Aggregated News From Investment Management Regulators

ESMA

ESMA publishes MiFID II/MiFIR Annual Review Report on RTS 2

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published the MiFID II/MiFIR Annual Review Report under Commission Delegated Regulation (EU) 2017/583 (RTS 2). ESMA proposes to the European Commission to move to stage three of the phase-in for the transparency requirements, for both the average daily number of trades threshold used for the quarterly liquidity assessment of bonds, and for the pre-trade size specific to the instrument threshold for bonds. ESMA suggests to the European Commission to: move to stage three for the average daily number of trades threshold used for the quarterly liquidity assessment of bonds; move to stage...

ESMA HIGHLIGHTS AREAS FOR IMPROVEMENT IN COMPLIANCE WITH MIFID II SUITABILITY REQUIREMENTS

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today publishes the results of the 2020 Common Supervisory Action (CSA) on MiFID II suitability requirements. The 2020 CSA has shown that firms overall comply with key elements of the suitability requirements that were already regulated under MiFID I, such as the understanding of products and clients and their processes and procedures to ensure the suitability of investments. However, shortcomings and areas of improvement have emerged about some of the new requirements introduced by MiFID II, notably the requirement to consider the cost and complexity of equivalent products, the costs...

ESMA publishes second report on sanctions under AIFMD

See the content published by the European Securities and Markets Authority (ESMA) here:

ESMA publishes fourth annual report on use of sanctions for UCITS

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today publishes its 2020 report on the use of supervisory sanctions by National Competent Authorities (NCAs) under the Undertakings for Collective Investments in Transferrable Securities (UCITS) Directive.  The number of NCAs issuing sanctions (penalties and/or measures) increased slightly to 17 compared to 2019. A total of 100 sanctions were issued during 2020, for a total amount of €1.1M showing a declining trend in the financial amount of sanctions issued since 2018. The data gathered under the sanction reports continues to show that the sanctioning powers are not equally used among NCAs...

New Q&As available

  The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today updated its Questions and Answers on the following topics: AIFMD UCITS MiFIR data reporting Prospectus BMR This news item was originally published by the European Securities and Markets Authority (ESMA). For more information, please see the Source Link.

ESMA see small decrease in EEA prospectus approvals in 2020

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Guidelines on certain aspects of the MiFID II remuneration requirements

See the content published by the European Securities and Markets Authority (ESMA) here:

ESMA consults on remuneration requirements under MiFID II

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, today launches a consultation on draft ESMA guidelines on certain aspects of the MiFID II remuneration requirements. The remuneration of staff involved in the provision of investment and ancillary services and activities, or in selling or advising on structured deposits to clients is a crucial investor protection issue. Therefore, ESMA has developed draft guidelines that aim to clarify and foster convergence in the implementation of certain aspects of the new MiFID II remuneration requirements, replacing the existing ESMA guidelines on the same topic, issued in 2013. This Consultation Paper...

ESMA finds NCAs imposed sanctions of €8.4 million for MiFID II breaches in 2020

The European Securities and Markets Authority (ESMA), the EU’s Securities Markets Regulator, has published today its third report on the use of sanctions and measures by National Competent Authorities (NCAs) under the Markets in Financial Instruments Directive (MiFID II). NCAs activity in this area increased in 2020 compared to 2018 and 2019, both in terms of the total number of sanctions and measures and the amount of fines. Overall, in 23 (out of 30) EU/EEA Member States, NCAs imposed a total of 613 sanctions and measures in 2020 for an aggregated value of about €8.4 million, compared to 371 sanctions...

ESMA publishes its third report on CSDR implementation

See the content published by the European Securities and Markets Authority (ESMA) here:

ESMA publishes disclosure and investor protection guidance on SPACs

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today issued a Public Statement on the prospectus disclosure and investor protection issues raised by special purpose acquisition companies (SPACs). Prospectus disclosure The statement, in view of both the complexity and the diversity of SPAC transactions, sets out ESMA’s expectations on how issuers should satisfy the specific disclosure requirements of the Prospectus Regulation to enhance the comprehensibility and comparability of SPAC prospectuses. This should help to ensure that national competent authorities (NCAs): take a coordinated approach to the scrutiny of SPAC prospectuses; provide SPACs with an understanding of...

ESMA consults on amendments to MAR Guidelines on delayed disclosure of inside information

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today launched a Consultation Paper on the review of its Guidelines on delayed disclosure of inside information under the Market Abuse Regulation (MAR) in relation to its interaction with prudential supervision. Issuers, under MAR, can delay the disclosure of inside information where immediate disclosure is likely to prejudice an issuer's legitimate interest, the delay of disclosure is not likely to mislead the public and confidentiality is ensured. The ESMA MAR Guidelines include a list of legitimate interests of issuers that are likely to be prejudiced by immediate disclosure...

Regulator Information

Abbreviation: ESMA
Jurisdiction: ESMA
Email: [email protected]

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