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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
19/07/2012 2011/454 MOU on the supervision of CRAs- ESMA and ASIC Credit Rating Agencies, International cooperation Reference PDF
4 MB		 This document contains two copies of the MOU, signed by ESMA and by the ASIC.
19/07/2012 2012/124 MOU on the supervision of CRAs- ESMA and MAS Credit Rating Agencies, International cooperation Reference PDF
574.14 KB
19/07/2012 MOU SFC ESMA MOU on the supervision of CRAs- ESMA and SFC Hong Kong Credit Rating Agencies, International cooperation Reference PDF
497.63 KB
19/07/2012 MOU SEC ESMA MOU on the supervision of CRAs- ESMA and SEC Credit Rating Agencies, International cooperation Reference PDF
306.87 KB
19/07/2012 MOU CNV ESMA MOU on the supervision of CRAs- ESMA and CNV Argentina Credit Rating Agencies, International cooperation Reference PDF
169.13 KB
19/07/2012 MOU Canada ESMA MOU on the supervision of CRAs- ESMA and Canadian authorities Credit Rating Agencies, International cooperation Reference PDF
139.68 KB
10/01/2013 2013/8 Call for expression of interest: Consultative Working Group for ESMA’s Corporate Reporting Standing Committee Corporate Disclosure Reference PDF
84.57 KB

Applications are welcome by 13.00 CET on 15 February 2013.
11/01/2013 EBA/REC/2013/01 EBA Recommendations on supervisory oversight of activities related to banks’ participation in the Euribor panel Risk Analysis & Economics - Markets Infrastructure Investors Reference PDF
207.84 KB
23/01/2013 2013/87 2013 CRA supervision and policy work plan Credit Rating Agencies Reference PDF
114.95 KB
18/02/2013 MOU ESMA/DFSA MOU on the supervision of CRAs- ESMA and Dubai FSA Credit Rating Agencies, International cooperation Reference PDF
181.09 KB
11/03/2013 2013/280 Vacancy notice- Chair of Committee drafting a proxy advising industry Code of Conduct Corporate Finance, Corporate Governance Reference PDF
102.91 KB
21/10/2013 Ares(2013)3304576 REQUEST TO ESMA FOR TECHNICAL ADVICE ON POSSIBLE DELEGATED ACTS CONCERNING THE REGULATION ON INSIDER DEALING AND MARKET MANIPULATION (MARKET ABUSE) ((EC)No XX/2013) Market Abuse, Market Integrity Reference PDF
56.55 KB		 REQUEST TO ESMA FOR TECHNICAL ADVICE ON POSSIBLE DELEGATED ACTS CONCERNING THE REGULATION ON INSIDER DEALING AND MARKET MANIPULATION (MARKET ABUSE) ((EC)No XX/2013)
12/11/2013 2013/1643 Cover Note- Public statement containing information on shareholder cooperation and acting in concert under the Takeover Bids Directive (ESMA/2013/1642) Corporate Disclosure, Corporate Governance Reference PDF
145.01 KB		 In accordance with its mandate to take appropriate action in the context of takeover bids as per Article 1.3 of Regulation (EU) 1095/2010 (ESMA Regulation), ESMA is releasing a public statement on shareholder cooperation and acting in concert under the Takeover Bids Directive (Directive 2004/25/EC). This statement has been prepared following the review and report by the European Commission on the application of the Takeover Bids Directive and is based on information collected about the practices and application of that Directive. The statement has been prepared in order to help shareholders identify activities in relation to which they can cooperate (insofar as those activities are available to them under national company law), without that cooperation, in and of itself, leading to a conclusion that the shareholders are acting in concert and thus being at risk of having to make a mandatory bid under the Takeover Bids Directive. These activities are presented in the statement in the form of a “White List”. The statement has been prepared by the Takeover Bids Network, a permanent working group operating under the auspices of ESMA that promotes exchange of information on practices and application of the Takeover Bids Directive across the European Economic Area, thereby strengthening a common supervisory culture. The Takeover Bids Network is a specialist group composed of the national competent authorities appointed under the Takeover Bids Directive. The competent authorities represented on the ESMA Board of Supervisors are not in all cases appointed as competent authorities within the Takeover Bids Directive. The authorities not represented on the Board of Supervisors but competent within the area of takeovers are the Austrian Takeover Commission, the Irish Takeover Panel, the Oslo Stock Exchange of Norway, the Takeover Panel of Sweden and the Takeover Panel of the United Kingdom. These five authorities have contributed to the public statement and will have regard to it in the same manner as the other members of the Takeover Bids Network when assessing whether shareholders are acting in concert under their national takeover rules.
16/12/2013 2013/1933 CRAs’ Market share calculation according to Article 8d of the CRA Regulation Credit Rating Agencies Reference PDF
181.17 KB
28/02/2014 2014/205 Call for expressions of interest: Group of Economic Advisers for ESMA’s Committee for Economic and Markets Analysis Risk Analysis & Economics - Markets Infrastructure Investors Reference PDF
158.95 KB		 The European Securities and Markets Authority (ESMA) is seeking to appoint new members to its Group of Economic Advisors (GEA) for the Committee for Economic and Markets Analysis (CEMA). This follows the expiry of the term of the current GEA. CEMA has established the GEA in order to benefit from the expertise of stakeholders specialised in the topics of financial stability and general economic research related to financial markets. CEMA looks to this group to provide it with advice regarding our work related to financial stability and economic background analysis for the regulatory and supervisory tasks of ESMA. The closing date for application is 25 April 2014.  Application form
11/06/2014 ESMA/WP/2 ESMA Working Paper- The systemic dimension of hedge fund illiquidity and prime brokerage Risk Analysis & Economics - Markets Infrastructure Investors Reference PDF
839.63 KB		 We analyse the potentially vulnerable and systemically relevant financial intermediation chain established by hedge funds and prime brokers. Our dataset covers the 306 largest global hedge funds and their prime brokers over the period July 2001 to December 2011. The study illustrates that hedge funds and prime brokers act as complementary trading partners in normal times. However, we observe that this form of financial intermediation may be severely impaired in times of market distress. This can be explained by the hoarding of liquid securities by prime brokers who are eager to avert runs by their clients.
11/06/2014 ESMA/WP/1 ESMA Working Paper- Monitoring the European CDS market through networks: Implications for contagion risks Risk Analysis & Economics - Markets Infrastructure Investors Reference PDF
1005.17 KB		 Based on a unique data set referencing exposures on single name credit default swaps (CDS) on European reference entities, we study the structure and the topology of the European CDS market and its evolution from 2008 to 2012, resorting to network analysis. The structural features revealed show bilateral CDS exposures describing growing scale-free networks whose highly interconnected hubs constitute both a strength and weakness for the stability of the system. The potential “super spreaders” of financial contagion, identified as the most interconnected participants, consist mostly of banks. For some of them net notional exposures may be particularly large relative to their total common equity. Our findings also point to the importance of some non-dealer/non-bank participants belonging to the shadow banking system.
10/07/2014 MOU IFRS ESMA IFRS Foundation and ESMA statement of protocols for cooperation on International Financial Reporting Standards Corporate Disclosure Reference PDF
123.58 KB
07/11/2014 2014/1344 ESMA Response to public consultation on the IAS Regulation Corporate Disclosure, IAS Regulation Reference PDF
305.48 KB

ESMA response to the European Commission consultation on the IAS Regulation
22/12/2014 2014/1583 Credit Rating Agencies’ 2014 market share calculations for the purposes of Article 8d of the CRA Regulation Credit Rating Agencies Reference PDF
330 KB		 One of the objectives of the CRA Regulation is to increase competition in the markets for credit ratings by encouraging issuers to use smaller credit rating agencies. To this end, Article 8d(1) of the CRA Regulation states that where issuers or related third parties intend to appoint at least two CRAs to rate an issuance or entity, they shall consider appointing at least one CRA with no more than 10% of the total market share. They will consider this where the issuer or related third party finds that such a CRA is capable of rating the relevant issuance or entity and there is such a CRA available to rate the issuance or entity in question. Where it is not possible to appoint at least one CRA with no more than 10% of the total market share, the issuer or related third party shall document this. The obligations in Article 8d are supervised and enforced at national level by sectoral competent authorities. To help issuers and related third parties carry out this evaluation, Article 8d(2) of the CRA Regulation requires ESMA to publish a list of CRAs registered in the European Union (EU) on its website every year, indicating their total market share and the types of credit ratings issued.

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