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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
21/12/2016 2016/1682 2016-1682 Press Release on Feedback Statement on ESEF , , , Press Release PDF
225.03 KB
28/01/2016 2016/167 Anneli Tuominen appointed Vice Chair of ESMA , Press Release PDF
139.35 KB
02/05/2016 2016/666 ANNEX Annex- Opinion on draft RTS 2 non-equity transparency Opinion PDF
633.28 KB
30/05/2016 2016/730 ANNEX Annex- Opinion on draft RTS 20 on ancillary activity Opinion PDF
220.42 KB
02/05/2016 2016/668 ANNEX Annex- Opinion on draft RTS 21 position limits Opinion PDF
124.02 KB
30/04/2019 ESMA70-155-3655 Belgian Power Physical Base position limit opinion Opinion PDF
261.43 KB
26/09/2017 ESMA71-99-599 EBA and ESMA provide guidance to assess the suitability of management body members and key function holders , , , Press Release PDF
243.97 KB

The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have published their joint Guidelines to assess the suitability of members of management bodies and key function holders.

30/04/2019 ESMA70-155-5285 EEX Dutch Power Baseload Futures position limit opinion Opinion PDF
265.63 KB
01/10/2019 ESMA71-99-1220 ESMA 2020 WP , , , , Press Release PDF
106.92 KB
29/05/2019 ESMA71-99-1168 ESMA adjusts application of the trading obligation for shares in a no-deal Brexit , , Press Release PDF
87.46 KB
29/05/2019 ESMA71-99-1168 ESMA adjusts application of the trading obligation for shares in a no-deal Brexit , , Press Release PDF
87.46 KB
01/03/2012 2012/140 ESMA advises European Commission on Prospectus Directive’s overhaul- Advice covers possible delegated acts , , Press Release PDF
115.14 KB
13/10/2016 2016 IFRS Press Release ESMA and IFRS® Foundation strengthen cooperation , , Press Release PDF
213.42 KB
28/02/2013 2013/266 ESMA and the EBA warn investors about contracts for difference , , Press Release PDF
119.01 KB
The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have published a warning to retail investors about the dangers of investing in contracts for difference (CFDs).The two authorities are concerned that during the current period of low investment returns, inexperienced retail investors across the EU are being tempted to invest in complex financial products, which they may not fully understand and which can end up costing them money they cannot afford to lose.Andrea Enria and Steven Maijoor, Chairs of the EBA and ESMA, warned:“Retail investors across the EU should be aware of all the risks arising from investing in CFDs.  These products appear to promise investors substantial returns at a low cost but may ultimately cost them far more than they may have intended or could afford to lose.“CFDs are complex products that are not suitable for all types of investors, therefore you should always make sure that you understand how the product you are buying works, that it does what you want it to do and that you are in a position to take the loss if it fails.”Investors trading CFDs should protect themselvesInvestors should only consider trading in CFDs if they have extensive experience of trading in volatile markets, if they fully understand how these operate and have sufficient time to manage their investment on an active basis.Investors should carefully read their agreement or contract with the CFD provider before making a trading decision.  They should make sure that they at least understand the following: •    the costs of trading CFDs with the CFD provider,  •    whether the CFD provider will disclose the margins it makes on their trades, •    how the prices of the CFDs are determined by the CFD provider, •    what happens if they hold their position open overnight,  •    whether the CFD provider can change or re-quote the price once an investor places an order, •    whether the CFD provider will execute investor’s orders even if the underlying market is closed, •    whether there is an investor or deposit protection scheme in place in the event of counterparty or client asset issues.If investors do not understand what’s on offer, they should not trade. Further information Always check if the CFD provider is authorised to do investment business in your country.  You can check this on the website of the CFD provider’s national regulator.  A list of all the national regulatory authorities, and their websites, is also available from:•    ESMA at http://www.esma.europa.eu/investor-corner; and •    EBA at http://www.eba.europa.eu/Publications/Consumer-Protection-Issues.aspx.The investor warning on CFDs will be translated into the official EU languages.Concurrently with the publication of this warning, the EBA is addressing an internal Opinion under Art. 29 of the EBA Regulations to national supervisory authorities on the prudential supervision of CFDs. Notes for editors1.    ESMA/2013/267 Investor Warning – Contracts for Difference (CFDs)2.    ESMA and the EBA are independent EU Authorities that were established on 1 January 2011 and work closely with the European other European Supervisory Authority responsible for insurance and occupational pensions (EIOPA).3.    ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU).  As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU. ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity.4.    The EBA has a broad remit in the areas of banking, payments and e-money regulation, as well as on issues related to corporate governance, auditing and financial reporting. Its tasks include the protection of consumers and depositors, preventing regulatory arbitrage, guaranteeing a level playing field (especially by building a single rule book for the European banking system) strengthening international supervisory coordination, promoting supervisory convergence and providing advice to EU institutions. Further information:Reemt SeibelESMA Communications Officer Tel:   +33 (0)1 58 36 4272Mob: +33 6 42 48 55 29Email: reemt.seibel@esma.europa.eu David CliffeESMA Senior Communications OfficerTel:   +33 (0)1 58 36 43 24Mob: +33 6 42 48 29 06Email: david.cliffe@esma.europa.euRomain SadetEBA Communications Officer Tel:   +44 (0) 207 997 5914Mob: +44 (0) 7785 463278  Email: romain.sadet@eba.europa.eu     Franca CongiuEBA Communications OfficerTel:   +44 (0) 207 382 1781Mob: +44 (0) 7771 376395Email: francarosa.congiu@eba.europa.eu
11/11/2013 2013/1635 ESMA announces financial statements’ enforcement priorities for 2013 , , Press Release PDF
94.29 KB

The European Securities and Markets Authority (ESMA) has published its European Common Enforcement Priorities (Priorities) for 2013. These Priorities are to be used by European Economic Area (EEA) national authorities in their assessment of listed companies’ 2013 financial statements. ESMA has defined these Priorities in order to promote the consistent application of IFRS across the EEA. Listed companies and their auditors should take account of the areas set out in the Priorities when preparing and auditing the IFRS financial statements for the year ending 31 December 2013. The Priorities identified refer to the application of IFRS in relation to: • Impairment of non-financial assets; • Measurement and disclosure of post-employment benefit obligations; • Fair value measurement and disclosure; • Disclosures related to significant accounting policies, judgements and estimates; and • Measurement of financial instruments and disclosure of related risks. Steven Maijoor, ESMA Chair, said: “ESMA, in setting out these enforcement priorities for listed companies financial statements, aims to ensure that the IFRS recognition, measurement and disclosure principles are consistently applied across the EEA. “Consistent application of accounting standards is a key factor in ensuring the transparency and accuracy of the financial information which investors rely upon, and ultimately contributes to the proper functioning of Europe’s capital markets. “Finally, considering the focus on asset quality in the financial sector, listed financial institutions and their auditors should pay particular attention to properly measuring financial instruments and the accurate disclosure of related risks.” ESMA and the national competent authorities will monitor the application of the IFRS requirements outlined in the Priorities, with national authorities incorporating them into their reviews and taking corrective actions where appropriate. In addition to these Priorities, national authorities may also focus on other locally relevant areas as part of their review. Therefore, national enforcement processes may not be limited to the specific issues contained in this statement. ESMA will collect data on how European listed entities have applied the Priorities and will publish its findings on these Priorities in early 2015. It expects to publish its findings on the 2012 Priorities in early 2014.

26/06/2015 2015/1049 ESMA announces the appointment of new chairs to Standing Committees , , Press Release PDF
105.46 KB
01/07/2015 2015/1015 ESMA assessment of Israeli laws and regulations on prospectuses Opinion PDF
173.89 KB
11/06/2013 2013/726 ESMA clarifies pay rules applicable to investment firms Press Release PDF
111.92 KB
12/11/2013 2013/1645 ESMA clarifies shareholder cooperation in takeover situations , , Press Release PDF
86.55 KB
ESMA clarifies shareholder cooperation in takeover situations 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. Steven Maijoor, ESMA Chair, said: “Today’s statement means that shareholders can now be confident that they can expect authorities to take a consistent approach across the EEA to their cooperative activities. This consistency should in turn provide the reassurance needed by shareholders for the effective, sustainable engagement that is one of the cornerstones of listed companies’ corporate governance model allowing them to hold their boards to account. “ESMA believes that ensuring a consistent and convergent supervisory approach to this issue will be instrumental in affording equality of treatment to shareholders and investors across the EEA.” National competent authorities will have regard to the White List when determining whether shareholders are persons acting in concert under national takeover rules, but will also take into account all other relevant factors in making their decisions. Shareholder cooperation and acting in concert - The White List When shareholders cooperate to engage in any of the activities listed below, that cooperation will not, in and of itself, lead to a conclusion that the shareholders are acting in concert: 1. entering into discussions with each other about possible matters to be raised with the company’s board; 2. making representations to the company’s board about company policies, practices or particular actions that the company might consider taking; 3. other than in relation to the appointment of board members, exercising shareholders’ statutory rights; 4. other than in relation to a resolution for the appointment of board members and insofar as such a resolution is provided for under national company law, agreeing to vote the same way on a particular resolution put to a general meeting. If shareholders cooperate in an activity not included on the White List, this will also not result in an automatic assumption that they are acting in concert. Each case will be determined on its own particular facts. Cooperation in relation to the appointment of members of the board of a company The White List does not include any activity relating to cooperation on board appointments, due to differences in Member State approaches towards determining whether shareholders who cooperate in relation to board appointments are acting in concert. However, shareholders may wish to cooperate in order to secure board members’ appointment in a company in which they have invested. This cooperation might take the form of: 1. entering into an agreement or arrangement (informal or formal) to exercise their votes in the same way in order to support the appointment of one or more board members; 2. tabling a resolution to remove one or more board members and replace them with one or more new board members; or 3. tabling a resolution to appoint one or more additional board members. The statement therefore indicates which factors may be considered when assessing whether such cooperation is indeed an act of acting in concert. ESMA will keep the public statement under review in order to ensure that it continues to reflect accurately the practices and application of the TBD in the Member States. 2013/1642 Public Statement - Information on shareholder cooperation and acting in concert under the Takeover Bids Directive. 2013/1643 Cover Note to the Public Statement
03/10/2016 2016/1425 ESMA consults on consolidated tape for non-equity products , Press Release PDF
144.25 KB

The European Securities and Markets Authority (ESMA) has issued today a consultation paper on its draft regulatory technical standards (RTS) regarding the creation of a consolidated tape for non-equity instruments which is required under the Markets in Financial Instruments Directive (MiFID II). The new MiFID II framework, which covers equity-like and non-equity instruments traded on trading venues, introduces provisions for establishing a central source of post-trade prices or consolidated tape.

ESMA, having already issued its draft RTS on an equity tape, is seeking feedback on its draft RTS for the non-equity tape. In order to create the non-equity tape, trading venues and approved publication arrangements (APAs) will send real-time post-trade data to consolidated tape providers (CTPs), who will consolidate this data in real-time and make the data available to the public.

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