ESMA Regulation - Consultation Papers

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Timeline - European Market Infrastructure Regulation
Proposal Date EC Approval Effective Date
September 15, 2010 December 19, 2012 March 15, 2013

Consultation papers addressing the European Securities and Markets Authority.


MiFID II/MiFIR Guidelines on Assessment of Knowledge and Competence Consultation Paper - April 23, 2015

April 23nd, 2015

ESMA released a consultation paper on the guidelines on assessment of knowledge and competence. The consultation paper is composed of 3 sections with 5 annexes. It gives a executive summary, a background, and annexes.


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MiFID II/MiFIR Consultation Paper - May 22, 2014

May 22nd, 2014

ESMA released a consultation paper on Markets in Financial Instruments Directive II/ Markets in Financial Instruments Regulation (MiFID II/MiFIR). The consultation paper is divided into 8 sections. The first section is an overview, followed by investor protections, transparency, and data publication. The subsequent sections are on micro-structural issues, followed by requirements applying on and to trading venues, commodity derivatives, and portfolio compression.

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Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories - June 25, 2012

June 25, 2012

ESMA released a consultation paper on its technical standards under the Regulation on OTC derivatives, central counterparties and trade repositories (EMIR). The paper is divided into three separate sections and follows the same structure of EMIR. The first section focuses on OTC derivatives and the clearing obligation, risk mitigation techniques for contracts not cleared by a CCP and exemptions to specific requirements. The second part focuses on CCP requirements and the third part deals with trade repositories, specifically reporting obligation and the content and format of the information to be reported to trade repositories.

ESMA will be taking comments on the consultation paper until August 5, 2012.

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Note: ESMA Published its final report on draft technical standards on September 27, 2012.

ESMA's draft technical advice on possible Delegated Acts concerning the regulation on short selling and certain aspects of credit default swaps - February 15, 2012

February 15, 2012

This 78-page consultation paper contains the technical advice that ESMA proposed to give to the European Commission on a number of possible delegated acts concerning the regulation on short selling and certain aspects of credit default swaps.

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UCITS Regulation - Paper - ESMA’s guidelines on ETFs and other UCITS issues - January 2012

January 30, 2012

This consultation represents the next step after the policy orientation guidelines from July 2011. It sets out ESMA’s proposals for guidelines on UCITS ETFs, index-tracking UCITS, efficient portfolio management techniques, total return swaps and strategy indices for UCITS.

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Guidelines on systems and controls in a highly automated trading environment for trading platforms, investment firms and competent authorities - July 20, 2011

July 20, 2011

This paper covers the following topics:

  • The background to the draft guidelines in the context of ESMA’s work on microstructural issues.
  • The draft guidelines on organisational requirements which are relevant in a highly automated trading environment for electronic trading systems, fair and orderly trading and dealing with market abuse (in particular market manipulation). There are separate standards in each of these areas for trading platforms (regulated markets and multilateral trading facilities) and investment firms executing orders on behalf of clients and/or dealing on own account.
  • The draft guidelines covering direct market access (DMA) and sponsored access (SA). Again, there are two separate sets of standards relating to trading platforms and investment firms.
  • Seven annexes consisting of relevant MiFID regulations, cost-benefit analyses, academic evidence on high frequency trading, and related issues.
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Draft Technical Advice to the European Commission on Possible Implementing Measures of the Alternative Investment Fund Managers Directive - July 13, 2011

July 13, 2011

This 438-page consultation sets out ESMA’s proposals on implementing measures for the Alternative Investment Fund Managers Directive (AIFMD). It consists of:

  • General provisions, authorization and operating conditions
  • Depositories, including draft advice on the contract evidencing appointment of the depositary, depositary functions, segregation obligations, loss of financial instruments, external events beyond reason-able control and objective reasons to contract a discharge; and
  • Transparency and leverage, including the definition of leverage and appropriate methods for its calculation, the content and format of the annual report to be prepared by the AIFM, disclosure to investors, the use of information by competent authorities and limits to leverage.
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