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Complaints

Complaints

In this section you will find information about how ESMA can respond to complaints concerning (i) financial market participants, including specific information on credit rating agencies and trade repositories, and (ii) national competent authorities.

    Complaint about a trade repository

    If you wish to make a complaint about a trade repository, please visit the Trade Repository page.

    Complaint about a credit rating agency

    If you wish to make a complaint about a credit rating agency, please visit the CRA page.

    Complaint about a financial market participant other than a trade repository or a credit rating agency

    If you wish to complain about a financial market participant (e.g. a bank, investment firm, etc.), please note that generally ESMA does not have power to investigate or take action against a financial market participant other than a credit rating agency or a trade repository. However, such complaints can be made to other bodies including the relevant national authorities. Further information on this and other possible options available to you can be found here . If your complaint relates to a credit rating agency or trade repository, please see the sections above.

    Report about an infringement of national provisions transposing the UCITS Directive

    If you wish to report an infringement of national provisions transposing the UCITS Directive, please visit the section relating to “UCITS” on the Fund Management page.

    Complaint about a national competent authority

    ESMA has power under Article 17 of the ESMA Regulation (EU Regulation No 1095/2010) to investigate and take further action concerning the failure of National Competent Authorities to comply with their obligations under the legislation referred to in Article 1(2) of the ESMA Regulation. For further information on the scope of this power, we refer you to the ESMA Regulation (and in particular Article 17).

    We also recommend that you consult ESMA’s Rules of procedure on breach of Union law investigations.
    The procedure for the assessment of whether to initiate an investigation under Article 17 and the conduct of such an investigation are both provided for in these rules of procedure.

    Without prejudice to these Rules, please take note of the following in relation to the Article 17 procedure:

    1. In order for a request to be deemed admissible, it must set out a clear grievance explaining how a competent authority has not applied the acts referred to in Article 1(2) of the ESMA Regulation, or has applied them in a way which appears to be a breach of Union law, including the technical standards established in accordance with Articles 10 to 15, in particular a failure of a competent authority to ensure that a financial market participant satisfies the requirements laid down in those acts;
    2. A request could be deemed inadmissible if:

    - it is anonymous, fails to show the address of the sender or shows an incomplete address;        

    - it fails to set out a grievance;

    - it sets out a grievance which is outside the scope of the acts referred to in Article 1(2) of the ESMA Regulation;

    - it fails to refer, explicitly or implicitly, to a competent authority to which the alleged breach of Union law may be attributed;

    - it concerns the acts or omissions of a private person or body, unless the request reveals the involvement of competent authorities or alleges their failure to act in response to those acts or omissions;

    - it sets out a grievance which is materially the same as one for which ESMA has already informed the Requester of its position or has adopted a clear, public and consistent position.

    1. Only if ESMA determines that a request is admissible, it can initiate an investigation.

    In order for ESMA to understand your complaint and to be able to assess its admissibility, please submit your complaint using the National Competent Authority Complaint Form and sending it by email to the address specified in this complaint form.