Tag Archives: ESMA

ESMA consults on MiFIR trading obligation RTS

ESMA is consulting on its draft technical standards specifying the trading obligation for derivatives under MiFIR. It has revised its previous approach, and now wants comments by 31 July on the new proposals. These include how to phase-in the trading obligation. The MiFIR trading obligation is closely linked to EMIR. Once a class of derivatives needs […]

ESMA publishes annual report

ESMA’s annual report for 2016 focusses on its activities in: assessing risks to investors, markets and stability; creating a single rulebook; promoting supervisory convergence; and supervising credit rating agencies and trade repositories. The narrative to the report looks at its work with the other ESAs, latterly on PRIIPs and work to come on transparency on […]

ESMA speaks on priorities and Brexit.

Steven Maijoor has spoken to the FIA on ESMA’s current work, including its preparations for MiFID 2. He stressed that there will be no further delay in implementation. He referenced ESMA’s recent and ongoing work on trading and transparency requirements, and heralded an imminent consultation on the trading obligation for derivatives. He also spoke of […]

ESMA responds on Fintech

ESMA has responded to the Commission’s consultation on Fintech. It sees Fintech as a positive evolution so long as business models continue to aim to improve the customer experience and financial inclusion. It identifies some concerns that it thinks need to be addressed, including: the risks (from a market integrity and investor protection standpoint) and costs […]

ESMA finalises product governance guidelines

ESMA has published its final report on product governance guidelines under MiFID 2. It received over 100 responses to its consultation on the guidelines, which were generally supportive. However, ESMA has made some changes to the guidelines as a result of the comments. The final guidelines will now apply from 3 January 2018 and will […]

ESMA updates MiFID 2 FAQs

ESMA has updated its set of FAQs on MiFID 2 to address issues relating to market structures, commodity derivatives and transparency. It has also published its opinion on transparency and position limit regimes for instruments traded on non-EU trading venues.

ESMA sets out principles for regulating migrating UK firms

ESMA has published a set of principles that the regulators in the “EU27” should follow when assessing applications from UK institutions seeking an EU authorisation post-Brexit.  Key principles include: that no authorisation will be automatically “grandfathered”; that no institutions should be able to operate as a “letter-box” – so all outsourcing and delegation must be […]

ESMA updates MAR Q&A

On 30 May 2017, ESMA published an updated version of its Q&A on the Market Abuse Regulation.

ESMA updates funds FAQs

ESMA has updated its FAQs on the AIFMD and the UCITS Directive. Both address the exemption for intra-group transactions for the purposes of EMIR. The AIFMD set also addresses notifications of AIFs domiciled in another Member State and on reporting to supervisors on the breakdown between retail and professional investors.

ESMA reports on fair, clear and not misleading information supervision

ESMA has published a report following up on its criticisms of how certain national regulators were supervising compliance with the MiFID rules on fair, clear and not misleading information. ESMA had identified 10 national supervisors whose practices were deficient. It has found that 6 regulators have now addressed the deficiencies, but it still has concerns […]