ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
285
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
MiFID - Investor Protection X MiFID - Secondary Markets X Audit X Post Trading X Securitisation X Risk Analysis & Economics - Markets Infrastructure Investors X CESR Archive X Annual Report X CESR Document X CLOSED Procedure X Opinion X
Reset all filters

Pages

Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
28/05/2014 2014/576 Voting Procedures for CCP colleges under EMIR Opinion PDF
94.15 KB
01/10/2010 10-320 Tender for the development, support and maintenance of the website of ESMA CLOSED Procedure ZIP
4.27 MB
01/10/2010 10-1143 Tender for the Creation of a Logo and Graphical elements for European Securities and Markets Authority CLOSED Procedure PDF
208.11 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.
22/10/2004 04-561 Standards for securities clearing and settlement systems in the European Union CESR Document PDF
531.56 KB
08/07/2002 02-086b Standards for Alternative Trading Systems CESR Document PDF
124.16 KB
CESR published today common European Standards for Alternative Trading Systems (ATSs). This paper sets outs standards for ATSs in the European Economic Area (EEA) with a view to providing appropriate regulation of investments firms operating ATSs under the current ISD. It builds on FESCO's report to the European Commission on the Regulation of Alternative Trading Systems in Europe, which was published in September 2000. Also published today was a feedback statement summarising the responses received in the final round of consultation (Ref. CESR/02-087b)
22/04/2004 04-045b Standard No. 2 on Financial Information- Co-ordination of enforcement activities- Feedback Statement CESR Document PDF
96.23 KB
22/04/2004 03-317c Standard No. 2 on Financial Information- Co-ordination of enforcement activities CESR Document PDF
90.15 KB
CESR releases today the standard on the organisation of greater co-ordination of enforcement activities by supervisors of financial information in Europe
01/03/2003 03-073 Standard No. 1 on Financial Information CESR Document PDF
147.6 KB
During the seventh meeting of CESR held in Paris on 21 March 2003, the first CESR standard on Financial Information: Enforcement of standards on financial information in Europe was approved. The standard is being published today along with a feedback statement summarising the responses received during the consultation process (Ref. CESR/03-074). The standard represents a significant part of CESR\'s contribution to the task of developing and implementing a common approach to the enforcement of International Financial Reporting Standards (IFRS) in Europe. The feedback statement can be viewed under the heading "Recent Publications".
09/04/2002 02-020b Stabilisation and Allotment – European Supervisory Approach CESR Document PDF
93.51 KB
This paper provides harmonised standards for stabilisation practices in the context of a public offer and an harmonised disclosure regime for the Allotment of securities as well as some basic principles of the Allotment process. This work has not been elaborated under a formal mandate of the EU Commission in the context of the future Directives on Insider Dealing and Market Manipulation or the future Directive on Prospectuses. However, these standards represent an important "acquis" for any future work to be undertaken on the same subject. A summary of the responses to the second consultation (Ref. CESR/02-060) is published in the "Recent Publications".
08/10/2010 10-1264a Règlement de la consultation- PRESTATIONS DE MISSION DE MAITRISE D’OEUVRE POUR L’AGENCEMENT DES NOUVEAUX LOCAUX DU CESR CLOSED Procedure PDF
443.87 KB
09/03/2015 2015/511 Revised opinion on draft RTS on the clearing obligation on interest rate swaps Opinion PDF
336.52 KB
15/03/2013 2013/312 Regulatory technical standards on colleges for central counterparties supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 Opinion PDF
151.67 KB
29/05/2007 07-337 Recommendations- The passport under MiFID CESR Document PDF
129.31 KB
29/05/2007 07-228b Recommendations- Inducements under MiFID CESR Document PDF
161.88 KB
30/12/2003 03-323e Recommendation for additional guidance regarding the implementation of International Financial Reporting Standards (IFRS) CESR Document PDF
161.3 KB
CESR publishes today its recommendation for regulators on how listed companies can effectively manage the communication of the financial impact of transitioning to international accounting standards in 2005. CESR considers it essential that the transition must be carefully monitored by regulators to ensure that every company continues to meet its reporting requirements and that investors are able to understand the effect of the new reporting standards on the financial position of listed companies. European companies whose securities are traded on a regulated market will be required by the European Regulation n
14/01/2002 02-002 Proposed Standards for Alternative Trading Systems- Feedback statement CESR Document PDF
419.83 KB
10/01/2019 ESMA71-99-1081 Press release- ESMA report finds investment product performance highly impacted by charges , Annual Report PDF
159.37 KB
30/12/2003 03-490b Preparing for the implementation of Financial Reporting Standards (IFRS)- Feedback Statement CESR Document PDF
137.69 KB
20/06/2019 ESMA70-155-2925 Position limit on French Power Peak contracts Opinion PDF
235.2 KB

Pages