Financial Market Regulation

State of play: on 12 June 2014, the Regulation was published in the Official Journal (L 173/1)

Level 1

• 7 October 2020, the Commission adopted the implementing regulation 2020/1406 laying down implementing technical standards with regard to procedures and forms for exchange of information and cooperation between competent authorities, ESMA, the Commission and other entities.

Level 2

• 13 December 2019, ESMA published the responses it received to its consultation on the review of the MAR.
• 6 May 2020, ESMA launched a consultation on the functioning of the small and medium-sized enterprises (SME) Growth Market regime in the EU and on two draft technical standards, introduced by the amendments to the Market Abuse Regulation (MAR), for the promotion of the use of SME Growth Markets.

Level 3

• 8 October 2019, ESMA issued its final report on a set of Regulatory Technical Standards (RTS) on the application of the Market Abuse Regulation (MAR).
• 12 December 2019, ESMA published the annual report concerning administrative and criminal sanctions as well as other administrative measures issued by NCAs under the MAR.
• 12 December 2019, ESMA published a peer review report on how national competent authorities (NCAs) handle suspicious transactions and order reports (STOR) under the MAR.
• 13 December 2019, ESMA issued its second annual report on the application of accepted market practices (AMPs) in accordance with the MAR.
• 19 December 2019, ESMA published a list of NCAs that have increased the thresholds for the notification of transactions of persons discharging managerial responsibilities and closely associated persons under the MAR.
• 13 February 2020, ESMA published a table comprising national competent authorities that comply or intend to comply with MAR guidelines for persons receiving market soundings.
• 24 September 2020, ESMA published a report on the functioning of the Market Abuse Regulation (MAR).
• 29 October 2020, ESMA submitted technical standards to the European Commission under the Market Abuse Regulation.
• 22 December 2020, ESMA has published its annual report on the application of accepted market practices in accordance with the Market Abuse Regulation.

State of play: on 28 May 2019, the Regulation was published in the Official Journal (L141/42)

Level 1

Commission

• 4 May 2017, the Commission published the EMIR refit proposal and launched a two-month consultation on a second set of amendments to EMIR.
• 20 September 2017, the Commission published a modified legislative proposal, as part of its wider package to reform the European system of financial supervision (ESAs review).

Council

• 20 December 2017, the Council adopted its negotiating position on the EMIR refit text. 

Parliament

• 10 October 2017, the ECON Committee held a first exchange of views.
• 26 January 2018, the ECON Committee presented its draft report on the proposal.
• 21 February 2018, the ECON Committee held a second exchange of views.
• 16 May 2018, the ECON committee adopted the report on supervision and third-country CCPs.

Trilogue negotiations

• 13 March 2018, the Parliament and the Council reached a political agreement on the proposal.
• 18 April 2019, the Parliament adopted the trilogue agreement in plenary.

Level 2

• 28 March 2019, ESMA published a statement on the implementation of the new EMIR Refit regime for clearing obligation for financial and non-financial counterparties.
• 12 December 2019, ESMA published the responses received to its consultation on its draft technical advice on commercial terms for providing clearing services under EMIR (FRANDT).
• 13 December 2019, ESMA launched a public consultation on future procedural rules regarding penalties for third-country central counterparties (TC-CCPs), trade repositories (TRs) and credit rating agencies (CRAs).
• 26 March 2020, ESMA launched a consultation on the technical standards on reporting, data quality, data access and registration of Trade Repositories under EMIR REFIT.
• 30 March 2020, ESMA published its final report containing draft RTS for central counterparty (CCP) colleges under EMIR 2.2.
• 31 March 2020, ESMA published its final technical advice to the European Commission on procedural rules for imposing fines and penalties on third country central counterparties (TC-CCPs) and alignment of those for TRs and CRAs.
• 2 June 2020, ESMA published its final report with technical advice to the European Commission on the fair, reasonable, non-discriminatory and transparent (FRANDT) commercial terms for the provision of clearing services.
• 11 June 2020, the European Commission launched three consultations on draft delegated regulations on the supervision of non-EU central counterparties (CCPs) concerning: i) compliance of non-EU clearing houses; ii) systemic importance of third-country central counterparties; iii) fees to be charged to third-country central counterparties.
• 8 December 2020, the Commission published a draft delegated regulation on procedures for penalties imposed on trade repositories.
• 8 December 2020, the Commission published a draft delegated regulation on procedures for penalties imposed on third-country CCPs by ESMA.
• 27 January 2021, the Commission published a delegated regulation on files’ content to be submitted to ESMA amending the rules governing the procedures for penalties on trade repositories.
• 27 January 2021, the Commission published a delegated regulation on rules pf procedure for penalties imposed on third-country central counterparties or related third parties by ESMA.
• 27 January 2021, the Commission published an equivalence decision for US central counterparties.
• 9 February 2021, the Commission published a draft delegated regulation on EU trade repositories.

Level 3

• 31 January 2019, ESMA released a statement addressing EMIR Refit implementation.
• 28 March 2019, ESMA released a public statement on the implementation of the new EMIR Refit for the clearing obligation for financial and non-financial counterparties.
• 20 December 2019, ESMA published a follow-up to the thematic report on fees charged by CRAs and TRs.
• 7 January 2020, ESMA issued a final report on a survey it conducted into membership arrangements and due diligence by central counterparties (CCPs) towards clearing members in both areas under EMIR.
• 9 July 2020, ESMA sent a letter to the Commission as a contribution to the consultation on the delegated acts on tiering, comparable compliance and fees related to third-country central counterparties (TC-CCPs) under EMIR 2.2.
• 13 July 2020, ESMA published the results of its third EU-wide CCP stress test exercise
• 29 January 2021, ESMA launched a consultation on the revision of CRA’s fees.
• 24 February 2021, ESMA published guidelines on common procedures and methodologies on supervisory review and evaluation process of CCPs under EMIR.

State of play: 30 June 2017, the Regulation was published in the Official Journal (L 169/8)

Level 1

Commission

• 4 September 2013, the proposal was published.

Parliament

• 29 April 2015, the report of the ECON Committee was adopted in plenary session.
• 8 December 2016, the ECON Committee adopted the text based on the trilogue agreement.
• 5 April 2017, the Parliament adopted the text in plenary.

Council

• 15 June 2016, the Coreper agreed a negotiating stance on a draft regulation on money market funds.
• 17 June 2016, the Council confirmed the Coreper's agreement and approved the negotiations mandate.

Trilogue negotiations

• 7 December 2016, the Council and the Parliament reached a political agreement.
• 16 May 2017, the Council adopted the MMF Regulation (by QMV, Luxembourg voted against).

Level 2

• 17 November 2017, ESMA published its final report on technical advice, draft implementing technical standards and guidelines under MMFR.
• 31 March 2020, ESMA announced that the first reports by money market funds managers under the MMF Regulation should be submitted in September 2020.

Level 3

• 21 March 2018, ESMA published the translated guidelines on stress tests scenarios under Article 28 of the MMFR.
• 20 July 2018, ESMA sent a letter to the Commission asking for more clarity on share cancellation under MMFR.
• 11 December 2018, ESMA published the responses to its consultation on stress testing for money market funds.
• 26 February 2019, ESMA published the responses to its consultation on reporting guidelines under the MMFR.
• 19 July 2019, ESMA issued two sets of guidelines regarding the stress testing and reporting to NCAs.
• 3 December 2019, ESMA published a table referring to competent authorities complying or intending to comply with its guidelines on stress test scenarios under the MMF Regulation.
• 4 March 2020, ESMA published the official translations of its guidelines on stress test scenarios under the MMF Regulation.
• 22 June 2020, ESMA issued the official translations of its guidelines on standardised procedures and messaging protocols under article 37 of the MMF Regulation.
• 9 July 2020, ESMA issued a statement to clarify the potential interaction between the intermediation of credit institutions and the requirements of Article 35 of the MMF Regulation on external support. (Covid-19)
• 2 October 2020, ESMA announced an update of the validations of the technical instructions for reporting under the Money Market Funds Regulation (MMFR).