Einde inhoudsopgave
EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.VI.2.2.8.4
5.VI.2.2.8.4 Delegation to ESMA
mr. J.E.C. Gulyás, datum 01-02-2021
- Datum
01-02-2021
- Auteur
mr. J.E.C. Gulyás
- JCDI
JCDI:ADS266551:1
- Vakgebied(en)
Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht
Voetnoten
Voetnoten
ESMA (Verena Ross), Regulatory and supervisory developments, the challenges ahead – a European Perspective, 20 October 2016 (ESMA/2016/1497), p. 6-7.
ESMA (Verena Ross), Regulatory and supervisory developments, the challenges ahead – a European Perspective, 20 October 2016 (ESMA/2016/1497), p. 6-7.
ESMA (Verena Ross), Regulatory and supervisory developments, the challenges ahead – a European Perspective, 20 October 2016 (ESMA/2016/1497), p. 6-7.
Recital 39 and art. 28 ESMA Regulation 2010. The ESMA Regulation makes clear that where tasks are delegated, the responsibility for supervisory decisions remains with the delegating authority (recital 39 ESMA Regulation 2010).
Reference is made to recital 39 ESMA Regulation 2010.
Reference is made to recital 39 ESMA Regulation 2010.
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. 164-204
ESMA, Reporting Instructions FIRDS Transparency System, 19 October 2018(ESMA65-11-1183), p. 11.
New under MiFID II is that, similar to the reference data tasks, many NCAs (not: all) have delegated their tasks concerning data collection and/or calculation/estimation to ESMA.1 The rationale behind the delegations to ESMA is to improve data quality in the EU. Combined with the reference data delegations, ESMA will provide a central facility in relation to reference data and trading data and the calculation of the MiFID II equity transparency parameters.2 ESMA has indicated that the delegation of the data tasks to ESMA enables to ‘collect data in a more efficient and harmonised manner across the EU, thereby achieving economies of scale and lowering costs for industry and taxpayers, and publish all transparency parameters and reference data on financial instruments in a one-stop shop’.3 In other words, with the delegations to ESMA, the EU is entering a new era of data handling, as supported by a highly European, rather than a national, approach (albeit that not all NCAs have delegated the tasks to ESMA).
The legal basis for the delegations is laid down in the ESMA Regulation.4 The ESMA Regulation makes clear that delegation can be important for several purposes, among other things, a reduction of duplicated supervisory tasks and related economies of scale.5 In this situation, supervisory tasks are reduced and economies of scales are created where, instead of each NCA adopting data infrastructures and having personnel to perform the collection, calculation, and estimation tasks, ESMA (i.e. a single entity) performs these tasks.6 Some NCAs have decided not to delegate 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.7
Overview of (non)-delegating NCAs to ESMA.8Based on the (lack of) delegations, ESMA performs the collection and/or calculation and estimation tasks. ESMA always publishes the calculation/estimation results through the ESMA Website (see paragraph 3 below).