European Securities and Markets Authority (ESMA)

European Single Electronic Format #ESEF | ESMA updated its Reporting Manual on ESEF supporting a harmonised approach for the preparation of annual financial reports. ESMA has also updated the Annex II of the Regulatory Technical Standards on ESEF → https://lnkd.in/gxGcA5us. 👤 issuers are expected to follow this guidance for their 2024 annual financial reports ✅ recommendations when tagging empty fields or dash symbols ✅ clarifying that extension elements should be anchored to core elements sharing the same data type ✅ advising on practices to further improve the readability of the information extracted from a block tag ✅ encouraging the use of unique identifiers for each tagged fact

#PostTrading | Great to interact with more than 500 people at ESMA’s public hearing on T+1 last week 👏 Shortening the settlement cycle represents a significant change to the way in which markets operate today and this applies at all levels from CSDs, to investors going through CCPs, trading venues and intermediaries. The process to get to T+1 in the EU will be complex. 🎦 More on that and what happened in the US → https://lnkd.in/dH5KYGrq. 🎙️ Verena Ross, ESMA Chair’s remarks → https://lnkd.in/dhMqm3Ni 📄 Presentations → https://lnkd.in/duSUpvjA

#CSDR | 📣 ESMA consults on different aspects of the Central Securities Depositories Regulation Refit. The proposed rules relate to the information to be provided by European CSDs to their national competent authorities for the review and evaluation, the information to be notified to #ESMA by third-country CSDs, and the scope of settlement discipline. 🗓️ Send your input by 9 September → https://lnkd.in/d-DkeMxs. 🎯 ESMA aims to streamline information from third-country CSDs - notary, central maintenance, and settlement services in the EU to reduce reporting burden 🎯 The scope of settlement discipline, addressing the cause of settlement fails not attributable to transaction participants and specifies non-trading circumstances

#GoodReads | ESMA conducted a market survey of EU-based neo-brokers and found that most of the firms’ trading volumes originate from retail clients and that shares are the most popular product. #NeoBrokers offer real-time trading via online/mobile platforms and have grown rapidly in recent years → https://lnkd.in/d7mDyfHr. Neo-brokers can bring significant benefits to investors and markets, including promoting capital market participation among households, potentially lower costs and convenient services. At the same time, they may pose risks, e.g. around risky or complex products. #Webinar alert 🔔 Want to now more? Mark your calendars for 17 July 🗓️ Our experts will give a presentation on the findings and will take your questions. #Register by 15 July → https://lnkd.in/dv7jM397.

📖 The latest ESMA Newsletter highlights the Final Report on #Greenwashing, the 2023 Annual Report and other important updates related to the Regulation on the Markets in Crypto-Assets #MiCA → https://lnkd.in/d9DuGQ4V. ESMA released its Final Report on MiCA → https://lnkd.in/dY3ruh3R and Guidelines on suitability of management body members and shareholders → https://lnkd.in/dgcA7NKX. In addition, the ESAs also published a joint Opinion on the assessment of the #SFDR → https://lnkd.in/e3jT_qmm. Discover also: • Consumer Protection Day → https://lnkd.in/dBxrAR9R • Final Report on the Guidelines on Enforcement of Sustainability Information → https://lnkd.in/eptT9RxF • Public Statement on the first application of the European Sustainability Reporting Standards → https://lnkd.in/e5VEkPq5 • Management Board Update → https://lnkd.in/dZHMzNDg • New Securities and Markets Stakeholder Group → https://lnkd.in/d-MpAZBP

#CentralCounterparties | ESMA CCPs Stress test confirms the overall resilience of EU CCPs and third-country Tier 2 CCPs to core credit and liquidity financial risks under the tested scenarios → https://lnkd.in/dHs8V7Mc. 👉 New this year: exploratory analysis of climate risk 👉 Included additional market stress scenarios, enhanced model risk assessments for concentration, and extended reverse stress tests for credit and liquidity 🏢 16 CCPs covered = 2 UK CCPs qualifying as Tier 2 CCPs + all authorised EU CCPs

Fund management | #ESMA is seeking input on Liquidity Management Tools (LMTs) for funds under the revised Alternative Investment Fund Managers Directive and the Undertakings for Collective Investment in Transferable Securities Directive #UCITS. 🗓️ Send your input by 8 October → https://lnkd.in/dteBKUkn. 🎯 the constituting elements of each LMT are defined (calculation methodologies and activation mechanisms) 🎯 ESMA also publishes draft Guidelines on LMTs of UCITS and open-ended AIFs, providing guidance on how managers should select and calibrate LMTs

🌍 #SustainableFinanceEU | #ESMA goes out with key documents which support the consistent application and supervision of sustainability reporting requirements: the Guidelines on Enforcement of Sustainability Information #GLESI and a Public Statement on the first application of the European Sustainability Reporting Standards → https://lnkd.in/dtbVXXjF | 🎦 Video explainer → https://lnkd.in/dQeUJxXA. Through the Statement, ESMA intends to support large issuers in going through the learning curve associated with the implementation of these new reporting requirements. More 👇

#DigitalFinanceEU | #ESMA published the Final Report under the Markets in Crypto-Assets Regulation #MiCA covering draft technical standards that aim to provide more transparency for retail investors, clarity for providers on the technical aspects of disclosure and record-keeping requirements, and data standards to facilitate supervision by National Competent Authorities → https://lnkd.in/d5AxuX98. In detail 🎯 sustainability indicators for crypto-asset consensus mechanisms 🎯 business continuity measures for crypto-asset service providers (CASPs) 🎯 trade transparency 🎯 content and format of orderbooks and record-keeping by CASPs 🎯 machine readability of white papers and the register of white papers 🎯 public disclosure of inside information

🎦 Creating effective and attractive EU capital markets requires improving the wider market ecosystem and putting investors and companies at the heart of it. Steps are needed to ensure capital markets can play their role in supporting the financing needs of Europe. What are ESMA's recommendations? → https://lnkd.in/eXbxgpeY | Factsheet → https://lnkd.in/eP7ZWnAm. The actions proposed go beyond changes to financial regulation and are directed not only to capital market supervisors but also to EU Member States, the European Commission and EU Co-legislators as well as to the financial industry.