ESMA Newsletter - Nº14
Welcome to the 14th edition of ESMA's Newsletter.
ESMA continues to closely monitor the impact that COVID-19 is having on EU financial markets and, in this isssue, we give an update on ESMA's recent activities related to COVID-19 and we take a closer look at the Thematic Report on Collateralised Loan Obligations credit ratings in the EU. We also highlight deadlines for closing consultations next month and catch up on the full list of publications from April and May.
The Board of Supervisors is meeting on Thursday 28 May so stay with us on our website and social media channels for more updates.
Important consultations closing this month
- The full list of consultations and reply forms can be found on the ESMA consultations page
Updates on latest actions taken by ESMA:
- Joint RTS on amendments to the bilateral margin requirements under EMIR in response to the COVID-19 outbreak: Joint draft Regulatory Technical Standards (RTS)
- ESMA reminds firms of conduct of business obligations under MiFID II: Public Statement
- Non-renewal and termination of short selling bans by Austrian FMA, Belgian FSMA, French AMF, Greek HCMC, Italian CONSOB and Spanish CNMV: On May 18th ESMA notes non-renewal and termination of short selling bans by Austrian FMA, Belgian FSMA, French AMF, Greek HCMC, Italian CONSOB and Spanish CNMV.
- ESMA calls for transparency on COVID-19 effects in half-yearly financial reports: Public Statement
For more information on ESMA's Covid-19 related activities, have a look at our page here.
ESMA has published on May 13 a Thematic Report on Collateralised Loan Obligations (CLOs) credit ratings in the European Union (EU).
The report provides an overview of CLO rating practices and identifies the main supervisory concerns, and medium-term risks, in this asset class which include credit rating agencies’ (CRAs) internal organisation, their interactions with CLO issuers, operational risks, commercial influence on the rating process and the need for proper analysis of CLOs
Have a look at the full News Item here
Speaking appearances by ESMA staff in May and June
Vacancy Notices
| Traineeship notice – Transversal profile (F/M) | 31/12/2020 |
| Traineeship notice – Legal profile (F/M) | 31/12/2020 |
| Traineeship notice - Financial Markets Profile (F/M) | 31/12/2020 |
| ICT Officer | 25/05/2020 |
| Policy & Convergence Officer | 22/06/2020 |
| Senior Policy Officer (Investment management profile) | 22/06/2020 |
All open vacancies can be found on ESMA's recruitment portal
Missed any ESMA publications? Check out the full list of news items from our press office.
- Publication period: 17April - 20 May 2020
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20 May ESMA calls for transparency on COVID-19 effects in half-yearly financial reports |
The European Securities and Markets Authority (ESMA), the EU Securities Markets regulator, publishes a Public Statementaddressing the implications of the COVID-19 pandemic on the half-yearly financial reports of listed issuers. |
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18 May |
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, notes the non-renewal of the emergency restrictions on short selling and similar transactions by the following national competent authorities (NCAs): Finanzmarktaufsicht (FMA) of Austria; Financial Securities and Markets Authority (FSMA) of Belgium; Autorité des Marchés Financiers (AMF) of France; Hellenic Capital Market Commission (HCMC) of Greece; and Comisión Nacional del Mercado de Valores (CNMV) of Spain. |
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15 May ESMA announces open hearing on Benchmarks Consultation Paper |
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, will hold an open hearing for its Consultation Paper on draft Regulatory Technical Standards (RTS) under the Benchmarks Regulation (BMR) on Friday 29 May via conference call. |
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14 May ESMA sees potential decoupling of financial market performance and underlying economic activity |
The European Securities and Markets Authority (ESMA), the EU securities markets regulator, publishes the first complete risk dashboardfor 2020, and highlights the very high risks in all areas of ESMA’s remit. The assessment remains at the same level as the separate risk update published on 2 April. |
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14 May ESMA supports ESRB actions to address COVID-related systemic vulnerabilities |
The European Securities and Markets Authority (ESMA), the EU securities markets regulator, has published a statement supporting the recommendationsissued by the General Board of the European Systemic Risk Board (ESRB). These recommendations are part of a set of actions to address the Coronavirus emergency from a macroprudential perspective. |
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13 May ESMA highlights challenges for rating Collateralised Loan Obligations |
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published a Thematic Report on Collateralised Loan Obligations (CLOs) credit ratings in the European Union (EU). The report provides an overview of CLO rating practices and identifies the main supervisory concerns, and medium-term risks, in this asset class which include credit rating agencies’ (CRAs) internal organisation, their interactions with CLO issuers, operational risks, commercial influence on the rating process and the need for proper analysis of CLOs. |
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08 May |
The European Securities and Markets Authority (ESMA) has updated its public registerwith the latest set of double volume cap (DVC) data under the Markets in Financial Instruments Directive (MiFID II). |
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06 May |
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has launched a consultation on the functioning of the Small and Medium-sized enterprises (SME) Growth Market regime in the European Union (EU) and on two draft technical standards, introduced by the amendments to the Market Abuse Regulation (MAR) for the promotion of the use of SME Growth Markets. |
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06 May ESMA reminds firms of conduct of business obligations under MiFID II |
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, is issuing a Public Statementon the risks for retail investors when trading under the highly uncertain market circumstances due to the COVID-19 pandemic. ESMA also reminds investment firms of the key conduct of business obligations under MiFID when providing services to retail investors. |
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06 May |
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has approved the extension of registrations of four trade repositories (TRs) to include securities financing transactions (SFT) reporting under the Securities Financing Transactions Regulation. The TRs concerned are DTCC Derivatives Repository plc, UnaVista TRADEcho B.V., Krajowy Depozyt Papierów Wartościowych S.A. and REGIS-TR S.A. with effect from 7 May 2020. |
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04 May |
The European Securities and Markets Authority (ESMA) has issued an official opinionagreeing to an emergency short selling prohibition, for a period of one month, by the Autorité des marchés financiers (AMF) of France on all transactions which might constitute or increase net short positions on shares admitted to trading on French trading venues (Euronext Paris, Euronext Growth Paris, Euronext Access Paris), for which the AMF is the relevant competent authority as well as to all related instruments relevant for the calculation of the net short position. |
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30 April |
The European Securities and Markets Authority, the EU’s securities markets regulator, has made available, under the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR): · the annual transparency calculations of the large in scale (LIS) and size specific to the instruments (SSTI) thresholds for bonds; · systematic internaliser calculations for equity, equity-like instruments and bonds; and · new data for bonds subject to the pre- and post-trade requirements of MiFID II and MiFIR. |
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29 April ESMA issues No Action Letter on the new ESG disclosure requirements under the Benchmarks Regulation |
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, is issuing a No Action Letter to promote coordinated action by National Competent Authorities (NCAs) regarding the new environmental, social and governance (ESG) disclosure requirements for benchmark administrators under the Benchmarks Regulation (BMR). It is also issuing an Opinion to the European Commission (EC) on the need for prompt adoption of the relevant Delegated Acts. |
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28 April ESMA publishes templates for quarterly non-equity systematic internaliser data |
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published the template for the publication of the quarterly non-equity SI data and clarifies that the annual non-equity transparency calculations will be made available through the Financial Instrument Transparency System (FITRS) and its Registers starting on 15 July 2020. |
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23 April ESAs consult on Environmental, Social and Governance disclosure rules
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The three European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) have issued a Consultation Paperseeking input on proposed environmental, social and governance (ESG) disclosure standards for financial market participants, advisers and products. |