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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|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
|20/07/2011||2011/224||Consultation paper- Guidelines on systems and controls in a highly automated trading environment for trading platforms, investment firms and competent authorities||MiFID - Secondary Markets||Consultation Paper||PDF
|04/10/2011||2011/323||Final report- ESMA's technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU||Prospectus, Corporate Disclosure||Technical Advice||PDF
|26/01/2011||2011/35||Call for evidence- Request for technical advice on possible delegated acts concerning the Prospectus Directive (2003/71/EC) as amended by the Directive 2010/73/EU||Prospectus, Corporate Disclosure||Consultation Paper||PDF
|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
|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.|
|01/03/2012||2012/137||Prospectus, Corporate Disclosure||Technical Advice||PDF
|ESMA publishes today the second part of its final advice (ESMA/2012/137) on possible delegated acts for the Prospectus Directive (PD). The advice was submitted to the Commission on 29 February 2012. In its advice, ESMA proposes how to use a prospectus in a retail cascade and provides input on how to review the provisions of the Prospectus Regulation concerning tax information, indices, auditor’s report on profit forecasts and estimates and audited historical financial information. Today’s advice follows a public consultation started on 13 December 2011. Overall, the technical advice aims to achieve a high level of investor protection and to increase across Europe the legal clarity and efficiency of the prospectus regime. Investment prospectuses as such are aimed to provide investors with easily accessible information on financial products so as to foster in-formed decision-making.|
|20/06/2012||2012/380||Prospectus, Corporate Disclosure||Consultation Paper||PDF
|Responses to this consultation paper should be submitted online by 20 August 2012.|
|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
|09/01/2013||2012/864||Prospectus, Corporate Disclosure||Technical Advice||PDF
|11/01/2013||2013/12||Principles for Benchmarks-Setting Processes in the EU||Risk Analysis & Economics - Markets Infrastructure Investors||Consultation Paper||PDF
|18/12/2013||2013/1944||Format of the base prospectus and consistent application of Article 26(4) of the Prospectus Regulation||Prospectus, Corporate Disclosure||Opinion||PDF
|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
|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.|
|20/03/2013||2013/317||Framework for the assessment of third country prospectuses under Article 20 of the Prospectus Directive||Prospectus, Corporate Disclosure||Opinion||PDF
|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
|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.|
|29/09/2014||2014/1188||Consultation paper on draft Implementing Technical Standards on main indices and recognised exchanges under the Capital Requirements Regulation||MiFID - Secondary Markets||Consultation Paper||PDF
|Responding to this paper The European Securities and Markets Authority (ESMA) invites comments on all matters set out in this consultation paper and, in particular, on the specific questions listed in Annex 1. Comments are most helpful if they: · indicate the number of the question to which the comment relates; · respond to the question stated; · contain a clear rationale, including on any related costs and benefits; and · describe any alternatives ESMA should consider. Comments should reach us by November 1st 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 end of the consultation period, unless otherwise requested. 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. Note also that 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 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 by following the link ‘Data protection’. Who should read this paper? All interested stakeholders are invited to respond to this consultation paper. It will primarily be of interest to credit institutions and investment firms who need to calculate their credit risk exposure under the Capital Requirements Regulation (EU) No 575/2013 of 26 June 2013.|
|29/09/2014||2014/1189||Consultation paper on draft guidelines on the application of C6 and C7 of Annex I of MiFID||MiFID - Secondary Markets||Consultation Paper||PDF
|18/12/2014||2014/1378||Opinion- Investment-based crowdfunding||Innovation and Products||Opinion||PDF
|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 this document.|
|19/12/2014||2014/1569||Technical Advice to the Commission on MiFID II and MiFIR||MiFID - Investor Protection, MiFID - Secondary Markets||Technical Advice||PDF
|Reasons for publication The European Securities and Markets Authority (ESMA) received a formal request (mandate) from the European Commission (Commission) on 23 April 2014 to provide technical advice to assist the Commission on the possible content of the delegated acts required by several provisions of Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The mandate focuses on technical issues which follow from MiFID II and MiFIR and is available on the European Commission website (here). ESMA was required to provide technical advice by no later than six months after the entry into force of MiFID II and MiFIR (2 July 2014). Contents This final report follows the same structure as the Consultation Paper (CP) published by ESMA on 22 May 2014 which is: (1) Introduction, (2) Investor protection, (3) Transparency, (4) Data publication, (5) Micro-structural issues, (6) Requirements applying on and to trading venues, (7) Commodity derivatives and (8) Portfolio compression. This paper also contains summaries of responses to the CP received by ESMA. The rationale of those items covered already in the CP for which no relevant changes have been introduced, is not developed again in this Final Report. ESMA recommends, therefore, to read this report together with the CP published on 22 May 2014 to have a complete vision of the rationale for ESMA’s technical advice. Next steps Delegated acts should be adopted by the Commission so that they enter into application by 30 months following the entry into force of the Directive and Regulation, taking into account the right of the European Parliament and Council to object to a delegated act within 3 months (which can be extended by a further 3 months).|
|19/12/2014||2014/1570||Consultation paper on MiFID II/MiFIR- part 1||MiFID - Investor Protection, MiFID - Secondary Markets||Consultation Paper||PDF
|Who should read this paper?
This document will be of interest to all stakeholders involved in the securities markets. It is primarily of interest to competent authorities and firms that are subject to MiFID II and MiFIR – in particular, investment firms, credit institutions performing investment services and activities, data reporting services providers and trading venues. This paper is also important for trade associations and industry bodies, institutional and retail investors and their advisers, and consumer groups, as well as any market participant because the MiFID II and MiFIR requirements seek to implement enhanced provisions to ensure investor protection and the transparency and orderly running of financial markets with potential impacts for anyone engaged in the dealing with or processing of financial instruments.
Responding to this paper
The European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the ESMA MiFID II/MiFIR Consultation Paper.
Please note that ESMA will only be able to consider responses received using this “form to reply” and complying with the procedure below.
a) InstructionsPlease note that, in order to facilitate analysis of the large number of responses expected, ESMA will be using an IT tool that does not allow processing of responses which do not follow the formatting indications described below. Therefore, in responding stakeholders should:i. use the published template and send their responses in Word format (pdf documents will not be considered except for annexes); ii. not remove the tags of type
|22/12/2014||2014/1570 Annex A||Consultation Paper – Annex A- High level cost-benefit-analysis draft technical standards (MiFID/MiFIR)||MiFID - Secondary Markets||Consultation Paper||PDF