ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
325
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
MiFID - Secondary Markets X Audit X Risk Analysis & Economics - Markets Infrastructure Investors X Joint Committee X Trading X ITMG X Fund Management X Prospectus X MiFID - Investor Protection X Transparency X Technical Standards X Decision X CESR Document X Report X Investor Warning X Opinion X
Reset all filters

Pages

Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/03/2011 2011/67 Feedback statement- Consultation Paper on proposed amendments to CESR , CESR Document PDF
384.63 KB
13/10/2011 2011/342 Opinion- Practical arrangements for the late transposition of the UCITS IV Directive Opinion PDF
41.33 KB
29/06/2012 2012/415 Call for Evidence on Empty Voting , CESR Document PDF
275.66 KB
ESMA launched a Call for Evidence on Empty Voting in September 2011 to analyse the potential issues and concerns raised by the practice of empty voting and to examine whether there was a possible need for further action. An analysis of the responses received to the consultation has led ESMA to conclude that there is insufficient evidence to justify any regulatory action at the European level at present.
24/10/2012 JC/CP/2012/01 Feedback statement ESA feedback statement on the Joint CP on Financial Conglomerates CESR Document PDF
82.95 KB
20/11/2012 2012/721 Opinion on Article 50(2)(a) of the UCITS Directive Opinion PDF
81.31 KB
28/02/2013 2013/267 Contracts for Difference (CFDs) , Investor Warning PDF
389.45 KB
20/03/2013 2013/317 Framework for the assessment of third country prospectuses under Article 20 of the Prospectus Directive , Opinion PDF
725.59 KB
20/03/2013 2013/318 Feedback Statement on proposed amendments to the ESMA update of the CESR recommendations for the consistent implementation of the Prospectuses Regulation regarding mineral companies , , CESR Document PDF
265.19 KB
02/04/2013 2013/413 Final Report- Draft regulatory technical standards on types of AIFMs Technical Standards PDF
116.08 KB
The European Securities and Markets Authority (ESMA) has published its draft regulatory technical standards (RTS) to determine types of alternative investment fund managers (AIFMs), where relevant in the application of the AIFMD.  The draft RTS distinguish AIFMs managing alternative investment funds (AIF) of the open-ended type and AIFMs managing AIFs of the closed-ended type, in order to apply the rules on liquidity management, the valuation procedures and the transitional provisions of the AIFMD.  ESMA was required to develop these RTS by Article 4(4) of the AIFMD and they are aimed at ensuring uniform conditions of application of the AIFMD across the European Union.
10/06/2013 2013/619 Annex II Comparative table of responses from EEA States Report PDF
2.15 MB
10/06/2013 2013/619 Annex III Individual responses from EEA States Report PDF
2.63 MB
24/06/2013 BoA 2013-008 Board of Appeal Decision , Decision PDF
242.72 KB
The joint Board of Appeal of the European Supervisory Authorities (EBA, ESMA and EIOPA) has published today its decision in an appeal brought by an Estonian company against a decision of the EBA. It concerned the question whether the suitability of the managers of a significant branch of a bank may be a matter within EU law, and not just national law. Allowing the appeal, the Board of Appeal interpreted Directive No. 2006/48/EC consistently with the EBA Guidelines on the assessment of the suitability of members of the management body and key function holders. It came to the conclusion that the “fit and proper” requirement is not restricted to the persons who direct the business of the credit institution. The matter therefore was within the EBA’s powers of investigation. Although the appellant criticised the way in which the EBA dealt with its complaint, the Board of Appeal made it clear that it did not accept that criticism. It considered that the EBA dealt with the complaint in an appropriate manner. The ground on which the appeal was allowed was one of interpretation of the applicable legal provisions. The case was remitted to the EBA to adopt the appropriate decision in accordance with the Board of Appeal’s findings. This is for information only. The decision consists of the signed Decision only. For any enquiries, please contact EIOPA’s Press Office: Anzhelika Mayer Tel.: +49 69 9511 1968
29/07/2013 JC 2013/01 Final Draft Regulatory Technical Standards Technical Standards PDF
1.17 MB
01/08/2013 2013/1072 Practical arrangements for the late transposition of the AIFMD Opinion PDF
93.1 KB
The European Securities and Markets Authority (ESMA) has published an Opinion on arrangements for the late imposition of the AIFMD. The scope of the opinion is confined to the provision of collective portfolio management services. Arrangements before implementation of the Directive in all Member States Notification of marketing of EU AIFs when the host MS of the AIFM has not transposed the Directive (Articles 31 and 32 of the Directive) ESMA believes that, if the Directive has been transposed in the home MS of the AIFM, the competent authority of the host MS of the AIFM (Article 32) or home MS of the AIFM (Article 31) may not refuse a valid notification under the Directive on the ground that the Directive has not yet been transposed in the host MS. This applies irrespective of whether the marketing is done using the freedom to provide services or by means of a branch. Management passport (Article 33 of the Directive) ESMA believes that AIFMs established in a MS that has transposed the Directive should be able to manage an EU AIF via the management passport, both using the freedom to provide services or by means of a branch, in a MS where the Directive has not been transposed, irrespective of the provisions currently in place in such jurisdiction since the relevant provisions of the Directive are of a self-executing nature, and provided the AIFM is authorised to manage that type of AIF in accordance with Article 33(1) of the AIFMD. Any local restrictions on AIFMs that are not in accordance with the AIFMD will need to be disapplied.
18/12/2013 ESA/2013/035 Joint Opinion-Review on the functioning of the European Systemic Risk Board (ESRB) Opinion PDF
142.63 KB
Joint Opinion-Review on the functioning of the European Systemic Risk Board (ESRB)
18/12/2013 2013/1944 Format of the base prospectus and consistent application of Article 26(4) of the Prospectus Regulation , Opinion PDF
75.6 KB
20/12/2013 2013/1970 Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus , Technical Standards PDF
713.74 KB
The Final Report contains the draft Regulatory Technical Standard (RTS) on situations which require the publication of a supplement to the prospectus which ESMA is required to submit to the European Commission by 1 January 2014 in accordance with Article 16(3) of the Prospectus Directive. The Report furthermore includes a summary of the main responses received to ESMA’s Consultation Paper which was published in March 2013. The draft RTS sets out nine situations which are always considered to be significant in the context of securities issuance and where a supplement to the prospectus will always be required. Other situations would require a case-by-case assessment.
13/01/2014 BoA 2013-014 Board of Appeal Decision Global Private Rating Company v. ESMA , Decision PDF
361.96 KB
Board of Appeal of the European Supervisory Authorities dismisses appeal made by a refused CRA-applicant against ESMA On 10 January 2014, the Board of Appeal of the European Supervisory Authorities handed down its decision on an appeal by the appellant, Global Private Rating Company “Standard Rating” Ltd, against the refusal by the European Securities and Markets Authority (ESMA) to register it as a credit rating agency. This is the first appeal against a decision by ESMA refusing an applicant registration as a credit rating agency. The Board of Appeal unanimously decided that the appeal should be dismissed, and that ESMA’s refusal decision should be confirmed. It stated that it accepted the appellant’s point that the registration of a credit rating agency by ESMA is a new process, and recognised that the procedures will to an extent take time fully to work out. Nevertheless, because of the responsibilities placed on credit rating agencies and their importance in the financial system generally, it considered that the onus must be on an applicant to satisfy ESMA that the relevant requirements are met. The application and its contents must be very clear, and it is not ESMA’s responsibility as regulator to remedy deficiencies.
07/02/2014 2014/146 MiFID practices for firms selling complex products , Opinion PDF
122.37 KB
07/02/2014 2014/154 Risks of investing in complex products , Investor Warning PDF
404.08 KB

Pages