Summary
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has issued several updates and publications in the areas of benchmarks, investor protection, and financial markets regulation.
Updates to Questions and Answers
ESMA has published updated Questions and Answers (Q&A) documents on the Benchmarks Regulation (BMR), MiFID II and MiFIR investor protection, and intermediaries, as well as the European Crowdfunding Service Providers for Business Regulation. These Q&A documents aim to provide clarification on various aspects of these regulations and are intended to help financial institutions and market participants understand their respective obligations and responsibilities.
Publication of Supervisory Statement
ESMA has published a supervisory statement, which outlines its expectations and guidance on certain aspects of the BMR. The statement provides clarity on the application of the BMR to different types of benchmarks and benchmark administrators, and is intended to support supervised entities in their compliance with the regulation.
Launch of Common Supervisory Action
ESMA has announced that it will be launching a Common Supervisory Action (CSA) with National Competent Authorities (NCAs) to ensure consistent application of the MiFID II and MiFIR regimes. The CSA will focus on implementing effective investor protection measures and monitoring the implementation of these measures by supervised entities.
Publication of Industry Guidelines
ESMA has published industry guidelines for the supervision of crowdfunding service providers, which aim to support supervised entities in their compliance with the European Crowdfunding Service Providers for Business Regulation. The guidelines provide guidance on various aspects of the regulation, including registration, authorization, and ongoing supervision.
Launch of Sector-Specific Supervisory Monitoring
The three European Supervisory Authorities (EBA, EIOPA, and ESMA) have launched a sector-specific supervisory monitoring exercise aimed at ensuring that supervised entities comply with their respective obligations under the EU’s financial markets regulations. The exercise will focus on enforcing rules related to risk management, capital adequacy, and crisis management, among others.
Overall, these updates and publications demonstrate ESMA’s commitment to ensuring that the EU’s financial markets regulations are implemented effectively and consistently across the EU. They provide valuable guidance and clarification for supervised entities, helping to ensure a more stable and resilient financial system.
