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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
20/06/2012 2012/378 Operation of notifications of MiFID Article 41 suspensions and removals of financial instruments from trading MiFID - Secondary Markets Reference PDF
353.3 KB		 This protocol has been created to ensure effective co-operation between Competent Authorities (CAs) with respect to their obligations under Article 41 of MiFID (Suspension and removal of in-struments from trading).The purpose of the notification obligations under Article 41 is to afford investors across all Mem-ber States the same level of protection regardless of where they trade. In order to achieve this outcome, a shared understanding of the different circumstances under which trading may be suspended in different Member States according to their national law and the expected course of action under Article 41 is helpful. To ensure trading is suspended or an instrument is removed from trading in an effective and timely way, an effective communication process is necessary.The protocol will be kept under review in light of practical experience.
25/07/2012 2012/478 ESMA MiFID database- description of webservice MiFID - Secondary Markets Reference PDF
123.71 KB		 This document provides useful information for developers wanting to use the webservice provided in ESMA's MIFID databases.
10/01/2013 2013/8 Call for expression of interest: Consultative Working Group for ESMA’s Corporate Reporting Standing Committee Corporate Disclosure Reference PDF
84.57 KB

Applications are welcome by 13.00 CET on 15 February 2013.
11/01/2013 EBA/REC/2013/01 EBA Recommendations on supervisory oversight of activities related to banks’ participation in the Euribor panel Risk Analysis & Economics - Markets Infrastructure Investors Reference PDF
207.84 KB
11/03/2013 2013/280 Vacancy notice- Chair of Committee drafting a proxy advising industry Code of Conduct Corporate Finance, Corporate Governance Reference PDF
102.91 KB
19/07/2013 MOU ACER ESMA MoU between ESMA and ACER concerning the consultation and cooperation regarding their regulatory responsibilities in relation to EU wholesale energy market MiFID - Secondary Markets Reference PDF
207.61 KB
12/11/2013 2013/1643 Cover Note- Public statement containing information on shareholder cooperation and acting in concert under the Takeover Bids Directive (ESMA/2013/1642) Corporate Disclosure, Corporate Governance Reference PDF
145.01 KB		 In accordance with its mandate to take appropriate action in the context of takeover bids as per Article 1.3 of Regulation (EU) 1095/2010 (ESMA Regulation), ESMA is releasing a public statement on shareholder cooperation and acting in concert under the Takeover Bids Directive (Directive 2004/25/EC). This statement has been prepared following the review and report by the European Commission on the application of the Takeover Bids Directive and is based on information collected about the practices and application of that Directive. The statement has been prepared in order to help shareholders identify activities in relation to which they can cooperate (insofar as those activities are available to them under national company law), without that cooperation, in and of itself, leading to a conclusion that the shareholders are acting in concert and thus being at risk of having to make a mandatory bid under the Takeover Bids Directive. These activities are presented in the statement in the form of a “White List”. The statement has been prepared by the Takeover Bids Network, a permanent working group operating under the auspices of ESMA that promotes exchange of information on practices and application of the Takeover Bids Directive across the European Economic Area, thereby strengthening a common supervisory culture. The Takeover Bids Network is a specialist group composed of the national competent authorities appointed under the Takeover Bids Directive. The competent authorities represented on the ESMA Board of Supervisors are not in all cases appointed as competent authorities within the Takeover Bids Directive. The authorities not represented on the Board of Supervisors but competent within the area of takeovers are the Austrian Takeover Commission, the Irish Takeover Panel, the Oslo Stock Exchange of Norway, the Takeover Panel of Sweden and the Takeover Panel of the United Kingdom. These five authorities have contributed to the public statement and will have regard to it in the same manner as the other members of the Takeover Bids Network when assessing whether shareholders are acting in concert under their national takeover rules.
02/12/2013 2013/1792 Call for expressions of interest regarding the establishment of the Consultative Working Group of the ESMA Market Data Reporting Working Group MiFID - Secondary Markets Reference PDF
98.24 KB		 Deadline for applications is 3 January 2014.
28/02/2014 2014/205 Call for expressions of interest: Group of Economic Advisers for ESMA’s Committee for Economic and Markets Analysis Risk Analysis & Economics - Markets Infrastructure Investors Reference PDF
158.95 KB		 The European Securities and Markets Authority (ESMA) is seeking to appoint new members to its Group of Economic Advisors (GEA) for the Committee for Economic and Markets Analysis (CEMA). This follows the expiry of the term of the current GEA. CEMA has established the GEA in order to benefit from the expertise of stakeholders specialised in the topics of financial stability and general economic research related to financial markets. CEMA looks to this group to provide it with advice regarding our work related to financial stability and economic background analysis for the regulatory and supervisory tasks of ESMA. The closing date for application is 25 April 2014.  Application form
11/06/2014 ESMA/WP/2 ESMA Working Paper- The systemic dimension of hedge fund illiquidity and prime brokerage Risk Analysis & Economics - Markets Infrastructure Investors Reference PDF
839.63 KB		 We analyse the potentially vulnerable and systemically relevant financial intermediation chain established by hedge funds and prime brokers. Our dataset covers the 306 largest global hedge funds and their prime brokers over the period July 2001 to December 2011. The study illustrates that hedge funds and prime brokers act as complementary trading partners in normal times. However, we observe that this form of financial intermediation may be severely impaired in times of market distress. This can be explained by the hoarding of liquid securities by prime brokers who are eager to avert runs by their clients.
11/06/2014 ESMA/WP/1 ESMA Working Paper- Monitoring the European CDS market through networks: Implications for contagion risks Risk Analysis & Economics - Markets Infrastructure Investors Reference PDF
1005.17 KB		 Based on a unique data set referencing exposures on single name credit default swaps (CDS) on European reference entities, we study the structure and the topology of the European CDS market and its evolution from 2008 to 2012, resorting to network analysis. The structural features revealed show bilateral CDS exposures describing growing scale-free networks whose highly interconnected hubs constitute both a strength and weakness for the stability of the system. The potential “super spreaders” of financial contagion, identified as the most interconnected participants, consist mostly of banks. For some of them net notional exposures may be particularly large relative to their total common equity. Our findings also point to the importance of some non-dealer/non-bank participants belonging to the shadow banking system.
18/06/2014 2014/639 Call for expressions of interest regarding the renewal of the Consultative Working Group of the ESMA Secondary Markets Standing Committee MiFID - Secondary Markets Reference PDF
131.06 KB		 The European Securities and Markets Authority (ESMA) is looking to newly constitute a Consultative Working Group (CWG) for the ESMA Secondary Markets Standing Committee (SMSC) as the two-year-term of the existing CWG has recently expired. ESMA is therefore calling for expressions of interest from stakeholders to become a member of the CWG by 13 July 2014. The application form should be accompanied by a CV. The model European CV is recommended.It is optional for applicants, though recommended, to attach a letter of motivation.
10/07/2014 MOU IFRS ESMA IFRS Foundation and ESMA statement of protocols for cooperation on International Financial Reporting Standards Corporate Disclosure Reference PDF
123.58 KB
06/11/2014 2014/1334 MiFID database- Contact emails of national competent authorities for market participants [updated] MiFID - Secondary Markets Reference PDF
138.29 KB

ESMA has established a list of national contacts, to which questions pertaining to the content of specific entries should be sent.  Please use this list to contact the relevant competent authority if you a have a query regarding shares which have been included in or ex-cluded from the list, the calculations for a specific entry or its status as liquid/not liquid.
07/11/2014 2014/1344 ESMA Response to public consultation on the IAS Regulation Corporate Disclosure, IAS Regulation Reference PDF
305.48 KB

ESMA response to the European Commission consultation on the IAS Regulation
15/01/2015 ESMA/WP/2015/1 ESMA Working Paper- Real-world and risk-neutral probabilities in the regulation on the transparency of structured products Risk Analysis & Economics - Markets Infrastructure Investors Reference PDF
480.24 KB		 The price of derivatives (and hence of structured products) can be calculated as the discounted value of expected future payoffs, assuming standard hypotheses on frictionless and complete markets and on the type of stochastic processes for the price of the underlying. However, the probabilities used in the pricing process do not represent “real” probabilities of future events, because they are based on the assumption that market participants are risk-neutral. This paper reviews the relevant mathematical finance literature, and clarifies that the risk-neutrality hypothesis is acceptable for pricing, but not to forecast the future value of an asset. Therefore, we argue that regulatory initiatives that mandate intermediaries to give retail investors information on the probability that, at a future date, the value of a derivative will be higher or lower than a given threshold (so-called “probability scenarios”) should explicitly reference probabilities that take into account the risk premium (so-called “real-world” probabilities). We also argue that, though probability scenarios may look appealing to foster investor protection, their practical implementation, if based on the right economic approach, raises significant regulatory and enforcement problems.
22/01/2015 2015/54 Call for candidates for the CRSC CWG Corporate Disclosure Reference PDF
192.3 KB

ESMA today launches a process to renew the composition of the Consultative Working Group (‘CWG’) for the Corporate Reporting Standing Committee (’CRSC’). ESMA is therefore calling for expressions of interest from stakeholders. Application procedure, closing date Relevant stakeholders meeting the required selection criteria and wishing to apply for a position on the CWG are invited to submit, in English: •    a completed application form, and •    a detailed curriculum vitae (CV), preferably in the EU CV format  It is optional for applicants to attach a motivation letter (2 pages maximum). Unclear or incomplete applications will not be considered. Applications must be submitted by email using the application form by no later than 27 February 2015 to the following email addresses: corporate.reporting@esma.europa.eu
31/08/2015 2015/1301 reply form Reply form to the Consultation on Draft implementing technical standards under MiFID II MiFID - Secondary Markets Reference DOCX
782.52 KB
14/09/2015 2015/1291 Risk Dashboard No. 3, 2105 Risk Analysis & Economics - Markets Infrastructure Investors Reference PDF
848.31 KB
21/09/2015 2015-ESMA-1407 CFSC CWG call for candidates Corporate Disclosure Reference PDF
185.16 KB

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