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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.
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
02/05/2016 2016/666 ANNEX Annex- Opinion on draft RTS 2 non-equity transparency Opinion PDF
633.28 KB
30/05/2016 2016/730 ANNEX Annex- Opinion on draft RTS 20 on ancillary activity Opinion PDF
220.42 KB
02/05/2016 2016/668 ANNEX Annex- Opinion on draft RTS 21 position limits Opinion PDF
124.02 KB
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. 
30/04/2019 ESMA70-155-3655 Belgian Power Physical Base position limit opinion Opinion PDF
261.43 KB
25/02/2015 2015/494 Best Execution under MiFID , Final Report PDF
761.62 KB
The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders. ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including: • prioritisation of best execution as a key conduct of business supervisory issue; • the allocation of sufficient resources to best execution supervision; and • a more proactive supervisory approach to monitoring compliance with best execution requirements, both desk-based and onsite inspections. The review was conducted on the basis of information provided by 29 NCAs and complemented by on-site visits to the NCAs of France, Liechtenstein, Luxembourg, Malta, Poland and Spain.
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.
26/05/2016 2016/725 Draft RTS on indirect clearing arrangements under EMIR and MiFIR , , Final Report PDF
740.71 KB
28/09/2020 ESMA35-43-2424 Draft technical standards on the provision of investment services and activities in the Union by third-country firms under MiFID II and MiFIR Final Report PDF
1.23 MB
30/04/2019 ESMA70-155-5285 EEX Dutch Power Baseload Futures position limit opinion Opinion PDF
265.63 KB
18/12/2015 2015/1879 ESMA CRA Market Share Calculation Final Report PDF
586.38 KB
10/08/2017 ESMA70-155-988 ESMA Opinion on AMF position limits on corn Opinion PDF
337.15 KB
10/08/2017 ESMA70-155-983 ESMA Opinion on AMF position limits on milling wheat Opinion PDF
348.35 KB
10/08/2017 ESMA70-155-993 ESMA Opinion on AMF position limits on rapeseed Opinion PDF
421.96 KB
22/12/2017 ESMA70-154-884 ESMA opinion on ancillary activity under MiFID II – market size calculation Opinion
21/03/2018 ESMA70-156-322 ESMA opinion on package orders' trading obligation under MiFID II Opinion PDF
173.17 KB
17/06/2019 ESMA-35-43-1970 ESMA opinion under Article 42(3) MiFIR (IT_BO) Opinion PDF
98.33 KB

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