CONSULTATIONS

In recent years there has been discussion on possible regulatory reaction to the decoupling of voting rights. In this context, issues and potential problems relating to empty voting (i.e. having voting rights attached to shares without corresponding economic exposure) have also been raised.…

ESMA publishes today a consultation paper (ESMA/2011/270) setting out its proposals for the detailed rules on supervision and third country entities underlying the Alternative Investment Fund Managers Directive (AIFMD). These rules reflect the global nature of the alternative investment…

ESMA publishes today a discussion paper (ESMA/2011/220) setting out policy orientations on guidelines for UCITS Exchange-Traded Funds (ETFs) and structured UCITS. The Authority has reviewed the current regulatory regime applicable to such funds and considers that the existing requirements are…

ESMA publishes a consultation paper (ESMA/2011/224) today setting out its proposals for detailed guide-lines for trading platforms, investment firms and competent authorities to address challenges of a highly automated trading environment, of which high frequency trading (HFT) is an important…

ESMA publishes today a consultation paper (ESMA/2011/209) setting out its proposals for the detailed rules underlying the Alternative Investment Fund Managers Directive (AIFMD). This is in response to the request for assistance which the European Commission sent to ESMA's predecessor, CESR, in…

The purpose of this consultation document from ESMA is to seek comments on the technical advice that
ESMA proposes to give to the European Commission on a number of possible delegated acts.

On Tuesday 25 January 2011, the European Commission published its request to ESMA for advice…

In the light of the proposal for amending Regulation (EC) No 1060/2009, ESMA has started the process of drafting regulatory technical standards, to be endorsed by the Commission in accordance to Article 10 of Regulation no. 1095/2010, concerning the content and format of the ratings data…

In the light of the agreed amendments to the Credit Rating Agencies Regulation (EC) No 1060/2009 (CRA Regulation), ESMA is mindful of its mandate to produce draft regulatory tech-nical standards (RTS) for adoption by the Commission. This Call for Evidence concerns RTS on the assessment of…

On 2 December 2010, the European Commission sent a request for assistance to the predecessor of ESMA, CESR, on the content of the implementing measures of the Alternative Investment Fund Managers Direc-tive (AIFMD). Following receipt of this request, CESR published a call for evidence in order…

On 24 February 2011 ESMA received a formal request from the European Commission (the Commission) to provide technical advice to assist the Commission in formulating a Regulation on fees for Credit Rating Agencies (CRAs) by delegated act. The advice is due to be delivered to the Commission by 13…

European Securities and Markets Authority (ESMA) invites comments on all matters in this paper. Com-ments are most helpful if they:
(a) respond to the question stated;
(b) contain a clear rationale; and
(c) describe any alternatives ESMA should consider.
ESMA will…

On Tuesday 25 January 2011, the European Commission published its request to ESMA for advice on possible
delegated acts concerning the Prospectus Directive (2003/71/EC) as amended by Directive
2010/73/EU. ESMA has been asked to deliver certain parts of the requested advice by 30…

In the light of the proposal for amending Regulation (EC) No 1060/2009, ESMA has started the process of issuing and updating the guidelines on the application of the endorsement regime. The aim of this Call for evidence is to gather information from financial institutions and other interested…

This call for evidence seeks stakeholders' input on the provisional mandate from the European Commission regarding CESR's technical advice on the implementing measures on the Alternative Investment Fund Managers Directive. This input will help CESR and its successor, the European Securities and…

This consultation seeks stakeholders' views on a template developed by CESR for the Key Investor
Information document for UCITS. The template reflects the content of Commission Regulation (EU)
583/2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as…

The Simplified Prospectus (SP) failed as a consumer communication because the rules led to long documents. In addition, many are written in technical or legalistic language and are poorly structured and designed. The Key Investor Information document (KII) is a radical attempt to address these…

This paper considers some practical implications of Article 118(2) of the revised UCITS Directive, which allows UCITS management companies up to 30 June 2012 to implement Key Investor Information (KII) as referred to in Article 78.