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02/12/2014 2014/BOA/05 Decision by the ESA BoA concerning Investor Protection Europe sprl , Decision PDF
229.85 KB
The Joint Board of Appeal of the ESAs decides on the inadmissibility of an appeal brought by IPE sprl, a company based in Brussels, against a decision by ESMAThe Joint Board of Appeal of the European Supervisory Authorities published today its decision in an appeal brought by Investor Protection Europe (IPE) sprl, a company based in Brussels, against a decision of the European Securities and Markets Authority (ESMA) of 10 June 2014 not to initiate an investigation under Article 17 of the ESMA Regulation regarding an alleged breach of Union law by the Commission de Surveillance du Secteur Financier of Luxembourg.  The Board of Appeal unanimously decided that the appeal was inadmissible, and in the light of that decision, did not consider the substance of IPE’s complaint.
17/07/2014 2014/C1/02 Board of Appeal Decision , Decision PDF
368.94 KB
The Joint Board of Appeal of the European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) published its decision in an appeal brought by SV Capital OÜ, an Estonian company, against a decision of the EBA. This was the second appeal to be considered by the Board of Appeal in this matter between the same parties concerning the question whether the suitability of the managers of a significant branch of a bank raised a question of Union law. Following the Board of Appeal’s affirmative decision of 24 June 2013, the appellant requested the EBA to initiate an investigation against the Estonian and Finnish Financial Supervision Authorities because their alleged failure to take action in respect of individuals in the Estonian branch of Nordea Bank Finland PLC whom it was alleged were not fit and proper persons to be key function holders in the bank. The EBA decided that it would not initiate an investigation.  The Board of Appeal decided that the EBA had been right to raise the matter with the national supervisors, but that having done so, it was entitled to take no further action in the light of their responses. The Board accordingly dismissed the appellant’s appeal against the EBA’s decision.
16/02/2016 2016/297 Follow-up MMF , Report PDF
882.13 KB
31/03/2016 2016/411 Guidelines on sound remuneration policies under the UCITS Directive and AIFMD Report PDF
1.39 MB

Article 14a(4) of Directive 2009/65/EC (“UCITS Directive”), as amended by Directive 2014/91/EU (“UCITS V Directive”) provides that ESMA shall issue guidelines addressed to competent authorities or financial market participants concerning the application of the remuneration principles set out under Article 14b of the UCITS Directive (“UCITS Remuneration Guidelines”). This final report sets out the final text of the guidelines on remuneration policies required by the UCITS V Directive and also provides for a targeted revision of the Guidelines on sound remuneration policies under the AIFMD (ESMA/2013/232) (“AIFMD Remuneration Guidelines”), which were originally published on 3 July 2013.

24/06/2013 BoA 2013-008 Board of Appeal Decision , Decision PDF
242.72 KB
The joint Board of Appeal of the European Supervisory Authorities (EBA, ESMA and EIOPA) has published today its decision in an appeal brought by an Estonian company against a decision of the EBA. It concerned the question whether the suitability of the managers of a significant branch of a bank may be a matter within EU law, and not just national law. Allowing the appeal, the Board of Appeal interpreted Directive No. 2006/48/EC consistently with the EBA Guidelines on the assessment of the suitability of members of the management body and key function holders. It came to the conclusion that the “fit and proper” requirement is not restricted to the persons who direct the business of the credit institution. The matter therefore was within the EBA’s powers of investigation. Although the appellant criticised the way in which the EBA dealt with its complaint, the Board of Appeal made it clear that it did not accept that criticism. It considered that the EBA dealt with the complaint in an appropriate manner. The ground on which the appeal was allowed was one of interpretation of the applicable legal provisions. The case was remitted to the EBA to adopt the appropriate decision in accordance with the Board of Appeal’s findings. This is for information only. The decision consists of the signed Decision only. For any enquiries, please contact EIOPA’s Press Office: Anzhelika Mayer Tel.: +49 69 9511 1968
13/01/2014 BoA 2013-014 Board of Appeal Decision Global Private Rating Company v. ESMA , Decision PDF
361.96 KB
Board of Appeal of the European Supervisory Authorities dismisses appeal made by a refused CRA-applicant against ESMA On 10 January 2014, the Board of Appeal of the European Supervisory Authorities handed down its decision on an appeal by the appellant, Global Private Rating Company “Standard Rating” Ltd, against the refusal by the European Securities and Markets Authority (ESMA) to register it as a credit rating agency. This is the first appeal against a decision by ESMA refusing an applicant registration as a credit rating agency. The Board of Appeal unanimously decided that the appeal should be dismissed, and that ESMA’s refusal decision should be confirmed. It stated that it accepted the appellant’s point that the registration of a credit rating agency by ESMA is a new process, and recognised that the procedures will to an extent take time fully to work out. Nevertheless, because of the responsibilities placed on credit rating agencies and their importance in the financial system generally, it considered that the onus must be on an applicant to satisfy ESMA that the relevant requirements are met. The application and its contents must be very clear, and it is not ESMA’s responsibility as regulator to remedy deficiencies.
26/01/2016 BOA 2016 001 BoA 2016- 001 (Decision Kluge v EBA) Decision PDF
196.32 KB
20/07/2017 BoA 2017 01 FinancialCraft Analytics Sp. z o.o. vs ESMA BoA Decision , Decision PDF
693 KB
30/04/2018 BoA 2018-01 Decision in an appeal by A v ESMA , Decision PDF
392.62 KB
26/09/2018 BoA D 2018 02 Decision in an Appeal by B. against a decision of the European Securities and Markets Authority Decision PDF
382.53 KB
27/02/2019 BoA D 2019 01, 02, 03 and 04 Appeal by Svenska Handelsbanken AB, Skandinaviska Enskilda Banken AB, Swedbank A and Nordea Bank Abp against the European Securities and Markets Authority Decision PDF
829.04 KB
08/10/2019 boa-2019-d-05_decision BOA decision creditreform_rating_ag_vs_eba Decision PDF
922.78 KB
14/08/2015 BOA/2015/001 Decision of the Board of Appeal of the European Supervisory Authorities given under Article 60 of Regulation (EU) No 1094/2010 and the Board of Appeal’s Rules of Procedure (BOA 2012 002) , Decision PDF
147.78 KB
30/11/2018 boa30.18 BoA Decision SEB appeal 30 November 2018 Decision PDF
416.77 KB
06/04/2020 ESMA 50-165-1098 ESMA annual statistical report on performance and costs of retail investment products in the EU- 2020 , , Report PDF
4.08 MB
31/03/2017 ESMA/2017/70-8792942901-40 Final report on Draft RTS specifying the scope of the consolidated tape for non-equity financial instruments Report PDF
644.29 KB
07/04/2017 ESMA34-43-340 Notification frameworks and home-host responsibilities under UCITS and AIFMD- ESMA Thematic Study among National Competent Authorities Report PDF
895.97 KB

One of the key objectives of ESMA is to foster and increase supervisory convergence across NCAs. Thematic studies have been identified as a means of achieving this objective. Their aim is to review supervisory practice in the Member States, identifying good or best practices where possible. In 2016, ESMA conducted a thematic study on the operation of home and host responsibilities under AIFMD and UCITS with a view to promoting smooth operation of the EU passports for marketing and management, looking at the notification frameworks contained in the UCITS Directive and AIFMD. The findings of the thematic study form the core of this report. They are supplemented, where possible, by a number of recommendations on good supervisory practices.

04/04/2019 ESMA34-45-651 UCITS Sanction Report 2016/2017 Report PDF
398.96 KB
12/12/2019 ESMA34-45-756 Penalties and measures imposed under the UCITS Directive in 2018 Report PDF
467.36 KB
17/07/2019 ESMA35-36-1711 Report on sanctions and measures imposed under MiFID II in 2018 Report PDF
296.09 KB