ESMA LIBRARY

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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
27/03/2020 ESMA31-67-742 Public statement on publication deadlines under the Transparency Directive , Statement PDF
88.72 KB
27/04/2018 ESMA22-103-753 Multilateral MoU on cooperation, information exchange and consultation , Statement PDF
731.24 KB
27/02/2020 ESMA/2014/677-REV Information on shareholder cooperation and acting in concert under the Takeover Bids Directive , Statement PDF
368.97 KB

The European Securities and Markets Authority (ESMA) has published an update to its statement on practices governed by the Takeover Bid Directive (TBD), focused on shareholder cooperation issues relating to acting in concert and the appointment of board members. The update concerns a change to the Croatian creep-in threshold and secondary threshold in Appendix B. The statement contains a White List of activities that shareholders can cooperate on without the presumption of acting in concert. It also contains information on how shareholders may cooperate in order to secure board member appointments by setting out factors that national authorities may take into account when considering whether shareholders are acting in concert.The statement is in response to a request by the European Commission for clarity on these issues, following its 2012 report on the application of the TBD. It is based on information collected about the TBD’s application and common practices across the European Economic Area (EEA). The statement was prepared by the Takeover Bids Network, a permanent working group, under ESMA’s auspices, that promotes the exchange of information on practices and application of the TBD across EEA.

20/12/2010 CESR/10-1321 CESR’s template for the Key Investor Information document CESR Document PDF
108.44 KB
28/06/2005 CESR-CFTC Feedback Feedback Statement on the Proposed Work Program to Facilitate Trans-Atlantic Derivatives Business CESR Document PDF
70.23 KB
30/04/2008 3L3 IA guidelines Impact assessment guidelines for EU Lamfalussy level 3 committees CESR Document PDF
629.67 KB
30/04/2008 3L3 IA FS Feedback statement- Impact assessment guidelines for EU Lamfalussy level 3 Committees CESR Document PDF
170.64 KB
24/09/2008 3L3 19/09 M&A Guidelines for the prudential assessment of Mergers and Acquisitions- slides presented at the open hearing on 19 September 2008 CESR Document PDF
237.02 KB
19/02/2013 2013/84 Feedback statement on the consultation regarding the role of the proxy advisory industry , Statement PDF
559.31 KB
20/03/2013 2013/318 Feedback Statement on proposed amendments to the ESMA update of the CESR recommendations for the consistent implementation of the Prospectuses Regulation regarding mineral companies , , CESR Document PDF
265.19 KB
12/11/2013 2013/1642 Information on shareholder cooperation and acting in concert under the Takeover Bids Directive , Statement PDF
321.63 KB
The European Securities and Markets Authority (ESMA) has published a statement on practices governed by the Takeover Bid Directive (TBD), focused on shareholder cooperation issues relating to acting in concert and the appointment of board members. The statement contains a White List of activities that shareholders can cooperate on without the presumption of acting in concert. It also contains information on how shareholders may cooperate in order to secure board member appointments by setting out factors that national authorities may take into account when considering whether shareholders are acting in concert. The statement is in response to a request by the European Commission for clarity on these issues, following its 2012 report on the application of the TBD. It is based on information collected about the TBD’s application and common practices across the European Economic Area (EEA). The statement was prepared by the Takeover Bids Network, a permanent working group, under ESMA’s auspices, that promotes the exchange of information on practices and application of the TBD across EEA.
29/06/2012 2012/415 Call for Evidence on Empty Voting , CESR Document PDF
275.66 KB
ESMA launched a Call for Evidence on Empty Voting in September 2011 to analyse the potential issues and concerns raised by the practice of empty voting and to examine whether there was a possible need for further action. An analysis of the responses received to the consultation has led ESMA to conclude that there is insufficient evidence to justify any regulatory action at the European level at present.
25/11/2011 2011/397 Public statement on sovereign debt in IFRS financial statements , , , Statement PDF
189.46 KB
24/07/2012 2011/39 Update on measures adopted by competent authorities on short selling Statement PDF
287.67 KB
This is the PDF version of the statement. Please also see the word version of the statement which contains all links to the measures curretly in place.
19/05/2010 10/049 Guidelines- Common definition of European money market funds CESR Document PDF
206.83 KB
30/08/2010 10-945 CESR’s Guidance on common standards for assessment of compliance of credit rating methodologies with the requirements set out in Article 8.3 CESR Document PDF
258.93 KB
30/08/2010 10-944 CESR’s Guidance on the enforcement practices and activities to be conducted under Article 21.3(a) of the Regulation CESR Document PDF
272.32 KB
06/09/2010 10-918 Feedback statement- CESR Technical Advice to the European Commission in the context of the MiFID Review –Investor Protection and Intermediaries CESR Document PDF
376.25 KB
28/07/2010 10-798 Feedback statement- CESR’s Guidelines on Risk Measurement and the Calculation of Global Exposure and Counterparty Risk for UCITS CESR Document PDF
225.23 KB
29/07/2010 10-796 Feedback statement- CESR Technical Advice to the European Commission in the context of the MiFID Review – Transaction Reporting CESR Document PDF
172.69 KB

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