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Documents relating to authorisation process for EMIR authorised trade repositories

Marcelle von Wendland made this Informationsfreiheit request to Europäische Wertpapier- und Marktaufsichtsbehörde

This request has been closed to new correspondence from the public body. Contact us if you think it ought be re-opened.

We're waiting for Marcelle von Wendland to read recent responses and update the status.

Marcelle von Wendland

Dear European Securities and Markets Authority (ESMA),

Under the right of access to documents in the EU treaties, as developed in Regulation 1049/2001, I am requesting documents which contain the following information:

Any documents setting out:

1. Any criteria used to determine whether or not an applicant for authorisation as an EMIR Trade Repository should be authorised or not.

2. Any guidance notes, help, explanations in relation to the authorisation process for EMIR trade repositories and the evaluation of any criteria thereto.

3. Any processes, procedures, methods or checklists used for the authorisation process for EMIR Trade Repository applicants.

4. Any Correspondence with applicant trade repositories and other market participants in response to consultation in relation to EMIR Trade Repository authorisation and operating procedures and requirements including but not limited to processes for trade reconciliation between trade EMIR trade repositories.

5. Any Correspondence with applicant trade repositories and member state regulators to whom ESMA has or intends to delegate any part of the assessment of any EMIR trade repository application for authorisation in so far as it is not privilredged. This should include but not be limited to
any proposals for standards to be used for evaluation and any proposed operating procedures and requirements including but not limited to processes for trade reconciliation between trade EMIR trade repositories.

Yours faithfully,

Marcelle von Wendland

Info ESMA, Europäische Wertpapier- und Marktaufsichtsbehörde

Dear Sir, Madam,

Thank you for contacting the European Securities and Markets Authority (ESMA). We will look into your request and will aim to respond to your message within a month.

Best regards,

Maria Karekla
Post Officer
European Securities and Markets Authority (ESMA)
103, rue de Grenelle, 75007 Paris – France
Phone: +33 1 58 36 59 06
Fax: +33 1 58 36 43 30
Email :[email address]

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Enrico Gagliardi, Europäische Wertpapier- und Marktaufsichtsbehörde

Dear Ms von Wendland,

Thank you for your message.

We acknowledge receipt of your email. We will promptly revert to you with a complete answer as regards your request.

With kind regards

Enrico Gagliardi

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Enrico Gagliardi, Europäische Wertpapier- und Marktaufsichtsbehörde

Dear Ms von Wendland,

 

In the matter of your request for access to documents, please note the
following:

 

1)      Concerning points 1, 2 and 3 laid down in your request below
firstly we refer you to Regulation (EU) No 648/20121 (“EMIR”) and the
other provisions set out in the relevant Union acts which describe the
requirements to be met by a Trade Repository in order to be registered. In
particular:

 

·         Commission Delegated Regulation (EU) No 148/2013 of 19 December
2012 supplementing Regulation (EU) No 648/2012 with regard to regulatory
technical standards on the minimum details of the data to be reported to
trade repositories.

 

·         Commission Delegated Regulation (EU) No 150/2013 of 19 December
2012 supplementing Regulation (EU) No 648/2012 with regard to regulatory
technical standards specifying the details of the application for
registration as a trade repository.

 

·         Commission Delegated Regulation (EU) No 151/2013 of 19 December
2012 supplementing Regulation (EU) No 648/2012 with regard to regulatory
technical standards specifying the data to be published and made available
by trade repositories and operational standards for aggregating, comparing
and accessing the data.

 

·         Commission Implementing Regulation (EU) No 1247/2012 of 19
December 2012 laying down implementing technical standards with regard to
the format and frequency of trade reports to trade repositories.

 

·         Commission Implementing Regulation (EU) No 1248/2012 of 19
December 2012 laying down implementing technical standards with regard to
the format of applications for registration of trade repositories.

 

Secondly we would like to draw your attention to the “Practical guidance
for the registration of Trade Repositories by ESMA” that provide further
clarification and indications on the registration by ESMA of Trade
Repositories. This document can be found at the following weblink: 
[1]http://www.esma.europa.eu/system/files/w...

 

 

2)      Concerning your question described in point 4 we would like to
draw your attention to the fact that the documents you requested access to
(“Any Correspondence with applicant trade repositories and other market
participants in response to consultation in relation to EMIR Trade
Repository authorisation and operating procedures and requirements
including but not limited to processes for trade reconciliation between
trade EMIR trade repositories.”) contain commercial and market-sensitive
information regarding the activities of the involved undertakings, whose
public disclosure would undermine the protection of the latter’s
commercial interests. In particular this information concerns sensitive
data obtained by ESMA in the course of the registration process of trade
repositories.

 

Therefore, following due consideration and examination of the relevant
documents, we are of the view that your request falls within the exemption
laid down under the first indent of Article 4(2) of Regulation (EC) No
1049/2001 (“Access Regulation”).

 

Accordingly we also come to the conclusion that in the circumstances of
this particular case there is no overriding public interest in disclosure.

 

 

3)      With respect to your last question (point 5) we understand that
you are requesting access to any document relating to possible delegation
of tasks from ESMA to National Competent Authorities as regards trade
repositories registrations. In this respect we would like to draw your
attention to Article 74(5) of EMIR which stipulates, among other things,
that “Supervisory responsibilities under this Regulation, including
registration decisions, final assessments and follow-up decisions
concerning infringements, shall not be delegated”. In accordance with this
provision no assessment of trade repositories registrations was delegated
to National Competent Authorities. Therefore we would like to inform you
that there are no documents relating to your request set out in point 5.

 

In conclusion we also refer you to Article 7(2) of the Access Regulation
which states that an applicant may, within 15 working days of receiving
this reply, make a confirmatory request asking ESMA to reconsider its
position regarding the partial refusal to grant access to the requested
documents.

 

With kind regards

 

Enrico Gagliardi

 

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