper DOCX
749.43 KB
14/12/2015 2015/1867 Review of Article 26 of RTS No 153/2013 with respect to MPOR for client accounts Consultation Paper PDF
227.6 KB
11/12/2015 2015/1866 Consultation Paper on access, aggregation and comparison of TR data Consultation Paper PDF
330.99 KB
05/11/2015 2015/1628/R Response form to CP on indirect clearing Consultation Paper DOCX
749.61 KB
05/11/2015 2015/1628 Consultation Paper on indirect clearing under EMIR and MiFIR Consultation Paper PDF
488.22 KB
27/08/2015 2015/1295 Discussion Paper on the review of Article 26 of RTS 153-2013 Consultation Paper PDF
266.36 KB
30/06/2015 2015/1065 Draft Regulatory Technical Standards on the CSD Regulation-The Operation of the Buy-in Process Consultation Paper PDF
388.58 KB
11/07/2014 2014/800 Consultation paper Clearing Obligation no2 CDS Consultation Paper PDF
1007.78 KB

With the overarching objective of reducing systemic risk, EMIR introduces the obligation to clear certain classes of OTC derivatives in central clearing houses (CCPs) that have been authorised (European CCPs) or recognised (third-country CCPs) under its framework.Following a first consultation paper on the IRS classes to be subject to central clearing, in this second paper ESMA defined the CDS classes to be subject to the clearing obligation based on the analysis of all CDS classes which are currently offered for clearing by European CCPs. ESMA’s draft RTS propose to subject the following class: untranched European index CDS, for two indices. The clearing obligation will take effect following a phased implementation depending on the types of counterparties.Responding to this paperThe European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the consultation paper on the clearing obligation no.1. Please use this “form to reply”Details on EMIR and the clearing obligation can be found at the following link: http://www.esma.europa.eu/page/OTC-derivatives-and-clearing-obligation

11/07/2014 2014/799 Consultation paper Clearing Obligation no1 IRS Consultation Paper PDF
1.54 MB

With the overarching objective of reducing systemic risk, EMIR introduces the obligation to clear certain classes of OTC derivatives in central clearing houses (CCPs) that have been authorised (European CCPs) or recognised (third-country CCPs) under its framework.ESMA defined the IRS classes to be subject to central clearing following an analysis of all IRS classes which are currently offered for clearing by European CCPs. ESMA’s draft RTS propose to subject the following four classes: Basis swaps, fixed-to-float interest rate swaps, forward rate agreements and overnight index swaps on a range of currencies and maturities. The clearing obligation will take effect following a phased implementation depending on the types of counterparties.Responding to this paperThe European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the consultation paper on the clearing obligation no.1. Please use this “form to reply”Details on EMIR and the clearing obligation can be found at the following link: http://www.esma.europa.eu/page/OTC-derivatives-and-clearing-obligation