ESMA Newsletter - Nº4
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.
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.
- 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.
- 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.
- 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.
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.
ESMA consultations currently open
- The full list of consulations and reply forms can be found on the ESMA consulations page
Public holidays in May
- ESMA will be closed for public holidays on the 1st, 9th, 30th and 31st of May.
Missed any ESMA publications? Check out the full list of news items from our press office.
- Publication period: 1 - 30 April 2019
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30 April |
ESMA has published five opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR). |
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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. |
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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. |
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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. |
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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. |
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12 April |
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. |
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10 April |
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. |
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9 April |
ESMA has updated its Questions and Answers on data reporting under the Market in Financial Instruments Regulation (MiFIR). |
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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. |
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8 April |
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. |
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8 April |
ESMA has published the responses received to its Consultation on draft guidelines on liquidity stress test for investment funds. |
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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. |
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5 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. |
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4 April |
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. |
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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). |
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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. |
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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. |
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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. |
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3 April |
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. |
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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. |
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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. |
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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). |
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
New Vacancy Notices - Supervision Officers
| 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