ESMA has started publishing the list of questions received through its question and answer (Q&A) process. The questions are grouped by topic or legislative act—namely, including Corporate Disclosure, Credit Rating Agencies, Fund Management, MiFID and Investor Protection, MiFID/MiFIR and Secondary Markets, Market Abuse Regulation, Benchmarks Regulation, Short Selling Regulation, Post Trading, Innovation and Products, Prospectus Regulation, and Securitization Regulation. In case updates are required, ESMA will update the Q&A weekly.
This publication comes in the context of the entry into force of the revised ESMA regulation, which includes the new provisions applicable to Q&A. The new provisions require ESMA to setup a web-based tool to facilitate the submission of questions and to publish questions received, along with answers to the admissible questions. Q&As constitute a form of guidance on the acts within the remit of ESMA. As is the case with other forms of guidance, Q&As are adopted by the ESMA Board of Supervisors. Q&As are not legally binding, yet their application will be rigorously scrutinized by ESMA and national competent authorities, given their practical significance to achieve a level playing field. In the areas where ESMA is the direct supervisor of financial market participants, Q&As act to inform its approach.
ESMA is committed to implementing this web-based tool and is working on developing the necessary IT infrastructure. The roll-out of the IT infrastructure will be done on a phased basis and during the year. Pending the full implementation of this web-based tool, stakeholders can continue submitting questions to ESMA through the Q&A webpage of the ESMA website. ESMA has started publishing, in advance, on its website the following questions:
- Questions for which a Q&A will be put on the agenda of the relevant Standing Committee of ESMA
- Rejected questions—that is, questions that were tabled for discussions in an ESMA Standing Committee and to which ESMA does not intend to provide an answer
- Questions forwarded to EC
Keywords: Europe, Banking, Securities, Q&A, Securitization Regulation, Benchmark Regulation, Credit Rating Agencies, Big Data, Fintech, ESMA
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The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
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