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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|10/07/2013||2013/891||Discussion Paper on CRA3 Implementation||Credit Rating Agencies||Consultation Paper||PDF
|The Discussion Paper deals with the implementation of the CRA3 Regulation, which entered into force on 20 June 2013.The Regulation, which complements the existing regulatory framework for credit rating agencies (CRAs), requires ESMA to draft Regulatory Technical Standards (RTS) on:• disclosure requirements on structured finance instruments (SFIs);• the European Rating Platform (ERP); and• the periodic reporting on fees charged by CRAs.ESMA is seeking views from all interested parties by 10 October 2013 in order to assist in its preparation of the draft RTS to be published for consultation in early 2014. ESMA must submit the draft RTS to the European Commission by 21 June 2014.|
|22/05/2014||2014/548||Discussion Paper on MiFID II/MiFIR||MiFID - Investor Protection, MiFID - Secondary Markets||Consultation Paper||PDF
|This publication is the first step in the process of translating the MiFID II/MiFIR requirements into practically applicable rules and regulations to address the effects of the financial crisis and to improve financial market transparency and strengthen investor protection.MiFID II/MiFIR introduces changes that will have a large impact on the EU’s financial markets, these include transparency requirements for a broader range of asset classes; the obligation to trade derivatives on-exchange; requirements on algorithmic and high-frequency-trading and new supervisory tools for commodity derivatives. It will also strengthen protection for retail investors through limits on the use of commissions; conditions for the provision of independent investment advice; stricter organisational requirements for product design and distribution; product intervention powers; and the disclosure of costs and charges.Responding to this paperThe European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the ESMA MiFID II/MiFIR Discussion Paper.Please use this “form to reply”.The level 1 texts adopted by the European Council during its 13 May 2014 meeting are available here: MiFID II and MiFIR. These links are from the Council Press Release.|
|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
|17/11/2015||2015/1735||Discussion Paper on the validation and review of Credit Rating Agencies’ methodologies||Credit Rating Agencies||Consultation Paper||PDF
|23/12/2014||JC/DP/2014/01||Discussion Paper- The Use of Credit Ratings by Financial Intermediaries Article 5(a) of the CRA Regulation||Credit Rating Agencies, Joint Committee||Consultation Paper||PDF
|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.|
|24/03/2015||2015/610||Draft guidelines on complex debt instruments and structured deposits||MiFID - Investor Protection||Consultation Paper||PDF
|Who should read this paper This paper is primarily of interest to competent authorities and firms that are subject to MiFID, in particular, investment firms and credit institutions performing investment services and activities. This paper is also important for trade associations, investors, and consumer groups, because the guidelines seek to implement enhanced provisions to ensure investor protection with potential impacts for anyone engaged in dealing with or processing of financial instruments. ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:• respond to the question stated;• indicate the specific question to which the comment relates;• contain a clear rationale; and• describe any alternatives ESMA should consider. ESMA will consider all comments received by 15 June 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 close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response 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 heading Legal Notice.|
|29/09/2017||70-145-105||Draft Guidelines on non-significant benchmarks||Benchmarks, Guidelines and Technical standards||Consultation Paper||PDF
|31/07/2020||ESMA35-43-2464 TC||Draft joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders||MiFID - Investor Protection||Consultation Paper||PDF
|31/07/2020||ESMA35-43-2464||Draft joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders||MiFID - Investor Protection||Consultation Paper||PDF
|09/07/2013||2013/918||Draft Regulatory Technical Standards on information requirements for assessment of acquisitions and increases in holdings in investment firms (MiFID)||MiFID - Investor Protection||Consultation Paper||PDF
|Executive summary Reasons for publication Article 10b(4) of the Markets in Financial Instruments Directive (MiFID ) requires Member States to make publicly available the information necessary to carry out the assessment of a proposed acquirer of an investment firm. This information must be provided at the time of the initial notification. This information is aimed at ensuring that competent authorities are provided with adequate and proportionate information in order to assess the acquisition. Article 10a of MiFID, as amended by Article 6(4) of the Omnibus Directive , requires ESMA to draft regulatory technical standards (RTS) to establish an exhaustive list of information referred to in Article 10b(4) of MiFID. ESMA is required to submit the draft RTS to the European Commission (Commission) by 1 January 2014. Contents The proposed RTS set out in this Consultation Paper (CP) are based on the CEBS, CESR and CEIOPS ‘Guidelines for the prudential assessment of acquisitions and increases in holdings in the financial sector required by Directive 2007/44/EC’ (3L3 Guidelines), as well as the report issued by the Commission (in February 2013) to the European Parliament, the Council, the European Economic and Social Committee, and the Committee of Regions on the application of Directive on acquisitions and increase of holdings in the financial sector. Section II explains the background to the proposals; Section III describes the proposals on the exhaustive list of information to be included by proposed acquirers in their notification. Annex I sets out the legislative mandate to develop draft RTS; Annex II sets out the cost-benefit analysis related to the draft RTS; Annex III lists the questions contained in this CP; and Annex IV sets out the full text of the draft RTS. Next steps ESMA will consider the responses it receives to this CP in Q4, and will finalise the draft RTS for submission to the Commission by 1 January 2014 for endorsement.|
|09/03/2020||ESMA70-156-1464||Draft Regulatory Technical Standards under the Benchmarks Regulation||Benchmarks||Consultation Paper||PDF
|31/01/2020||ESMA35-43-2131||Draft technical standards on the provision of investment services and activities in the Union by third-country firms under MiFID II and MiFIR||MiFID - Investor Protection||Consultation Paper||PDF
|29/09/2016||2016/1406||Draft technical standards under the Benchmarks Regulation||Benchmarks||Consultation Paper||PDF
|20/12/2012||2012/841||Guidelines and recommendations on the scope of the CRA Regulation||Credit Rating Agencies||Consultation Paper||PDF
|26/05/2021||ESMA 33-9-413||Guidelines on Disclosure Requirements for Initial Reviews and Preliminary Ratings||Credit Rating Agencies||Consultation Paper||PDF
|05/12/2019||ESMA33-9-355||Guidelines on Internal Controls for CRAs||Credit Rating Agencies||Consultation Paper||PDF
|31/05/2016||2016/732||Guidelines on participant default rules and procedures under CSDR||Guidelines and Technical standards, Post Trading||Consultation Paper||PDF
The European Securities and Markets Authority (ESMA) under Article 41(4) of Regulation (EU) No 909/2014 of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation No 236/2012 (CSDR) may issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 in order to ensure consistent application of Article 41 of CSDR relating to participant default rules and procedures.
Section 2 contains information on the background and mandate, Section 3 contains an analysis of the scope and content of the proposed guidelines, while Section 4 contains the proposed guidelines.
Annex I sets out a summary of the questions contained in this paper and Annex II includes a high level cost-benefit analysis for the guidelines.
ESMA will consider the feedback it will receive to this consultation with a view to finalising the guidelines by Q4 2016.
|17/09/2012||2012/570||Guidelines on remuneration policies and practices (MiFID)||MiFID - Investor Protection||Consultation Paper||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