Joint Committee

The European Securities and Markets Authority (ESMA) has published the responses received to its Consultation on amendments to the EMIR Clearing Obligation under the Securitisation Regulation.

To view the responses, please click the button below.

The Joint Committee of the European Supervisory Authorities (ESAs) is holding today its sixth annual Consumer Protection Day. The event brings together 250 consumer representatives, finance industry representatives and regulators to address major challenges facing consumer protection in financial services across the European Union.

Steven Maijoor, Chair of the European Securities and Markets Authority and the current Chair of the Joint Committee, said:

“The ultimate goal of the ESAs’ activities, both individually and through the Joint Committee, is ensuring a consistent level of consumer and investors protection across the European Union. Today’s agenda reflects the main activities of the ESA’s current work for achieving better outcomes for consumers and also captures new developments that require special attention from a regulatory and supervisory side.” 

Mario Centeno, President of the Eurogroup, will deliver a keynote speech, followed by three panel discussions that will focus on:

  • net performance of retail products and information to consumers on costs and past performance
  • the regulatory and supervisory approach to Virtual Currencies, as part of the bigger digitalisation agenda; and
  • concerns about whether self-placement can go hand-in-hand with the fundamental principle of investing in the best interest of customers.

More information about the Consumer Protection Day is available here.

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 today its decision in an appeal brought by “A” against the European Securities and Markets Authority (ESMA).

The Board of Appeal unanimously dismissed the appeal.

In accordance with Article 61 of the ESMA Regulation, the appellant “A” has two months to appeal the Board of Appeal's decision to the Court of Justice of the European Union.

The European Supervisory Authorities Authority (ESAs) launched today two joint consultations to amend Regulatory Technical Standards (RTS) on the clearing obligation and risk mitigation techniques for OTC derivatives not cleared. 

These standards, which implement the European Market Infrastructure Regulation (EMIR), aim to amend the current regulation on the clearing obligation and risk mitigation techniques on OTC derivatives not cleared by a central counterparties (CCPs) in order to provide a specific treatment for simple, transparent and standardised (STS) securitisation and ensure a level playing field with covered bonds. The consultations run until 15 June 2018.

The Securitisation Regulation and the amended EMIR provide a specific treatment for STS Securitisation in relation to the clearing obligation and on risk mitigation techniques on non-cleared OTC derivatives frameworks.

The consultation on the draft RTS on the clearing obligation clarify which arrangements under covered bonds or securitisations adequately mitigate counterparty risk and thus may benefit from an exemption from the clearing obligation.

The consultation on the draft RTS on risk mitigation techniques aims at extending the type of special treatment currently associated with covered bonds to STS securitisations. The proposed treatment, i.e. no exchange of initial margins and collection only of variation margins, is applicable only where a STS securitisation structure meets a specific set of conditions equivalent to the ones required to covered bonds issuers to be able to benefit of that same treatment.

Consultation process

Comments to the consultations can be sent to EBA and ESMA respectively, online by clicking on the "send your comments" button on the consultation pages. All contributions received will be published following the close of the consultation, unless requested otherwise. Please note that the deadline for the submission of comments is 15 June 2018.

A public hearing will take place at the EBA premises on 31 May 2018, from 15.00 to 16.00 UK time.

Legal basis

The ESAs have developed these two CPs in accordance with Articles 4 and 11 of EMIR as amended under Article 42 of the Securitisation Regulation, which contains two mandates for the ESAs on the clearing obligation and on risk mitigation techniques for OTC derivatives not cleared. 

Consultation on amendments to the EMIR Clearing Obligation under the Securitisation Regulation

Responding to this paper

The European Securities Authorities (ESA) invite responses to the questions listed in this Consultation Paper on the amendments to the EMIR Clearing Obligation under the Securitisation Regulation.

All contributions should be submitted online using the reply form at www.esma.europa.eu under the heading ‘Your input - Consultations’.

The European Supervisory Authorities (EBA, EIOPA, and ESMA - the ESAs) have concluded a multilateral Memorandum of Understanding (MoU) on cooperation, information exchange and consultation with the EFTA Surveillance Authority. 

This multilateral MoU establishes practical arrangements between the ESAs and the EFTA Surveillance Authority in relation to the adoption of acts by the EFTA Surveillance Authority on product intervention, breach of European Economic Area law, action in emergency situations, mediation, as well as on the adoption of specific opinions, effective within the EEA-EFTA States. The EFTA Surveillance Authority has been vested with the powers to adopt decisions and formal opinions addressed to competent authorities and/or financial market participants and financial institutions in the EEA-EFTA States based on the amended Agreement on the European Economic Area (EEA Agreement) of 30 September 2016.

Notes for Editors:
The EEA Agreement guarantees equal rights and obligations within the Internal Market for individuals and economic operators in the European Economic Area. It provides for the inclusion of European Union legislation covering the four freedoms — the free movement of goods, services, persons and capital — throughout the 31 European Economic Area States.

EFTA Surveillance Authority monitors compliance with the EEA Agreement in Iceland, Liechtenstein and Norway, enabling those Member States to participate in the Internal Market of the European Union. It was established by the EEA Agreement, an international agreement which enables the three EFTA States to participate fully in the European internal (or single) market. The EFTA Surveillance Authority’s role in the EEA-EFTA States mirrors the role of the ESAs in the European Union Member States. 

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