General Information & Client Service
  • 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 Articles

ECB Updates Validation Checks and List of Identifiers Under AnaCredit

ECB updated the AnaCredit validation checks (Version 1.4) and the list of national identifiers (version 2.4) for AnaCredit reporting.

March 21, 2019 WebPage Regulatory News

BCBS Publishes Results of the Basel III Monitoring Exercise

BCBS published results of the Basel III monitoring exercise based on data as of June 30, 2018.

March 20, 2019 WebPage Regulatory News

EBA, FCA, and PRA Agree on MoU Template for Supervisory Cooperation

EBA, FCA, and PRA announced that they have agreed on a template for the Memorandum of Understanding (MoU) that sets out the expectations for supervisory cooperation and information-sharing arrangements between UK and EU/European Economic Area national authorities.

March 20, 2019 WebPage Regulatory News

EBA Publishes Reports Monitoring the Implementation of Basel III in EU

EBA published two reports measuring the impact of implementing the final Basel III reforms and monitoring the implementation of liquidity measures in EU.

March 20, 2019 WebPage Regulatory News

HKMA Publishes CoP on Loss-Absorbing Capacity Requirements of Banks

HKMA issued, in relation to the Financial Institutions Resolution (Loss-Absorbing Capacity Requirements—Banking Sector) Rules (LAC Rules) a chapter of a code of practice (LAC CoP) under section 196 of the Financial Institutions Resolution Ordinance (FIRO).

March 20, 2019 WebPage Regulatory News

BCBS Publishes Results of Survey on Proportionality in Bank Regulation

BCBS published a report presenting the results of a survey conducted on proportionality practices in bank regulation and supervision.

March 19, 2019 WebPage Regulatory News

US Agencies Adopt Interim Rule to Facilitate Transfers of Legacy Swaps

US Agencies (FCA, FDIC, FED, FHFA, and OCC) are adopting and inviting comments on an interim final rule.

March 19, 2019 WebPage Regulatory News

HKMA Expects Banks to Manage Risks Related to Crypto-Asset Exposures

HKMA issued a statement announcing that it expects authorized institutions to take note of the BCBS statement on crypto-assets and its prudential expectations.

March 18, 2019 WebPage Regulatory News

SNB Issues Form on Solvency Risk of Counterparties in Interbank Sector

SNB released form (Version 5.00) and related documentation for reporting solvency risk of counterparties in the interbank sector.

March 18, 2019 WebPage Regulatory News

EIOPA Requests Data on LTG Measures from Insurers Under Solvency II

EIOPA has requested the European Economic Area insurance undertakings, which are subject to Solvency II, to provide information on the long-term guarantee (LTG) measures.

March 18, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2769