ESMA Regulation - White Papers

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White papers, green papers, annual reports and others addressing European Securities and Markets Authority regulations.

Guidelines on certain aspects of the MiFID compliance function requirements - July 6, 2012[edit]

July 6, 2012

On December 22, 2011, ESMA published a consultation paper for guidelines on certain aspects of the MiFID compliance function requirements. Comments were received until February 24, 2012. This report provides a feedback statement that analyzes the 49 responses to the consultation paper. It also addresses any material changes to the technical proposals set out in Annex II and also includes the final guidelines.

This report provides responder’s answers to questions involving:

  • Compliance risk assessment
  • Monitoring, reporting, and advisory obligations of the compliance function in addition to effectiveness, permanence, and independence of the compliance function
  • Exemptions
  • Combining the compliance function with other functions
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Activity Report on IFRS Enforcement in the European Economic Area in 2011 - June 28, 2012[edit]

June 28, 2012

This report provides an overview of the monitoring of compliance of financial information with International Financial Reporting Standards (IFRS) and the taking of appropriate enforcement action in the European Economic Area (EEA) in 2011.

This report also explains the objectives of the European financial reporting enforcement system, explaining that “the European Enforcers Coordination Sessions (EECS) aims to promote a high level of consistency amongst enforcers in the decisions they take in respect of their reviews of financial statements.”

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ESMA Annual Report - June 26, 2012[edit]

June 26, 2012

ESMA published its first annual report for 2011 on June 26, 2012, which covers the first year of ESMA's operations as an independent European Supervisory Authority. This 89 page report focuses on legislation, tasks and achievements made by ESMA since its creation on January 1, 2011. Some key areas covered in the report include:

  • European Financial Markets Legislation: MiFID, MAD and Short-Selling
  • European Investment Fund Legislation: UCITS and AIFMD
  • European Market Infrastructure Regulation (EMIR)
  • Promoting consistent application of International Financial Reporting Standards
  • Corporate Finance: Prospectus, Transparency and Takeover Bids Directive
Read release.PNG

Committee of European Securities Regulators: Standardisation and Organised Platform Trading of OTC Derivatives[edit]

December 21, 2010

Note: As of January 2011, the Committee of European Securities Regulators is now the European Securities and Markets Authority.

From the white paper:

"In order to further the objectives of the G20, in relation to the promotion of an efficient and sound derivatives market, CESR considers that the current situation is unsatisfactory and proposes that steps should be taken to increase the proportion of over-the-counter (OTC) derivatives being standardised by asset class.

"CESR believes that a higher level of legal, operational and product standardisation (including increased use of electronic confirmation systems) can be achieved and would be beneficial for operational efficiency and the reduction of systemic risk. This should be achieved through the development of carefully defined industry targets, with arrangements to monitor the achievement of the targets, according to the scope and processes described below."

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Regulation 1095/2010 - December 15, 2010[edit]

Regulation Establishing ESMA
December 15, 2010

Regulation 1095/2010 of the European Union was adopted on November 24, 2010, establishing ESMA as an independent regulatory agency overseeing European securities trading across all of the EU member states. The regulation outlines the specific competencies and powers that the regulatory agency was given. ESMA replaced CESR – the previous regulatory agency in charge of the European securities markets – in order to change financial supervision from a national level to a Union-encompassing network.

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