ESMA publishes MiFID commodities consultation responses: ESMA has published a list of responses to its consultation on draft guidelines on the application of C6 and C7 of Annex I of the Markets in Financial Instruments Directive (MiFID). It has received comments from the Federation of European Securities Exchanges, the Council of European Energy Regulators, a joint response from the International Swaps and Derivatives Association and the Futures Industry Association, the London Bullion Market Association and the European Federation of Energy Traders as well as other industry associations and exchanges, banks and energy firms. (Source: Consultation Responses to Draft Guidelines on the Application of C6 and C7 of Annex I of MiFID)

ESMA publishes MiFID 2 papers: On 19 December, ESMA published its final report to the Commission containing its technical advice on key aspects of the MiFID 2 package (the revised Markets in Financial Instruments Directive and the Markets in Financial Instruments Regulation). It also published a consultation paper annexing a set of RTS and Implementing Technical Standards (ITS) on further parts of the package. Our summary condenses the key points of these detailed papers. (Source: ESMA Publishes MiFID 2 Papers)

ESMA releases CRR indices and exchanges report: ESMA has published its Final Report on draft ITS on main indices and recognised exchanges under the CRR for the purposes of calculating eligible capital. The report summarises the original proposals, consultation feedback and the reasons for adopting, or not adopting, the suggestions for each main index or recognised exchange. The main changes are:

  • that ESMA has decided to include indices compatible with either absolute or relative criteria;
  • listing many more indices than originally proposed; and
  • including identified convertible bond indices in the draft ITS as main indices.

ESMA will submit the draft ITS to the Commission, which then has three months to decide whether to approve it. (Source: ESMA ITS on Indices and Exchanges under CRR)

ESMA seeks views on different share classes of UCITS: ESMA has published a discussion paper on the different classes of shares to be allowed in undertakings for the collective investment in transferable securities (UCITS). ESMA is aware that different Member States permit different share classes. In the discussion paper ESMA sets out how it defines a share class, and how to distinguish these from compartments of UCITS. It then discusses possible approaches to the degree of differentiation of share classes to be permitted. ESMA asks for responses by 27 March 2015. (Source: Different Share Classes of UCITS Discussion Paper)

ESMA consults on EEAP: ESMA has published a consultation paper on the draft RTS on a European Electronic Access Point (EEAP). It sets out proposals for technical requirements on the access to regulated information at EU level. The five sections of the paper match the five draft RTS required by the Transparency Directive. These are:

  • on search for regulated information (directed to ESMA);
  • on technologies used by officially appointed mechanisms for the central storage of regulated information (OAMs);
  • on the unique identifier used by OAMs;
  • on the common format for the delivery of regulated information by OAMs; and
  • on the common classification of regulated information by OAMs.

The consultation runs until 30 March 2015 and ESMA must submit the draft RTSs to the Commission by 27 November 2015 for endorsement. (Source: Consultation Paper on the European Electronic Access Point Draft RTS)