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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
15/10/2018 ESMA31-62-1114 2017 Report on EEA prospectus activity Corporate Finance Final Report PDF
385.45 KB
18/12/2014 2014/1560 Advice- Investment-based crowdfunding Innovation and Products 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.
25/02/2015 2015/494 Best Execution under MiFID MiFID - Investor Protection, Supervisory convergence 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.
28/09/2020 ESMA35-43-2424 Draft technical standards on the provision of investment services and activities in the Union by third-country firms under MiFID II and MiFIR MiFID - Investor Protection Final Report PDF
1.23 MB
01/02/2021 ESMA81-393-83 Final Report BMR Advice Fees Benchmarks Final Report PDF
504.55 KB
05/06/2020 ESMA35-36-1946 Final Report Guidelines on certain aspects of the MiFID II compliance function requirements Guidelines and Technical standards, MiFID - Investor Protection Final Report PDF
395.33 KB
06/07/2012 2012/387 Final report Guidelines on certain aspects of the MiFID suitability requirements Guidelines and Technical standards, MiFID - Investor Protection Final Report PDF
444.15 KB
30/11/2015 2015/1783 Final Report on complex debt instruments and structured deposits MiFID - Investor Protection Final Report PDF
409.89 KB
02/06/2017 ESMA70-145-81 Final report on draft RTS on cooperation with third countries under BMR Benchmarks Final Report PDF
203.07 KB
17/12/2015 2015/1886 Final report on guidelines for the assessment of knowledge and competence MiFID - Investor Protection Final Report PDF
422.68 KB

Reasons for publication

1.            Article 25(1) of Directive 2014/65/EU (MiFID II) states that Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice or providing information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm possess the necessary knowledge and competence to fulfil their obligations under Article 24 and Article 25 .

2.            The European Securities and Markets Authority is required by Article 25(9) of MiFID II to develop – by 3 January 2016 - guidelines specifying criteria for the assessment of knowledge and competence of investment firms’ personnel. The guidelines will come into effect on 3 January 2017.

3.            In accordance with Article 16(2) of the ESMA Regulation, a consultation was launched on 23 April 2015. The Consultation Paper (CP) set out draft ESMA guidelines for the assessment of knowledge and competence of individuals in investment firms providing investment advice or information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm. The consultation period closed on 10 July 2015.

4.            ESMA received 80 responses. The answers received on the CP are available on ESMA’s website unless respondents requested otherwise.

5.            As provided by Article 16 of the ESMA Regulation, ESMA also sought the advice of the Securities and Markets Stakeholder Group’s (SMSG).

6.            This paper contains summaries of responses received and feedback statements provided by ESMA. ESMA recommends that this report should be read together with the CP published on 23 April 2015 to have a complete understanding of the rationale for the guidelines. The final guidelines presented in Annex VI take into account the comments and suggestions raised by respondents.

Contents

7.            Section II briefly summarises the feedback to the CP and the main responses from ESMA.

8.            Section III contains the Annexes: Annex I provides the Summary of questions, Annex II contains the legislative mandate, Annex III reports the cost-benefit analysis, Annex IV reports the Opinion of the Securities and Markets Stakeholder Group, Annex V details the feedback on the CP, Annex VI sets out the final text of the guidelines and Annex VII describes some illustrative examples of the application of certain aspects of the guidelines.

Next Steps

9.            The final guidelines in Annex VI will be translated into the official EU languages and published on the ESMA website. The publication of the translations will trigger a two-month period during which National Competent Authorities (NCAs) must notify ESMA whether they comply or intend to comply with the guidelines.
02/06/2017 ESMA35-43-620 Final report on guidelines on MiFID II product governance requirements MiFID - Investor Protection Final Report PDF
713.52 KB
20/12/2018 ESMA70-145-1008 Final report on Guidelines on non-significant benchmarks Benchmarks Final Report PDF
673.72 KB
18/12/2020 ESMA50-157-2403 Final report on Guidelines on outsourcing to cloud service providers Innovation and Products Final Report PDF
384.63 KB
03/05/2019 ESMA35-43-1737 Final report on integrating sustainability risks and factors in the MIFID II Audit, MiFID - Investor Protection, Sustainable finance Final Report PDF
371.73 KB
10/11/2016 2016-1560 Final Report on Technical Advice under the Benchmarks Regulation Benchmarks Final Report PDF
943.42 KB
14/11/2016 2016/1565 Final Report on the clearing obligation for financial counterparties with a limited volume of activity Post Trading, Press Releases Final Report PDF
478.72 KB
22/12/2015 2015/1861 Final report- Guidelines on cross-selling practices MiFID - Investor Protection Final Report PDF
389.42 KB
17/12/2020 ESMA74-362-824 Final Report_on_the_ts_on_reporting_data_quality_data_access_and_registration_of_trs_under_emir_refit Board of Supervisors, Post Trading Final Report PDF
3.07 MB
18/12/2015 2015/1887 Follow-up report on the development of the Best Practice Principles for Providers of Shareholder Voting Research and Analysis Corporate Finance, Corporate Governance Final Report PDF
645.64 KB
28/05/2018 ESMA35-43-869 Guidelines on certain aspects of the MiFID II suitability requirements MiFID - Investor Protection Final Report PDF
788.12 KB

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