ESMA Securities Regulation
European Securities and Markets Authority role in securities markets regulation.
View original at European Securities and Markets Authority
ESMA Securities Regulation
The European Securities and Markets Authority (ESMA) is the EU's financial markets regulator and supervisor.
ESMA Mandate
Core Objectives
- Investor protection
- Orderly and stable financial markets
- Financial stability
Key Functions
- Single Rulebook development
- Supervisory convergence
- Direct supervision of specific entities
- Risk assessment
Direct Supervision
ESMA directly supervises:
- Credit Rating Agencies (CRAs)
- Trade Repositories
- Securitisation Repositories
- Third-country CCPs (Tier 2)
- Benchmarks (critical)
Key Regulations
MiFID II / MiFIR
- Markets in Financial Instruments
- Trading transparency
- Investor protection
- Market structure
MAR - Market Abuse Regulation
- Insider dealing prohibition
- Market manipulation
- Disclosure of inside information
EMIR - European Market Infrastructure Regulation
- OTC derivatives clearing
- Trade reporting
- Risk mitigation
SFDR - Sustainable Finance Disclosure Regulation
- ESG disclosures
- Principal adverse impacts
- Product categorisation (Articles 6, 8, 9)
CSDR - Central Securities Depositories Regulation
- CSD authorisation
- Settlement discipline
- T+2 settlement
Supervisory Convergence
Peer Reviews
- Assess implementation consistency
- Identify best practices
- Follow-up actions
Q&As
- Practical application guidance
- Consistent interpretation
- Updated regularly
Common Supervisory Actions
- Coordinated thematic reviews
- Cross-border cooperation
- Enforcement coordination
ESMA Guidelines
Key guidelines covering:
- Product governance
- Suitability and appropriateness
- Transaction reporting
- Best execution
- Inducements