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ESMA consults on CCP Authorisations, Extensions and Validations
ESMA consults on CCP Authorisations, Extensions and Validations
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today launched two public consultations following the review of the European Market Infrastructure Regulation (EMIR 3).
ESMA is encouraging stakeholders to share their views on:
- the conditions for extensions of authorisation and the list of required documents and information for applications by central counterparties (CCPs) for initial authorisations and extensions, and
- the conditions for validations of changes to CCP’s models and parameters and the list of required documents and information for applications for validations of such changes.
EMIR 3 introduces several measures to make EU clearing services and EU CCPs more efficient and competitive, notably by streamlining and shortening supervisory procedures for initial authorisations, extensions of authorisation and validations of changes to models and parameters.
Next steps
The deadline for responses to the consultation paper is 7 April 2025.
Based on the responses received, ESMA will prepare the final report and intends to submit the final draft technical standards to the European Commission by 25 December 2025.
Further information:
Sarah Edwards
Senior Communications Officer
press@esma.europa.euCristina Bonillo
Senior Communications Officer
press@esma.europa.eu07/02/2025 ESMA91-1505572268-4009Consultation Paper on the Extensions of authorisation conditions and list of documents under EMIR 07/02/2025 ESMA91-1505572268-4010Consultation Paper on the Validations of changes to models and parameters conditions and list of documents under EMIR ESMA contributes to simplification and burden reduction
ESMA contributes to simplification and burden reduction
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, will be supporting the European Commission’s objective to simplify and reduce the reporting burden in the financial sector.
The ESMA Board of Supervisors discussed in December 2024 how to best contribute to efficient simplification and burden reduction actions, while preserving the main objectives of financial stability, orderly markets and investor protection.
Verena Ross, ESMA Chair, said:
“At ESMA we aim to play our part in simplifying the regulatory framework and in reducing unnecessary reporting burdens where feasible. This work should not be about deregulation but about avoiding duplications and streamlining some of the reporting requirements for market participants”.
“A concrete example is the proposed change related to data reporting for transparency purposes under the MiFIR regime. The reuse of already reported transaction data allows for the removal of duplicative reporting obligations and related IT-systems that have been used to make these calculations so far.”
This and other future initiatives will help to reduce cost and complexity for companies, saving time that can be redirected towards other business activities.
ESMA will look across its entire remit, including data, policy and supervision, to identify ways to ensure that the measures applicable to market participants are proportionate.
The first areas on which ESMA has focused are the following:
- Transparency and volume cap regimes
ESMA has introduced changes in the transparency framework under the MiFIR Review that will contribute to a significant reduction in the reporting burden for market participants.
Since 2018, the transparency and volume cap regimes have relied on data reported by trading venues to ESMA specifically for these purposes. Going forward, ESMA intends to discontinue these reporting flows and instead perform the calculations relying on the transaction data that is already reported to NCAs and ESMA under Article 26 of MiFIR.
ESMA will publish the calculations based on transaction data following the entry into force of the revised technical standards on equity transparency, expected by the end of 2025. Similar changes will be proposed to the technical standards on volume cap later this year.
ESMA will also discontinue voluntary publication of quarterly SI calculations data from the beginning of 2025 and focus on further streamlining the relevant internal processes.
- Transaction reporting
Other initiatives under the MiFIR Review aiming to reduce or ease the reporting burden include the consolidation and alignment of reference data for the purpose of transaction reporting and transparency and the alignment of specific requirements related to transaction data with other reporting regimes, such as EMIR.
- Digitalising sustainability and financial disclosure
In the corporate reporting area, ESMA is currently consulting on proposals, in accordance with the European Single Electronic Format (ESEF), to digitalise sustainability disclosures in a phased way to spread the reporting burden over a number of years. The consultation also points at easing the burden associated with electronic disclosures of the notes to the financial statements.
Next steps
ESMA will continue to engage with its wide range of stakeholders to actively identify areas where further simplification and burden reduction could be achieved, in order to contribute to a more effective and attractive EU capital market.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu07/02/2025 ESMA71-545613100-2696Press Release - ESMA contributes to simplification and burden reduction ESMA’s conference “Shaping the future of EU capital markets” results
ESMA’s conference “Shaping the future of EU capital markets” results
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator and supervisor, welcomed 300 participants in person (and around 1000 more connected online) to its key conference in Paris. During a successful day we heard keynote speeches from Maria Luís Albuquerque, Commissioner for Financial Services and the Savings and Investments Union, Jacques de Larosière, author of the Larosière report, and Verena Ross, Chair of ESMA.
The conference brought together a diverse group of participants, including policymakers, journalists, regulators, and industry professionals, enriching the discussions and contributing to a comprehensive exploration of key topics.
During the event, the three panels and a fireside discussion focused on:
- concrete ideas to make the Savings and Investments Union (SIU) a reality,
- addressing the funding gap, and
- fostering a culture of retail investment.
These discussions aimed to empower EU citizens and companies to invest in the EU capital markets.
The event marks ESMA’s commitment to enhancing priority areas over the coming years and generate a collective vision that can help towards the success of the SIU for both EU citizens and businesses.
The keynote speeches and more information about the conference can be found here.
05/02/2025 ESMA71-1206669466-844Verena Ross' Opening Remarks at the ESMA Conference 2025, 5 February 2025 ESMA publishes the results of the survey on legal entities identifiers
ESMA publishes the results of the survey on legal entities identifiers
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today published the results of the survey conducted last October on legal entities identifiers.
The survey gathered evidence on the impacts of including alternatives for reporting, disclosure or record keeping requirements.
The results show:
- strong engagement of the industry on the topic (136 respondents),
- very high costs associated with gearing the reporting systems of financial firms towards additional identifiers (on average 360k Euros per firm and with a median of 40k Euros),
- an overwhelming preference for the Legal Entity Identifier (LEI) as the legal entity identifier for reporting (86% of respondents), and
- pan-EU associations making constructive suggestions to improve EUID automation and its interoperability with LEI to reduce the burden and avoid duplications.
The full results can be found here while detailed results from consenting respondents can be found here.
This publication aligns with ESMA’s Data Strategy 2023-2028 by focusing on consistency of data standards across the various reporting frameworks. The approach aims to promote cost-efficient reporting and to explore, with the relevant stakeholders, opportunities to reduce the reporting burden.
Background
The ESMA survey on legal entity identifiers was launched on 18 October 2024, following the publication of the ESAs opinion on identification of ICT third party providers in DORA. The objective of the survey was to collect feedback from market participants on the opportunities and challenges, costs and benefits, of using different identifiers (other than the LEI) in future financial reporting more broadly.
Next steps
ESMA will organise a follow up workshop with the respondents to the survey and other invited stakeholders to further socialise the results and discuss possible future actions.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu03/02/2025 ESMA12-766636679-484Overview of the Legal Identifier Survey Results 03/02/2025 LEI survey resultsGranular Results on the Legal Identifier Survey ESMA provides guidance on MiCA best practices
ESMA provides guidance on MiCA best practices
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published today a new supervisory briefing aiming to align practices across the EU member states.
The briefing, developed in close cooperation with National Competent Authorities (NCAs), promotes convergence and prevents regulatory arbitrage, providing concrete guidance about the expectations on applicant Crypto Asset Service Providers (CASPs), and on NCAs when they are processing the authorisation requests.
For example, the briefing contains clear guidance on:
- Substance and governance and the ability of CASPs offering their service in the EU to operate autonomously and with sufficient in-country personnel.
- Outsourcing and the effective limits to set regarding the externalisation of functions and services.
- Suitability of personnel and the importance for CASPs, and particularly its executive management, to demonstrate effective technical knowledge of the crypto ecosystem.
The guidance in the briefing helps NCAs, applicants and the general public to operationalise MiCA and RTS obligations into concrete controls and checks. Consequently, it serves to maintain a strong regulatory framework characterised by a consistent, effective, and forceful supervision.
Next Steps
NCAs are expected to apply the principles in the supervisory briefing during authorisation procedures, as well as ensure continued adherence for CASPs once they have been authorised.
Further information:
Cristina Bonillo
Senior Communications Officer
press@esma.europa.eu31/01/2025 ESMA75-453128700-1263Supervisory Briefing on the Authorisation of CASPs under MiCA
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