These Guidelines and Recommendations set out ESMA’s view of how Union law should be applied in a particular area, or of appropriate supervisory practices within the European System of Financial Supervision. ESMA expects all relevant national competent authorities (NCAs) to comply with these Guidelines and Recommendations.
This final report also contains feedback received from ESMA’s December 2012 consultation and subsequent changes to the draft Guidelines and Recommendations made by ESMA. For each section, a reference is made to the relevant Article in EMIR.
Next steps
These Guidelines and Recommendations will become effective one month after their publication by ESMA on its website in the EU official languages.
NCAs should comply with the Guidelines and Recommendations by incorporating them into their supervisory practices. NCAs must notify ESMA whether they comply or intend to comply with these Guidelines and Recommendations, including with a justification of the reasons for any non-compliance, within two months of publication by ESMA on its website of the final Guidelines and Recommendations in all EU official languages. Financial market participants are not required to report to ESMA whether they comply with these Guidelines and Recommendations.