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10/10/2016 2016/1451 Final Report- Guidelines on transaction reporting, order record keeping and clock synchronisation under MiFID II , Final Report PDF
388.3 KB
30/09/2016 2016/1412 Final Report on MAR Guidelines on commodity derivatives , , Final Report PDF
566.52 KB

Article 7(5) of MAR provides that the European Securities and Markets Authority (ESMA) shall issue guidelines to establish a non-exhaustive indicative list of information which is reasonably expected or is required to be disclosed in accordance with legal or regulatory provisions in Union or national law, market rules, contract, practice or custom, on the relevant commodity derivatives markets or spot markets as referred to in Article 7(1)(b) of MAR. This final report follows the Consultation Paper (CP) issued on March 2016.

Contents

Section 2 contains information on the background and mandate, while Section 3 sets out ESMA’s feedback to the CP responses in relation to the scope of the guidelines, the financial instruments and products covered by the examples of information relating directly and indirectly to commodity derivatives and information directly relating to a spot market contract. It also indicates whether and where ESMA has changed the guidelines following the consultation.

Annex I lists questions raised in the CP. Annex 2 provides the legislative mandate on the basis of which ESMA is issuing these guidelines. Annex 3 sets out ESMA’s view on the costs and benefits associated with these guidelines. Annex 4 contains the text of the guidelines.

Next steps

The guidelines in Annex 4 will be translated into the official languages of the European Union and published on the ESMA’s website. Within 2 months of the issuance of the translations, each national competent authority will have to confirm whether it complies or intends to comply with those guidelines. In the event that a national competent authority does not comply or does not intend to comply, it will have to inform ESMA, stating its reasons. ESMA will publish the fact that a national competent authority does not comply or does not intend to comply with those guidelines.

 

 

30/08/2016 2016/1234 Report on Trends, Risks and Vulnerabilities No.2, 2016 Final Report PDF
3.07 MB
15/06/2016 2016/960 ESMA Annual Report 2015 , Annual Report PDF
2.76 MB

BG  - Преводът е предоставен от Центъра за преводи за органите на Европейския съюз.

CS - Tento překlad vypracovalo Překladatelské středisko pro instituce Evropské unie.

DA - Denne oversættelse er udarbejdet af Oversættelsescentret for Den Europæiske Unions Organer.

DE - Die Übersetzung erfolgte durch das Übersetzungszentrum für die Einrichtungen der Europäischen Union.

EL - Η παρούσα μετάφραση έγινε από το Μεταφραστικό Κέντρο των Οργάνων της Ευρωπαϊκής Ένωσης.

ES - Texto traducido por el Centro de Traducción de los Órganos de la Unión Europea.

ET - Selle tõlke tegi Euroopa Liidu Asutuste Tõlkekeskus.

FI - Euroopan unionin elinten käännöskeskus on tehnyt tämän käännöksen.

FR - La présente traduction a été fournie par le Centre de traduction des organes de l’Union européenne.

HR - Za prijevod se pobrinuo Prevoditeljski centar za tijela Europske unije.

HU - Ezt a fordítást az Európai Unió.

IT - La presente traduzione è stata fornita dal Centro di traduzione degli organismi dell’Unione europea.

LT - Šį tekstą išvertė Europos Sąjungos įstaigų vertimo centras.

LV - Šo tulkojumu ir nodrošinājis Eiropas Savienības iestāžu Tulkošanas centrs.

NL - Deze vertaling is verzorgd door het Vertaalbureau voor de organen van de Europese Unie.

PL - Tłumaczenie wykonane przez Centrum Tłumaczeń dla Organów Unii Europejskiej.

PT - Esta tradução foi fornecida pelo Centro de Tradução dos Organismos da União Europeia.

RO - Această traducere a fost asigurată de Centrul de Traduceri pentru Organismele Uniunii Europene.

SK - Preklad vyhotovilo Prekladateľské stredisko pre orgány Európskej únie.

SL - Prevod je zagotovil Prevajalski center za organe Evropske unije.

SV - Den här översättningen har utförts av Översättningscentrum för Europeiska unionens organ.

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08/06/2016 2016/935 Final Report on Draft RTS under the ELTIF Regulation Final Report PDF
687.45 KB
26/05/2016 2016/725 Draft RTS on indirect clearing arrangements under EMIR and MiFIR , , Final Report PDF
740.71 KB
29/04/2016 2016/658 EU-wide CCP Stress test Report 2015 Final Report PDF
1.77 MB
07/04/2016 JC/2016/21 Final Draft RTS PRIIPs KID Report , Final Report PDF
2.63 MB
05/04/2016 2016/422 Final Report RTS on access aggregation and comparison of TR data under Art.81 of EMIR Final Report PDF
365.72 KB
05/04/2016 2016/429 Review of Article 26 of RTS No 153/2013 with respect to MPOR for client accounts Final Report PDF
217.11 KB

Reasons for publication
This final report proposes amending Article 26 of the Commission Delegated Regulation No 153/2013 with regard to regulatory technical standards (RTS) on requirements for central counterparties (CCP) on the time horizons for the liquidation period which European Securities and Markets Authority (ESMA) has drafted under the Regulation (EU) No 648/2012 of the European Parliament and Council on Over-The-Counter (OTC) derivatives, central counterparties and trade repositories (EMIR).

In relation to the draft amended technical standards, ESMA consulted stakeholders on two occasions: the first consultation on a Discussion Paper (DP) was conducted from 27 August to 30 September 2015; the second, on the consultation paper (CP) including the proposed draft RTS was carried out from 14 December 2015 to 1st February 2016.

ESMA received a strong support from the respondents to the CP on the proposed amendment introducing the possibility for EU CCPs to margin on a one day gross basis for clients’ accounts. The responses to the consultation confirm that a one day gross account structure provides a sufficient level of protection to the CCPs and to the clients.

On the proposed conditions linked to this type of account, the majority of the respondents are of the view that they are needed to ensure the safety of the CCPs. Some clarifications or slight amendments have been introduced following the comments received, in particular on intraday margins calls and on entities belonging to the same group as clearing members.

Contents
This paper provides explanations on the draft regulatory technical standards amending the Commission Delegated Regulation No 153/2013 with regard to RTS on requirements for CCP. This report explains the rationale and the scope of the review of Article 26 of RTS No 153/2013 carried out by ESMA. It summarizes the answers received following the publication of the consultation paper and it provides the explanations on whether and how the concerns expressed by stakeholders have been reflected in the final draft RTS.
Annexed to this final report are the legislative mandates related to the draft RTS (Annex I), the ESMA cost-benefit-analysis (Annex II) and the draft RTS (Annex III).

Next Steps
Following the submission of the amended draft RTS to the European Commission, it has three months to decide whether to endorse ESMA’s draft RTS.

17/03/2016 2016/348 Report on Trends, Risks and Vulnerabilities No.1, 2016 Final Report PDF
3.13 MB
01/03/2016 2016/328 Possible systemic risk and cost implications of interoperability arrangements Final Report PDF
521.89 KB
22/12/2015 2015/WP/2015/2 Working Paper No.2, 2015 “Monitoring systemic risk in the hedge fund sector” Final Report PDF
872.37 KB

The working paper proposes new measures for systemic risk in the hedge fund sector. These measures are based on the ability of hedge funds to influence (be influenced by) the performance trend of the entire hedge fund sector. The proposed measures display a high ability to identify periods of financial distress, are robust to modifications in the underlying econometric model and deliver an innovation in the monitoring of systemic risks in the fund industry.

13/11/2015 2015/1645 Final report EMIR Article 9 RTS ITS Final Report PDF
280.02 KB
10/11/2015 2015/1629 Final Report Clearing Obligation IRS other currencies Final Report PDF
838.64 KB
14/09/2015 2015/1290 Report on Trends, Risks and Vulnerabilities No.2, 2015 Final Report PDF
2.88 MB
13/08/2015 2015/1251 EMIR Review Report no.1- Review on the use of OTC derivatives by non-financial counterparties Final Report PDF
3.03 MB
13/08/2015 2015/1252 EMIR Review Report no.2- Review on the efficiency of margining requirements to limit procyclicality Final Report PDF
3.93 MB
13/08/2015 2015/1253 EMIR Review Report no.3- Review on the segregation and portability requirements Final Report PDF
267.55 KB
13/08/2015 2015/1254 EMIR Review Report no.4- ESMA input as part of the Commission consultation on the EMIR Review Final Report PDF
399.85 KB