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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
26/04/2012 2012/270 Actual use of sanctioning powers under MAD Final Report PDF
1.55 MB
The report provides a comparison of the use of administrative sanctioning powers across 29 EEA Member States for 2008-2010.  The results of the report will provide input to the legislative process on the new market abuse regime.
18/12/2014 2014/1560 Advice- Investment-based crowdfunding Final Report PDF
482.2 KB
Crowdfunding is a means of raising finance for projects from ‘the crowd’ often by means of an internet-based platform through which project owners ‘pitch’ their idea to potential backers, who are typically not professional investors.  It takes many forms, not all of which involve the potential for a financial return.  ESMA’s focus is on crowdfunding which involves investment, as distinct from donation, non-monetary reward or loan agreement.Crowdfunding is relatively young and business models are evolving. EU financial services rules were not designed with the industry in mind.  Within investment-based crowdfunding a range of different operational structures are used so it is not straightforward to map crowdfunding platforms’ activities to those regulated under EU legislation. Member States and NCAs have been working out how to treat crowdfunding, with some dealing with issues case-by-case, some seeking to clarify how crowdfunding fits into existing rules and others introducing specific requirements.To assist NCAs and market participants, and to promote regulatory and supervisory convergence, ESMA has assessed typical investment-based crowdfunding business models and how they could evolve, risks typically involved for project owners, investors and the platforms themselves and the likely components of an appropriate regulatory regime. ESMA then prepared a detailed analysis of how the typical business models map across to the existing EU legislation, set out in sections 1 to 6 of this document.
18/03/2015 2015/592 Automated Trading Guidelines- ESMA peer review among National Competent Authorities Final Report PDF
930.33 KB
25/02/2015 2015/494 Best Execution under MiFID , Final Report PDF
761.62 KB
The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders. ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including: • prioritisation of best execution as a key conduct of business supervisory issue; • the allocation of sufficient resources to best execution supervision; and • a more proactive supervisory approach to monitoring compliance with best execution requirements, both desk-based and onsite inspections. The review was conducted on the basis of information provided by 29 NCAs and complemented by on-site visits to the NCAs of France, Liechtenstein, Luxembourg, Malta, Poland and Spain.
17/07/2019 ESMA35-43-1905 Call for evidence Impact of the inducements and costs and charges disclosure requirements under MiFID II Consultation Paper PDF
479.41 KB
30/09/2019 ESMA-35-43-2090 Call for evidence on MiFID II product intervention powers Consultation Paper PDF
197.51 KB
07/05/2012 2012/278 Call for evidence on Transaction reporting Consultation Paper PDF
286 KB
This call for evidence seeks to collect interested parties’ views on what elements ESMA should consider in its work on guidelines on harmonised transaction reporting, as well as opinions on what areas of the OTC derivatives guidelines need to be updated. On the basis of responses received to this call for evidence, ESMA will define its further work on guidelines on harmonised transaction reporting and launch a full public consultation.
18/01/2018 ESMA35-43-904 Call for Evidence – Potential product intervention measures on contracts for differences and binary options to retail clients Consultation Paper PDF
306.85 KB
28/02/2008 08-099 CESR Executive summary to the report on administrative measures and sanctions as well as the criminal sanctions available in Member States under the Market Abuse Directive Final Report PDF
874.1 KB
15/07/2002 02-089b CESR’s Advice on possible Level 2 Implementing Measures for the proposed Market Abuse Directive Consultation Paper PDF
213.95 KB
19/12/2018 ESMA35-43-1210 Consulation paper on integrating sustainability risks and factors in MiFID II Consultation Paper
03/10/2019 ESMA70-156-1459 Consultation paper MAR review Consultation Paper PDF
1017.98 KB
15/07/2019 ESMA35-43-2019 Consultation paper on compliance function guidelines Consultation Paper PDF
677.15 KB
05/10/2016 2016/1436 Consultation Paper on Draft guidelines on MiFID II product governance requirements Consultation Paper PDF
661.2 KB
27/05/2016 2016/723 Consultation Paper on ESMA technical advice on Benchmarks Regulation , Consultation Paper PDF
905.26 KB
22/12/2011 2011/446 Consultation paper on guidelines on certain aspects of the MiFID compliance function requirements Consultation Paper PDF
393.94 KB
13/07/2017 ESMA35-43-748 Consultation Paper on guidelines on certain aspects of the MiFID II suitability requirements Consultation Paper PDF
740.94 KB
22/12/2011 2011/445 Consultation paper on guidelines on certain aspects of the MiFID suitability requirements Consultation Paper PDF
355.06 KB
27/05/2019 ESMA70-145-1145 Consultation paper on Guidelines on periodic information and notification of material changes to be submitted to ESMA by Trades Repositories , Consultation Paper PDF
545.53 KB
19/12/2018 ESMA35-43-1210 Consultation paper on integrating sustainability risks and factors in MiFID II Consultation Paper PDF
494.66 KB

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