ESMA Updates Q&As on the Implementation of MiFID, CSDR, and MAR
ESMA updated question and answer (Q&A) documents on the implementation of investor protection topics under Market in Financial Instruments Directive and Regulation (MiFID II/MiFIR), implementation of Central Securities Depository Regulation (CSDR), and implementation of Market Abuse Regulation (MAR). The Q&A mechanism is a practical convergence tool used to promote common supervisory approaches and practices. It is intended to help investors and other market participants by providing clarity on the requirements.
The updated Q&A include the following:
- Q&A on MiFID II/MiFIR—The updated Q&A document includes updated items on the topics of inducements (research) and information on costs and charges. The document also includes four new Q&As related to the topics of inducements, post-sale reporting, and other issues.
- Q&A on CSDR—The update included modification of an existing Q&A on the implementation of Article 35 of CSDR, to specify the extent of the flexibility that can be granted to CSDs in the use of international standards by CSDs to communicate with their participants or with other market infrastructures. Other Q&As relate to the assessment of CSD links to be made by the competent authorities in the context of the authorization procedure and clarification on the qualification of links established between two CSDs for the settlement of securities through TARGET2-Securities.
- Q&A on MAR—The Q&A document includes an update to the existing Q&A on Pillar 2 requirements and the obligation to disclose inside information, to cover the minimum requirement for own funds and eligible liabilities (MREL) exercise.
Related Links
Keywords: Europe, EU, Securities, Q&A, MiFID/MiFIR, MAR, CSDR, ESMA
Previous Article
EBA Single Rulebook Q&A: First Update for March 2018Related Articles
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
BIS Bulletin Examines Cognitive Limits of Large Language Models
The use cases of generative AI in the banking sector are evolving fast, with many institutions adopting the technology to enhance customer service and operational efficiency.
ECB is Conducting First Cyber Risk Stress Test for Banks
As part of the increasing regulatory focus on operational resilience, cyber risk stress testing is also becoming a crucial aspect of ensuring bank resilience in the face of cyber threats.
EBA Continues Momentum Toward Strengthening Prudential Rules for Banks
A few years down the road from the last global financial crisis, regulators are still issuing rules and monitoring banks to ensure that they comply with the regulations.
EU and UK Agencies Issue Updates on Final Basel III Rules
The European Commission (EC) recently issued an update informing that the European Council and the Parliament have endorsed the Banking Package implementing the final elements of Basel III standards