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European Union : SoC SMSG meeting on 6-7 July 2017

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09/14/2017 | 01:14am CET

Securities and Markets Stakeholder Group

Date: 13 September 2017 ESMA22-106-348


Securities and Markets Stakeholder Group


6-7 July 2017


13.30 - 17:00 on 6 July and 9.00 - 12.00 on 7 July


ESMA, 103 rue de Grenelle, 75007 Paris


[email protected] T: +33 1 58 36 43 39

  1. Report from the Steering Committee

    The SMSG Chair welcomed the new member Rainer Lenz to the Group. Professor Lenz is the Chair of the Board of Finance Watch and Professor in finance at the University of Applied Sci- ences in Bielefeld, Germany.

    The Group also welcomed Christiane Hölz to a second mandate in the group. The Group con- firmed her as one of the two Vice-Chairs of the group for the same period of time as the Chair has left on his mandate.

    The Group raised the point made in the recent SMSG/Joint Board of Supervisors meeting re- lated to the interaction between the SMSG and the CWGs. They find that they could receive agendas and other documentation and on occasion attend some meetings of the CWG.

    The ESMA Chair concluded that ESMA agrees to share the agendas of CWG meetings with the SMSG. This would already allow the SMSG a better understanding of current issues dis- cussed within those groups.

  2. Criteria for assessing the competence of natural persons

    ESMA • CS 60747 - 103 rue de Grenelle • 75345 Paris Cedex 07 • France • Tel. +33 (0) 1 58 36 43 21 • www.esma.europa.eu

    Lubomir Christov gave a presentation on criteria for assessing the competence of persons providing investment advice and advocated oversight of financial planning, independent non- profit professional bodies to assess knowledge and competence.

    SMSG members and ESMA staff (supervisory convergence team) exchanged views on this topic, in particular with regard to the existing guidelines and current practices.

    The SMSG Chair thanked for the presentation concluding that the Group could come back to the topic at a future point in time.

  3. SME

    SMSG members Giovanni Petrella and Tim Ward gave a detailed update of the status of the work in the SME working group with a focus on SME Growth Markets and mini-bonds. The working group will present a paper to the group for the September meeting.

    The SMSG Chair thanked the working group for the presentation and welcomed a paper for the next meeting.

  4. Thematic study on CRA and TR fees

    ESMA gave a presentation of its ongoing work on a thematic study on CRAs and TRs specifi- cally in relation to the transparency and costs charged by these entities to their clients. ESMA will finalise the work by the end of the year and would welcome input from the SMSG.

    The SMSG Chair thanked ESMA staff for the presentation.

  5. Prospectuses

    ESMA presented its ongoing consultation regarding both the technical advice it will provide to the European Commission on level 2-measures under the new Prospectus Regulation, and the regulatory technical standards it will provide. Several SMSG members indicated that they are interested in participating in the development of an SMSG advice paper on the topic.

    The SMSG Chair thanked ESMA for the presentation and concluded that the SMSG will set up a working group on the topic.

  6. Supervisory Convergence Work

    ESMA presented the results of a peer review on the enforcement in relation to financial infor- mation, which presented a number of findings that the level of convergence was lacking in some areas for NCAs regarding enforcement of financial information.

    The SMSG Chair thanked ESMA staff for their presentation.

  7. ESMA MMF Consultation

    ESMA presented its consultation paper on draft technical advice, implementing technical standards and guidelines under the Money Market Funds Regulation.

    The SMSG Chair thanked ESMA for the consultation and stated that SMSG would consider whether to set up a working group.

  8. Securities lending

    SMSG member Jean Berthon presented the SMSG paper on securities lending earlier ap- proved in written form.

    ESMA thanked the SMSG for their useful views on the topic and stated that the peer review on the UCITS guidelines will be launched in the second half of 2017.

  9. CCP Conflicts of Interest management guidelines

    ESMA presented its consultation on Guidelines that lay down requirements on the handling of conflicts of interest within CCPs.

    The SMSG Chair thanked ESMA for the presentation and stated the SMSG would consider if it wished to set up a working group.

  10. ESMA work programme 2018

    ESMA presented the main elements of its 2018 work programme, including the planning pro- cess, and the main activities of assessing risks to investors, markets and financial stability, promoting supervisory convergence, completing a single rulebook and directly supervising specific financial entities. ESMA noted the following four main uncertainties - EMIR review package, Brexit, ESA review and CMU mid-term review. ESMA also accounted for the annual budget and staff resources. ESMA also presented its supervisory convergence work pro- gramme.

    One SMSG member raised a need to work on aspects of rules on valuation /impairment in light of a new economic environment.

    SMSG members raised questions on the ESMA input to the CMU.

    The ESMA Chair highlighted the need for further work on home/host issues. The SMSG Chair thanked ESMA for the presentation.

  11. Trading obligations for derivatives

    ESMA presented its consultation paper on trading obligations for derivatives. ESMA noted i.a. the new challenges in this area in view of the exit of the UK from the European Union as of March 2019.

    SMSG members complemented ESMA on the work done in the area.

  12. SMSG own initiative work

The SMSG discussed two proposals for own initiative work, being firstly a study on "supervi- sory architecture in the EU" and secondly financial reporting challenges resulting from disrup- tive markets in a digitalized world.

The SMSG chair concluded that the proposals would be further discussed within the steering committee and with those initiating the ideas.

12. AOB

There was no other business.

European Union published this content on 13 September 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 13 September 2017 23:13:04 UTC.

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