Date: 2019-03-22Category: Not ApplicableState: Union GovernmentCountry: Europe
Commission Implementing Regulation (EU) 2019/365 of 13 December 2018 laying down implementing technical standards with regard to the procedures and forms for exchange of information on sanctions, measures and investigations in accordance with Regulation (EU) 2015/2365 of the European Parliament and of the Council (Text with EEA relevance.)
Executive Summary:
Commission Implementing Regulation (EU) 2019/365 establishes implementing technical standards for procedures and forms related to the exchange of information on sanctions, measures, and investigations under Regulation (EU) 2015/2365. It mandates the designation of single contact points within each Member State and at ESMA for information exchange. Competent authorities must submit aggregated information to ESMA annually by March 31st, using specified forms, with the first submission in 2018 covering 2016 and 2017.
Key Points / Main Content:
Contact Points:
* ESMA shall designate a single contact point for receiving information and related communications. Details of the contact point shall be available on ESMA's website.
* Each Member State's competent authorities shall designate a single contact point for providing information.
* Competent authorities must notify ESMA of their designated contact points.
Annual Information Submission:
* Member States' contact points must provide ESMA with information on administrative sanctions and measures as per Article 25(1) of Regulation (EU) 2015/2365, using the form in Annex I.
* Copies of decisions and summaries must be provided, unless previously reported under Article 25(3) of Regulation (EU) 2015/2365.
* Member States' contact points must provide ESMA with information on criminal investigations as per Article 25(2) of Regulation (EU) 2015/2365, using the form in Annex II.
* Forms must cover a calendar year and be submitted electronically to ESMA by March 31st of the following year.
* The first submission was due in 2018, covering the years 2016 and 2017.
Entry into Force:
* The Regulation entered into force on the twentieth day following its publication in the Official Journal of the European Union.
Impact Analysis:
European Securities and Markets Authority (ESMA):
Impact: ESMA is responsible for designating a contact point and receiving/managing information on sanctions, measures and investigations from member states.
Action Required: Designate a single contact point, publish contact details on the website, and establish procedures for receiving and processing information from Member States.
Member State Competent Authorities:
Impact: Competent authorities are required to designate a single contact point and provide information to ESMA regarding sanctions, measures, and investigations.
Action Required: Designate a single contact point, notify ESMA of the contact point, and submit annual information to ESMA using the forms in Annex I and II by March 31st each year.
Key Entities Referenced
European Commission: The executive branch of the European Union, responsible for implementing decisions and proposing legislation.
European Parliament: One of the legislative branches of the European Union.
Council of the European Union: A legislative body of the European Union, composed of government ministers from each member state.
Regulation EU 2015/2365: Regulation on transparency of securities financing transactions and of reuse.
Regulation EU No 648/2012: A regulation amended by Regulation EU 2015/2365.
European Securities and Markets Authority (ESMA): A European Union financial regulatory agency.
Regulation EU No 1095/2010: Regulation establishing the European Supervisory Authority (European Securities and Markets Authority).
Brussels: City in Belgium; location where the Commission Implementing Regulation EU 2019/365 was adopted.
L 81/128 EN Official Journal of the European Union 22.3.2019
COMMISSION IMPLEMENTING REGULATION (EU) 2019/365
of 13 December 2018
laying down implementing technical standards with regard to the procedures and forms for
exchange of information on sanctions, measures and investigations in accordance with Regulation
(EU) 2015/2365 of the European Parliament and of the Council
(Text with EEA relevance)
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on
transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 (1), and in
particular Article 25(4) thereof,
Whereas:
(1) To ensure that the European Securities and Markets Authority (ESMA) receives complete and accurate
information regarding administrative and criminal measures imposed and criminal investigations undertaken in
relation to infringements of Regulation (EU) 2015/2365, common procedures and forms for submitting that
information should be set out.
(2) In order to avoid potential double entries and conflicts of competence between multiple reporting authorities
within a Member State, a single contact point within each Member State should be designated for the exchange of
information with ESMA.
(3) With a view to including meaningful information in the annual reports on sanctions, measures and investigations
to be published by ESMA, the information reported by competent authorities should clearly indicate which
provisions of Regulation (EU) 2015/2365 have been infringed by means of specific forms.
(4) The competent authority should provide ESMA with a copy of the decision imposing the administrative sanction
or measure and a clear summary of the essential elements of that decision. However, in order to limit the
reporting burden, when a particular administrative sanction or measure has already been reported to ESMA
under Article 25(3) of Regulation (EU) 2015/2365, the competent authority should only be required to make
a clear reference to that sanction or measure.
(5) This Regulation is based on the draft implementing technical standards submitted by ESMA to the European
Commission, pursuant to the procedure in Article 15 of Regulation (EU) No 1095/2010 of the European
Parliament and of the Council (2).
(6) In accordance with Article 15 of Regulation (EU) No 1095/2010, ESMA did not conduct open public consulta
tions on the draft implementing technical standards on which this Regulation is based, nor did it analyse
potential related costs and benefits of introducing the standard forms and procedures for the relevant competent
authorities, as this would have been disproportionate in relation to their scope and impact, taking into account
that the addressees of the implementing technical standards are the national competent authorities of the
Member States and not market participants.
(7) ESMA requested the opinion of the Securities and Markets Stakeholder Group established in accordance with
Article 37 of Regulation (EU) No 1095/2010,
HAS ADOPTED THIS REGULATION:
Article 1
Contact points
1. The European Securities and Markets Authority (ESMA) shall designate a single contact point for receiving the
information referred to in paragraphs 1 and 2 of Article 25 of Regulation (EU) 2015/2365 and for all communications
on any issue relating to the reception of such information. Details of the contact point shall be made available on
ESMA's website.
(1) OJ L 337, 23.12.2015, p. 1.
(2) Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European
Supervisory Authority (European Securities and Markets Authority (OJ L 331, 15.12.2010, p. 84).22.3.2019 EN Official Journal of the European Union L 81/129
2. The competent authorities of each Member State shall designate a single contact point for that Member State for
all communications relating to the provision of the information referred to in paragraphs 1 and 2 of Article 25 of
Regulation (EU) 2015/2365. Competent authorities shall notify ESMA of those contact points.
Article 2
Annual submission of aggregated information
1. The contact points designated by competent authorities for each Member State pursuant to Article 1(2) shall
provide ESMA with the information referred to in Article 25(1) of Regulation (EU) 2015/2365 using the form in
Annex I to this Regulation. Copies of decisions imposing administrative sanctions and other administrative measures
and summaries of such decisions shall be provided, unless the sanction or measure has already been reported to ESMA
under Article 25(3) of Regulation (EU) 2015/2365. Copies of decisions shall be submitted in email attachments
accompanying the form.
2. The contact points designated by competent authorities for each Member State pursuant to Article 1(2) shall
provide ESMA with the information referred to in Article 25(2) of Regulation (EU) 2015/2365 using the form in
Annex II to this Regulation.
3. The forms referred to in paragraphs 1 and 2 shall cover a reporting period of one calendar year and shall, together
with any attachments, be electronically completed and submitted by email to ESMA's contact point no later than
31 March the following year.
The first submission of the forms referred to in paragraphs 1 and 2 shall be made in 2018 for the calendar years 2016
and 2017.
Article 3
Entry into force and application
This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the
European Union.
This Regulation shall be binding in its entirety and directly applicable in all Member States.
Done at Brussels, 13 December 2018.
For the Commission
The President
Jean-Claude JUNCKERL 81/130 EN Official Journal of the European Union 22.3.2019
ANNEX I22.3.2019 EN Official Journal of the European Union L 81/131L 81/132 EN Official Journal of the European Union 22.3.2019
ANNEX II22.3.2019 EN Official Journal of the European Union L 81/133