Climate Action

European Securities and Markets Authority launches consultation on the implementation of new financial markets rules that are relevant for EU ETS


The European Securities and Markets Authority (ESMA) has launched a consultation process that also addresses specific issues for the emission allowance market. This consultation process takes place within the context of the implementation of the Market Abuse Regulation (MAR) and follows other ongoing consultations for the implementation of the new Markets in Financial Instruments Directive and Regulation (MiFID/R).

ESMA launched the consultation on the following paper:

  • Consultation Paper on MAR Technical Advice on possible delegated acts. This includes minimum thresholds for the purpose of the exemption for certain participants in the emission allowance market from the requirement to publicly disclose inside information (closing date for responses is 15 October 2014);

As the new MiFID/R classifies emission allowances as a financial instrument, the consultations on the following papers are also of relevance for emission allowances as well as their derivatives:

  • Consultation Paper on MAR draft Technical Standards (closing date for responses is 15 October 2014).
  • Consultation Paper on MiFID/MiFIR Technical Advice (closing date for responses is 1 August 2014);
  • Discussion Paper on MiFID/MiFIR draft Technical Standards (closing date for responses is 1 August 2014);

Furthermore, ESMA will prepare appropriate draft regulatory technical standards in relation to the post-trade infrastructure for the financial markets, including the Central Securities Depositories Regulation, and issue consultation papers on them.

The Commission invites all carbon market participants to provide their views on these and other forthcoming consultations to ensure that they are taken into due account in the final proposals.

Further consultations will be published in due course on ESMA's website.