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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
10/03/2011 2011/11 Public statement of consultation practices Statement PDF
102.44 KB
10/03/2011 2011/MB/3 Decision of the Management Board- Internal language arrangements , Decision PDF
18.51 KB
10/03/2011 2011/MB/4 Decision of the Management Board- Professional secrecy , Decision PDF
34.68 KB
10/03/2011 ESMA41-140-155 Decision of the Management Board- Code of good administrative behaviour , Decision PDF
179.82 KB
17/05/2011 2011/BS/123 Decision of the Board of Supervisors- Appointment of the Securities and Markets Stakeholder Group , Decision PDF
171.3 KB
31/05/2011 2011/MB/69 Decision of the Management Board- Access to documents , Decision PDF
201.73 KB
13/10/2011 2011/342 Opinion- Practical arrangements for the late transposition of the UCITS IV Directive Opinion PDF
41.33 KB
16/11/2011 2011/379 Final report- ESMA's technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive Technical Advice PDF
3.51 MB
19/12/2011 2011/BS/229 Decision of the European Securities and Markets Authority establishing its Review Panel , , Decision PDF
35.86 KB
This decision establishes the Review Panel of ESMA and sets out its mandate.
09/11/2012 2012/279 ESMA appoints new chairs to Standing Committees Statement PDF
87.88 KB
20/11/2012 2012/721 Opinion on Article 50(2)(a) of the UCITS Directive Opinion PDF
81.31 KB
01/08/2013 2013/1072 Practical arrangements for the late transposition of the AIFMD Opinion PDF
93.1 KB
The European Securities and Markets Authority (ESMA) has published an Opinion on arrangements for the late imposition of the AIFMD. The scope of the opinion is confined to the provision of collective portfolio management services. Arrangements before implementation of the Directive in all Member States Notification of marketing of EU AIFs when the host MS of the AIFM has not transposed the Directive (Articles 31 and 32 of the Directive) ESMA believes that, if the Directive has been transposed in the home MS of the AIFM, the competent authority of the host MS of the AIFM (Article 32) or home MS of the AIFM (Article 31) may not refuse a valid notification under the Directive on the ground that the Directive has not yet been transposed in the host MS. This applies irrespective of whether the marketing is done using the freedom to provide services or by means of a branch. Management passport (Article 33 of the Directive) ESMA believes that AIFMs established in a MS that has transposed the Directive should be able to manage an EU AIF via the management passport, both using the freedom to provide services or by means of a branch, in a MS where the Directive has not been transposed, irrespective of the provisions currently in place in such jurisdiction since the relevant provisions of the Directive are of a self-executing nature, and provided the AIFM is authorised to manage that type of AIF in accordance with Article 33(1) of the AIFMD. Any local restrictions on AIFMs that are not in accordance with the AIFMD will need to be disapplied.
30/09/2013 ESMA/2013/1363 Statement by Steven Maijoor, Chair European Securities and Markets Authority, ECON Committee, European Parliament 30 September 2013 Statement PDF
113.71 KB
Annex to the Statement by Steven Maijoor, Chair of ESMA, to the ECON hearing, 30 September 2013 ESMA/2013/1350
30/09/2013 ESMA/2013/1350 Annex to the Statement by Steven Maijoor, Chair of ESMA, to the ECON hearing, 30 September 2013 Statement PDF
338.74 KB

Statement by Steven Maijoor, Chair European Securities and Markets Authority, ECON Committee, European Parliament 30 September 2013 ESMA/2013/1363

07/02/2014 2014/146 MiFID practices for firms selling complex products , Opinion PDF
122.37 KB
27/03/2014 2014/332 Structured Retail Products- Good practices for product governance arrangements , 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.
27/03/2014 2014/312 Technical advice to the European Commission on the information that competent authorities should provide to ESMA pursuant to Article 67(3) of the AIFMD Technical Advice PDF
330.79 KB
Reasons for publication ESMA is issuing this technical advice in response to the mandate received from the European Commission on 20 December 2013 for advice on the possible content of the delegated act required by Article 67(5) of the AIFMD, concerning the information that EU competent authorities have to provide quarterly to ESMA pursuant to Article 67(3) of the Directive. This information is needed in order to allow ESMA to produce the opinion and the advice required in Article 67(1) of the AIFMD, in relation to the possible extension of the AIFMD passport to non-EU AIFs and non-EU AIFMs. Contents Section II describes the background of the proposal. Section III specifies the timing for the provision of the information to ESMA and lists the information that the competent authorities should provide quarterly to ESMA. The list of information is divided into three parts: the first refers to the information about the functioning of the passport for EU AIFMs; the second deals with the functioning of the national private placement regime for non-EU AIFs and non-EU AIFMs; and the third refers to the issues arising from the functioning of both systems. Finally, Section IV reproduces the mandate for advice issued by the European Commission. Next steps ESMA will cooperate closely with the European Commission in order to facilitate an expeditious adoption of the delegated act required by Article 67(5) of the AIFMD.
23/09/2014 2014/1164 Statement by Steven Maijoor, Chair, European Securities and Markets Authority at the ECON Committee, European Parliament 23 September 2014 Statement PDF
109.53 KB
Dear Members of the European Parliament, Ladies and gentlemen, First of all, I would like to congratulate you on your election or re-election as a Member of the European Parliament and as a member of this important committee. Call it a “Single Capital Market” or “Capital Market Union”, the financial regulatory reform in the European Union (EU) in the last five years has made solid progress and is a decisive step towards the aim of completing the single market in financial services. This is not only a necessity to tackle failures exposed by the financial crisis, it is also a crucial part of realising the overriding objective of securing economic recovery in the EU. However, it will only reach its full potential if the single rule book is applied consistently and supervised adequately so that all stakeholders can benefit from it in daily practice. ESMA plays a key role in achieving this objective, by enhancing investor protection and by promoting stable and orderly financial markets in the EU. Since its inception three and a half years ago, ESMA has contributed to the creation of an EU single rulebook by developing technical standards and guidelines, and by assisting the European Institutions, and the European Commission in particular, in providing technical advice on such areas as: over-the-counter (OTC) derivatives, hedge funds and private equity, short selling, high frequency trading, Exchange-Traded Funds (ETFs), investment advice and financial information. In the last 12 months, ESMA finalised 22 technical standards and pieces of technical advice to the European Commission, as well as seven sets of guidelines, in order to complete the legal framework in areas such as Credit Rating Agencies, prospectuses, market infrastructures, European Social Entrepreneurship Funds and European Venture Capital Funds. We are currently translating the recently agreed MiFID II/MiFIR requirements into practically applicable rules. I will not run through all the work we have done on the single rulebook in that time as you can find an overview and some statistics in the Annex to my Statement which was distributed to you. I would like to stress that throughout the entire policy process we engage as much as possible with all relevant stakeholders – through hearings, direct meetings and consultations. We have – and will continue – to interact with many stakeholder associations representing consumers, investors and market participants - and solicit the views of ESMA’s Securities and Markets Stakeholders Group (SMSG). To mention two examples, right now we are assessing the almost 800 responses we have received to our MiFID II discussion and consultation papers and ESMA has received more than 1500 questions on the implementation of the European Market Infrastructure Regulation (EMIR). ESMA has successfully developed a regime of direct supervision at EU level. We supervise 23 credit rating agencies by conducting thematic investigations, on-site visits, analysing the information CRAs provide to the public and by monitoring the implementation of remedial action plans. In June this year, ESMA concluded its first enforcement action and issued a public notice censuring Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited (S&P) for failing to meet certain organisational requirements. EMIR brings more transparency to derivatives markets by introducing mandatory reporting to trade repositories (TRs). Since November 2013, six repositories have been registered and are now supervised by ESMA. Since reporting under EMIR went live, derivatives trade data has flowed into the repositories: as of 30 June 2014, more than 1 billion new trades have been reported to the TRs. Regulators now have access, or are in the process of establishing access, to derivatives data which should help in providing a clearer picture on the risks associated with those markets. On identifying risks to investor protection and stability, ESMA has substantially improved its data and intelligence gathering capabilities. Risks in securities markets are, for example regularly, identified and reported on in ESMA’s Trend, Risk and Vulnerabilities Report. Concerning the convergence of supervisory practices we have employed a range of instruments, including Q&As, opinions and peer reviews. Regarding peer reviews, we have strengthened our methodology, including the more frequent use of on-site visits. More generally, with the reform of financial markets moving from legislation to implementation, supervisory convergence will become a higher priority in ESMA’s activities and we will increase our resources allocated to this area. That brings me to the last topic I would like to raise, which I also brought to this Committee’s attention last year, the need for a stable budget. Today, our funding comes from a combination of the EU budget, levies on the financial market entities that we supervise directly, and the Member States’ national competent authorities. We are concerned that an increasing budget contribution from national competent authorities might pose undue difficulties to their functioning. This would run counter to the reinforcement of securities markets regulation and supervision at both EU and national level as envisaged in the regulatory reform programme. ESMA’s funding should guarantee its independence and not create potential undue influence. Therefore, we believe that the co-legislators should consider increasing the funding ESMA receives from financial market entities which require ESMA’s intervention and to increase the Union’s share in ESMA’s budget through an independent budget line directly adopted by the co-legislators. Thank you for your attention.
28/11/2014 2014/1417 ESMA's technical advice to the European Commission on delegated acts required by the UCITS V Directive Technical Advice PDF
469.49 KB
19/12/2014 2014/1569 Technical Advice to the Commission on MiFID II and MiFIR , Technical Advice PDF
2.8 MB
Reasons for publication The European Securities and Markets Authority (ESMA) received a formal request (mandate) from the European Commission (Commission) on 23 April 2014 to provide technical advice to assist the Commission on the possible content of the delegated acts required by several provisions of Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The mandate focuses on technical issues which follow from MiFID II and MiFIR and is available on the European Commission website (here). ESMA was required to provide technical advice by no later than six months after the entry into force of MiFID II and MiFIR (2 July 2014). Contents This final report follows the same structure as the Consultation Paper  (CP) published by ESMA on 22 May 2014 which is: (1) Introduction, (2) Investor protection, (3) Transparency, (4) Data publication, (5) Micro-structural issues, (6) Requirements applying on and to trading venues, (7) Commodity derivatives and (8) Portfolio compression. This paper also contains summaries of responses to the CP received by ESMA. The rationale of those items covered already in the CP for which no relevant changes have been introduced, is not developed again in this Final Report. ESMA recommends, therefore, to read this report together with the CP published on 22 May 2014 to have a complete vision of the rationale for ESMA’s technical advice. Next steps Delegated acts should be adopted by the Commission so that they enter into application by 30 months following the entry into force of the Directive and Regulation, taking into account the right of the European Parliament and Council to object to a delegated act within 3 months (which can be extended by a further 3 months).

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