Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.VI.2.3.7.2
5.VI.2.3.7.2 Level 1 and Level 2 text: delegation to ESMA
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266798:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
See, for example, the ESMA briefing noting that for the double volume cap mechanism, trading venues and CTPs (upon request) report to ESMA (instead of NCAs) (ESMA, Briefing: MiFID II technical data reporting requirements, 12 January 2016(ESMA00-6-265). As noted, MiFID II already assigns ESMA as the entity responsible for making the double volume cap calculations. Hence, no delegation from NCAs to ESMA in terms of calculations is possible for the double volume cap calculations.
The legal basis of the delegation can be found in recital 39 and art. 28 ESMA Regulation.
ESMA (Verena Ross), Regulatory and supervisory developments, the challenges ahead – a European Perspective, 20 October 2016 (ESMA/2016/1497), p. 6-7.
This argument is based on ESMA, Cost Benefit Analysis – Annex II: Draft Regulatory and Implementing Technical Standards MiFID II/MiFIR, 28 September 2015(ESMA/2015/1464), p. 164.
ESMA, Reporting Instructions: Double Volume Cap System, 22 October 2018(ESMA65-11-1198), p. 9.
Many (not: all) NCAs have delegated the tasks of data collection for the double volume cap calculations to ESMA.1 Similar to the other delegations from NCAs to ESMA (see paragraphs 1-2 above), the delegations are to improve data quality in the EU.2 Delegation enables ESMA to set up a central facility for the double volume cap results. The delegation to ESMA also supports economies of scale, since not each individual NCAs is required to set up a data infrastructure and to have personnel for data collection.3 Not all NCAs have delegated the data collection and/or calculation and estimation tasks to ESMA. An NCA could, for example, decide not to delegate to ESMA because the NCA already invested in data infrastructures/personnel to perform the MiFID II tasks.4
Overview of (non)-delegating NCAs to ESMA.5Based on the regime in question, the NCA (in case of non-delegating) or ESMA (in case of delegating) collects the data for the double volume cap calculations. ESMA is required to perform the calculations and to publish the results through the ESMA Website (see paragraph 3 below).