ESMA

20 Jul: NEW Q&AS AVAILABLE

(Source: European Securities and Markets Authority (ESMA))

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today updated its Questions and Answers on the following topics:

AIFMDUCITSMiFIR data reportingProspectusBMR…

01 Jun: ESMA PUBLISHES FINAL REPORT ON THE MIFIDII/MIFIR OBLIGATIONS ON MARKET DATA

(Source: ESMA)

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published its Final Report on Guidelines on the MiFIDII/MiFIR obligations on market data. The Final Report sets out guidelines on the requirements to publish market data on a reasonable commercial basis and to make market data available free of charge 15 minutes after publication.

The Guidelines, by providing clarity for market participants, will ensure better and uniform application of these MiFID II/MiFIR obligations. The guidelines apply to national competent authorities, trading venues, approved publication arrangements, consolidated tape providers and systematic internalisers.

Next steps

The …

31 May: EBA and ESMA publish provisional list of instruments and funds for the smallest investment firms under the Investment Firms Regulation

(Source: ESMA)

The European Securities and Markets Authority (ESMA) together with the European Banking Authority (EBA), published today a provisional list of additional instruments and funds that competent authorities may allow to use as own funds for some of the smallest investment firms. 

The latter include only non-legal persons or joint‐stock companies, or those which meet the conditions for qualifying as small and non‐interconnected investment firms as defined in the Investment Firm Regulation (IFR). The list is provisional and intended to provide guidance to investment firms and competent authorities ahead of the application of the IFR requirements, as of 26 …

31 May: ESMA issues a negative opinion on an Accepted Market Practice on liquidity contracts proposed by the French AMF

(Source: ESMA)

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published a negative opinion on the intended Accepted Market Practice (AMP) notified by the French Autorité des Marchés Financiers (AMF).

ESMA considers that the new AMP, applicable as of 1 July 2021, replacing the current AMP on liquidity contracts, applicable since 1 January 2019, is not compatible with the Market Abuse Regulation (MAR) and the relevant Implementing Regulation, and it is also diverging from ESMA’s 2017 Opinion on Points for Convergence.

In its assessment, ESMA has identified several points of concerns. Those are the …

20 May: ESMA appoints Natasha Cazenave as Executive Director

(Source: European Securities and Markets Authority)

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has appointed Natasha Cazenave as its new Executive Director. Ms. Cazenave will take up her position on 1 June 2021.

The Board of Supervisors confirmed the appointment at its meeting on Thursday 20 May, following the European Parliament’s confirmation of Ms. Cazenave’s candidature in its plenary session on 18 May.

Anneli Tuominen, Interim Chair, said

“I welcome today’s appointment of Natasha Cazenave as ESMA’s new Executive Director. She brings with her a wealth of experience from the public and private sectors, which …

20 May: ESMA proposes lowering the reporting threshold for net short positions to 0.1% on a permanent basis

(Source: European Securities and Markets Authority)

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, recommends to the European Commission (EC) to permanently lower the threshold to notify net short positions on shares to national competent authorities (NCAs) from 0.2% to 0.1%.

ESMA has examined the evidence gathered after its successive emergency decisions, beginning in March 2020, which lowered, for the first time, the notification threshold to 0.1% on a temporary basis.

The analysis showed that a substantial amount of additional and essential information became available to NCAs due to the reporting of net short positions at …