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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
11/07/2022 ESMA70-460-34 Consultation Paper on Guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure Innovation and Products, MiFID - Secondary Markets Consultation Paper PDF
998.27 KB
25/05/2021 ESMA-50-164-4518 Call for evidence- Digital Finance Innovation and Products Consultation Paper PDF
300.37 KB
03/06/2020 ESMA50-164-3342 Draft Guidelines on Outsourcing to Cloud Service Providers Innovation and Products Consultation Paper PDF
390.7 KB
12/07/2019 ESMA31-62-1239 Consultation Paper on Guidelines on prospectus disclosure Prospectus Consultation Paper PDF
617.89 KB
15/12/2017 ESMA31-62-802 Consultation Paper on draft RTS under the new Prospectus Regulation Prospectus Consultation Paper PDF
1.45 MB
29/09/2017 70-145-105 Draft Guidelines on non-significant benchmarks Benchmarks, Guidelines and Technical standards Consultation Paper PDF
557.29 KB
06/07/2017 ESMA31-62-532 Draft technical advice on format and content of the prospectus Prospectus Consultation Paper PDF
2.81 MB
06/07/2017 ESMA31-62-649 Draft technical advice on content and format of the EU Growth prospectus Prospectus Consultation Paper PDF
1.38 MB
06/07/2017 ESMA31-62-650 Draft technical advice on scrutiny and approval of the prospectus Prospectus Consultation Paper PDF
1.09 MB
28/10/2016 2016/1529 Joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders Guidelines and Technical standards, MiFID - Investor Protection Consultation Paper PDF
1.13 MB
02/06/2016 2016/773 Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets Innovation and Products, Risk Analysis & Economics - Markets Infrastructure Investors Consultation Paper PDF
573.86 KB
31/05/2016 2016/732 Guidelines on participant default rules and procedures under CSDR Guidelines and Technical standards, Post Trading Consultation Paper PDF
450.56 KB

The European Securities and Markets Authority (ESMA) under Article 41(4) of Regulation (EU) No 909/2014 of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation No 236/2012 (CSDR) may issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 in order to ensure consistent application of Article 41 of CSDR relating to participant default rules and procedures.

Contents

Section 2 contains information on the background and mandate, Section 3 contains an analysis of the scope and content of the proposed guidelines, while Section 4 contains the proposed guidelines.

Annex I sets out a summary of the questions contained in this paper and Annex II includes a high level cost-benefit analysis for the guidelines.

Next Steps

ESMA will consider the feedback it will receive to this consultation with a view to finalising the guidelines by Q4 2016.
25/09/2015 2015/1463 ESMA Consultation Paper on ESEF Corporate Disclosure, European Single Electronic Format, Transparency Consultation Paper PDF
2.34 MB
22/04/2015 2015/532 Investment using virtual currency or distributed ledger technology Innovation and Products Consultation Paper PDF
526.19 KB		 ESMA has been monitoring and analysing virtual currency investment over the last 6 months, to understand developments in the market, potential benefits or risks for investors, market integrity or financial stability, and to support the functioning of the EU single market. ESMA’s analysis is set out in this paper. ESMA is seeking to share its analysis in order to promote wider understanding of innovative market developments, and invites market participants and other stakeholders to submit feedback and any additional information on the following topics: Virtual currency investment products, i.e. collective investment schemes or derivatives such as options and CFDs that have virtual currencies (VCs) as an underlying or invest in VC related businesses and infrastructure; Virtual currency based assets/securities and asset transfers, i.e. financial assets such as shares, funds, etc. that are exclusively traded using virtual currency distributed ledgers (also known as block chains);and The application of the distributed ledger technology to securities/investments, whether inside or outside a virtual currency environment.
26/09/2014 2014/1186 Consultation paper on draft RTS on prospectus related issues under the Omnibus II Directive Prospectus, Corporate Disclosure Consultation Paper PDF
670.42 KB		 ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex I. Comments are most helpful if they:•    respond to the question stated;•    indicate the specific question to which they relate;•    contain a clear rationale; and•    describe any alternatives ESMA should consider.ESMA will consider all comments received by 19 December 2014. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.Data protection                      Information on data protection can be found at www.esma.europa.eu under the heading ‘Legal Notice’.Who should read this paper This document will be of interest to all stakeholders. It would primarily be of interest to investors, issuers, offerors or persons asking for admission to trading on a regulated market, as well as to any market participant who is affected by Directive 2003/71/EC of 4 November 2003 (the Prospectus Directive) as amended by Directive 2010/73/EU and Directive 2010/78/EU and its Regulation (Commission Regulation (EC) No 809/2004) and Delegated Regulations (Commission Delegated Regulation (EC) No 486/2012, No 862/2012, No 759/2013 and No 1392/2014.
15/03/2013 2013/316 Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus Prospectus, Corporate Disclosure Consultation Paper PDF
672.89 KB		 The Consultation Paper sets out a draft Regulatory Technical Standard concerning situations that require the systematic publication of a supplement to the prospectus which the European Securities and Markets Authority (ESMA) is obliged to develop in accordance with Article 16(3) of the Prospectus Directive. The listed situations are concrete examples of the general obligation in Article 16(1)  to mention in a supplement every significant new factor, material mistake or inaccuracy relating to information included in the prospectus which is capable of affecting the assessment of the securities. ESMA believes that the test whether a new factor, mistake or inaccuracy qualifies as a triggering event for producing a supplement is the same test as whether information should be included in the prospectus. As a consequence, significance or materiality should be assessed according to the same qualitative and/or quantitative criteria used when drafting the prospectus. In light of this, ESMA has identified a short list comprising 10 situations, which will always require issuers, offerors or persons asking for admission to trading to draw up and publish a supplement to the prospectus.The CP includes a draft Regulatory Technical Standard setting out the situations that would require a systematic publication of a supplement as well as the minimum content of such a supplement. Responses to the consultation should be submitted online by 28 June 2013.
01/10/2012 2012/607 Further amendments to ESMA’s Recommendations for the consistent implementation of the Prospectus Regulation regarding mineral companies Prospectus, Corporate Disclosure Consultation Paper PDF
481.61 KB
20/06/2012 2012/380 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Consultation Paper PDF
1.49 MB		 Responses to this consultation paper should be submitted online by 20 August 2012.
13/12/2011 2011/444 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Consultation Paper PDF
1.15 MB		 The purpose of this consultation document from ESMA is to seek comments on the technical advice that ESMA proposes to give to the European Commission on a number of possible delegated acts.
15/06/2011 2011/141 Consultation paper- ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Consultation Paper PDF
1.45 MB

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