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European Securities & Markets Authority (ESMA) meaning
What does European Securities & Markets Authority (ESMA) mean?
In legal practice, the European securities and Markets authority (esma) is the EU‑level markets regulator that shapes the “single rulebook” and coordinates supervision across national competent authorities. Created by Regulation (EU) No 1095/2010, the term is used in legislation rather than as a purely descriptive label.
Key functions include: drafting regulatory and implementing technical standards under MiFID II/MiFIR, EMIR, MAR, the Prospectus Regulation, AIFMD and UCITS; issuing guidelines and Q&As; assessing risks to investors, markets and financial stability; and promoting supervisory convergence through peer reviews and common enforcement approaches. ESMA also holds specific intervention powers provided by EU law (for example in relation to short selling and product intervention).
ESMA directly supervises and can fine certain entities at EU level, notably credit rating agencies, trade repositories (under EMIR and SFTR) and securitisation repositories, and maintains related public registers.
Jurisdictional note: In Ireland, ESMA measures apply through the Central Bank of Ireland as national supervisor. In the UK, ESMA has no direct jurisdiction post‑Brexit; FCA/PRA supervision is under onshored UK law. However, ESMA standards and decisions remain highly relevant for UK firms seeking EU market access, for group compliance, and for EU third‑country recognition and equivalence regimes. Usage is consistent across England &...
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PRACTICE NOTES
MiCA and the DLT Pilot Regime: the EU cryptoasset framework on scope, stablecoins, issuers and CASPs, market abuse, and Level 2/3 implementation
Scope of this Practice Note This Practice Note centres on the approach taken by EU authorities and regulators (ie, the European Banking Authority (EBA) and the European Securities and Markets Act (ESMA)) in this area. It further sets out background on what is meant by cryptoassets, along with the distinctive challenges these assets present for regulators and oversight. For information on the approach adopted by UK authorities and regulators, see Practice Note: UK regulation of cryptoassets. For additional material on how supranational bodies address these issues, see Practice Note: Supranational approach to the regulation of cryptoassets. This Practice Note should also be read alongside Practice Note: Web 3.0, digital assets and cryptoassets—essentials, which covers: What are cryptoassets? Common terms associated with cryptoassets Development of cryptoassets Characteristics of cryptoassets Considerations for businesses looking at cryptoasset technology Cryptoassets, the smart contract and ICOs Disputes involving cryptoassets Regulation of cryptoassets Cryptoassets as regulated investments What are cryptoassets? ...
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