ESMA LIBRARY
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| Date | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
|---|---|---|---|---|---|---|---|---|---|
| 30/05/2018 | ESMA71-99-991 | Statement of the EBA and ESMA on the treatment of retail holdings of debt financial instruments subject to the Bank Recovery and Resolution Directive | MiFID - Investor Protection, Warnings and publications for investors | Statement | PDF 926.71 KB |
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| 15/12/2017 | ESMA71-99-910 | Statement on preparatory work of the European Securities and Markets Authority in relation to CFDs and binary options offered to retail clients | MiFID - Investor Protection, Warnings and publications for investors | Statement | PDF 209.47 KB |
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| 13/11/2017 | ESMA50-157-828 | ESMA alerts firms involved in Initial Coin Offerings (ICOs) to the need to meet relevant regulatory requirements | Innovation and Products, Warnings and publications for investors | Statement | PDF 330.73 KB |
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| 13/11/2017 | ESMA50-157-829 | ESMA alerts investors to the high risks of Initial Coin Offerings (ICOs) | Innovation and Products, Warnings and publications for investors | Statement | PDF 444.01 KB |
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| 31/07/2014 | 2014/944 | Potential Risks Associated with Investing in Contingent Convertible Instruments | Warnings and publications for investors, Innovation and Products | Statement | PDF 106.1 KB |
The European Securities and Markets Authority (ESMA) is issuing this statement to clarify to institutional investors risks from a newly emerging asset class referred to by most market participants as contingent convertibles instruments (CoCos). If they work as intended in a crisis CoCos will play an important role to inhibit risk transfer from debt holders to taxpayers. They along with standards to improve the quality and quantity of bank capital reflect a considerate response to the former regulatory capital framework. However, it is unclear as to whether investors fully consider the risks of CoCos and correctly factor those risks into their valuation. ESMA believes there are specific risks to CoCos and that investors should take those risks into consideration prior to investing in these instruments. |