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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 Innovation and Products 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.
28/09/2015 2015-ESMA-1464 Annex II Annex II- CBA- draft RTS and ITS on MiFID II and MiFIR MiFID - Secondary Markets Final Report PDF
5.07 MB
19/02/2016 2016/303 CL to EFRAG IFRS PS on materiality IAS Regulation Letter PDF
69.77 KB
16/02/2016 2016/283 CL to EFRAG on IASB ED Amendments to IAS 40 IAS Regulation Letter PDF
47.96 KB
16/02/2016 2016/281 CL to EFRAG on IASB ED Improvements IFRS Cycle IAS Regulation Letter PDF
53.25 KB
16/02/2016 2016/279 CL to EFRAG SPS Cash flow issues IAS Regulation Letter PDF
52.99 KB
19/02/2016 2016/302 CL to IFRS PS on materiality IAS Regulation Letter PDF
72.14 KB
16/02/2016 2016/282 CL to the IASB ED Amendments to IAS 40 IAS Regulation Letter PDF
47.37 KB
16/02/2016 2016/280 CL to the IASB ED Improvements IFRS Cycle IAS Regulation Letter PDF
52.52 KB
06/04/2017 ESMA32-61-136 Comment Letter to EFRAG on ED 'Annual Improvements to IFRS Standards 2015–2017 Cycle' Corporate Disclosure, IAS Regulation, Transparency Letter PDF
373.28 KB
01/02/2016 2016/173 Comment Letter to EFRAG on ED ‘Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts’ IAS Regulation Letter PDF
81.2 KB
24/09/2019 ESMA32-61-368 Comment letter to EFRAG regarding IASB's ED- Amendments to IFRS 17 Insurance Contracts IAS Regulation Letter PDF
340.73 KB
12/10/2016 2016/1466 Comment letter to EFRAG regarding the proposed IASB’s ED ‘Definition of a Business and Accounting for Previously Held Interests’ Audit, IAS Regulation Letter PDF
287.78 KB
20/11/2015 2015/1749 Comment Letter to EFRAG’s draft letter on endorsement advice on adoption of IFRS 9 IAS Regulation Letter PDF
75.85 KB
06/04/2017 ESMA32-61-135 Comment Letter to IASB on ED 'Annual Improvements to IFRS Standards 2015–2017 Cycle' Corporate Disclosure, IAS Regulation, Transparency Letter PDF
367.8 KB
01/02/2016 2016/172 Comment Letter to IASB on ED ‘Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts’ IAS Regulation Letter PDF
79.41 KB
24/09/2019 ESMA32-61-369 Comment letter to IASB regarding its ED- Amendments to IFRS 17 Insurance Contracts IAS Regulation Letter PDF
344.51 KB
12/10/2016 2016/1465 Comment letter to IASB regarding the proposed IASB’s ED ‘Definition of a Business and Accounting for Previously Held Interests’ Audit, IAS Regulation Letter PDF
288.41 KB
02/12/2015 2015/1742 Comment letter to the IFRS IC on TAD relating to IFRS 5 IAS Regulation Letter PDF
40.22 KB
26/01/2016 2016/92 Comment letter to the IFRS IC TAD on IAS 20 IAS Regulation Letter PDF
42.71 KB

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