European Securities and Markets Authority

ESA’s Joint Board of Appeal suspends the decision by the European Securities and Markets Authority to withdraw the recognition decision of Dubai Commodities Clearing Corporation as a Tier 1 third-country central counterparties 

Retrieved on: 
Thursday, November 9, 2023

25 October 2023

Key Points: 
  • 25 October 2023
    The Joint Board of Appeal (“the Board”) of the European Supervisory Authorities (“ESAs”) decided that the application for suspension brought by Dubai Commodities Clearing Corporation (“DCCC”) against the European Securities and Markets Authority (“ESMA”) is admissible and suspends the ESMA Decision.
  • DCCC challenged ESMA’s Decision, asking the Board to extend the adaptation period and to suspend the withdrawal Decision until the outcome of the appeal is concluded.
  • The Board finds that the appeal case is admissible and suspends the ESMA Decision.
  • Franca Rosa Congiu
    [email protected] | +33 1 86 52 7052 | Follow @EBA_News

European Supervisory Authorities publish joint criteria on the independence of supervisory authorities

Retrieved on: 
Thursday, November 9, 2023

25 October 2023

Key Points: 
  • 25 October 2023
    The three European Supervisory Authorities– the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA) and European Securities and Markets Authority (ESMA) (EBA, EIOPA and ESMA – the ESAs) – today published their joint criteria on the independence of supervisory authorities.
  • Supervisory independence is key to ensure that fair, effective and transparent decisions are taken by appropriately resourced supervisory authorities.
  • Building on these reports and based on the 2021 EIOPA’s criteria and international standards, the ESAs further worked together to issue joint criteria on the independence of supervisory authorities.
  • The criteria can be used by supervisory authorities as a tool to enhance their independence and, at a later stage, by the ESAs to assess supervisory independence in the EU.

The EBA consults on draft technical standards on own funds requirements and stress testing of issuers under MiCAR

Retrieved on: 
Thursday, November 9, 2023

08 November 2023

Key Points: 
  • 08 November 2023
    The European Banking Authority (EBA) today a launched two consultations on draft Regulatory Technical Standards (RTS) on own funds requirements and stress testing of issuers under the Markets in Crypto-Assets Regulation (MiCAR) which form part of the prudential package of MiCAR products.
  • The first RTS specify the adjustment of own funds requirements and stress testing of issuers of asset-referenced tokens and e-money tokens.
  • The second RTS specify the procedure and timeframe to adjust its own funds requirements for issuers of significant asset-referenced tokens or of e-money tokens.
  • These consultations, together with other consultations papers published today, form part of the third batch of MiCAR policy products.

The EBA consults on draft Guidelines on recovery plans for issuers of asset-referenced tokens and e-money tokens under MiCAR

Retrieved on: 
Thursday, November 9, 2023

08 November 2023

Key Points: 
  • 08 November 2023
    The European Banking Authority (EBA) today launched a consultation on draft Guidelines on recovery plans to be drafted by issuers of asset-referenced tokens (ARTs) and e-money tokens (EMTs).
  • These draft Guidelines set out the requirements with respect to the format of the recovery plans and the information to be included therein.
  • This consultation together with other consultations papers published today form part of the third batch of MiCAR policy products.
  • Supervision tasks are conferred on the EBA for ARTs and EMTs that are determined by the EBA to be significant.

The EBA consults on draft technical standards on supervisory colleges under MiCAR

Retrieved on: 
Thursday, November 9, 2023

The draft RTS also specify the general conditions for the functioning of supervisory colleges under MiCAR.

Key Points: 
  • The draft RTS also specify the general conditions for the functioning of supervisory colleges under MiCAR.
  • This consultation together with other consultations papers published today form part of the third batch of MiCAR policy products.
  • Article 119(1) of MiCAR requires the EBA to establish, manage and chair a consultative supervisory college for each issuer of a significant ART or of a significant EMT.
  • The role of supervisory colleges under MiCAR is to facilitate the exercise of the EBA’s supervisory tasks under MiCAR and to facilitate the cooperation and exchange of information among its members.

ESMA encourages preparations for a smooth transition to MiCA

Retrieved on: 
Thursday, November 9, 2023

ESMA encourages preparations for a smooth transition to MiCA

Key Points: 
  • ESMA encourages preparations for a smooth transition to MiCA
    The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes a letter and a statement to encourage preparations for a smooth transition to MiCA.
  • Market participants are encouraged to begin planning towards a smooth transition and ensure their clients are aware of the regulatory status of their ‘grand-fathered’ crypto-asset offerings.
  • The statement also reminds consumers of the risks associated with holding or investing in crypto-assets until and even after MiCA enters into application.
  • More information on the timeline for MiCA implementing measures and the transitional period can be found here.

EBA and ESMA consult on two sets of joint guidelines under MiCA

Retrieved on: 
Thursday, November 9, 2023

EBA and ESMA consult on two sets of joint guidelines under MiCA

Key Points: 
  • EBA and ESMA consult on two sets of joint guidelines under MiCA
    The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) today published a Consultation Paper on two draft Joint Guidelines covering suitability assessment of members of the management body, and suitability of shareholders and members with qualifying holdings of issuers of asset referenced tokens (ARTs) and of crypto-asset service provider (CASPs).
  • Consultation process
    Comments to this consultation can be sent to the EBA by clicking on the "send your comments" button on the consultation page.
  • The EBA will inform ESMA of all the comments received.
  • All received contributions will be published at the end of the consultation, unless requested otherwise.

ESMA finds natural gas futures markets functioned appropriately during the August 2022 price surge

Retrieved on: 
Thursday, November 9, 2023

ESMA finds natural gas futures markets functioned appropriately during the August 2022 price surge

Key Points: 
  • ESMA finds natural gas futures markets functioned appropriately during the August 2022 price surge
    The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, today publishes a study on the record surge in prices in European natural gas futures markets in August 2022.
  • Natural gas derivative markets came into the spotlight with the Russian invasion of Ukraine, which drove uncertainty and later led to falls in Russian supplies.
  • Despite the record prices during August 2022, the findings presented in the study do not show correspondingly high illiquidity.
  • Taken together, these elements suggest that markets continued to function appropriately during the August 2022 market events.

ESA’s Joint Board of Appeal suspends the decision by the European Securities and Markets Authority to withdraw the recognition decision of Dubai Commodities Clearing Corporation as a Tier 1 third-country central counterparty

Retrieved on: 
Thursday, November 9, 2023

ESA’s Joint Board of Appeal suspends the decision by the European Securities and Markets Authority to withdraw the recognition decision of Dubai Commodities Clearing Corporation as a Tier 1 third-country central counterparty

Key Points: 
  • ESA’s Joint Board of Appeal suspends the decision by the European Securities and Markets Authority to withdraw the recognition decision of Dubai Commodities Clearing Corporation as a Tier 1 third-country central counterparty
    The Joint Board of Appeal (“the Board”) of the European Supervisory Authorities (“ESAs”) decided that the application for suspension brought by Dubai Commodities Clearing Corporation (“DCCC”) against the European Securities and Markets Authority (“ESMA”) is admissible and suspends the ESMA Decision.
  • The application was brought in relation to ESMA’s Decision, adopted under Article 25p Regulation (EU) No 648/2012 (EMIR), to withdraw the recognition of DCCC as a Tier 1 third-country central counterparties (CCP) as a consequence of the United Arab Emirates (UAE) being included in the list of high-risk third countries provided for in the Commission Delegated Regulation (EU) 2016/1675.
  • DCCC challenged ESMA’s Decision, asking the Board to extend the adaptation period and to suspend the withdrawal Decision until the outcome of the appeal is concluded.
  • The Board finds that the appeal case is admissible and suspends the ESMA Decision.