Amending certain Regulations as regards the further development of capital market integration and supervision within the Union

It affects financial market infrastructures, trading venues, central counterparties, central securities depositories, crypto-asset service providers, investment funds, asset managers, issuers and investors using EU capital markets.

• Gives ESMA direct supervision of significant trading venues, CCPs, CSDs and all crypto-asset service providers.
• Creates a Pan-European Market Operator status for running multiple trading venues under one authorisation.
• Simplifies cross-border marketing and de-notification for UCITS and EU AIFs through an ESMA data platform.
• Expands and makes permanent the DLT Pilot Regime, with higher limits and simplified rules for smaller infrastructures.

Transitional law

Transitional provisions cover existing CCP authorisations and the transfer of crypto-asset service provider supervision from national authorities to ESMA.

• Regulation (EU) No 1095/2010 (32010R1095)
  • art. 1: amends ESMA mandate and inserts paragraph 3b on powers over supervised financial market participants
  • art. 3: amends accountability reporting to Council and Parliament
  • art. 4: amends definitions and adds supervised participants, applicant authority and requested authority
  • art. 6: replaces Management Board reference with Executive Board
  • art. 8: amends ESMA tasks and powers, including direct supervision and supervisory technology
  • art. 8a: inserts duty of cooperation between ESMA and relevant authorities
  • art. 9a: broadens ESMA no-action letter powers
  • art. 10: amends regulatory technical standards procedure and suspension powers
  • art. 15: amends implementing technical standards procedure and suspension powers
  • art. 16b: deletes Article 16b
  • art. 17: amends breach of Union law procedure and ESMA decision powers
  • art. 17aa: inserts powers addressing supervisory failures in approvals
  • art. 17aaa: inserts suspension of cross-border service rights
  • art. 19a: introduces collaboration platforms between competent authorities
  • art. 28a: inserts mutual recognition mechanism for administrative fines
  • art. 28b: inserts assistance mechanism for recovery of administrative fines
  • art. 39a-39m: inserts horizontal ESMA supervisory procedural powers framework
  • art. 39n: harmonises ESMA supervisory fee principles
  • art. 40: amends Board of Supervisors composition
  • art. 43: clarifies responsibilities of ESMA boards
  • art. 44a: introduces independent Executive Board governance
  • art. 46a: sets out Executive Board tasks and decision-making powers
• Regulation (EU) No 648/2012 (32012R0648)
  • art. 2: amends competent authority definition and adds CCP significance definitions
  • art. 7: gives ESMA arbitration role for CCP access requests
  • art. 8: gives ESMA arbitration role for trading venue access requests
  • art. 12: gives ESMA power to impose penalties
  • art. 14: adapts authorisation procedure for ESMA supervision of significant CCPs
  • art. 17: adapts CCP procedures for ESMA role
  • art. 17c: adapts procedure and information flows for significant CCP relevant authorities
  • art. 18: abolishes colleges for significant CCPs and makes ESMA sole chair for less significant CCP colleges
  • art. 20: adapts CCP procedure to ESMA’s new role and relevant authorities
  • art. 22: allows Member States to appoint ESMA for less significant CCPs
  • art. 22a-22c: inserts ESMA direct supervision framework for significant CCPs
  • art. 22d: lists relevant authorities for significant CCPs
  • art. 23: adds ESMA collaboration with relevant authorities for significant CCPs
  • art. 24: adapts emergency provisions to ESMA role
  • art. 24a: reflects ESMA Executive Board and removal of CCP Supervisory Committee
  • art. 24d: reflects ESMA Executive Board and removal of CCP Supervisory Committee
  • art. 24e: deletes Article 24e
  • art. 25c: reflects ESMA Executive Board and removal of CCP Supervisory Committee
  • art. 54: gives ESMA approval role for interoperability arrangements
  • art. 89: aligns transitional provisions for already authorised CCPs
  • art. 90: deletes Article 90
  • art. Annex V: lists infringements for ESMA fines
• Regulation (EU) No 600/2014 (32014R0600)
  • art. Title Ia: inserts harmonised trading venue and pan-European market operator framework
  • art. 14: enhances systematic internaliser quote transparency for retail orders
  • art. 15: requires price improvement quote updates for retail client orders
  • art. 21: exempts certain third-country trading venue OTC derivative transactions from APA publication
  • art. 35: streamlines trading venue access to CCP services
  • art. 36: streamlines CCP access to trading venue feeds and prohibits preferred clearing restrictions
• Regulation (EU) No 909/2014 (32014R0909)
  • art. 2: updates definitions for DLT, e-money tokens, CSD hubs and ESMA supervision
  • art. 10: reflects ESMA role as supervisor and oversight powers
  • art. 11: gives ESMA direct supervisory authority over significant CSDs
  • art. 11a: sets conditions and procedures for determining significant CSDs
  • art. 14: adds detailed cooperation provisions among ESMA, relevant and national authorities
  • art. 15: adapts procedure for ESMA role
  • art. 16: adapts authorisation procedure for ESMA role
  • art. 17: adapts CSD authorisation procedure for ESMA role
  • art. 19: adapts CSD service extension procedure for ESMA role
  • art. 19a: introduces simplified outsourcing process within CSD groups