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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
12/09/2017 ESMA71-99-577 ESMA sees valuation risk at highest levels due to financial weakness and geopolitical uncertainty , Press Release PDF
131.39 KB

The European Securities and Markets Authority (ESMA)’s latest report on Trends, Risks and Vulnerabilities No. 2, 2017 (TRV) identifies high asset price valuations as the major risk for European financial markets in the second half of 2017. The main risk drivers are uncertainties around geo-political developments, the resilience of economic growth as well as debt sustainability. Market and credit risks, as a result of geopolitical, growth and debt concerns, continued to be very high, while liquidity and contagion risks remained stable but high. Operational risk remains elevated but the outlook is now negative due to heightened concerns around cyber security. Overall, ESMA’s risk assessment for the second half of 2017 remains unchanged from 1H17.

01/06/2017 ESMA71-99-466 ESMA fines Moody’s €1.24 million for credit ratings breaches , , Press Release PDF
238.35 KB

The European Securities and Markets Authority (ESMA) has fined Moody’s Deutschland GmbH (Moody’s Germany) €750,000 and Moody’s Investors Service Limited (Moody’s UK) €490,000, and issued a public notice, for two negligent breaches of the Credit Rating Agencies Regulation (CRAR).

ESMA found that Moody’s Germany and Moody’s UK negligently committed two infringements of the CRAR regarding their public announcement of certain ratings and their public disclosure of methodologies used to determine those ratings. These failures concern nineteen ratings issued between June 2011 and December 2013 for nine supranational entities including the European Investment Bank, the European Investment Fund, the European Stability Mechanism, the European Financial Stability Facility and the European Union.

05/04/2017 ESMA71-99-386 Press release: ESMA clarifies market structure issues under MiFID II Press Release PDF
151.27 KB
31/03/2017 ESMA35-36-794 Q&A Relating to the provision of CFDs and other speculative products to retail investors under MiFID Q&A PDF
948.76 KB
20/03/2017 ESMA71-99-371 Press release TRV No. 1, 2017 , Press Release PDF
226.09 KB
01/02/2017 ESMA71-844457584-338 Press release- ESMA announces details of 2017 CCP stress test Press Release PDF
167.94 KB
22/12/2016 2016/1685 Press Release- ESMA identifies areas for improvement in EU CCP supervision Press Release PDF
192.51 KB
19/12/2016 2016/1673 2016-1673 Q&A on MiFID II commodity derivatives topics Q&A PDF
338.93 KB
10/11/2016 2016/1570 ESMA consults on transparency rules for package orders under MiFID II Press Release PDF
147.53 KB
11/10/2016 2016/1458 ESMA to focus on supervisory convergence issues in 2017 , , , Press Release PDF
230.38 KB

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
152.24 KB
04/10/2016 2016/1432 Press release- ESMA reports on shadow banking, leverage and pro-cyclicality , , Press Release PDF
151.69 KB
03/10/2016 2016/1425 ESMA consults on consolidated tape for non-equity products , Press Release PDF
144.25 KB

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.

30/09/2016 2016/1411 ESMA consults on future reporting rules for securities financing transactions , , Press Release PDF
148.11 KB

The European Securities and Markets Authority (ESMA) has issued today a consultation paper on draft technical standards implementing the Securities Financing Transaction Regulation (SFTR), which aims to increase the transparency of shadow banking activities. Securities financing transactions (SFTs) are transactions where securities are used to borrow cash (or other higher investment-grade securities), or vice versa – this includes repurchase transactions, securities lending and sell/buy-back transactions.

30/08/2016 2016/1283 ESMA sees risk outlook deteriorate for EU securities markets , Press Release PDF
146.14 KB
25/07/2016 2016/1167 Press release- ESMA issues warning on sale of speculative products to retail investors Press Release PDF
147.01 KB
13/07/2016 2016/1126 ESMA consults on proposed central clearing delay for small financial counterparties , Press Release PDF
132.06 KB
02/06/2016 2016/743 ESMA assesses usefulness of distributed ledger technologies , , Press Release PDF
152.48 KB
02/06/2016 2016/903 ESMA reminds firms of responsibilities when selling bail-in securities Press Release PDF
145.75 KB
30/05/2016 2016/742 ESMA issues opinion on MiFID II standards on ancillary activities , Press Release PDF
166.35 KB