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ESMA Newsletter - Nº4

06 May 2019

Welcome to the fourth edition of ESMA’s newsletter. This month ESMA's Board of Supervisors will meet and we look ahead to a busy month of speaking appearances by ESMA staff. We also catch up on the full list of publications from April and take a closer look at ESMA's opinions on proposed product intervention measures by NCAs. 

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Last month, ESMA adopted four positive opinions on proposed product intervention measures by national competent authorities (NCAs), in this edition of the ESMA Newsletter we take a closer look at some key questions. 

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  • NCAs may take product intervention measures in accordance with Article 42 of MiFIR. Some NCAs have proposed to take national product intervention measures in relation to contracts for difference (CFDs) and/or binary options.
  • An NCA must notify all other NCAs and ESMA, generally at least one month before its proposed measure is intended to take effect, of the details of this measure and the related evidence. 
  • Under Article 43 of MiFIR, ESMA performs a facilitation and coordination role in relation to such product intervention measures taken by NCAs. After receiving notification from an NCA of its proposed measure, ESMA must adopt an opinion on whether the proposed measure is justified and proportionate. 
  • ESMA’s opinions on proposed national product intervention measures are published on its website. 

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  • ESMA can only adopt temporary product intervention measures for a period of three months. ESMA must review the product intervention measures and consider the need to extend them for a further three months. If ESMA does not renew the measures they will expire. 
  • On this basis, ESMA has adopted and renewed product intervention measures in relation to CFDs and binary options.
  • NCAs, under Article 42 of MiFIR, have the power to permanently prohibit or restrict the marketing, distribution or sale of financial instruments or a type of financial activity or practice.
  • A number of NCAs have adopted or are in the process of adopting permanent product intervention measures in relation to CFDs and binary options. Therefore, ESMA has recently adopted opinions in relation to these proposed national product intervention measures. 

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  • If ESMA concludes that a proposed national product intervention measure is not justified or proportionate it will say in its opinion. If an NCA proposes to take, or takes, action contrary to an opinion adopted by ESMA, the NCA shall immediately publish on its website a notice fully explaining its reasons for so doing.  

Month ahead

 

ESMA Board of Supervisors meeting on 23 May 2019

  • ESMA's Board of Supervisors will meet this month in Bucharest. Stay tuned to ESMA's website and social media accounts from 23 May for publications and updates. 

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ESMA consultations currently open

Consultations

Public holidays in May 

  • ESMA will be closed for public holidays on the 1st, 9th, 30th and 31st of May. 

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press office

Missed any ESMA publications? Check out the full list of news items from our press office. 

  • Publication period: 1 - 30 April 2019  

30 April

ESMA AGREES POSITION LIMITS UNDER MIFID II

ESMA has published five opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR). 

30 April 

NOTICE OF ESMA’S PRODUCT INTERVENTION RENEWAL DECISION IN RELATION TO CONTRACTS FOR DIFFERENCES

On 17 April 2019, the European Securities and Markets Authority (ESMA) adopted a Decision under Article 40 of Regulation (EU) No 600/2014 to renew the restriction on the marketing, distribution or sale of contracts for differences (CFDs) to retail clients. The Decision renews ESMA Decision (EU) 2018/796 on the same terms as the previous renewal decisions, ESMA Decision (EU) 2018/1636 and ESMA Decision (EU) 2019/155.

30 April

ESMA PUBLISHES TRANSLATIONS FOR CSDR GUIDELINES ON INTERNALISED SETTLEMENT REPORTING

ESMA has issued the official translations of its Guidelines on internalised settlement reporting under Article 9 of CSDR.

26 April 

ESMA UPDATES PUBLICATION SCHEDULE FOR TRANSPARENCY CALCULATIONS IN MAY AND JUNE 2019

ESMA considers, that following the extension of Article 50(3) in relation to the United Kingdom’s withdrawal from the European Union, it is necessary to provide clarity to stakeholders that transparency calculations due in May and June as well as in the following months will now be published.

15 April 

ESMA PUBLISHES TRANSLATIONS FOR GUIDELINES ON CCP APC MARGIN MEASURES

ESMA has issued the official translations of its Guidelines on EMIR Anti-Procyclicality Margin Measures for Central Counterparties. 

12 April 

ESMA UPDATE ON NO-DEAL BREXIT PREPARATIONS

ESMA statements and measures on no-deal Brexit scenario preparations referring to 12 April 2019 should now be read as referring to 31 October 2019.

10 April 

ESAS PUBLISH JOINT ADVICE ON INFORMATION AND COMMUNICATION TECHNOLOGY RISK MANAGEMENT AND CYBERSECURITY

The European Supervisory Authorities (ESAs) today published two pieces of Joint Advice in response to requests made by the European Commission in its March 2018 FinTech Action Plan. 

9 April 

ESMA UPDATES Q&A ON MIFIR DATA REPORTING

ESMA has updated its Questions and Answers on data reporting under the Market in Financial Instruments Regulation (MiFIR).

9 April 

THE JOINT COMMITTEE OF THE ESAS PUBLISHES ITS 2018 ANNUAL REPORT

The Joint Committee of the European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA – published today its 2018 Annual Report providing a detailed account of all the joint work achieved in the past year.

8 April

ESMA UPDATES ON THE IMPACT ON ITS DATABASES AND IT SYSTEMS OF A NO-DEAL BREXIT SCENARIO ON 12 APRIL 2019

In accordance with the previous statement from 28 March 2019, the below dates of the operations of ESMA data systems detailed in its statement from 19 March 2019 are amended. 

8 April

ESMA PUBLISHES RESPONSES TO ITS CONSULTATION ON LIQUIDITY STRESS TEST GUIDELINES FOR INVESTMENT FUNDS

ESMA has published the responses received to its Consultation on draft guidelines on liquidity stress test for investment funds.

5 April 

ESMA PUBLISHES TRANSLATIONS FOR GUIDELINES ON CCP CONFLICT OF INTEREST MANAGEMENT

ESMA has issued today the official translations of its Guidelines on CCP conflict of interest management.

5 April

ESMA HAS ADOPTED NEW RECOGNITION DECISIONS FOR THE THREE UK CCPS AND THE UK CSD IN THE EVENT OF A NO-DEAL BREXIT ON 12 APRIL

ESMA has announced that it has adopted new recognition decisions for the three central counterparties (CCPs) and the Central Securities Depository (CSD) established in the United Kingdom (UK) to reflect the extension to the Article 50 of the Treaty of the European Union (TEU) period to 12 April 2019.

4 April

ESMA NEWSLETTER - Nº3

Welcome to the third edition of ESMA’s newsletter. This month we publish our first newsletter op-ed from ESMA's Head of Risk Analysis and Economics Department, Steffen Kern. We also catch up on the full list of publications from March and take a closer look at our latest UCITS Q&As. 

4 April

ESMA UPDATES REGISTER OF DERIVATIVES TO BE TRADED ON-VENUE UNDER MIFIR

ESMA has updated the public register of those derivative contracts that are subject to the trading obligation under the Markets in Financial Instruments Regulation (MiFIR).

4 April

ESMA PUBLISHES MIFID II SUPERVISORY BRIEFING ON APPROPRIATENESS AND EXECUTION-ONLY

ESMA has published an updated version of its supervisory briefing on MiFID II appropriateness requirements.

4 April 

ESMA ISSUES FIRST PAN-EU OVERVIEW OF USE OF SUPERVISORY SANCTIONS FOR UCITS

ESMA has issued its first annual report on sanctions imposed by national competent authorities (NCAs) under the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive.

3 April

STEVEN MAIJOOR DELIVERS KEY NOTE SPEECH AT BETTER FINANCE 10TH ANNIVERSARY CONFERENCE

Steven Maijoor, the Chair of the European Securities and Markets Authority, has delivered the keynote speech at today's Better Finance 10th Anniversary Conference in Bucharest.

3 April

ESMA LAUNCHES THIRD EU-WIDE CCP STRESS TEST EXERCISE

ESMA has published the framework for its third EU-wide Central Counterparties (CCPs) stress test, marking the launch of its latest CCP stress test exercise. ESMA, as mandated under the European Markets Infrastructure Regulation (EMIR), initiates and coordinates this exercise to assess the resilience and safety of European CCPs to adverse market developments and to identify any potential shortcomings.

2 April 

EU FINANCIAL REGULATORS HIGHLIGHT RISKS OF A NO-DEAL BREXIT AND ASSET PRICE VOLATILITY

The European Union’s (EU) banking, insurance, pensions and securities sectors continue to face a range of risks, the latest report on “Risks and Vulnerabilities in the EU Financial System” published today by the Joint Committee of the European Supervisory Authorities (ESAs) shows. 

2 April 

ESMA ISSUES FOUR POSITIVE OPINIONS ON NATIONAL PRODUCT INTERVENTION MEASURES

ESMA has issued four positive opinions on product intervention measures taken by the National Competent Authorities (NCAs) of the Netherlands, Poland and the United Kingdom. ESMA’s opinion finds that the proposed measures are justified and proportionate and that it is necessary for NCAs to take product intervention measures that are at least as stringent as ESMA’s measures.

2 April 

ESMA UPDATES ITS Q&AS ON MIFID II AND MIFIR TRANSPARENCY TOPICS

ESMA has updated its Questions and Answers regarding market structures and transparency issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR).

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Speakers

Keynote speeches 

Date ESMA Speaker  Event  Read more
3 April Steven MAIJOOR BETTER FINANCE 10TH ANNIVERSARY CONFERENCE - Bucharest  Read the full speech 

Speaking appearances by ESMA staff this month 

  • The full list of ESMA's planned speaking appearances for May can be found here

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@ESMA

New Vacancy Notices - Supervision Officers 

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Open vacancies & deadlines 

Supervision Officer (IT Profile) 13/05/2019
Supervision Officer (Securitisation Profile) 13/05/2019
Traineeship notice – Transversal profile (F/M)  31/12/2019 
Traineeship notice – Legal profile (F/M)  31/12/2019 
Traineeship notice - Financial Markets Profile (F/M) 31/12/2019

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

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