Summary of conclusions Board of Supervisors - 4 May 2021

ESMA REGULAR USE

18 June 2021 ESMA22-106-3366

SUMMARY OF CONCLUSIONS

Board of Supervisors

Date:	4 May 2021
Time:	16h00 - 18h30
Location:	Conference call
Contact:	[e-mail]: [phone]

1.	Adoption of agenda	Decision
Decision: The agenda was adopted.
2.	Confirmation of absence of conflict of interests	Decision

Decision: The Board endorsed the Interim Chair's statement not to have received any indication by a Board Member of any interest which might be considered prejudicial to her/his independence in relation to any items on the agenda.

3. Report by Interim Chair, Executive Director and Chair of the CCP Supervisory Committee

Oral Discussion

The Interim Chair reported on the ongoing senior management transition, in particular the status of the ESMA Chair and Executive Director selection and appointment process and the fact that the European Parliament is expected to vote on the appointment of the candidate for the position of Executive Director during its May 2021 Plenary session.

4. ESAs' Review

1) Presentation

Discussion

The Head of the Governance and External Affairs Department presented the slideshow on the European Commission's targeted consultation in the context of the 2021 ESAs' Review.

The Board discussed the presentation, in particular:

• Assessing the changes introduced as part of the 2017 ESAs' Review;
• ESMA's response to the European Commission's ESAs' Review targeted consultation on the supervisory convergence and the single rulebook, in particular in relation to supervisory convergence (the Q&A process), direct supervision, data and the development of a single rulebook; and
• The tools available for ESMA's emergency actions as experienced during the COVID19 related financial crisis and the need for further clarification.

ESMA • 201-203 rue de Bercy • CS 80910 • 75589 Paris Cedex 12 • France • Tel. [phone] • www.esma.europa.eu

Conclusion: The Board asked ESMA staff to prepare a draft response to the European Commission which will be presented to the May 2021 Board of Supervisors for discussion.

5. Exemption from the clearing obligation for Pension Scheme Arrangements

1)	Presentation	Discussion
2)	Note	Discussion

The Head of the Markets and Data Reporting Department presented the note on the exemption from the clearing obligation for Pension Scheme Arrangements.

The Board discussed the note, in particular:

• Whether the Q&A on the exemption of pension scheme arrangements from the clearing obligation should be amended; and
• The fact that ESMA may respond to questions that relate to the practical application or implementation of EU law, while it must forward to the Commission those that require the interpretation of Union law.

Conclusion: The Board asked the Post-Trading Standing Committee (PTSC) to consider whether other technical solutions could be envisaged and to report back to the May 2021 Board of Supervisors.

6. CSDR Review

1)	Presentation	Discussion
2)	Note	Discussion
3)	Letter to the European Commission	Decision

The Head of the Markets and Data Reporting Department presented the note on the Central Securities Depositories (CSDR) Review.

The Board discussed the note, in particular:

• The potential classification of TARGET2-Securities (T2S) as a 'critical service provider';
• The need to enhance the coordination of the oversight of T2S by securities regulators and the European Central Bank (ECB) in the CSDR, and the possibility of doing so by updating the relevant Memorandum of Understanding (MoU); and
• Whether settlement services should be included in the third-country CSD recognition regime.

Decision: The Board discussed the draft letter to the European Commission by expressing a preference to reinforce the MoU to enhance the coordination of T2S' oversight by the ECB and securities regulators, and to explore the possibility of including settlement services in the third-country CSD regime. The letter to the European Commission will be amended and presented to the Board of Supervisors for adoption by written procedure.

7. Commodity Derivatives Task Force

1) CDTF Report

Information

Conclusion: The Board took note of the CDTF report.

2) Ancillary activity opinion

Decision

2

Decision: The Board adopted the ancillary activity opinion.

8. Corporate Finance Standing Committee

1) CFSC Report

Information

Conclusion: The Board took note of the CFSC Report.

2) Prospectus Q&As

Decision

Decision: The Board adopted the Prospectus Q&As.

9. EMIR requirements for non-financial counterparties trading on UK markets

1) Note

Information

Conclusion: The Board took note of the note on EMIR requirements for non-financial counterparties trading on UK markets.

10. A.O.B.

/

3

Participants list

Voting members

Member State	Representative	Accompanying Person
Belgium	Jean-Paul Servais (untill agenda item	Antoine	van	Cauwenberge
	5)	(alternate)
Bulgaria	Mariyan Ivanov (alternate)
Czech Republic	Vojtech Belling
Denmark	Karen Dortea Abelskov
Germany	Thorsten Pötzsch
Estonia	Andre Nõmm
Ireland	Derville Rowland
Greece	Vasiliki Lazarakou
Spain	Rodrigo Buenaventura
France	Robert Ophèle
Croatia	Ante Žigman
Italy	Carmine di Noia (alternate)
Cyprus	Demetra Kalogerou
Latvia	Girts Ruda
Lithuania	Rūta Merkevičiūtė
				4

Luxembourg	Claude Marx (untill agenda item 5)	Francoise Kauthen (alternate)
Hungary	Krisztian Csaky
Malta	Christopher Butigieg
Netherlands	Jos Heuvelman (alternate)
Austria	Eduard Mueller
Poland	Magdalena Łapsa-Parczewska
Portugal	Gabriela Figueiredo Dias
Romania	Gabriel Grădinescu
Slovenia	Sabina Bešter (alternate)
Slovakia	Peter Tkáč
Finland	Armi Taipale (alternate)
Sweden	Erik Thedéen
ESMA Interim Chair	Anneli Tuominen

Non-voting members

European Commission	Ugo Bassi

5