The CWG is mainly expected to advise and assist the SMSC on technical standards to be submitted to the European Commission; guidelines, Q&As and other relevant guidance under ESMA’s supervisory convergence mandate in relation to relevant legislative provisions within the area of competence of the SMSC; any issues in the context of the implementation and application of secondary markets relevant legislation; and assessing the potential impact of any measures contemplated by the SMSC.
The SMSC itself undertakes ESMA’s work relating to the structure, transparency and efficiency of secondary markets for financial instruments, including trading venues and OTC markets. In terms of policy, among others it has the responsibility for elaborating technical standards, guidelines, opinions, Q&As and other guidance as well as providing advice to the European Commission relating to pre-trade and post-trade transparency requirements for equity, equity-like and non-equity instruments, provisions governing access to CCPs, trading venues and benchmarks, market structures and microstructures, organisational requirements for investment firms, requirements applying to data services providers and the trading obligations for derivatives and shares. It also provides a forum for national competent authorities to exchange experiences on MiFID II/MiFIR implementation and related supervisory issues.
Members of the CWG are selected for a term of two years and are renewable. Interested experts are asked to send their application to ESMA by 28 August 2018.
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