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|01/03/2016||2016/328||Possible systemic risk and cost implications of interoperability arrangements||Post Trading||Final Report||PDF
|13/05/2020||ESMA71-99-1327||Press Release CLO Thematic Report||COVID-19, Credit Rating Agencies, Press Releases||Press Release||PDF
|13/11/2017||ESMA71-99-649||Press Release ICO Statements||Innovation and Products, Press Releases, Warnings and publications for investors||Press Release||PDF
|01/02/2017||ESMA71-844457584-338||Press release- ESMA announces details of 2017 CCP stress test||Post Trading||Press Release||PDF
|01/10/2014||2014/1209||Press release- ESMA defines products, counterparties and starting dates for the clearing of interest rate swaps||Post Trading, Press Releases||Press Release||PDF
The European Securities and Markets Authority (ESMA) has today issued final draft regulatory technical standards (RTS) for the central clearing of Interest Rate Swaps (IRS) which it is required to develop under the European Markets Infrastructure Regulation (EMIR). The RTS define those types of IRS contracts which will have to be centrally cleared, the types of counterparties covered by the obligation and the dates by which central clearing of IRS will become mandatory for them.
|22/12/2016||2016/1685||Press Release- ESMA identifies areas for improvement in EU CCP supervision||Post Trading||Press Release||PDF
|16/02/2015||2015/281||Press Release- ESMA publishes annual report and supervisory focus for CRAs and TRs||Corporate Information, Credit Rating Agencies, Post Trading, Press Releases||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has published today an annual report (Report) on its direct supervisory activities in 2014 regarding credit rating agencies (CRAs) and trade repositories (TR). The report summarises the key actions taken during 2014 and outlines ESMA’s supervisory work plans for both sectors for 2015.|
|04/10/2016||2016/1432||Press release- ESMA reports on shadow banking, leverage and pro-cyclicality||Post Trading, Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors||Press Release||PDF
|18/12/2014||2014/1568||Press Release- Investment-based crowdfunding needs EU-wide common approach||Innovation and Products, Press Releases||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has published an Opinion along with an Advice on Investment-based crowdfunding. The Opinion clarifies the EU rules applicable to crowdfunding, while the Advice highlights issues for consideration by the EU institutions to achieve greater regulatory and supervisory convergence within the EU.The Opinion is addressed to the national competent authorities (NCA) and provides clarity on how crowdfunding business models fit within the existing EU regulatory framework. It outlines how existing EU rules are likely to apply to crowdfunding platforms, depending on the precise business model used. It also provides guidance to NCAs who may be considering how to regulate platforms operating outside the scope of the harmonised EU rules on the key risks inherent to crowdfunding and the key components of a regulatory regime to address them.The Advice, addressed to the EU institutions – Commission, Parliament and Council, highlights the concern that strong incentives currently exist for crowdfunding platforms to structure their business models to fall outside the scope of regulation and asks them to consider policy options to reduce these incentives. Avoiding regulation presents risks to investor protection and makes it harder for platforms to grow their businesses.Steven Maijoor, ESMA Chair, said: “ESMA’s aim is to enable crowdfunding to reach its potential as a source of finance, while ensuring that risks to users of crowdfunding platforms are identified and addressed in a proportionate and convergent way across the EU. “We believe that there are benefits both for investors as well as for platforms by operating inside rather than outside the regulated space. Opinion to National Competent AuthoritiesConsidering the diverse business models used within investment-based crowdfunding and depending on the precise structures used different EU legislation may apply. The Opinion sets out an analysis of how the main business models map across existing EU rules, e.g., the Markets in Financial Instruments Directive (MiFID), the Prospectus Directive, the Directive for Alternative Investment Fund Managers (AIFMD) and other financial and banking regulations. In addition, the Opinion outlines what ESMA believes should be the key components of an appropriate regulatory regime for investment-based crowdfunding activities. ESMA’s Advice to the EU InstitutionsThe Advice to the EU institutions highlights gaps and issues in the current applicable regime where policymakers could consider taking action to ensure there is a regime protecting investors while also fit for purpose for crowdfunding platforms. These gaps and issues include: the impact of the Prospects Directive thresholds; capital requirements and the use of the MiFID optional exemption; and the potential development of a specific EU crowdfunding regime, in particular for those platforms that currently operate outside of the scope of MiFID The Opinion and Advice have been prepared in collaboration with and input from the European Banking Authority (EBA) on the regulation that falls within its scope of action, i.e. the Payment Services Directive, and constitute the first output of a co-ordinated programme of work with the next expected output being a publication by EBA on lending-based crowdfunding. In line with their respective remits, ESMA has focused on investment-based crowdfunding, while EBA has focused on lending-based crowdfunding.|
|11/11/2019||ESMA71-99-1245||Press release: ESMA advises Commission on third-country CCPs||Post Trading, Press Releases||Press Release||PDF
|25/03/2019||ESMA71-99-1133||Press release: ESMA registers UnaVista TRADEcho B.V. as trade repository||Post Trading, Press Releases||Press Release||PDF
|31/03/2014||2014/03/ODRG||Report of the OTC Derivatives Regulators Group (ODRG) on Cross-Border Implementation Issues||Post Trading||Final Report||PDF
|03/01/2013||2012/874||Report to the European Parliament, the Council and the Commission on the budgetary implications of Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR)||Post Trading||Final Report||PDF
|05/04/2016||2016/429||Review of Article 26 of RTS No 153/2013 with respect to MPOR for client accounts||Post Trading||Final Report||PDF
Reasons for publication
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.
|02/10/2013||2013/1375||Technical advice on third country regulatory equivalence under EMIR – Canada||Post Trading||Final Report||PDF
|02/10/2013||2013/1370||Technical advice on third country regulatory equivalence under EMIR – India||Post Trading||Final Report||PDF
|02/10/2013||2013/1374||Technical advice on third country regulatory equivalence under EMIR – Switzerland (Supplement)||Post Trading||Final Report||PDF