ESMA was required to amend its original action plan as data completeness for the various asset classes had not reached adequate levels when ESMA conducted its completeness analyses. Given the complexity and size of the task, ESMA then decided to focus on improving completeness for a select number of asset classes while postponing the publication for others.
The updated implementation schedule means ESMA will publish the necessary EU wide data, for the first time by:
-
1 August 2018 - covering a period from 3 January 2018 to 30 June 2018 for equity, equity-like and bond instruments. Investment firms will then have to perform their first assessment and, where appropriate, comply with the SI obligations by 1 September 2018.
-
1 February 2019 - covering a period from 1 July 2018 to 31 December 2018 for ETCs, ETNs, SFPs, securitised derivatives, emission allowances and derivatives. SI’s will have to eventually comply with the obligations from 1 March 2019.
ESMA will publish results only if trading venues have submitted data for at least 95% of all trading days and will not trigger publication if the quality of the data received for an instrument is not considered sufficient. The data publications will also incorporate OTC trading to the extent it has been reported to ESMA.
Following this, ESMA publications will be updated on a quarterly basis in respect of a rolling six months assessment period and investment firms are expected to self-assess and comply after a reduced two week period. ESMA notes that for the SI calculations having a high level of completeness in the reported information is crucial.
Full news
Q&As
© ESMA
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article