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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
13/07/2017 ESMA71-99-526 ESMA issues sector-specific principles on relocations from the UK to the EU27 , , Press Release PDF
157.73 KB

The European Securities and Markets Authority (ESMA) has published three Opinions setting out sector-specific principles in the areas of investment firms, investment management and secondary markets, aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the United Kingdom .

The opinions, building on the general opinion issued in May, are practical tools to support supervisory convergence in the context of requests from UK financial market participants seeking to relocate to the EU27. They are addressed to national competent authorities (NCAs) and are relevant for market participants considering relocating.

They provide guidance to NCAs aimed at ensuring a consistent interpretation of the requirements relating to authorisation, supervision and enforcement in order to avoid the development of regulatory and supervisory arbitrage risks.

29/04/2020 ESMA71-99-1323 ESMA NAL Opinion on delegated acts climate benchmarks , Press Release PDF
95.5 KB
08/11/2018 ESMA71-99-1055 ESMA proposes a regulatory change to support the Brexit preparations of counterparties to uncleared OTC derivatives , , Press Release PDF
149.65 KB
30/03/2017 ESMA71-99-374 ESMA publishes final rules to ensure integrity of EU financial benchmarks , Press Release PDF
166.98 KB

The European Securities and Markets Authority (ESMA) has published its final report containing the draft regulatory and implementing technical standards (RTS/ITS) under the Benchmarks Regulation (BMR). These contain the detailed rules to implement the new European regulatory framework aimed at ensuring the accuracy and integrity of benchmarks across the European Union.

14/02/2020 ESMA71-99-1285 ESMA responds to European Commission consultation on the Benchmark Regulation review , Press Release PDF
112.54 KB
09/03/2020 ESMA71-99-1287 ESMA Supervision WP 2020 , , , , , Press Release PDF
130.42 KB
05/02/2016 2016/247 ESMA to focus on governance, strategy, data and fees in 2016 supervision , , Press Release PDF
160.03 KB

The European Securities and Markets Authority (ESMA) has today published its 2016 supervisory priorities for credit rating agencies (CRAs) and trade repositories (TRs), as well as its annual report summarising the key supervisory work and actions undertaken during 2015.

2016 Supervisory Priorities

ESMA has seen a number of changes in the CRA and TR industries during 2015, with new applicants for registration in both sectors, and current authorised entities seeking to develop their businesses. This has included CRAs providing credit ratings on new asset classes or in new geographic areas, and TRs offering trade reporting services for other instrument types.

ESMA identifies its supervisory priorities on the basis of risk assessment exercises conducted throughout the year. In 2015 these identified high levels of governance and strategy risk, and operational risk in the CRA industry and high levels of risk associated with TRs’ data and systems. Therefore, in 2016 ESMA will focus its supervisory activities on:

  • CRA governance and strategy and the quality of credit ratings;
  • TR data quality and data access;
  • Fees charged and information security for all supervised entities.

Steven Maijoor, ESMA Chair, said:

“The credit rating and trade repository industries continue to evolve and develop. We are receiving new applications for registration and existing entities are seeking to develop their businesses by expanding into new areas. ESMA supports these developments where they contribute to the maintenance of stable and orderly financial markets.

“For this reason, in 2016 ESMA will focus its work on the quality of the services being provided by supervised entities. This means we will concentrate on issues surrounding CRA governance, strategy and ratings quality, along with data quality and access to TRs’ data with a broad focus on the fee structures and information security in both industries.”

2015 Annual Supervisory Review – CRAs and TRs

In 2015, following its risk-based approach, ESMA focused its supervisory efforts on CRAs’ governance, risk management and internal decision making and on CRAs’ business development processes. Some notable achievements were:

  • investigating the techniques being applied to validate credit rating methodologies by some CRAs and using the differences identified to encourage industry-wide debate about appropriate validation standards;
  • conducting an IT risk assessment which identified that CRAs are facing serious risks in several areas including IT operations and information security;
  • investigating the process of issuing credit ratings followed by one CRA and raising concerns about the preparation of issue ratings, the workloads of credit rating analysts and their involvement in the provision of ancillary services; and
  • concluding an enforcement case against DBRS Ratings Ltd for internal control failings and imposing a €30,000 fine for past record-keeping breaches. The case highlighted the need for CRAs to establish clear decision-making procedures, organisational structures and effective compliance functions.

The key risks TR supervision focused on in 2015 related to the quality of TRs’ data, access to data held by TRs and the operation and performance of TRs’ systems. In 2015, ESMA continued working with TRs to implement the data quality action plan established in September 2014 including:

  • harmonising TRs’ data validation;
  • monitoring the inter-TR reconciliation process; and
  • ensuring the harmonisation of the aggregate data made available on TRs’ websites.

ESMA has also been monitoring National Competent Authorities’ (NCAs) access to TR data. It has entered into a number of Memoranda of Understanding (MoUs) to help third country regulatory authorities access TR data and is developing an IT system to allow NCAs to submit data queries through a centralised web portal.

01/03/2019 ESMA71-99-1119 ESMA to recognise the UK Central Securities Depository- no deal , , Press Release PDF
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18/02/2019 ESMA71-99-1114 ESMA to recognise three UK CCPs in the event of a no-deal Brexit , , Press Release PDF
128.51 KB
05/04/2019 ESMA71-99-1142 ESMA updates its recognition of UK CCPs and CSD , , Press Release PDF
82.48 KB
11/12/2020 ESMA71-99-1483 ESMA71-99-1483 Press Release_EUI Recognition as TC-CSD , Press Release PDF
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22/09/2014 2014-063 (Annex) EU Supervisory Authorities update on risks in EU financial system , Press Release PDF
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The Joint Committee of the European Supervisory Authorities (ESAs) published today its bi-annual report on risks and vulnerabilities in the European Union's (EU) financial system. The report identifies a number of risks to financial stability in the EU, including prolonged weak economic growth in an environment characterised by high indebtedness, intensified search for yield in a protracted low interest rate environment, and uncertainties in global emerging market economies. The report also highlights risks related to conduct of business and Information Technologies (IT). Press Queries - European Banking Authority Press Office +44 (0) 207 382 1772 or press@eba.europa.eu
22/06/2018 ESMA71-99-998 European Supervisory Authorities hold its 2018 Consumer Protection Day , Press Release PDF
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22/12/2014 JC/2014/63 European Supervisory Authorities publish final Guidelines on consistency of supervisory practices for financial conglomerates , Press Release PDF
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The Joint Committee of the three European Supervisory Authorities (ESAs - EBA, ESMA and EIOPA) published today the Joint Guidelines on the convergence of practices aimed at ensuring consistency of supervisory coordination arrangements for financial conglomerates. The first Guidelines developed jointly by the three ESAs in relation to the FICOD (Financial Conglomerates Directive) aim to clarify and enhance cooperation between national competent authorities on cross-border groups that have been identified as financial conglomerates. The Joint Guidelines focus on how authorities should cooperate in order to achieve a supplementary level of supervision of financial conglomerates. This will serve the purpose of addressing loopholes in present legislation, as prescribed by the FICOD. The Joint Guidelines should also enhance the level playing field in the financial market and reduce administrative burdens for firms and supervisory authorities. The areas covered by the Joint Guidelines include in particular the mapping of the financial conglomerate structure and written agreements; the coordination of information exchange, supervisory planning and coordination of supervisory activities in going concern and emergency situations; the supervisory assessment of financial conglomerates; and other decision-making processes among the competent authorities. The Joint Guidelines apply from 23 February 2015. Legal background The Joint Guidelines have been developed in accordance with Article 11 (1) paragraph 3 of Directive 2002/87/EC (Financial Conglomerates Directive), which mandates the ESAs, to develop, through the Joint Committee, guidelines to achieve convergence of supervisory practices relating to the consistency of supervisory coordination arrangements in accordance with Article 116 of Directive 2013/36/EU and Article 248(4) of Directive 2009/138/EC. Joint Committee The Joint Committee is a forum for cooperation that was established on 1st January 2011, with the goal of strengthening cooperation between the three ESAs. Through the Joint Committee, the three ESAs cooperate regularly and closely and ensure consistency in their practices. In particular, the Joint Committee works in the areas of supervision of financial conglomerates, accounting and auditing, micro-prudential analyses of cross-sectoral developments, risks and vulnerabilities for financial stability, retail investment products and measures combating money laundering.
23/06/2009 09-447 Feedback document to the consultations on the “draft ESCB-CESR recommendations for securities clearing and settlement systems and central counterparties in the EU” and the “draft recommendations for central counterparties as amended for OTC derivatives” b CESR Document PDF
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08/01/2003 02-287b Feedback Statement on CESR's advice on Level 2 Implementing measures for the proposed Market Abuse Directive CESR Document PDF
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CESR publishes today the Feedback Statement to its technical advice, submitted to the European Commission on Tuesday 31st December 2002, on level 2 implementing measures in connection with certain aspects of the Directive on Insider Dealing and Market Manipulation (Market Abuse).
08/10/2010 10-512 Feedback statement on the consultation on guidance to report transactions on OTC derivative instruments and subsequent CESR decisions CESR Document PDF
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02/04/2003 03-074 Feedback statement on the consultation on the statement of principles on the enforcement of standards of financial information CESR Document PDF
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During the seventh meeting of CESR held in Paris on 21 March 2003, the first CESR standard on Financial Information: Enforcement of standards on financial information in Europe (Ref. CESR/03-073) was approved. The standard is being published today along with a feedback statement summarising the responses received during the consultation process (Ref. CESR/03-074). The standard represents a significant part of CESR"s contribution to the task of developing and implementing a common approach to the enforcement of International Financial Reporting Standards (IFRS) in Europe. The Standard No. 1 can be viewed under the heading "Standards".
29/01/2010 09-987 Feedback statement on the Consultation on “Classification and identification of OTC derivative instruments for the purpose of the exchange of transaction reports amongst CESR Members” CESR Document PDF
215.84 KB
28/06/2005 CESR-CFTC Feedback Feedback Statement on the Proposed Work Program to Facilitate Trans-Atlantic Derivatives Business CESR Document PDF
70.23 KB