Esma Publications

[Maryetta Worm]

Theinformation provided in the lists of competent authorities is based on the data provided by the Member States. In order to keep the lists up to date, Member States are requested to inform ESMA of any changes by sending an e-mail to: design...@esma.europa.eu

ESMA shall act within the powers conferred by its founding Regulation, namely Regulation (EU) 1095/2010 (thereafter ESMA Regulation) and within the scope of the EU acts referred to in Article 1(2) of this Regulation, including any EU act based on those acts and any further legally binding EU act which confers tasks on ESMA.

ESMA offers a tool for questions on the practical application or implementation of EU law and/or ESMA acts (such as Technical Standards and/or Guidelines), and will develop such questions into Questions and Answers (Q&As).

If, however, your question is straightforward or includes a request for information, rather than the development of an answer on a new question on the application or implementation of EU law and/or ESMA acts, please direct your question to in...@esma.europa.eu.

If your question concerns a topic for which ESMA has a shared responsibility with the EBA and EIOPA, on the topics of PRIIPs, SFDR, EMIR and Securitisation, you may search the answer to a Q&A under the Joint Committee > Joint Q&As.

The Q&A IT tool provides an overview of the questions to which an answer is currently under development. Questions appear in the tool when ESMA starts actively preparing their answer or when they have been forwarded to the European Commission (for cases requiring the interpretation of EU law).

Though they are non-binding for market participants, answers to questions with wider relevance are being made public to help stakeholders. An overview of all Q&As per the legislative act issued by ESMA is available below. Publication of Q&As in the tool is ongoing.

To contribute to the stability and effectiveness of the European financial system, the EBA develops harmonised rules for financial institutions, promotes convergence of supervisory practices, monitors, and advises on the impact of financial innovation and the transition to sustainable finance.

To ensure the orderly functioning and stability of the financial system in the European Union, we monitor and analyse risks and vulnerabilities relevant for the regulation of banks and investment firms. We also facilitate information sharing among authorities and institutions through supervisory reporting and data disclosure.

Communicating to all our audiences in the most effective way and using the most appropriate channels is crucial for us. Through our publications, announcements, and participation in external events, we are committed to reaching out to all our stakeholders to report about our policies, activities, and initiatives.

It also discusses the implications of the adoption of the new EU Banking package (CRD VI and CRR 3) concerning the trading book, the fundamental review of the trading book (FRTB) and credit valuation adjustments (CVA).

Furthermore, prudential consolidation and a possible extension to crowdfunding and crypto-assets service providers are also considered. In this respect, the discussion paper provides an overview of the interaction of IFD/IFR with requirements applicable to undertakings for collective investment in transferable securities (UCITS) management companies and alternative investment funds managers (AIFMs) providing MiFID services on an ancillary basis, or investment firms providing services related to crypto-assets.

The discussion paper also covers aspects related to remuneration in relation to investment firms, AIFMs and UCITS management companies, including the scope of application, remuneration policies, the requirements on variable remuneration, their oversight, disclosure and transparency. Finally, the discussion paper includes a short section on the treatment of firms currently non-prudentially regulated and active in commodity markets.

Comments to this consultation can be sent to the EBA by clicking on the "send your comments" button on the consultation page. Please note that the deadline for the submission of comments is 3 September 2024. All contributions received will be published following the close of the consultation, unless requested otherwise.

Article 60 of Regulation (EU) 2019/2033 (IFR) and Article 66 of Directive (EU) 2019/2034 (IFD) mandate the Commission to submit a report to the Council and to the Parliament regarding multiple aspects of the IFD and IFR. In its report, the Commission may include a legislative proposal to amend the prudential framework applicable to investment firms.

Our mission is to contribute to the stability and effectiveness of the European financial system through simple, consistent, transparent, fair regulation and supervision that benefits all EU citizens.

ESMA was required to amend its original action plan as data completeness for the various asset classes had not reached adequate levels when ESMA conducted its completeness analyses. Given the complexity and size of the task, ESMA then decided to focus on improving completeness for a select number of asset classes while postponing the publication for others.

ESMA will publish results only if trading venues have submitted data for at least 95% of all trading days and will not trigger publication if the quality of the data received for an instrument is not considered sufficient. The data publications will also incorporate OTC trading to the extent it has been reported to ESMA.

Following this, ESMA publications will be updated on a quarterly basis in respect of a rolling six months assessment period and investment firms are expected to self-assess and comply after a reduced two week period. ESMA notes that for the SI calculations having a high level of completeness in the reported information is crucial.

In order to reach comprehensive results ahead of publication on August 1, additional work is required by ESMA, NCAs and trading venues. To achieve a high completeness ratio allowing results to be published for a high number of instruments, ESMA has performed a first completeness check of the data available in the system for the period 3 January to 1 June 2018 at the beginning of June. Based on this work, ESMA has liaised with NCAs and trading venues to increase the completeness rate as quickly as possible.

The SI regime requires investment firms to assess whether they are SIs in a specific instrument (for equity, bonds, ETCs and ETNs and SFPs) or for a (sub-) class of instruments (for derivatives, securitised derivatives and emission allowances) on a quarterly basis based on data from the previous six months. For each specific instrument/sub-class, an investment firm is required to compare the trading it undertakes on its own account compared to the total volume and number of transactions executed in the European Union (EU). If the investment firm exceeds the relative thresholds determined in the Commission Delegated Regulation (EU) No 2017/565 it will be deemed an SI and will have to fulfil the SI-specific obligations. ESMA decided to compute the total volume and number of transactions executed in the EU in order to help market participants as that data is essential for the operation of the SI regime and is not otherwise easily available.

ESMA has published the latest quarterly liquidity assessment for bonds available for trading on EU trading venues. For this period, there are currently 1148 liquid bonds subject to MiFID II transparency requirements.

The transparency requirements for bonds deemed liquid today will apply from 20 November 2023 to 18 February 2024. The application dates reflect the entry into force of the RTS 2 amendments (see the news item for more details).

The results for equity and equity-like instruments are published only for instruments for which trading venues submitted data for at least 95% of all trading days over the 6-month observation period. The data publications also incorporate OTC trading to the extent it has been reported to ESMA. The publication includes data for instruments traded or available for trading during the reference period considered.

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ESMA is consulting on changes to the RTS on commodity derivatives position management controls, the ITS on position reporting, and on position reporting in Commission Delegated Regulation (EU)2017/565 (CDR). The changes mainly reflect changes made to MiFID II Level 1 requirements, which will be implemented by Member States and will become applicable on 29 September 2025. Read our note for more.

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