Page 41 - 期货和衍生品行业监管动态（2022年11月）

期货和衍生品行业监管动态

Lately, ESMA and NCAs have noted the continued increase in cross-border
activities to retail clients provided under the MiFID II free provision of services

regime. This increase results from several factors, including the development of the

single market and the digitalisation of financial services, which further facilitates

firms to provide services across borders. The pandemic has also created conditions

that contributed to an increase in retail investors’ exposure to securities markets,

including cross-border.

This is a welcome development, consistent with the objective to develop the

single market for financial services in the EU.

However, the increase in cross-border activities by investment firms clearly

requires NCAs to increase their focus on the supervision of cross-border activities and

on cooperation. A development of cross-border activities which is not accompanied
by increased supervisory focus risks undermining investors’ trust and backfiring on

the achievement of the single market.

Next Steps

The consultation closes on 17 February 2023. ESMA will consider the feedback

it receives to the consultation in Q2 2023 and expects to publish a final report by the

end of 2023.

https://www.esma.europa.eu/press-news/esma-news/esma-consults-rules-passporting-

investment-firms

13. 欧洲证券与市场管理局发布中央对手方可处置性和合作安排指南（2022 年

11 月 17 日）

欧洲证券与市场管理局（ESMA，欧盟证券市场的监管者），发布了两份报

告，包括《中央对手方恢复与处置条例》（CCPRRR）项下中央对手方（CCP）

处置机制指南的最终报告。

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