ESMA Guidelines for Management Body of Market Operators and DRSPs
ESMA published guidelines for the management body of market operators and data reporting services providers (DRSPs). The guidelines clarify the criteria to be used to assess whether the management body of market operators and DRSPs, and each of its individual members, are suitable to ensure sound and prudent management of the firms as well as exercise effective responsibility for the activities undertaken by those firms. These guidelines will apply to national competent authorities, market operators, and DRSPs from January 03, 2018.
The guidelines based on Article 45(9) for market operators and Article 63(2) for DRSPs of the Markets in Financial Instruments Directive (MiFID II: Directive 2014/65/EU) clarify the requirements applicable to members of the management bodies of market operators or DRSPs. The guidelines based on Article 16 of Regulation (EU) No 1095/2010 (ESMA Regulation) clarify how information is to be recorded by market operators or DRSPs to make it available to the competent authorities for the exercise of their supervisory duties. The guidelines are intended to develop common standards to be taken into consideration by market operators and DRSPs when appointing new and assessing current members of the management body and to provide guidance on how information should be recorded by market operators and DRSPs to make it available to the competent authorities for the exercise of their supervisory duties.
Related Link: Guidelines (PDF)
Effective Date: January 03, 2018
Keywords: Europe, Securities, MiFID II, Market Operators, DRSP, ESMA Regulation, ESMA
Previous Article
EBA Issues Opinion on Measures to Address Macro-Prudential RiskRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
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.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
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.