ESMA Newsletter - Nº8
Our eighth edition of ESMA's newsletter is here. In this issue, we have a look at our third video tutorial on ESEF regulation which has recently been published, we catch up on publications from September and we highlight where ESMA staff will be speaking this month. Also, don't forget that last week the Board of Supervisors met, so stay with us for more updates as we look ahead to a busy October.
Important consultations closing this month
- The full list of consulations and reply forms can be found on the ESMA consulations page
ESMA Board of Supervisors meeting on 2 October 2019
- ESMA's Board of Supervisors has met this week in Helsinki. Stay tuned to ESMA's website and social media accounts for publications and updates.
Keynote speeches
| Date | ESMA Speaker | Event | Read more |
| 25 September | Steven MAIJOOR | 2nd Roundtable on Euro Risk Free Rates- Frankfurt | Read the full speech |
Speaking appearances by ESMA staff this month
- The full list of ESMA's planned speaking appearances for September can be found here
Got Questions on the ESEF Regulation?
We answer to the ten most common questions in our third video tutorial on the European Single Electronic Format.
Check it out here!
Vacancy Notices
| 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
Missed any ESMA publications? Check out the full list of news items from our press office.
- Publication period: 5 September - 4 October 2019
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04 October ESMA consults on MiFIR alignment following the introduction of EMIR Refit |
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today launched a consultation on possible amendments to the trading obligation under MiFIR following the introduction of EMIR Refit. |
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04 October |
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published an opinion on frequent batch auctions (FBAs) and the double volume cap mechanism. ESMA’s Opinion reflects the conclusions of its Final Report on Periodic Auctions (June 2019) which identified several shortcomings of FBA systems in the area of pre-trade transparency and the price determination. |
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04 October Steven Maijoor delivers keynote speech at AFME's Legal and Compliance Conference |
Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA), has delivered the keynote speech at today's session of AFME's Legal and Compliance Conference in Paris. |
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03 October ESMA consults on the commercial terms for providing client clearing services under EMIR |
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published a consultation paper (CP) on draft technical advice to the European Commission (EC) on specifying the conditions under which commercial terms are to be considered fair, reasonable, non-discriminatory and transparent (FRANDT) where clearing service providers offer clearing services to clients. |
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03 October ESMA consults on the commercial terms for providing client clearing services under EMIR |
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published a consultation paper (CP) on draft technical advice to the European Commission (EC) on specifying the conditions under which commercial terms are to be considered fair, reasonable, non-discriminatory and transparent (FRANDT) where clearing service providers offer clearing services to clients. |
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03 October ESMA publishes updates its Q&As on investor protection issues |
The European Securities and Markets Authority (ESMA) has updated its Questions and Answers on the implementation of investor protection topics under the Market in Financial Instruments Directive and Regulation (MiFID II/ MiFIR). |
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03 October |
The European Securities and Markets Authority (ESMA) has published a consultation paperon the provisions of the Market Abuse Regulation (MAR) as requested by the European Commission. |
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02 October ESMA updates MiFID II Q&As on transparency and market structures issues |
The European Securities and Markets Authority (ESMA) has updated its Questions and Answers (Q&As) regarding transparencyand market structures issues under the Market in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). |
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02 October |
The European Securities and Markets Authority (ESMA) has updated its Questions and Answers (Q&As) regarding the implementation of the Central Securities Depository Regulation (CSDR). |
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02 October |
The European Securities and Markets Authority (ESMA) has issued an update of its Q&Aon practical questions regarding data reporting issues, stemming from the European Markets Infrastructure Regulation (EMIR). |
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01 October |
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has published its 2020 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. |
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01 October ESMA publishes translations for Prospectus Guidelines on risk factors |
The European Securities and Markets Authority (ESMA) has issued the official translationsof its Guidelines on risk factors under the Prospectus Regulation. |
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30 September ESMA launches call for evidence on the effects of product intervention measures |
The European Securities and Markets Authority (ESMA) has launched a call for evidenceon the effects of product intervention measures regarding contracts for differences (CFDs) and binary options on market participants and clients. |
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27 September ESMA study finds high impact of costs on performance, especially for active equity funds |
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has carried out a study of the performance of active equity funds as compared to passive equity funds, ETFs and relevant benchmarks. |
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25 September Steven Maijoor - introductory remarks to the 2nd Roundtable on Euro Risk Free Rates |
Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA), has delivered the opening remarks at the second roundtable on euro risk free rates at the European Central Bank in Frankfurt. |
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24 September ESMA RESPONDS TO EUROPEAN COMMISSION ON ANNUAL REVIEW OF RTS 2 |
The European Securities and Markets Authority (ESMA) has responded to the European Commission (EC) regarding the Annual Review of RTS 2. RTS 2 requires ESMA to submit annual reports to the EC assessing the operation of some transparency thresholds for bonds and derivatives. |
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24 September |
The European Securities and Markets Authority (ESMA) has published two opinions on position limits regarding commodity derivatives under the Markets in Financial Instruments Directive and Regulation (MiFID II/MIFIR). |
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24 September ESMA publishes study on the exposure of the EU fund industry to CLOs |
Following the significant pickup in the issuance of leveraged loans and collateralised loan obligations (CLOs) in the US and EU, supervisors have expressed concerns about the potential risk to investors. |
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24 September |
The European Securities and Markets Authority (ESMA) released a new version of its Financial Instrument Reference Database (FIRDS) on 23 September 2019. |
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23 September |
The European Securities and Markets Authority (ESMA) had made available updated results of the annual transparency calculations for equity and equity-like instruments. |
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19 September ESMA issues opinion on accepted market practice by Spanish CNMV |
The European Securities and Markets Authority (ESMA) has issued an opinion supporting a revised Accepted Market Practice on liquidity contracts notified by the Spanish market regulator, the Comisión Nacional del Mercado de Valores (CNMV). |
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12 September EU financial regulators highlight risks of a no-deal Brexit and search for yield |
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 by the Joint Committee of the European Supervisory Authorities (ESAs) shows. |
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11 September ESMA publishes responses to its Call for evidence on certain investor protection topics |
ESMA publishes responses to its Call for evidence on impact of the inducements and costs and charges disclosure requirements under MiFID II. |
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11 September ESMA publishes responses to its Consultation on cost of market data and consolidated tape |
ESMA publishes responses to its Consultation on MiFID II/MiFIR review report on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments. |
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10 September ESMA – Investors face increasing risks amid renewed market volatility |
The European Securities and Markets Authority (ESMA), the EU’s securities regulator, has published the second Trends, Risks and Vulnerabilities (TRV) report for 2019. The report identifies a deteriorating outlook for the asset management industry and continued very high market risk. Recent trade tensions have triggered renewed volatility, and concerns over a no-deal Brexit remain key risk drivers for the second half of 2019. |
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06 September |
The European Securities and Markets Authority (ESMA) has updated its public register with the latest set of double volume cap (DVC) data under the Markets in Financial Instruments Directive (MiFID II). Updates include DVC data and calculations for the period 1 August 2018 to 31 July 2019 as well as updates to already published DVC periods. |
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05 September ESMA published responses to survey on short-termism in the financial sector |
The European Securities and MarketsAuthority (ESMA) has published the responsesit received to its call for evidence on potential short-term pressures on corporations stemming from the financial sector. Considering the impact of short-termism forms part of ESMA’s work on sustainable finance and relates to the European Commission’s Action Plan on ‘Financing Sustainable |
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05 September ESMA publishes stress simulation framework for investment funds |
The European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, has developed a framework to be used for stress simulations for the investment fund sector. The method developed by ESMA is presented in detail in its Economic Report published today, and is accompanied by a case study where it is applied to 6,000 UCITS bond funds. |