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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
20/07/2011 2011/223 Press release- ESMA consults on systems and controls for highly automated trading , Press Release PDF
57.39 KB
21/10/2011 2011/354 Press release- European enforcers see good level of IFRS application in 2010 , Press Release PDF
31.97 KB
02/12/2011 2011/414 Press release- ESMA gathers worldwide supervisors to discuss enforcement of IFRS , Press Release PDF
28.53 KB
09/12/2011 2011/431 Global regulators discuss OTC derivatives regulation , Press Release PDF
18.94 KB
Leaders and senior representatives of the authorities responsible for the regulation of the over-the-counter (OTC) derivatives markets in Canada, the European Union, Hong Kong, Japan, Singapore and the United Statesmet met yesterday in Paris.  
22/12/2011 2011/457 ESMA outlines future automated trading regime for trading platforms, investment firms and competent authorities , Press Release PDF
151.9 KB
24/02/2012 2012/128 ESMA readies guidelines on automated trading – application deadline starts , Press Release PDF
167.16 KB
ESMA today publishes the official translations of its final “Guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities” (ESMA/2011/456), first published on 21 December 2011. High Frequency Trading (HFT) is one form of automated trading.   By having translated the guidelines into all the official languages of the EU, today’s publication triggers a transitional period of two months within which national supervisors have to declare whether they intend to comply with the guidelines or otherwise explain the reasons for non-compliance which would be made public by ESMA. According to the ESMA Regulation national supervisors have to make every effort to comply with the Guidelines.
06/07/2012 2012/424 ESMA publishes MiFID guidelines to enhance investor protection , Press Release PDF
118.08 KB
The European Securities and Markets Authority (ESMA) has today published two final sets of guidelines aimed at enhancing the protection of investors in the EU. The guidelines relate to the provisions under the Markets in Financial Instruments Directive (MiFID) relating to the suitability of investment advice and the compliance function.
26/07/2012 2012/483 ESMA publishes review of accounting treatment of Greek sovereign debt , Press Release PDF
122.97 KB

The European Securities and Markets Authority (ESMA) has today published Review of Greek Government Bonds accounting practices in the IFRS Financial Statements for the year ended 31 December 2011, which sets out the results of the review conducted by ESMA on accounting practices and disclosures regarding exposure to Greek government bonds. The ESMA review considered a sample of 42 European financial institutions, each with significant exposure to Greek government bonds totalling an estimated gross exposure of around €80 billion.

17/09/2012 2012/581 ESMA proposes remuneration guidelines for firms providing investment services , Press Release PDF
130.32 KB
12/11/2012 2012/730 ESMA announces enforcement priorities for 2012 financial statements , Press Release PDF
164.68 KB
20/12/2012 2012/854 ESMA issues statement on forbearance practices , , Press Release PDF
117.17 KB

ESMA issues statement on forbearance practicesThe European Securities and Markets Authority (ESMA) has issued a Public Statement on the Treatment of Forbearance Practices in IFRS Financial Statements of Financial Institutions.  The statement deals with the definition of forbearance practices, their impact on the impairment of financial assets and the specific disclosures relating to forbearance activities that listed financial institutions should include in their IFRS financial statements for the year ending 31 December 2012.The statement results from ESMA’s concerns that a lack of consistency amongst issuers in this area raises issues over the transparency and accuracy of their financial statements.  ESMA believes that the consistent application of IFRS principles promotes comparability among listed financial institutions’ financial statements.This forms part of broader work on forbearance practices undertaken by regulators, including the European Banking Authority (EBA) and the European Systemic Risk Board (ESRB), who are examining the issue in the context of prudential reporting and macro-economic risks respectively.Steven Maijoor, ESMA Chair said:“ESMA and national authorities have become concerned at the lack of clarity in financial issuers’ financial statements regarding their treatment of forbearance-related practices, and the potential impact this might have on issuer’s financial performance and position, with consequences for investors and markets.“We have seen the impact of an inadequate approach to forbearance and impairment in previous financial crises and our aim is to avoid a similar situation developing here in the EU.  We believe that by promoting an appropriate and consistent approach to the definition of forbearance, measurement of impairment and related disclosures, investors can be confident that issuers’ financial statements accurately reflect credit risk exposures and the credit quality of their financial assets.”“A uniformly consistent approach on this issue in the EU will contribute to the proper functioning of financial markets, the maintenance of financial stability in the European Union and improved investor protection.”Forbearance and objective evidence of impairmentForbearance occurs when the borrower is considered to be unable to meet the terms and conditions of the contract due to financial difficulties and ,based on these difficulties, it decides to modify the terms and conditions of the contract to allow the borrower sufficient ability to service the debt or refinance.  Therefore, forbearance measures constitute objective evidence of impairment under IFRS.Forbearance and asset impairmentAs forbearance measures are extended due to the financial difficulties of the borrower, ESMA expects that issuers would have  when assessing the impairment of those loans:•    identified whether a loss event has had an impact on the estimated future cash flows;•    based impairment calculations on the estimated future cash flows and not the contractual cash flows; and•    applied a heightened level of scepticism when estimating the future cash flows, as well as other parameters used. Required disclosures in the year-end IFRS financial statementsThe disclosures to be provided by financial institutions, regarding their forbearance practices in their annual IFRS financial statements, should include the following qualitative aspects:•    details of the types of forbearance practices undertaken during the reporting period;•    description of the risks related to the forbearance practices undertaken, and how these risks are managed and monitored for internal management purposes;•    accounting policies applied in respect of the forborn assets; and•     description of any changes in these aspects from the prior period.The issuers should also provide quantitative disclosures in order to enable users to evaluate the impact of forbearance measures on the credit risk profile of their loan portfolios and their financial position and performance. ESMA expects such quantitative disclosures to be included in the 2012 financial statements as far as possible, and in any event they should be implemented and reflected in 2013’s annual financial statements.Next StepsESMA, together with EU national competent authorities, will continue to monitor the level of transparency that issuers provide in their financial statements on forbearance related measures and their impact on impairment, and will consider whether further action is required.  The statement complements ESMA’s common enforcement priorities for the 2012 year-end IFRS financial statements which were published in November 2012.

28/02/2013 2013/266 ESMA and the EBA warn investors about contracts for difference , , Press Release PDF
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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
04/04/2013 2013/302 ESMA’s Technical Advice to the Commission on Fees for Trade Repositories Technical Advice PDF
1.08 MB

On 14 January 2013 ESMA received a formal request from the European Commission (the Commission) to provide technical advice to assist the Commission in formulating a Regulation on fees for Trade Repositories (TRs) by a delegated act. In order to deliver its advice to the Commission, ESMA consulted market participants regarding the proposed fee structures for registration, supervision and recognition of TRs. Respondents to this consultation were encouraged to provide the relevant data to support their arguments or proposals.Given the time period established for providing this advice, ESMA was compelled to require responses to the consultation within a short timeframe. In total, ESMA received 8 responses to the consultation. Non-confidential responses can be found on ESMA’s website. ESMA would like to thank respondents for providing input given the short period ESMA was able to consult for. This document sets out a summary of the responses received by ESMA regarding the fee structure for registration, supervision and recognition of TRs in the EU and includes ESMA’s final technical advice to the Commission on the future Regulation on fees for TRs which will be adopted by the Commission in the form of a delegated act. It is worth noting that all major ESMA proposals were supported by respondents and where comments were received ESMA has considered how best to adjust the original proposals. Next steps ESMA will follow-up on this work with the Commission as they work on the adoption of the Commission delegated regulation on fees for TRs.

11/06/2013 2013/726 ESMA clarifies pay rules applicable to investment firms Press Release PDF
111.92 KB
19/07/2013 2013/1014 ESMA consults on accounting enforcement guidelines , Press Release PDF
540.55 KB

ESMA consults on accounting enforcement guidelines The European Securities and Markets Authority (ESMA) has launched a consultation on Guidelines on the enforcement of financial information published by listed entities in the European Union (EU). The Guidelines aim to strengthen and promote greater supervisory convergence in existing enforcement practices amongst EU national authorities, thereby ensuring the proper and rigorous enforcement of financial information disclosure practices in the EU. The Guidelines establish the principles to be followed in the enforcement process, by clearly defining: • enforcement and its scope; • expected characteristics of the enforcer; • acceptable selection techniques and other aspects of enforcement methodology; • the types of enforcement actions that may be available to enforcers; and • how enforcement activities are coordinated within ESMA. The Guidelines also propose that the coordination of European enforcers by ESMA should involve the development of coordinated views on accounting matters prior to national enforcement actions, the identification of common enforcement priorities and common responses to the accounting standard setter to ensure consistent application of the financial reporting framework. The proposed Guidelines apply to all competent authorities and any other bodies from the EU undertaking enforcement responsibilities under the Transparency Directive, and IFRS Regulation. Steven Maijoor, ESMA Chair, said: “ESMA believes that in order to achieve a proper and rigorous enforcement there is a need for a common EU approach to the enforcement of financial information disclosures. These proposed Guidelines, if applied consistently across the EU, will promote uniform application of the financial reporting standards, help avoid regulatory arbitrage by issuers and promote investor confidence in financial markets.” The closing date for responses to this consultation is 15 October 2013 and ESMA expects to publish the final guidelines in 2014.

03/09/2013 2013/1157 Technical advice on third country regulatory equivalence under EMIR – US Technical Advice PDF
5.06 MB
03/09/2013 2013/1158 Technical advice on third country regulatory equivalence under EMIR – Japan Technical Advice PDF
3.76 MB
03/09/2013 2013/1159 Technical advice on third country regulatory equivalence under EMIR – Australia Technical Advice PDF
3.82 MB
03/09/2013 2013/1161 Technical advice on third country regulatory equivalence under EMIR – Singapore Technical Advice PDF
3.55 MB
03/09/2013 2013/1162 Technical advice on third country regulatory equivalence under EMIR – Switzerland Technical Advice PDF
3.65 MB

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