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ESMA Newsletter - Nº17

19 October 2020

Welcome to the 17th edition of ESMA's newsletter.

In September, ESMA has appointed its CCP Supervisory Commitee staff, published the TRV and reviewed the Market Abuse Regulation. In this edition, we also take a look at our full list of ESMA staff external appearances taking place in October and finally catch up on the latest publications.

Stay with us for more updates by also following our Twitter and LinkedIn accounts.

ESMA newsletter

ESMA newsletter

 

ccp

ESMA has formally appointed on 23 September the staff of the CCP Supervisory Committee for a 5-year mandate:

  • ​Chair: Klaus Löber
  • Independent Members: Nicoletta Giusto and Froukelien Wendt 

ccp

 Steven Maijoor, Chair, said:

“The appointment of Klaus Löber as Chair and Nicoletta Giusto and Froukelien Wendt as Independent Members marks the conclusion of a successful selection procedure. It is an important step in completing the implementation of the EMIR 2.2 regime to ensure consistent and effective supervision of EU and global clearing infrastructures.”

trv

Along with the TRV report published on 2 September 2020, ESMA has published two working papers on Closet Index Funds and MIFIDII research unbundling. ​

  • The working paper on Closet Indexing Indicators and Investors outcomesshows that investors can expect lower net returns from closet indexers than from a genuinely actively managed fund portfolio.  Read also on Financial Times, Here
  • ESMA also analysed the impact on EU sell-side research of the MIFIDII research unbundling provisions that require portfolio managers to pay for the research they obtain. A sample on 8.000 EU listed companies was analyzed and no evidence of harmful effects from these rules was found. Find out more in our TRV report.

mar

The report, published on 24 September, is the first in-depth review of the functioning of MAR since its implementation in 2016, and its recommendations will feed into the European Commission’s (EC) review of MAR.

The Report, which follows a 2019 consultation concludes that, overall, MAR has worked well in practice and is fit for purpose.

Fnd out more on our website.

month ahead

 

newsletter

Speakers

 

Speaking appearances by ESMA staff in October

Speaking Appereances

econ

Steven Maijoor participated on 12 October in the annual hearing of the European Parliament's Economic and Monetary Affairs Committee (ECON), together with the Chairmen of the European Banking (EBA) and European Occupational Pensions Authority (EIOPA).
 
This was Mr. Maijoor's final annual hearing as the Chair of ESMA, as he will leave the Authority at the end of March 2021 having completed ten years as chair.
Read his opening remarks and refer to additional information here.

You can watch the full recording here

@ESMA

Vacancy Notices 

Open vacancies & deadlines 

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

All open vacancies can be found on ESMA's recruitment portal 

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press office

Missed any ESMA publications? Check out the full list of news items on our website. 

  • Most recent publications

12 October

Steven Maijoor speaks at the ESAs Annual ECON Committee Hearing ​

The Chair of the European Securities and Markets Authority (ESMA), Steven Maijoor, participated in the annual hearing of the European Parliament's Economic and Monetary Affairs Committee (ECON), together with the Chairmen of the European Banking (EBA) and European Occupational Pensions Authority (EIOPA).

12 October

ESAs’ Board of Appeal dismisses case against ESMA on alleged non-application of Union law

The Joint Board of Appeal of the European Supervisory Authorities (ESAs – European Banking Authority, European Insurance and Occupational Pensions Authority, and European Securities and Markets Authority) published its decision in the appeal case brought by Mr Howerton against the European Securities and Markets Authority (ESMA). The Board of Appeal’s decision considered as inadmissable the Appellant’s claim that six national financial supervisory authorities and ESMA should have taken supervisory steps in relation to an alleged non-application of Union law.

09 October

VERENA ROSS DELIVERS KEYNOTE SPEECH AT AFME CONFERENCE

Today, ESMA Executive Director, Verena Ross, addressed AFME’s 4th Annual European Compliance and Legal Conference raising several topics such as the impact of COVID-19 on the financial markets, the review of MiFID, MiFIR and the Market Abuse Regulation, and ESMA’s priorities laid down in its 2021 Work Programme. Speech here.

07 October

ESMA ISSUES LATEST DOUBLE VOLUME CAP DATA

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has updated  its public register with the latest set of double volume cap (DVC) data under the Markets in Financial Instruments Directive (MiFID II).

05 October

ESMA publishes updated Q&As on securitisation topics and Guidelines on Portability of Information between Securitisation Repositories

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its final report on the Guidelines on portability of information between securitisation repositories under the Securitisation Regulation. These Guidelines set out common provisions that a securitisation repository (SR) should follow when transferring securitisation information to another SR.

02 October

ESMA announces update to reporting under the Money Market Funds Regulation

The European Securities and Markets Authority (ESMA), the EU’s Securities Markets regulator, announces an updateof the validations of the technical instructions for reporting under the Money Market Funds Regulation (MMFR).

02 October

ESMA faces new set of challenges in 2021

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its 2021 Work Programme(WP), setting out its priorities and areas of focus for the next 12 months in support of its mission to enhance investor protection and promote stable and orderly financial markets.

02 October

ESMA responds to EU Green Bond Standard consultation

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has responded to the European Commission’s (EC) targeted consultation on the establishment of the EU green bond standard (GBS). ESMA highlighted that the success of the EU GBS will be determined by whether it is seen as a reliable indicator of investment in sustainable economic activities.

01 October

ESMA updates statements on the impact of Brexit on MiFID II/MiFIR and the Benchmarks Regulation

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has updated two statements on its approach to the application of key provisions of MiFID II/MiFIR and the Benchmark Regulation (BMR).

30 September

ESMA releases statement concerning the applicability of Level 3 guidance under the Prospectus Directive

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has released a public statement concerning the applicability of level 3 guidance published under the Prospectus Directive.

30 September

ESMA Publishes Final Report for Guidelines on Internal Control

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published the Final Report for its Guidelines on Internal Control for Credit Rating Agencies.

29 September

ESMA updates regulatory technical standards (RTS) under the Benchmarks Regulation (BMR)

The European Securities and Markets Authority, the EU’s securities markets regulator,  has published its final report containing new sets of draft regulatory technical standards (RTS) under the Benchmarks Regulation (BMR). These contain additional detailed rules to implement the European regulatory framework aimed at ensuring the accuracy and integrity of benchmarks across the European Union..

29 September

ESMA proposes amendments to the MiFIR transparency regime for non-equity financial instruments

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published the Final Report on the MiFID II/MiFIR transparency regime applicable to non-equity financial instruments. The proposals contained in the report aim at simplifying and bringing more efficiency to an overly complex regime and fostering harmonised application across the EU.

28 September

ESMA updates Q&A on data reporting under EMIR

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has updated its Questions and Answers document on practical questions regarding data reporting issues, under the European Markets Infrastructure Regulation (EMIR).

28 September

ESMA UPDATES Q&A ON MIFIR DATA REPORTING

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has updated its Questions and Answers document on data reporting under the Market in Financial Instruments Regulation (MiFIR).

28 September

ESMA publishes draft rules for third-country firms under new MiFIR and MiFID II regimes

The European Securities and Markets Authority’s (ESMA), the EU securities markets regulator, has published its Final Reportcontaining draft regulatory and implementing technical standards (RTS and ITS) on the provision of investment services and activities in the European Union (EU) by third-country firms under MiFIR and MiFID II.

28 September

ESMA to recognise three UK CCPS from 1 January 2021

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has announced that the three central counterparties (CCPs) established in the United Kingdom (UK) – ICE Clear Europe Limited, LCH Limited, and LME Clear Limited – will be recognised as third country CCPs (TC-CCPs) eligible to provide their services in the EU, after the end of the transition period following the withdrawal of the UK from the EU on 31 December 2020.

25 September

ESMA consults on Fees for Benchmarks Administrators

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has launched a consultation on fees for benchmarks administrators under the BMR.

25 September

ESMA reports decrease in prospectus activity for 2019

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator reports, in its Annual Report on prospectus activity, that in 2019 the number of prospectus approvals across the European Economic Area (EEA) decreased to 3,113 from 3,390 a fall of 8% compared to 2018. This decrease continues the downward trend observed since the 2008 financial crisis.

25 September

ESMA consults on OTF regime

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has issued a Consultation Paper (CP) seeking input on the functioning of the Organised Trading Facility (OTF) regime in the European Union (EU).

24 September

ESMA consults on MiFIR reference data and transaction reporting

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has launched a Consultation Paper (CP) reviewing the reference data and transaction reporting obligations under the Market in Financial Instruments Regulation (MiFIR).

24 September

ESMA publishes outcomes of MAR Review

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published a review of the Market Abuse Regulation (MAR). The Report is the first in-depth review of the functioning of MAR since its implementation in 2016, and its recommendations will feed into the European Commission’s (EC) review of MAR.

24 September

ESMA makes proposals to help prevent and detect WHT reclaim schemes

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published the Final Reporton its inquiry into Cum/Ex, Cum/Cum and withholding tax (WHT) reclaim schemes. ESMA’s key proposal is that national competent authorities (NCAs) for securities markets should be empowered to share information with the tax authorities, to assist in detecting WHT reclaim schemes.

23 September

ESMA AGREES POSITION LIMITS UNDER MIFID II

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published three opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR).

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