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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
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.
15/07/2019 esma41-139-1231 Amended decision Handelsbanken Decision PDF
244.4 KB
15/07/2019 esma41-139-1224 Amended_decision_nordea Decision PDF
236.05 KB
15/07/2019 esma41-139-1229 Amended_decision_seb Decision PDF
239.8 KB
15/07/2019 esma41-139-1230 Amended_decision_swedbank Decision PDF
243.03 KB
28/09/2015 2015-ESMA-1464 Annex II Annex II- CBA- draft RTS and ITS on MiFID II and MiFIR Final Report PDF
5.07 MB
12/01/2012 2012/3 Annual report on the application of the Regulation on credit rating agencies as provided by Article 21(5) and Article 39a of the Regulation (EU) No 1060/2009 as amended by Regulation No 1095/2010 Final Report PDF
141.98 KB
This is the first report under the new CRA regulation, however, please note that CESR published a report about the application of the Regulation in the EU and, in particular, on the implementation of the requirements established in Annex I of the Regulation on 6 December 2010 (CESR/10-1424), according to Article 21(4) of the Regulation which was subsequently amended by Regulation No (EC) 513/2011. At the time of publication, 16 CRA's have been registered.
18/03/2013 2013/308 Annual report on the application of the Regulation on credit rating agencies- 2012 Final Report PDF
601.08 KB
This is the second annual report on the application of the Credit Rating Agencies Regulation. 
21/07/2016 2016/1131 BoS Decision on Fitch Ratings Limited 21 July 2016 , Decision PDF
108.21 KB
23/07/2018 ESMA41-137-1153 BoS decision- CRA 2-2017- SEB Decision PDF
706.81 KB
23/07/2018 ESMA41-137-1145 BoS decision-CRA 2-2017- Danske Decision PDF
635.85 KB
23/07/2018 ESMA41-137-1150 BoS decision-CRA 2-2017- Nordea Decision PDF
714.78 KB
23/07/2018 ESMA41-137-1147 BoS decision-CRA 2-2017- Svenska Handelsbanken AB Decision PDF
690.73 KB
23/07/2018 ESMA41-137-1152 BoS decision-CRA 2-2017- Swedbank Decision PDF
715.12 KB
10/06/2013 2013/619 Comparison of liability regimes in Member States in relation to the Prospectus Directive , Final Report PDF
596.91 KB
The European Securities and Markets Authority (ESMA) has published a report on the Comparison of liability regimes in Member States in relation to the Prospectus Directive.   This is the first report of its kind and provides a comparison of liability regimes covering the EEA – comprising the 27 EU Member States along with Iceland and Norway and is aimed at providing clarity for market participants about the different regimes in place. The report contains an overview of the different arrangements and frameworks in place in  EEA States to address administrative, criminal, civil and governmental liability, and provides clarity to market participants about the different regimes in place. The report was compiled in response to a European Commission request of January 2011 for assistance in identifying and monitoring the different regimes in EEA states.   The report does not cover how the regimes, or sanctions, are applied.    Report Comparison of liability regimes in Member States in relation to the Prospectus Directive Annex II Comparative table of responses from EEA States Annex III Individual responses from EEA States
14/02/2013 2013/218 Considerations of materiality in financial reporting , Final Report PDF
446.95 KB
21/02/2014 2014/151 Credit Rating Agencies Annual Report 2013 Final Report PDF
507.61 KB
The European Securities and Markets Authority (ESMA) has published its Annual Report 2013 (Report) on credit rating agencies (CRAs) in the European Union (EU). The Report also outlines ESMA’s supervisory work plan for this year. ESMA has found that CRAs continue to progress in how they comply with the CRA Regulation, including improved internal transparency and disclosure to the market on credit rating activities as well as empowerment of the compliance function. However, ESMA considers that improvements are still necessary, notably in the following areas: • validation of rating methodologies, to ensure that a credit rating assessment is a comprehensive risk assessment leading to high quality ratings; • internal governance, ensuring the full independence of the internal review function and thereby reducing the risk of potential conflict of interest; and • robust IT systems to support the rating process, including information security controls and protection of confidential rating information. These issues form the basis for much of ESMA’s supervision activities as outlined in its 2014 work plan. This includes the completion of the two on-going supervisory reviews into CRAs’ monitoring of structured finance ratings and into small and medium-sized CRAs. A new thematic investigation on how CRAs review and validate their rating methodologies will also be launched, as well as dedicated work on CRAs’ IT systems and controls. Following the entry into force of the amended CRA Regulation in June 2013, ESMA will also complete a specific assessment on CRAs’ compliance with the new regulatory requirements.
28/03/2019 ESMA-41-356-11 Decision Fitch UK Decision PDF
697.42 KB
01/06/2017 ESMA41-137-1005 Decision of the Board of Supervisors to adopt a supervisory measure and impose fines with respect to infringements by Moody’s Deutschland GmbH and Moody’s Investors Service Limited , Decision PDF
207.16 KB
03/06/2014 2014/544 Decision to adopt a supervisory measure taking the form of a public notice in accordance with Articles 23e(5) and 24 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies Decision PDF
49.36 KB
Decision to adopt a supervisory measure taking the form of a public notice in accordance with Articles 23e(5) and 24 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies The Board of Supervisors (“Board”), Having regard to the Treaty on the Functioning of the European Union (“Treaty”) Having regard to Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (“ESMA Regulation”), and in particular Article 43(2) and Article 44(1) thereof Having regard to Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (“CRA Regulation”), in particular Articles 6(2), 23e, 24, 25 thereof Having regard to Commission Delegated Regulation (EU) No 946/2012 of 12 July 2012 supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to rules of procedure on fines imposed to credit rating agencies by the European Securities and Markets Authority, including rules on the right of defence and temporal provisions (“Procedural Regulation”), in particular Article 3(4) thereof Whereas: (1) On the basis of the file containing the investigating officer’s findings and after examination of the submissions of Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited the Board finds that the registered credit rating agencies Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited have committed the infringements listed in paragraphs 12 and 18 of Annex III.I of the CRA Regulation. (2) The Board considers that the evidence before it does not allow it to establish that Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited acted intentionally or negligently as required by Article 36a(1) of the CRA Regulation in order for the Board to impose a fine. (3) The Board thus decides to adopt a supervisory measure taking the form of a public notice in accordance with Article 24 of the CRA Regulation. Has adopted this decision: Article 1 The Board of Supervisors finds that the registered credit rating agencies Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited have committed the infringements listed in paragraphs 12 and 18 of Annex III.I of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies. Article 2 The Board of Supervisors takes the decision to adopt a supervisory measure taking the form of the following public notice, in accordance with Articles 23e(5) and 24 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies.

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