Events listed in [ESMA] European Securities and Markets Authority
[ESMA91-372-2811 ] Opinion on CCP backtesting
ID 25349
ESMA published its Opinion on CCP back testing requirements under Article 49 EMIR and Article 49 of DelReg (EU) 153/2013. Back testing is a crucial aspect of risk management in financial markets and is used to assess the reliability and adequacy of margin models employed by CCPs. The document differentiates between two key types of back tests: core model back testing and margin adequacy ...
ESMA extends temporary CCP collateral emergency measures by six months
ID 25336
ESMA has published draft RTS to extend the temporary emergency measures related to collateral requirements for CCPs for a period of six months. These measures allow for the expansion of eligible collateral to include uncollateralized bank guarantees for non-financial clearing members and public guarantees for all types of counterparties. The extension aims to prevent potential disruption during the upcoming cold season, which can impact ...
[ESMA70-872942901-38 ] Questions and Answers on MiFID II and MiFIR market ...
ID 25326
ESMA has published a new version of its Q&As „on MiFID II and MiFIR market structures topics“. Specially, the following two Q&As covering the access to TVs and the nondiscriminatory fees in Article 11 of RTS 15 in Part 6 of the document were added: ___ **Question 8: To what extent can a trading venue apply different fee schedules to CCPs under Article 36 ...
ESMA puts forward expectations towards effective circuit breaker implementation
ID 25312
ESMA has issued a supervisory briefing aimed at enhancing the implementation of circuit breakers in trading venues. Circuit breakers are vital tools used by TVs to safeguard against market volatility, mandated by MiFID II, and specified in DelReg (EU) 2017/584 (RTS 7). This supervisory briefing seek to strengthen convergence among NCAs in the EU regarding the calibration of circuit breakers, promoting compliance, shared understanding, ...
ESMA consults on possible changes to annual fees for Tier 1 Third country central ...
ID 25297
ESMA has initiated a public consultation regarding potential revisions to the annual fees charged to Tier 1 third country CCPs under EMIR. These proposed changes are part of an effort to ensure that the annual fees imposed on Tier 1 CCPs are more proportionate and reflective of differences in size and activity among these CCPs. ESMA suggests allocating annual fees among Tier 1 CCPs ...
ESMA assesses market developments in DeFi and explores the smart contracts system
ID 25295
ESMA has recently released two articles in its TRV analysis, addressing the ever-evolving world of DeFi. These articles provide important insights into the challenges and risks associated with DeFi and smart contracts in the EU market. ESMA acknowledges the need for vigilant monitoring of these developments to safeguard investor protection and financial stability. In the first article, ESMA explores the **developments and risks of ...
[ESMA24-229244789-4580 ] SMSG Advice on the Consultation Paper on Technical ...
ID 25283
The SMSG has provided advice to ESMA regarding its Consultation Paper on Technical Standards for MiCA. The SMSG emphasizes the need for a balanced approach in regulating the crypto asset sector, considering both investor protection and fostering innovation. The SMSG believes that entities operating in the crypto space should be subjected to the same level of regulation and oversight as traditional financial intermediaries. This ...
Compliance table on Guidelines on certain aspects of the MiFID II appropriateness ...
ID 25278
ESMA has published a revised version of the compliance table for its Guidelines on certain aspects of the MiFID II appropriateness and execution-only requirements (ESMA35-43-3006). Comparing the current compliance table (ESMA35-43-3327) with the previous one reveals that Romania has postponed its compliance with the ESMA Guidelines until 1 December 2023.
Compliance table on the Guidelines on certain aspects of the MiFID II suitability ...
ID 25275
ESMA has published a compliance table for its Guidelines on certain aspects of the MiFID II suitability requirements (2023 revised version) [ESMA35-43-3172] (see eventid=20583). The compliance table shows that all countries are or will be compliant by 31 October 2023, with the exception of Romania which will be compliant by 1 December 2023 and Germany, which will be compliant by 21 December 2023.
ESMA provides analysis on issuers’ potential benefits from an ESG pricing effect
ID 25254
ESMA has published an article examining the European sustainable debt market to determine if there is an ESG pricing effect, commonly known as the “Greenium,“ in various types of sustainable debt instruments. ESMA’s analysis found that as of March 2023, it couldn’t confirm a systematic pricing benefit for any specific ESG-labelled debt type. However, it noted that issuers of ESG bonds did benefit from ...