ESMA REGULAR USE 12 January 2022 ESMA22-106-3706
Tuesday 16 November 2021
14h00 – 18h00 MS Teams Frederiek. [email protected] europa. eu Tel:
+33 1 58 36 43 37
Date: Time: Location:
Adoption of agenda
agenda was adopted.
2. Confirmation of absence of conflict of
Board endorsed the Chair’s statement whereby she indicated a potential
conflict of interest for agenda item 9 on the ESMA Chair’s
probationary period. She will leave the meeting and thus abstain from
participating in the discussion and decision on the item.
Report by ESMA Chair, Executive Director and CCP
Supervisory Committee Chair
The Chair reported on the
organisation of the December Board, including the end of Anneli
Tuominen’s term as ESMA vice-chair and the upcoming election for her
The Executive Director reported on the:
Ongoing audits concerning ESMA, namely the European Court of Auditors
(ECA)’s ongoing a
performance audit on the Single Market for
investment funds; and
Continued impact of COVID-19 on
ESMA’s activities, in particular that from 20 October 2021 missions
and meetings with external participants are allowed, with restrictions
remaining in place to ensure the safety of ESMA staff and visitors. .
Conclusion: The Board took note of the report and suggested to
discuss the outcome of the ECA’s performance audit on the Single
Market for investment funds at a future Board meeting.
1) Cover note
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Director presented the activity report.
The Board discussed
the activity report, in particular: How to focus efforts on key
deliverables and the necessary prioritisation and resource allocation;
The lack of flexibility of ESMA’s funding structure, in particular
in relation to the ability to act as a risk-
The importance of promoting supervisory convergence to
enhance investor protection in the area of sustainable finance
(preventing greenwashing) and ESMA’s contribution to the Money Market
Funds Review; and
The need for ESMA to continue to attract
and maintain high-quality and specialised staff.
The Board took note of the report.
5. Data Reporting Service
Providers (project update)
The Head of Data
Reporting Unit presented the Data Reporting Service Providers project
The Board discussed the update, in particular the:
Cost for entities of supervision by ESMA and by national competent
authorities, and the difficulty in
obtaining consistent and
comparable data allowing for the appropriate levels of fees to be set;
Importance of a timely adoption of the delegated acts (if
necessary by splitting them and delay only
the delegated act
Proposal to follow a pragmatic approach so that,
on 1 January 2022, the supervision would be handed over to ESMA only
for the Approved Reporting Mechanisms (ARMs) and Approved Publication
Arrangements (APAs) expected to be supervised by ESMA under the future
delegated act, whereas the handover of supervision of those likely to
be eligible for derogation would not be performed on 1 January 2022;
Need to communicate the pragmatic approach in a public
Conclusion: The Board took note of the Data
Reporting Service Providers project update and the proposed
6. Update on 2021 and 2022 budgets and high-level
on 2023 planning
The Executive Director and the Head of Finance
and Procurement Unit presented the update on 2021 and 2022 budgets
and the high-level discussion on 2023 planning.
The Board discussed the update,
in particular the: Complexity of ESMA’s fee structure; Reduction
of fee funded revenues in relation to the supervision of Data
Reporting Service Providers,
Securitisation Repositories and
Benchmark administrators; and
Inclusion of upcoming
mandates under European Commission legislative proposals, including
the Digital Operational Resilience Act (DORA) and the Markets in
Crypto-Assets Regulation (MICA), in the 2023 budget.
Conclusion: The Board discussed and provided support for the
update on the 2021 and 2022 budgets and the high-level presentation
of 2023 planning.
7. Away Day
The Chair presented the issues note on the 2021 Board of
Supervisors away day.
Decision: The Board agreed that the
discussion at the 2021 Board of Supervisors Away Day should be
composed of discussions on (1) ESMA’s next strategic orientation
including supervisory convergence and (2) investor protection in the
context of markets in crypto assets. The Board also agreed that ESMA’s
data strategy should be discussed at a future Board of Supervisors
8. Ethics & Integrity
2) Report on NCAs’ professional secrecy rules
Report on trading rules and practices of NCA staff
The Head of the Legal
and Enforcement Department and the Legal Officers presented the
outcome of the ethics and integrity surveys.
discussed the surveys, in particular the: Benefit of developing
benchmarks of minimum expectations regarding professional secrecy
trading rules and practices based on the results of
the surveys; and
Possibility for ESMA to use the results to
identify good practices to that could be considered for ESMA
Conclusion: The Board discussed the surveys and agreed to
identify common minimum expectations in both draft reports as well as
to perform a fatal flaw check with relevant national competent
authorities and then share the results with the Board of Supervisors.
9. ESMA Chair
2) ESMA Chair probationary period
The Vice-Chair presented the note on the ESMA Chair’s
Decision: The Board selected Derville
Rowland (IE) and Erik Thedéen (SE) as reporting officers appointed to
set the ESMA Chair’s probationary period objectives.
ESMA’s anti-fraud strategy 2022-2025
1) Cover note
Decision: The Board adopted
ESMA’s anti-fraud strategy 2022-2025.
11. A. O. B.
Benoit de Juvigny
Anne Schaedle (alternate)
Frederiek Vermeulen Laura Weil
Head of Legal and Enforcement Department
Head of Unit Data Reporting
Head of Unit Finance and Procurement
the Management Board,
Done at Paris on 12 January
Verena Ross Chair
OF WRITTEN PROCEDURES
Written Procedures (outcomes from 23
September to 16 November 2021)
1. Summary of conclusions – 3
September Management Board
1) Summary of conclusions
23 September 2021
Board adopted the summary of conclusions of the September 2021
2. Summary of conclusions – September
5 November 2021
1) Summary of
Decision: The Board adopted the summary of
conclusions of the September 2021 Management Board.
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