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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
15/11/2017 ESMA20-92-68 ESMA Staff Stakeholder contacts in the Third Quarter 2017 Reference PDF
144.95 KB
13/11/2017 ESMA71-99-649 Press Release ICO Statements , , Press Release PDF
169.52 KB
13/11/2017 ESMA50-157-828 ESMA alerts firms involved in Initial Coin Offerings (ICOs) to the need to meet relevant regulatory requirements , Statement PDF
330.73 KB
13/11/2017 ESMA50-157-829 ESMA alerts investors to the high risks of Initial Coin Offerings (ICOs) , Statement PDF
444.01 KB
30/10/2017 ESMA32-51-370 Q&A on ESMA Guidelines on Alternative Performance Measures , Q&A PDF
566.5 KB
20/10/2017 ESMA31-62-780 Q&A on Prospectus Related Topics , , Q&A PDF
1.21 MB
05/10/2017 ESMA71-99-610 ESMA maintains focus on supervisory convergence and risk assessment in 2018 Press Release PDF
148.97 KB

The European Securities and Markets Authority (ESMA) has published its 2018 Work Programme (WP), which sets out its priorities and areas of focus for 2018 in support of its mission to enhance investor protection and promote stable and orderly financial markets.

For 2018, the key areas of focus under ESMA’s activities of supervisory convergence, assessing risks, single rulebook and direct supervision will be:

  • Providing guidance and promoting the consistent application of MiFID II and MiFIR by market participants and National Competent Authorities (NCAs);

  • Ensuring the quality, integration, usability and transparency of the data that ESMA collects;

  • Contributing to the development of Level 2 measures in relation to the revised Prospectus regime; AND

  • Enhancing the effectiveness and lasting impact of supervisory activities at individual credit rating agencies (CRA) and trade repositories (TR) level.

The overall budget for 2018 is expected to be €42,051,386 with a projected staff of 232.

 

 

05/10/2017 ESMA20-95-619 2018 Work Programme , Report PDF
533.61 KB
05/10/2017 ESMA71-99-612 2017 Calendar of the Chair and Executive Director Reference PDF
288.32 KB
29/09/2017 ESMA71-99-602 ESMA appoints new chairs to Standing Committees , , , , , , , Statement PDF
143.69 KB
13/09/2017 ESMA43-318-1079 Warning- Unauthorised use of ESMA’s identity and logo , Reference PDF
241.2 KB
28/07/2017 ESMA20-92-66 ESMA Staff Stakeholder contacts in the Second Quarter 2017 Reference PDF
140.84 KB
19/07/2017 ESMA50-164-820 Regulatory Technology: Reshaping the Supervisor-Market Participant Relationship , Speech PDF
251.54 KB
06/07/2017 ESMA71-99-522 ESMA appoints new member to its Management Board , Statement PDF
144.98 KB
28/06/2017 ESMA35-36-885 Product Intervention- General Statement , Statement PDF
123.04 KB

This statement provides an update on the European Securities and Markets Authority’s (ESMA) work in relation to the sale of contracts for differences (CFDs), binary options and other speculative products to retail investors.

 

ESMA has been concerned about the provision of speculative products such as CFDs, rolling spot forex and binary options to retail investors for a considerable period of time and has conducted ongoing monitoring and supervisory convergence work in this area. In this context, ESMA has previously published a number of Q&As on CFDs and other speculative products[1] to foster supervisory convergence, having established a CFD Task Force in July 2015, and also issued a further investor warning on the sale of CFDs, binary options and other speculative products in July 2016[2].

 

However, ESMA remains concerned that these supervisory convergence tools may not be sufficiently effective to ensure that the risks to consumer protection are sufficiently controlled or reduced. ESMA is therefore discussing the possible use of its product intervention powers under Article 40 of MiFIR to address investor protection risks in relation to CFDs, rolling spot forex and binary options.

 

ESMA is in the process of discussing the possible use of its product intervention powers under Article 40 of MiFIR, the possible content of any such measures, and how they could be applied. However, ESMA can confirm that the measures being discussed for (i) CFDs and rolling spot forex and (ii) binary options include proposals that take into account a number of measures that have been adopted or publicly consulted on by EU National Competent Authorities. These measures include leverage limits, guaranteed limits on client losses, and / or restrictions on the marketing and distribution of these products.

 

In accordance with Article 40 of MiFIR, any intervention measures must be approved by the ESMA Board of Supervisors and can only come into effect from 3 January 2018 at the earliest[3].

14/06/2017 ESMA20-95-590 Annual Report 2016 , , Annual Report PDF
2.94 MB

Corrigendum - date on the letter of assurance from the Executive Director on p81 had inadvertently been dated 14 June 2017, when the letter was signed on 2 June 2017. The date has been amended accordingly

07/06/2017 ESMA50-158-457 ESMA response to the Commission Consultation Paper on Fintech: A more competitive and innovative financial sector Report PDF
712.26 KB
  1. ESMA welcomes the opportunity to respond to the Commission Consultation paper on Fintech: a more competitive and innovative financial sector (hereafter “the Consultation”).
  2. Fintech and, technological innovation in general, have been the drivers of a number of developments in the financial sector in recent years. Indeed, new forms of services and businesses such as automated advice or crowdfunding have emerged. ESMA sees these developments as a positive evolution as long as they are aimed at improving consumer financial experience and facilitate financial inclusion. ESMA would also want to stress that it adheres to the core principles (technological neutrality, proportionality and market integrity) highlighted by the Commission and agrees that any EU policies aiming to ensure the financial sector takes advantage of cutting-edge technologies, while remaining sound and safe for investors, need to integrate these principles.
  3. In this response, ESMA wishes to share with the Commission some reflections on a number of topics mentioned in the Consultation which appear relevant to ESMA:
    • Artificial intelligence and big data analytics for automated advice and businesses;
    • Crowdfunding;
    • Reg Tech;
    • Outsourcing and cloud computing;
    • Distributed ledger technology;
    • Role of regulation and supervisors; and
    • Role of industry: standards and interoperability
18/05/2017 pkaspeech Speech by Patrick Armstrong on The Adoption of RegTech within the Financial Services Industry Speech PDF
255.17 KB
18/04/2017 ESMA22-104-258 ESMA Staff Stakeholder contacts in the First Quarter 2017 Reference PDF
145.76 KB
07/03/2017 ESMA50-1623096732-432x Closing remarks Financial Innovation Day Statement PDF
152.27 KB

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