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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
22/06/2012 2012/382 MiFID Q&A in the area of investor protection and intermediaries MiFID - Investor Protection Q&A PDF
319.78 KB
18/12/2013 2013/1944 Format of the base prospectus and consistent application of Article 26(4) of the Prospectus Regulation Prospectus, Corporate Disclosure Opinion PDF
75.6 KB
20/12/2013 2013/1970 Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus Prospectus, Corporate Disclosure Technical Standards PDF
713.74 KB		 The Final Report contains the draft Regulatory Technical Standard (RTS) on situations which require the publication of a supplement to the prospectus which ESMA is required to submit to the European Commission by 1 January 2014 in accordance with Article 16(3) of the Prospectus Directive. The Report furthermore includes a summary of the main responses received to ESMA’s Consultation Paper which was published in March 2013. The draft RTS sets out nine situations which are always considered to be significant in the context of securities issuance and where a supplement to the prospectus will always be required. Other situations would require a case-by-case assessment.
20/03/2013 2013/317 Framework for the assessment of third country prospectuses under Article 20 of the Prospectus Directive Prospectus, Corporate Disclosure Opinion PDF
725.59 KB
29/09/2014 2014/1187 Draft Regulatory Technical Standards on major shareholdings and an indicative list of financial instruments subject to notification requirements under the revised Transparency Directive Corporate Disclosure, Transparency Technical Standards PDF
810.07 KB		 The European Securities and Markets Authority (ESMA) has published its draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings.
07/02/2014 2014/146 MiFID practices for firms selling complex products MiFID - Investor Protection, Warnings and publications for investors Opinion PDF
122.37 KB
27/03/2014 2014/332 Structured Retail Products- Good practices for product governance arrangements MiFID - Investor Protection, Innovation and Products Opinion PDF
203.1 KB		 Legal basis 1.    Regulation (EU) No 1095/2010 (ESMA Regulation)  sets out the European Securities and Markets Authority’s (ESMA) scope of action, tasks and powers which include “enhancing customer protection”, and “foster[ing] investor protection”.  2.    In order to continue delivering on this investor protection statutory objective, ESMA is issuing this opinion on certain aspects linked to the manufacturing and distribution of structured retail products (SRP). This opinion takes into account relevant work done in this field both at European and interna-tional level.  3.    This opinion is without prejudice to the requirements for the provision of investment services and activities established in the Markets in Financial Instruments Directive (MiFID)  and its implementing measures (notably, Directive 2006/73/EC), the regulatory developments arising from the MiFID review or existing product rules that may apply to SRPs.  4.    ESMA’s competence to deliver an opinion is based on Article 29(1) (a) of the ESMA Regulation. In accordance with Article 44(1) of the ESMA Regulation, the Board of Supervisors has adopted this opinion. Background 5.    In its July 2013 report on ‘Retailisation in the EU’ , ESMA highlighted that, from a consumer protec-tion perspective, retail investors may face difficulties in understanding the drivers of risks and returns of structured products. If retail investors do not properly understand the risk and reward profile of structured products, and if the products are not properly assessed against the risk appetite of retail investors, retail investors might be exposed to unexpected losses and this might lead to complaints, reputational risks for manufacturers and distributors, and a loss of confidence in the regulatory framework and, more broadly, in financial markets. 6.    In 2013, ESMA mapped the measures adopted in the EU Member States in relation to complex products in order to identify issues and to better understand the rationale behind national initiatives (by looking at similarities and differences in the various approaches, and reviewing how complexity has been treated in the different EU Members States). 7.    As a result, ESMA has developed a broad set of non-exhaustive examples of good practices, attached as Annex 1 hereto, illustrating arrangements that firms - taking into account the nature, scale and complexity of their business - could put in place to improve their ability to deliver on investor protection regarding, in particular, (i) the complexity of the SRPs they manufacture or distribute, (ii) the nature and range of the investment services and activities undertaken in the course of that business, and (iii) the type of investors they target. These good practices should also be a helpful tool for competent authorities in carrying out their supervisory action. Opinion 8.    ESMA considers that sound product governance arrangements are fundamental for investor protec-tion purposes, and can reduce the need for product intervention actions by competent authorities. 9.    ESMA considers that, when supervising firms manufacturing or distributing an SRP, competent authorities should promote, in their supervisory approaches, the examples of good practices for firms set out in Annex 1 hereto. 10.    Although the good practices set out in Annex 1 hereto focus on structured products sold to retail investors, ESMA considers that they may also be a relevant reference for other types of financial in-struments (such as asset-backed securities, or contingent convertible bonds), as well as when financial instruments are being sold to professional clients. 11.    The exposure to risk is an intrinsic feature of investment products. The good practices set out in Annex 1 refer to product governance arrangements and do not (and cannot) aim at removing investment risk from products.
30/06/2015 2015/1006 Final Report on MiFID II-MiFIR draft technical standards on authorisation, passporting, registration of third country firms and cooperation between competent authorities MiFID - Investor Protection Technical Standards PDF
357.16 KB
01/07/2015 2015/1014 Draft RTS on prospectus related issues under the Omnibus II Directive Corporate Disclosure Technical Standards PDF
949.89 KB
01/07/2015 2015/1015 ESMA assessment of Israeli laws and regulations on prospectuses Corporate Disclosure Opinion PDF
173.89 KB
25/09/2015 2015/1462 ESMA opinion on accounting for Deposit Guarantee Scheme Corporate Disclosure, IFRS Supervisory Convergence Opinion PDF
127.91 KB
24/07/2019 2019-ESMA-35-43-1980- ESMA opinion under Article 43(2) MiFIR (BG_CFD) MiFID - Investor Protection Opinion PDF
98.64 KB
24/07/2019 2019-ESMA-35-43-1985- ESMA opinion under Article 43(2) MiFIR (DK_CFD) MiFID - Investor Protection Opinion PDF
98.63 KB
24/07/2019 2019-ESMA-35-43-2042- ESMA opinion under Article 43(2) MiFIR (HR_CFD) MiFID - Investor Protection Opinion PDF
99.31 KB
24/07/2019 2019-ESMA-35-43-2043- ESMA opinion under Article 43(2) MiFIR (HR_BO) MiFID - Investor Protection Opinion PDF
115.77 KB
02/04/2019 ESMA-35-43-1776 ESMA opinion under Article 43(2) MiFIR (AFM_BO) MiFID - Investor Protection Opinion PDF
97.69 KB
02/04/2019 ESMA-35-43-1780 ESMA opinion under Article 43(2) MiFIR (AFM_CFDs) MiFID - Investor Protection Opinion PDF
97.4 KB
02/04/2019 ESMA-35-43-1797 ESMA opinion under Article 43(2) MiFIR (KNF_BO) MiFID - Investor Protection Opinion PDF
101.6 KB
02/04/2019 ESMA-35-43-1811 ESMA opinion under Article 43(2) MiFIR (FCA_BO) MiFID - Investor Protection Opinion PDF
110.99 KB
13/05/2019 ESMA-35-43-1877 ESMA opinion under Article 43(2) MiFIR (AT_BO) MiFID - Investor Protection Opinion PDF
99.61 KB

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