ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
292
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
MiFID - Investor Protection X MiFID - Secondary Markets X Speeches X Credit Rating Agencies X Vacancies X Prospectus X Board of Appeal X IFRS Supervisory Convergence X Market Integrity X Guidelines & Recommendations X Opinion X
Reset all filters

Pages

Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
24/04/2014 2013/606 BG Политики и практики на възнаграждение (Директива за пазарите на финансови инструменти — MiFID) , Guidelines & Recommendations PDF
298.55 KB
21/08/2012 2012/387 BG Насоки относно определени аспекти на изискванията на MiFID за годност , Guidelines & Recommendations PDF
357.81 KB
28/09/2012 2012/388 BG Насоки относно определени аспекти на изискванията на MiFID за годност , Guidelines & Recommendations PDF
342.03 KB
23/06/2015 2015/609 BG Насоки относно информацията, предоставяна периодично на ЕSMA от агенциите за кредитен рейтинг , Guidelines & Recommendations PDF
297.5 KB
BG  - Преводът е предоставен от Центъра за преводи за органите на Европейския съюз.
01/10/2013 2013/606 EL Κατευθυντήριες γραμμές σχετικά με τις πολιτικές και τις πρακτικές αποδοχών (MiFID) , Guidelines & Recommendations PDF
385.26 KB
23/06/2015 2015/609 EL Κατευθυντήριες γραμμές σχετικά με την περιοδική πληροφόρηση που παρέχεται στην ESMA από τους οργανισμούς αξιολόγησης πιστοληπτικής ικανότητας , Guidelines & Recommendations PDF
338.39 KB
EL - Η παρούσα μετάφραση έγινε από το Μεταφραστικό Κέντρο των Οργάνων της Ευρωπαϊκής Ένωσης.
28/09/2012 2012/388 EL Κατευθυντήριες γραμμές σχετικά με ορισμένες πτυχές των απαιτήσεων της λειτουργίας συμμόρφωσης που προβλέπονται στη MiFID , Guidelines & Recommendations PDF
408 KB
21/08/2012 2012/387 EL Κατευθυντήριες γραμμές σχετικά με ορισμένες πτυχές των απαιτήσεων καταλληλότητας που προβλέπονται στη MiFID , Guidelines & Recommendations PDF
397.87 KB
01/10/2013 2013/606 CS Zásady a postupy v oblasti odměňování (MiFID) , Guidelines & Recommendations PDF
343.56 KB
01/10/2013 2013/606 PL Wytyczne w sprawie zasad i praktyk dotyczących wynagrodzeń (MiFID) , Guidelines & Recommendations PDF
323.25 KB
21/08/2012 2012/387 PL Wytyczne w sprawie pewnych aspektów wymogów dyrektywy MiFID dotyczących odpowiedniości , Guidelines & Recommendations PDF
352.93 KB
28/09/2012 2012/388 PL Wytyczne w sprawie określonych aspektów wymogów dyrektywy MiFID dotyczących komórki ds. nadzoru zgodności z prawem , Guidelines & Recommendations PDF
369.1 KB
01/10/2013 2013/606 DE Vergütungsgrundsätze und-verfahren (MiFID) , Guidelines & Recommendations PDF
331.96 KB
21/08/2012 2012/387 SK Usmernenia o určitých aspektoch požiadaviek vhodnosti podľa MiFID , Guidelines & Recommendations PDF
361.57 KB
28/09/2012 2012/388 SK Usmernenia o určitých aspektoch požiadaviek MiFID týkajúcich sa vykonávania funkcie dodržiavania (compliance) , Guidelines & Recommendations PDF
375.81 KB
08/08/2017 ESMA/2016/1452 TC Transaction reporting, order record keeping and clock synchronisation under MiFID II- track changes Guidelines & Recommendations PDF
4.75 MB
20/03/2013 2013/319 The consistent implementation of Commission Regulation (EC) No 809/2004 implementing the Prospectus Directive , Guidelines & Recommendations PDF
540.48 KB

This document contains an update of the CESR recommendations.

01/10/2013 2013/606 ET Tasustamispoliitika ja-tavad (finantsinstrumentide turgude direktiiv) , Guidelines & Recommendations PDF
236.61 KB
28/09/2012 2012/388 ET Suunised finantsinstrumentide turgude direktiivis (MiFID) sätestatud vastavuskontrolli funktsiooni käsitlevate nõuete teatud aspektide kohta , Guidelines & Recommendations PDF
313.13 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.

Pages