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ESAs propose improvements to the sustainable finance disclosure regulation
18 June 2024
Joint Committee
Sustainable finance
The three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today published a joint Opinion on the assessment of the Sustainable Finance Disclosure Regulation (SFDR). The ESAs call for a coherent sustainable finance framework that caters for both the green transition and enhanced consumer protection, taking into account the lessons learned from the functioning of the SFDR.
The ESAs focus on ways to introduce simple and clear categories for financial products. The simplifications consist of two voluntary product categories, “sustainable” and “transition”, that financial market participants should use to ensure consumers understand the purpose of the products. The rules for the categories should have a clear objective and criteria to reduce greenwashing risks.
The ESAs recommend that the European Commission consider the introduction of a sustainability indicator that would grade financial products such as investment funds, life insurance and pension products.
In addition, the Opinion also covers the following areas:
appropriate disclosures for products outside the two categories to reduce greenwashing,
improvements to the definition of sustainable investments,
simplification to the way disclosures are presented to investors,
other technical suggestions including on which products should fall under the scope of SFDR and on how to improve disclosures regarding the negative impact of investments on people and the environment, and
the need for consumer testing before putting forward any policy proposals to review the SFDR, such as to introduce a categorisation system and/or an indicator.
Background
The ESAs deliver this Opinion on their own initiative. The Opinion is published in the context of a comprehensive review of the SFDR framework by the European Commission, which includes the SFDR regulation and Delegated Regulation. Going forward, the ESAs are ready to support the European Commission in future policy considerations on any review of the SFDR framework.
Further information:
Dan Nacu-Manole
Communications Officerpress@esma.europa.eu
18/06/2024
JC 2024 06
Joint ESAs Opinion on the assessment of the Sustainable Finance Disclosure Regulation (SFDR)
EBA and ESMA publish guidelines on suitability of management body members and shareholders for entities under MiCA
27 June 2024
Digital Finance and Innovation
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) today published joint guidelines on the suitability of members of the management body, and on the assessment of shareholders and members with qualifying holdings for issuers of asset reference tokens (ARTs) and crypto-asset service providers (CASPs), under the Markets in Crypto Assets regulation (MiCA).
These two sets of guidelines are part of the EBA and ESMA‘s ongoing efforts to foster a transparent, secure, and well-regulated crypto-assets market, and complement the recently published governance package.
The first set of guidelines covers the presence of suitable management bodies within issuers of ARTs and CASPs, contributing to increase the trust in the financial system. Having robust governance arrangements in place will foster confidence in those assets and services, supporting the development of a healthy crypto-asset ecosystem.
It provides common criteria to assess the knowledge, skills, experience, reputation, honesty and integrity of members of the management body, as well as if they can commit sufficient time to perform their duties to ensure a sound management of these entities.
The second set of guidelines concerns the assessment of the suitability of shareholders or members with direct or indirect qualifying holdings in a supervised entity. This assessment is a key aspect of the gatekeeping function exercised by supervisory authorities, considering the significant influence that these persons may exercise on the management of the supervised entity.
It equips competent authorities with a common methodology to assess the suitability of the shareholders and members with direct or indirect qualifying holdings for the purpose of granting authorisation as issuers of ARTs or as CASPs, and for carrying out the prudential assessment of proposed acquisitions.
More information:
Cristina Bonillo
Senior Communications Officerpress@esma.europa.eu
27/06/2024
ESMA75-453128700-10
Joint EBA and ESMA guidelines on suitability of management body members and shareholders for entities under MiCA
28/06/2024
ESMA75-453128700-1078
Annex I - Joint EBA and ESMA GL on the assessment of suitability MiCAR
ESMA appoints new members of its Securities and Markets Stakeholder Group
21 June 2024
About ESMA
Securities and Markets Stakeholder Group
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has appointed new members of its Securities and Markets Stakeholder Group (SMSG). On 1 July 2024 the new members will start their four-year term, during which they will provide ESMA with advice on its policy work and will be consulted on technical standards and guidelines.
Verena Ross, ESMA’s Chair, said:
“Congratulations to the newly selected SMSG members. I believe that with their strong expertise, diverse professional backgrounds and broad geographical representation, we have ensured ESMA will be receiving different stakeholder views and input from across the European Union. ESMA works to enhance investor protection, build more effective and attractive capital markets in the European Union and safeguard financial stability. This is why I look forward to hearing the SMSG members’ perspectives on market developments and to receiving valuable advice on numerous files under ESMA’s remit.
I would like to thank the outgoing SMSG members for their dedication to the role and their contributions during the last four years. My special gratitude goes to the SMSG Chair, Veerle Colaert, for all her support and the excellent coordination of the group. During its tenure, the outgoing SMSG gave ESMA relevant and valuable stakeholder feedback and advice on the European capital market regulatory framework.”
List of the members of the Securities and Markets Stakeholder Group
The successful candidates were selected from a field of 171 eligible applicants. The individuals listed below will make up the SMSG for four years commencing on 1 July 2024. New SMSG members will hold their first meeting on 5 July 2024.
Name
Nationality
Position
Academics
Barbara Alemanni
Italy
Full professor of financial markets and institutions, University of Genoa; Affiliate professor – financial markets and institution and Research fellow CAREFIN, Bocconi University
Gabriela Ariadna Dumitrescu
Romania
Associate Professor of Finance, ESADE Business School
Morten Kinander
Norway
Professor of Law, BI Norwegian Business School; Director Center for Financial Regulation, BI Norwegian Business School
Giovanni Petrella
Italy
Full Professor of Banking, Catholic University, Milan
Consumer Representatives
Monica Calu
Romania
Member in Advisory Council at the Central Level, National Authority for Consumer Protection, Bucharest
Kęstutis Kupšys
Lithuania
Vice President, Vartotojų Aljansas - Lithuanian Consumers Alliance
Aleksandra Maczynska
Poland
Acting Managing Director, BETTER FINANCE
Guillaume Prache
France
Executive President, Fédération des Associations Indépendantes de Défense des Epargnants pour la Retraite (FAIDER) - Federation of Independent Associations for Retirement Savers
Agustin Reyna
Belgium
Director General, Bureau européen des unions de consommateurs – the European consumer organisation (BEUC)
Christian Martin Stiefmueller
Austria
Senior Adviser, Research & Advocacy, Finance Watch
Users of Financial Services
Christiane Hölz
Germany
Lawyer, Managing Director, Deutsche Schutzvereinigung für Wertpapierbesitz e.V. (DSW)
Sari Lounasmeri
Finland
Chief Executive Officer of Pörssisäätiö - Finnish Foundation for Share Promotion
Employee Representatives
Chris Vervliet
Belgium
Deputy Secretary & Member of Select Committee European Works Council at KBC Group, KBC Asset Management, Brussels (Belgium); member UNIEuropa
Small and Medium Enterprises
Andrus Alber
Estonia
Member of the Supervisory Council, Swedbank Investment Funds; Member of the Board, Finance Estonia
Henning Bergmann
Germany
Chief Executive Officer of Der Mittelstandsverbund – ZGV e.V. - SME Groups Germany
Nikolaos Daskalakis
Greece
Advisor to GSEVEE, the Greek Confederation of SMEs
Ville Kajala
Finland
Senior Advisor, Company and Securities Law, Corporate Governance, Finland Chamber of Commerce
Financial Market Participants
Rosa Armesto
Spain
Director General, Federation of European Securities Exchanges (FESE); Lecturer, Solvay Brussels School of Economics and Management
Florence Bindelle
Belgium
Secretary General, EuropeanIssuers
Urban Funered
Sweden
Chief Executive Officer, Swedish Securities Markets Association; Chairman and Board Member, Swedsec Licensiering; Chairman and Board Member, International Council of Securities Associations
Stephane Giordano
France
Head of Regulatory Strategy Team for Investment Banking Activities, Société Générale; Chairman, L'Association française des marchés financiers (AMAFI) - French financial market association
Emma Lokko
Ireland
Head of Market Structure EMEA, Susquehanna International Group Limited
Ana Martínez-Pina
Spain
Partner, Lawyer of Financial Regulation, Gómez-Acebo & Pombo
Jacqueline Mills
Belgium
Managing Director, Head of Advocacy, Association for Financial Markets in Europe (AFME)
Nicolas Pfaff
France
Deputy Chief Executive and Head of Sustainable Finance, International Capital Market Association (ICMA)
Thomas Richter
Germany
CEO, BVI German Investment and Asset Management Association
Virginie Saade
France
Managing Director, Head of Government and Regulatory Policy, EMEA, CITADEL
Lucas Schmeddes
Netherlands
President & COO ICE Endex, Intercontinental Exchange
Miroslav Singer
Czechia
Chief Economist, Director for Institutional Relationships, Generali CEE Holding; Supervisory Board Deputy Chairman, Moneta Money Bank; Economics Lecturer, Prague University of Economics and Business
Tanguy van de Werve
Belgium
General Director, European Fund and Asset Management Association (EFAMA)
Further information:
Aleksandra Bojanić
Senior Communications Officer@ press@esma.europa.eu
21/06/2024
ESMA71-545613100-2498
ESMA appoints new members of its Securities and Markets Stakeholder Group - Press Release
Registration now open for 11th Joint ESAs Consumer Protection Day in Budapest
03 July 2024
Investor protection
Joint Committee
Sustainable finance
The registration for the 11th Joint Consumer Protection Day organised by the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) on 3 October 2024 in Budapest, Hungary is now open. Interested stakeholders can register until 2 September 2024.
The event aims to unite thought leaders from consumer organisations, regulatory authorities, EU institutions, academia, and key market participants from across the European Union to discuss significant issues in consumer protection within financial services.
Discussions will focus on following themes: Artificial intelligence in financial services, access to consumer centric products and services and sustainable finance (SFDR).
The Joint Consumer Day is hosted by the Central Bank of Hungary (MNB – Magyar Nemzeti Bank) during Hungary's Presidency of the European Union, this year’s Consumer Protection Day will be held at the Lámfalussy Conference Centre in Budapest.
Registration
Interested stakeholders can register via this link no later than 2 September 2024.
Participants are encouraged to register early due to limited seating. The ESAs recommend in-person attendance to ensure optimal expert exchanges and networking opportunities.
For more information about the event, please visit the event’s page.
ESAs and ENISA sign a Memorandum of Understanding to strengthen cooperation and information exchange
ESAs and ENISA sign a Memorandum of Understanding to strengthen cooperation and information exchange
05 June 2024
Digital Finance and Innovation
International cooperation
Joint Committee
Press Releases
The European Supervisory Authorities (EBA, EIOPA, and ESMA - the ESAs) today announced that they have concluded a multilateral Memorandum of Understanding (MoU) to strengthen cooperation and information exchange with the European Union Agency for Cybersecurity (ENISA).
This multilateral MoU formalises the ongoing discussions between the ESAs and ENISA to strengthen their already close cooperation, as a result of the Directive on measures for a high common level of cybersecurity (NIS2 Directive) and the Digital Operational Resilience Act (DORA).
This MoU sets out the framework for cooperation and exchange of information on tasks of mutual interest, including policy implementation, incident reporting, and oversight of critical Information Communication Technologies (ICT) third-party providers. It will also promote regulatory convergence, facilitate cross-sectoral learning and capacity building on areas of mutual interest, and information exchange on emerging technologies.
Verena Ross, Chair of the Joint Committee of the ESAs and ESMA Chair, said:
This new cooperation agreement that we sign today will reinforce the collaboration between the ESAs and ENISA. By bringing together the ESAs working on cybersecurity risk in the financial sector and ENISA as the EU’s cybersecurity agency, we are further strengthening our commitment to safeguarding the financial system from information security risks.
In an interconnected world, ICT risk does not limit itself to one geographical or sectoral area, making cooperation in this field crucial. Through facilitating collaboration and resource sharing, we continue to enhance our capability to detect and respond to cybersecurity threats.
Juhan Lepassaar, Executive Director of the European Union Agency for Cybersecurity (ENISA), highlighted:
The MoU signed today showcases our willingness to move forward with a common and comprehensive approach in cybersecurity both at sectorial and horizontal level. Our efforts towards the implementation and harmonisation of NIS2 and DORA provisions, such as those on incident reporting, are paving the way to intensify our endeavours in creating a robust mechanism for cybersecurity in financial ICT systems.
Notes to editors
The Directive on measures for a high common level of cybersecurity across the Union (NIS2 Directive) is the EU-wide legislation on cybersecurity which provides legal measures to boost the overall level of cybersecurity in the EU.
The Digital Operational Resilience Act (DORA) sets a harmonised and comprehensive regulatory framework on digital operational resilience for EU financial entities and introduces oversight over Critical Third-party ICT Providers (CTPPs).
About ENISA
The European Union Agency for Cybersecurity, ENISA, is the Union's agency dedicated to achieving a high common level of cybersecurity across Europe. Established in 2004 and strengthened by the EU Cybersecurity Act, ENISA contributes to EU cyber policy, enhances the trustworthiness of ICT products, services, and processes with cybersecurity certification schemes, cooperates with Member States and EU bodies, and helps Europe prepare for the cyber challenges of tomorrow. Through knowledge sharing, capacity building and awareness raising, the Agency works together with its key stakeholders to strengthen trust in the connected economy, to boost resilience of the Union’s infrastructure, and, ultimately, to keep Europe’s society and citizens digitally secure.
About the ESAs
The three European Supervisory Authorities (the EBA, EIOPA and ESMA) have the objective to protect the public interest by contributing to the short, medium, and long-term stability and effectiveness of the financial system, for the Union economy, its citizens, and businesses. The ESAs are tasked with developing and implementing a common regulatory framework and convergent supervisory practice across the EU. While most ongoing supervision of financial institutions still rests with the national supervisory authorities, the ESAs also carry out micro-prudential supervision of the EU financial markets along with the national supervisory authorities of the member states, as well as direct supervision of some market players.
Through the Joint Committee, the three ESAs coordinate their supervisory activities in the scope of their respective responsibilities regularly and closely and ensure consistency in their practices. The three ESAs Joint Committee is chaired alternately each year by one of the authorities. In 2024 the forum is chaired by ESMA.
More information:
Cristina Bonillo
Senior Communications Officerpress@esma.europa.eu
05/06/2024
MoU ESAs-ENISA
Memorandum of Understanding on cooperation between the ESA and ENISA
ESAs publish Joint Annual Report for 2023
07 June 2024
Joint Committee
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA - ESAs) today published its 2023 Annual Report, providing an account of the joint work completed over the past year.
In 2023, under the EBA's chairmanship, the Joint Committee continued to play a coordinating role to facilitate discussions and the exchange of information across the three ESAs, the European Commission, and the European Systemic Risk Board (ESRB). Through the Joint Committee the ESAs explore and monitor potential emerging risks for financial markets participants and the financial system as a whole.
The main areas of cross-sectoral focus were joint risk assessment, sustainable finance, digitalisation, consumer protection, securitisation, financial conglomerates, and central clearing. Among the Joint Committee’s main deliverables were policy products for the implementation of the Digital Operational Resilience Act (DORA) as well as ongoing work related to the Sustainable Finance Disclosure Regulation (SFDR).
Background
The Joint Committee is a forum with the objective of strengthening cooperation between the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), collectively known as the three European Supervisory Authorities (ESAs).Through the Joint Committee, the three ESAs coordinate their supervisory activities in the scope of their respective responsibilities regularly and closely and ensure consistency in their practices.
Further information:
Aleksandra Bojanić
Senior Communications Officer@ press@esma.europa.eu
07/06/2024
JC 2024 16
Joint Committee Annual Report 2023
ESMA publishes latest edition of its newsletter
12 June 2024
ESMA newsletter
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its latest edition of the Spotlight on Markets Newsletter.
Your one-stop-shop in the world of EU financial markets focuses in May on the Position Paper with recommendations for more effective and attractive capital markets in the EU and includes a factsheet with the main highlights.
ESMA also issued a Statement with initial guidance to firms using Artificial Intelligence (AI) technologies when they provide investment services to retail clients. Following its public statement of 14 December 2023, guidelines establishing harmonised criteria for the use of ESG and sustainability terms in fund names were shared.
The financial markets regulator also published the Final Report on the rules on conflicts of interests of crypto-asset service providers (CASP) under the Markets in Crypto Assets Regulation (MiCA).
A combined report on the 2023 Common Supervisory Action (CSA) and the accompanying Mystery Shopping Exercise (MSE) on marketing disclosure rules under MiFID II was released, as well as a reminder on rules for sharing information during pre-close calls.
With the objective of increasing access to data of public interest, we published the Statistics on Securities and Markets (ESSM) Report. ESMA also sent out a reminder to CRAs of their obligation to provide full visibility of the events that have led to the discontinuation of a specific rating.
Consultations on the MiFIR review were launched: a consultation on non-equity trade transparency, reasonable commercial basis (RCB) and reference data, a second one on Consolidated Tape Providers and their selection, and a third one on proposed changes to the rules for position management controls and position reporting.
Finally, we published a Call for Evidence on the review of the Undertakings for Collective Investment in Transferable Securities (UCITS) Eligible Assets Directive (EAD).
The newsletter features an announcement on the 11th Joint ESAs Consumer Protection Day, and a full overview of all publications, together with information on next month’s speaking appearances of ESMA staff and vacancies. For updates, follow us on X and LinkedIn.
12/06/2024
ESMA newsletter
Newsletter May 2024
ESMA in 2023 - Focus on investor protection, risk monitoring and supervision
14 June 2024
About ESMA
Board of Supervisors
Management Board
Press Releases
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has published its Annual Report for 2023. It sets out the key achievements of the authority in the first year of implementing its new 5-year strategy, delivering on the mission of enhancing investor protection and promoting stable and orderly financial markets in the European Union (EU).
Verena Ross, Chair of ESMA, said:
“Retail investors are at the core of our strategy through the key role they play in financial markets. In 2023 we saw for the first time that the average cost of investing in certain funds had declined year on year, but there are still significant differences across the Union. We continued our mission to protect investors, including through a mystery shopping exercise on costs and charges under MiFID and targeted warnings about the risks of crypto assets.
As geopolitical tensions and macro-economic developments continued to impact European financial markets in 2023, vigilance and proactive measures by supervisory authorities remained fundamental. ESMA was again at the forefront of coordinating the actions and sharing information between national supervisors in the EU, ensuring common approaches to any crisis responses.
I would like to thank my colleagues in the ESMA Board of Supervisors and Management Board for their continued support.”
Natasha Cazenave, Executive Director of ESMA, said:
“Consistent with our strategic priority to strengthen supervision of EU financial markets we continued to reinforce and streamline the framework we use to identify supervisory risks, not just within ESMA but also with national supervisors.
As ESMA grows and evolves in a complex environment with rapid technological innovation and challenging economic conditions, we focus on retaining a strong culture internally and stay rooted in a clear set of values. This allows us to have the necessary agility needed to continue delivering on our strategic priorities.
I would like to warmly thank all the staff for their commitment and enthusiasm in delivering on ESMA’s mission.”
ESMA's key achievements in 2023
Throughout the year, ESMA actively monitored risks and resilience of financial markets, contributed to completing the single rulebook and supported supervisory convergence notably through extensive work in the digital finance space.
ESMA’s key accomplishments during 2023 include:
Exploring new areas of regulation and working closely with EBA and EIOPA in preparation for the implementation of Digital Operational Resilience Act (DORA).
Preparing for Markets in Crypto-Assets Regulation (MiCA) implementation and together with the NCAs fostering convergent authorisation and supervision approaches, providing guidance to market participants, conducting consultations on detailed rules, and collaborating with international bodies on crypto-asset regulation.
Enhancing supervisory convergence through peer reviews on the supervision of central counterparties (CCPs) and central securities depositories (CSDs), identifying areas for improvement and issuing recommendations to ensure consistent supervision across the EU.
Monitoring retail investment markets and reporting on the costs and performance of retail investment products, highlighting cost reductions and variations across products and Member States, and recommending that investors carefully evaluate costs and diversify investments.
Enhancing sustainability disclosures through active participation in the development and application of European Sustainability Reporting Standards (ESRS) and in the IOSCO endorsement of the IFRS Sustainability Disclosure Standards.
Launching a new data strategy for 2023-2028, aiming to leverage technology and data to improve market supervision and investor protection. The strategy outlines six key objectives to enhance data utilization, reduce reporting burden and promote data-driven supervision.
Assessing greenwashing through a progress report on greenwashing risks and supervision, setting out a definition of greenwashing agreed with EBA and EIOPA, identifying material risks across the sustainable investment value chain and outlining preliminary remediation actions.
These achievements reflect ESMA's commitment to navigating the evolving financial landscape, ensuring effective regulation and supervision, and protecting investors in the EU.
Further information:
Solveig Kleiveland
Communications Team Leaderpress@esma.europa.eu
14/06/2024
ESMA22-50751485-1453
2023 Annual Report
14/06/2024
ESMA71-545613100-2542
ESMA in 2023 - Focus on investor protection, risk monitoring and supervision - Press Release
The registration for the 11th Joint Consumer Protection Day organised by the three European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) on 3 October 2024 in Budapest, Hungary is now open. Interested stakeholders can register until 2 September 2024.
European Commission Speech Lisbon, 03 Jul 2024 This is great day. A big day.
A big day for Europe.
And a big day for all of you.
In January 2022 I proposed a new and stronger mandate for you.
And today, tw...