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|25/07/2016||2016/1167||Press release- ESMA issues warning on sale of speculative products to retail investors||MiFID - Investor Protection||Press Release||PDF
|02/06/2016||2016/903||ESMA reminds firms of responsibilities when selling bail-in securities||MiFID - Investor Protection||Press Release||PDF
|30/05/2016||2016/742||ESMA issues opinion on MiFID II standards on ancillary activities||Press Releases, MiFID - Secondary Markets||Press Release||PDF
|02/05/2016||2016/566||Press release MiFID II RTS||Press Releases, MiFID - Secondary Markets||Press Release||PDF
|07/04/2016||2016/582||ESMA finds room for improvement in national supervision of investment advice to retail clients||MiFID - Investor Protection, Press Releases, Supervisory convergence||Press Release||PDF
|04/04/2016||2016/566||ESMA not to exempt ETD under MiFID II||Press Releases, MiFID - Secondary Markets||Press Release||PDF
|15/02/2016||2016/291||ESMA consults on implementation of the Benchmarks Regulation||Market Integrity, Press Releases, Benchmarks||Press Release||PDF
The European Securities and Markets Authority (ESMA) has today published a Discussion Paper (DP) regarding the technical implementation of the incoming Benchmarks Regulation (BR). ESMA is seeking stakeholder’s input to inform its future proposals on draft Regulatory Technical Standards (RTS) and Technical Advice (TA) to the European Commission.
Benchmarks are used in financial markets as a reference to price financial instruments and to measure performance of investment funds, as well as being an important element of many financial contracts and their integrity is critical to financial markets and to investors in particular. The BR’s objective is to improve the governance and control over the benchmark process, thereby ensuring their reliability and protecting users. The changes aim to:
Steven Maijoor, ESMA Chair, said:
“The Benchmark Regulation, once implemented, will ensure the accuracy, robustness and integrity of benchmarks and the benchmark setting process by clarifying the behaviours and standards expected of administrators and contributors. These requirements will ensure that benchmarks are produced in a transparent and reliable manner and so contribute to well-functioning and stable markets, and investor protection.
“ESMA, in preparing for its work on regulatory technical standards and technical advice, is keen to ensure that all affected stakeholders have their views heard on this important topic and we hope that all interested parties will take this opportunity to contribute.”
The DP is seeking stakeholder’s feedback in the following areas:
The exact date when the Benchmarks Regulation will enter into force is still unknown as it has not yet been published in the Official Journal of the EU.
ESMA will hold an open hearing on the DP on 29 February 2016 in Paris. It will use the responses to its DP to develop detailed implementing measures on which it will publish a follow-up consultation in Q3 2016.
|22/12/2015||2015/1872||Press Release Cross Selling Guidelines||MiFID - Investor Protection||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published its Guidelines on Cross-Selling Practices under MiFID II (guidelines) to ensure investors are treated fairly when an investment firm offers two or more financial products or services as part of a package.
The guidelines include principles on:
The European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA - initially intended to issue joint guidelines covering all cross-selling practices taking place in the banking, insurance and securities sectors given that cross-selling is often cross-sectoral, and had consulted the stakeholders previously on this basis.
However, in light of legal concerns, the ESAs decided not to issue joint guidelines on cross-selling practices but agreed that ESMA should issue ESMA-only guidelines under MiFID II in order to meet its 3 January 2016 deadline.
While ESMA’s guidelines take into account the results of the ESAs’ joint consultation, the final report focuses on the feedback regarding cross-selling practices under MIFID II. Further, the guidelines are addressed to national regulators supervising the firms which provide MiFID services, when they engage in cross-selling practices.
The ESAs intend to inform the European Commission about the issues encountered and raise the possibility of legislative change to provide a foundation for future joint guidelines.
The guidelines will apply from 3 January 2017.
|26/06/2015||2015/1049||ESMA announces the appointment of new chairs to Standing Committees||Corporate Information, Board of Supervisors, Press Releases||Press Release||PDF
|01/04/2015||2015/674||Press release- ESMA launches centralised data projects for MiFIR and EMIR||MiFID - Secondary Markets, Press Releases||Press Release||PDF
|25/02/2015||2015/495||ESMA publishes review on best execution supervisory practices under MiFID||MiFID - Investor Protection, Press Releases, Supervisory convergence||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders. ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including: . prioritisation of best execution as a key conduct of business supervisory issue; . the allocation of sufficient resources to best execution supervision; and . a more proactive supervisory approach to monitoring compliance with best execution requirements, both desk-based and onsite inspections. The review was conducted on the basis of information provided by 29 NCAs and complemented by on-site visits to the NCAs of France, Liechtenstein, Luxembourg, Malta, Poland and Spain.|
|19/12/2014||2014/1574||ESMA provides implementing rules for MiFID II||MiFID - Investor Protection, Press Releases, MiFID - Secondary Markets||Press Release||PDF
|19/12/2014||2014/1569||Technical Advice to the Commission on MiFID II and MiFIR||MiFID - Investor Protection, MiFID - Secondary Markets||Technical Advice||PDF
|Reasons for publication The European Securities and Markets Authority (ESMA) received a formal request (mandate) from the European Commission (Commission) on 23 April 2014 to provide technical advice to assist the Commission on the possible content of the delegated acts required by several provisions of Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The mandate focuses on technical issues which follow from MiFID II and MiFIR and is available on the European Commission website (here). ESMA was required to provide technical advice by no later than six months after the entry into force of MiFID II and MiFIR (2 July 2014). Contents This final report follows the same structure as the Consultation Paper (CP) published by ESMA on 22 May 2014 which is: (1) Introduction, (2) Investor protection, (3) Transparency, (4) Data publication, (5) Micro-structural issues, (6) Requirements applying on and to trading venues, (7) Commodity derivatives and (8) Portfolio compression. This paper also contains summaries of responses to the CP received by ESMA. The rationale of those items covered already in the CP for which no relevant changes have been introduced, is not developed again in this Final Report. ESMA recommends, therefore, to read this report together with the CP published on 22 May 2014 to have a complete vision of the rationale for ESMA’s technical advice. Next steps Delegated acts should be adopted by the Commission so that they enter into application by 30 months following the entry into force of the Directive and Regulation, taking into account the right of the European Parliament and Council to object to a delegated act within 3 months (which can be extended by a further 3 months).|
|29/09/2014||2014/1191||ESMA Management Board Election Results||Corporate Information, Management Board, Board of Supervisors, Press Releases||Press Release||PDF
|The European Securities and Markets Authority has elected three new members to its Management Board to replace outgoing members whose term will expire in October this year. The election took place at the Board of Supervisors meeting in Rome on 25 September and the successful candidates, who will serve a term of 2½ years beginning on the 1 November 2014, are: • Cyril Roux, Central Bank of Ireland (CBI), Ireland – new member; • Gérard Rameix, Autorité des marchés financiers (AMF), France – ending first term and re-elected; and • Marek Szuszkiewicz, Komisja Nadzoru Finanswego (KNF), Poland – new member.|
|22/05/2014||2014/557||ESMA consults on MiFID reforms||MiFID - Investor Protection, Press Releases, MiFID - Secondary Markets||Press Release||PDF
|27/03/2014||2014/334||ESMA issues good practices for structured retail product governance||MiFID - Investor Protection, Innovation and Products||Press Release||PDF
|07/02/2014||2014/152||ESMA tells firms to improve their selling practices for complex financial products||MiFID - Investor Protection, Warnings and publications for investors||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has published an Opinion on practices to be observed by investment firms when selling complex financial products to investors. ESMA is issuing this opinion to remind national supervisors and investment firms about the importance of requirements governing selling practices under MiFID (Markets in Financial Instruments Directive).ESMA is issuing this Opinion as it is concerned that firms’ compliance with the MiFID selling practices when selling complex products may have fallen short of expected standards. The concerns relate mainly to the suitability and appropriateness of complex products that are increasingly within the grasp of retail investors. The Opinion sets out ESMA’s minimum expectations with respect to the conduct of firms when selling complex products to retail investors.Steven Maijoor, ESMA Chair, said: “Investment firms increasingly sell complex financial products such as warrants, different types of structured bonds, derivatives and asset-backed securities, which were previously accessible mainly to professional investors, to retail investors.“ESMA is concerned that this trend greatly increases the risk that customers do not understand the risks, costs and expected returns of the products they are buying. Therefore, we believe that it is crucial that investment firms act responsibly and in the best interest of their clients.“The level of concern regarding the risk posed by these products to investor protection when MiFID rules are not fully respected is such that we have also issued an EU-wide warning to investors in order to raise awareness about the risks arising from investing in these types of complex products.” The marketing and sale of complex financial products, in particular to retail investors, is an important investor protection area where ESMA wants to ensure a consistent approach to the application of the MiFID conduct business rules - thereby improving supervisory convergence.The areas covered by the Opinion relate to: firms’ organisation and internal controls; the assessment of the suitability or appropriateness of certain products; disclosures and communications in relation to products; and compliance monitoring of the sales functions.|
|04/07/2013||2013/889||ESMA Vice Chair and Management Board Election Results||Management Board, Board of Supervisors||Press Release||PDF
|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|
|11/06/2013||2013/726||ESMA clarifies pay rules applicable to investment firms||MiFID - Investor Protection||Press Release||PDF
|06/06/2013||2013/684||ESMA and the EBA publish final principles on benchmarks||Risk Analysis & Economics - Markets Infrastructure Investors, Press Releases, Benchmarks||Press Release||PDF