European Securities and Markets Authority (ESMA)’s Post

Great to see the Recommendations of the European Securities and Markets Authority (ESMA) emerge. Some important post-trade touchpoints here, not least of which is an old chestnut, "Advancing on harmonising key aspects of related law". On this, ESMA refers to the Shareholder Rights Directive specifically, tying the goals of the Directive in with the corporate law, which is adopted at the national level yet the effectiveness of which is impacted in practice by the cross-border reality of what is referred to as "the whole investment chain". The Association of Global Custodians has for some time asserted the importance of addressing national law divergences in order to fully realise the benefits for investors and issuers that a pan-EEA shareholders rights framework is supposed to deliver. We are pleased to see ESMA prioritising this point in the Recommendations. #shareholdersrights #posttrade #ESMA #securitiescustody

ESMA's position paper on enhancing the EU’s capital markets outlines 20 strategic recommendations designed to invigorate the markets and (fingers crossed) better serve the interests of European citizens and businesses. Key recommendations include: - Expanding investment choices for individuals in the EU, providing more (safe) avenues to grow their savings, and encourage financial education; - Elevating financing mechanisms for enterprises, fostering innovation and expansion; and - Refining regulations to ensure they’re nimble, supervision is uniform, and the EU’s markets remain globally competitive. On paper (pun intended) these recommendations provide a comprehensive roadmap for enhancing the EU’s capital markets, however the transition from theory to practice is where complexities will undoubtedly emerge.

🔴 ESMA makes recommendations for more effective and attractive capital markets in the EU. We focus on 3 dimensions: citizens, companies and the EU regulatory and supervisory framework. The actions 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 → https://lnkd.in/dkVFSH7t. 🗨️ Verena Ross, ESMA Chair: 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. Therefore, ESMA today puts forward proposals for how markets can serve the needs of European citizens and businesses. Recommendations 👇

Following the publication of the Noyer Report in April with a thorough analysis of the weaknesses of the European capital markets, ESMA has published a position paper with a focussed set of proposals. One of the proposals deals with securitization. Securitizations can be a powerful tool to strengthen the financial industry and to support transition finance. However, the current regulation needs some fine tuning to make the securitisation market more attractive and more liquid. This was one of the three main topics of the Noyer report and it is one of the key suggestions (#10) put forward by the ESMA. ESMA requests that the European Commission should put forward a proposal aiming to revitalise the EU securitisation market, on the basis of a holistic and comprehensive review of the current framework. "While remaining conscious of potential risks to financial stability and investor protection this should particularly look at * prudential treatments, * due diligence rules for institutional investors, * reporting requirements for certain types of assets, * the consistency of STS criteria and * the supervisory process." The ESAs shall set out proposals by Q4 2024. #securitisation #esma #transitionfinance #securitisationregulation

Great to see this paper from ESMA with the #1 objective being empowering and educating retail investors....

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A strong Capital Markets Union is essential for a competitive and resilient Europe, yet progress is sluggish and European capital markets remain fragmented. The AFM and DNB call on policymakers to take an ambitious approach to build a competitive and truly European capital market.   In our joint position paper we present recommendations to shape the right policies and create a competitive European capital market. Read the paper below.

🆕📰 Discover the challenges and potential of EU capital markets in our latest commentary, authored by Karel Lannoo! Delve into the impact that a 🇪🇺 Securities and Exchange Commission could have on Europe's financial competitiveness ⤵ 🔗READ MORE HERE: https://lnkd.in/d4rH-rj5

🔔 The ESMA is stepping up to become the "gatekeeper" of the EU, enhancing its direct supervisory powers to prevent financial institutions from "arbitraging" between national regulations. In its bold position paper, "Building More Efficient and Attractive Capital Markets in Europe," ESMA unveils 20 game-changing recommendations to create a thriving financial ecosystem that puts investors and companies front and center. These recommendations focus on three key pillars: ➡ Unlocking new investment opportunities for European citizens; ➡ Supercharging the financing of European companies; ➡ Boosting regulatory agility, supervisory coherence, and global competitiveness. 🤔 Good news or cause for concern... While the ambition for a European level playing field under ESMA's stewardship is commendable, there is a risk of fostering a bureaucratic jurisdiction detached from the on-the-ground realities, especially for mid-sized asset management firms. A "one size fits all" approach, which could be the corollary of an imposed level playing field, might unduly increase regulatory obligations for smaller players. In any case, it is a topic to follow closely! https://lnkd.in/eksfEQ-E