Page 48 - 期货和衍生品行业监管动态（2023年7月刊）

期货和衍生品行业监管动态

A new investment services and activities passport notification will also provide

National Competent Authorities (NCAs) with additional information on a firm’s

planned or existing cross-border activities. ESMA and the NCAs observe a continued
increase in cross-border activities provided to retail clients by investment firms across

the EU.

This has clear benefits for consumers and investment firms, as it fosters

competition, and increases the investment options available to retail investors. Cross-

border activities also require NCAs to increase their supervisory focus and cooperation

efforts as there is a risk of undermining investors’ trust which, in the long term, has the

potential to hamper the development of the single market.

Next steps

ESMA has submitted the Final Report to the European Commission (EC) and will

provide further advice and technical guidance should the EC decide to proceed with the

review.

https://www.esma.europa.eu/press-news/esma-news/esma-publishes-final-report-

revised-technical-standards-passporting

15. 欧盟证券与市场管理局拟对反顺周期性保证金措施的技术标准进行修订

（2023 年 7 月 19 日）

欧盟证券与市场管理局（ESMA，欧盟证券市场的监管者），发布了一份

最终报告，对《欧盟市场基础设施条例》中针对中央对手方（CCP）的监管技

术标准（RTS）进行了审查，该技术标准旨在进一步协调 CCP 选择、评估和审

查反顺周期性（APC）保证金措施的政策和程序。

ESMA 提案包括对现有的监管技术标准进行针对性修订，以便更好地减轻

保证金大幅变动对结算会员和客户的潜在顺周期性影响，并限制流动性压力向

金融系统的其他部分扩散。

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