General Information & Client Services
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
October 09, 2017

The ESMA Chair Steven Maijoor delivered a statement at the European Parliament, as part of the annual hearing of the chairs of the three ESAs. He briefly outlined ESMA’s key activities over the past 12 months, along with the upcoming challenges for the EU’s capital markets and ESMA. The key covered activity areas were single rulebook, supervisory convergence, risk assessment, and direct supervision. The statement was largely focused on implementation of the second Markets in Financial Instruments Directive (MiFID II) and the UK's exit from the EU.

In his statement, Mr. Maijoor focused on ESMA’s work in preparation for the implementation of MiFID II as well as on the general readiness of regulators to operate within the new framework. “MIFID II implementation highlights that the single rulebook needs to be complemented by supervisory convergence measures. Therefore, in the past 12 months, ESMA issued a large number of guidelines and questions and answers to ensure coherent and consistent application of the rules coming into force,” said the ESMA Chair.

With regard to the work on preparing for Brexit, he highlighted that certain market participants needing to re-locate from the UK to the EU-27 to maintain Single Market access sparked concerns about regulatory arbitrage among the EU-27 member states to attract business. One general opinion was issued in May and three sector-specific ones were issued in July for investment firms, secondary markets, and asset management; these opinions tackled the key aspects of outsourcing and delegation to third countries. As per Mr. Maijoor, “We relied strictly on existing EU legislation, and aimed at providing appropriate guidance to the NCAs [national competent authorities], which are dealing with requests from re-locating entities. Moreover, in the interest of supervisory and regulatory convergence, ESMA launched the Supervisory Cooperation Network, offering a forum for NCAs to discuss individual relocation cases on an anonymous basis.”

He also explained that ESMA has recently commenced its work on reviewing its Guidelines for the Endorsement of Third-Country Credit Rating Agencies. However, it is clear that some significant legislative changes need to be considered soon, potentially in a horizontal manner. The first steps have been made by the EC in relation to the European Markets Infrastructure Regulation (EMIR). The ESMA Chair welcomed the proposal to assign certain supervisory powers over third country-central counterparties (CCPs) to ESMA, in relation to CCPs having a significant impact on the stability of the EU financial market. He concluded that further bold steps are required to maintain momentum in the delivery of the Capital Markets Union, following on the initiatives that have been already taken.


Related Link: Statement (PDF)

Keywords: Europe, EU, UK, Securities, MiFID II, Brexit, EMIR, CCP, Capital Markets Union, ESAs, ESMA

Related Insights

US Agencies Propose Rule on Appraisals for Real Estate Transactions

US Agencies (FDIC, FED, and OCC) proposed a rule to increase the threshold level at or below which appraisals would not be required for the residential real estate transactions from USD 250,000 to USD 400,000. Comments will be accepted for 60 days from publication in the Federal Register.

December 07, 2018 WebPage Regulatory News

EBA Single Rulebook Q&A: First Update for December 2018

This week one answer was published as part of the Single Rulebook Questions and Answers (Q&A).

December 07, 2018 WebPage Regulatory News

FED Updates Reporting Form and Instructions for FR Y-14Q

FED published the updated reporting form FR Y-14Q for Capital Assessment and Stress Testing, along with the associated instructions.

December 06, 2018 WebPage Regulatory News

PRA Finalizes Policy on Minor Amendments to Regulatory Reporting

PRA published the policy statement PS30/18, which contains the final policy following a consultation (CP16/18) on certain amendments to regulatory reporting.

December 05, 2018 WebPage Regulatory News

GM of BIS Examines Regulatory Implications of Big Tech in Finance

Agustín Carstens, the General Manager (GM) of BIS, during the keynote address at the FT Banking Summit in London, spoke about new challenges and policy implications of big tech in finance.

December 05, 2018 WebPage Regulatory News

ACPR Publishes Version 2.8.1 of the CRD IV Taxonomy

ACPR notified that version 2.8.1 of the Capital Requirements Directive (CRD) IV Data Point Model taxonomy and version 2.1.0 of the Anti-Money Laundering and Terrorist Financing (LCB-FT) taxonomy have been made available.

December 04, 2018 WebPage Regulatory News

European Council Endorses Package on CRD 5, CRR 2, BRRD 2, and SRMR 2

European Council endorsed the agreement achieved between the presidency and the Parliament on the key measures of a comprehensive legislative package aimed at reducing risks in the banking sector in EU.

December 04, 2018 WebPage Regulatory News

BCBS Report Examines Cyber Resilience Practices Across Jurisdictions

BCBS published a report that identifies, describes, and compares the range of observed bank, regulatory, and supervisory cyber-resilience practices across jurisdictions.

December 04, 2018 WebPage Regulatory News

EIOPA Publishes Q&A on Regulations and Guidelines

EIOPA published new sets of questions and answers (Q&A) on guidelines, implementing regulations, and delegated regulations applicable to insurers in Europe.

December 03, 2018 WebPage Regulatory News

ESMA Registers A.M. Best (EU) Rating Services as Credit Rating Agency

ESMA, the direct supervisor of credit rating agencies (CRAs) in EU, has registered A.M. Best (EU) Rating Services B.V. as a CRA under the CRA Regulation, with effect from December 03, 2018.

December 03, 2018 WebPage Regulatory News
RESULTS 1 - 10 OF 2316