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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
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
623.6 KB
14/09/2011 2011/288 Call for evidence- Empty voting Corporate Disclosure, Corporate Governance, Transparency Consultation Paper PDF
81.13 KB
22/12/2011 2011/445 Consultation paper on guidelines on certain aspects of the MiFID suitability requirements MiFID - Investor Protection Consultation Paper PDF
355.06 KB
22/12/2011 2011/446 Consultation paper on guidelines on certain aspects of the MiFID compliance function requirements MiFID - Investor Protection Consultation Paper PDF
393.94 KB
22/03/2012 2012/212 Discussion Paper- An Overview of the Proxy Advisory Industry. Considerations on Possible Policy Options Corporate Disclosure, Corporate Governance Consultation Paper PDF
524.85 KB		 This Discussion Paper focuses on the development of the proxy advisory industry in Europe, which mainly serves institutional investors such as asset managers, mutual funds and pension funds. Following its fact-finding work in 2011, ESMA recognises the proxy advisory industry within Europe is, or is expected to be, growing in prominence and investors are, or are expected to be, increasingly using proxy advisor services. In this paper ESMA identifies several key issues related to the proxy advisory market which may have an impact on the proper functioning of the voting process. The range of policy options that ESMA will consider, and on which it seeks further input from market participants, consists of four broad areas, including: 1.    No EU-level action at this stage 2.    Encouraging Member States and/or industry to develop standards 3.    Quasi-binding EU-level regulatory instruments 4.    Binding EU-level legislative instruments ESMA will consider these options based on the feedback it receives from market participants, and, if appropriate, will undertake further policy action, either directly or by providing an opinion to the European Commission. The reason to bring up some policy options is due to the fact that proxy advisors are currently not regulated at a pan-European level. Nevertheless, there are relevant European rules that apply to investors (e.g. for UCITS management companies when exercising voting rights). In addition, there are also well-recognised corporate governance standards that apply to issuers at a national level (based on the “comply or explain approach”) and some complements to improve standards of stewardship among investors. All feedback received from this Discussion Paper will be duly considered. ESMA expects to publish a feedback statement in Q4 of 2012 which will summarise the responses received and will state ESMA’s view on whether there is a need for policy action in this area.
24/01/2012 2012/30 Draft technical standards on the Regulation (EU) xxxx/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps Short Selling Consultation Paper PDF
245.84 KB		 ESMA will consider the feedback it received to this consultation in February/March 2012 and expects to publish a final report and submission of the draft technical standards to the European Commission by 31 March 2012 for endorsement.
29/06/2012 2012/415 Call for Evidence on Empty Voting Transparency, Corporate Disclosure 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.
17/09/2012 2012/570 Guidelines on remuneration policies and practices (MiFID) MiFID - Investor Protection Consultation Paper PDF
508.33 KB
17/09/2012 2012/580 Exemption for market making activities and primary market operations under Regulation (EU) 236/2012 of the European Parliament and the Council on short selling and certain aspects of Credit Default Swaps Short Selling Consultation Paper PDF
307.31 KB
15/02/2012 2012/98 ESMA's draft technical advice on possible Delegated Acts concerning the regulation on short selling and certain aspects of credit default swaps ((EC) No XX/2012) Short Selling Consultation Paper PDF
429.17 KB		 The purpose of this consultation is to seek comments on the technical advice that ESMA proposes to give to the European Commission on a number of possible delegated acts concerning the Regulation as listed in the Commission request for advice. These delegated acts should then be adopted in accordance with Article 290 of the Treaty of the Functioning of the European Union (TFEU). ESMA will consider the feedback it receives to this consultation and to the open hearing to be held on 29 February 2012 in March 2012 and expects to publish a final report and submission of the draft advice on Delegated Acts to the European Commission by mid-April 2012.
11/01/2013 2013/12 Principles for Benchmarks-Setting Processes in the EU Risk Analysis & Economics - Markets Infrastructure Investors Consultation Paper PDF
259.33 KB
12/02/2013 2013/203 On the evaluation of the Regulation (EU) 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps Short Selling Consultation Paper PDF
315.16 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 Prospectus, Corporate Disclosure, Transparency CESR Document PDF
265.19 KB
09/07/2013 2013/918 Draft Regulatory Technical Standards on information requirements for assessment of acquisitions and increases in holdings in investment firms (MiFID) MiFID - Investor Protection Consultation Paper PDF
506.86 KB		 Executive summary Reasons for publication Article 10b(4) of the Markets in Financial Instruments Directive (MiFID ) requires Member States to make publicly available the information necessary to carry out the assessment of a proposed acquirer of an investment firm. This information must be provided at the time of the initial notification. This information is aimed at ensuring that competent authorities are provided with adequate and proportionate information in order to assess the acquisition. Article 10a of MiFID, as amended by Article 6(4) of the Omnibus Directive , requires ESMA to draft regulatory technical standards (RTS) to establish an exhaustive list of information referred to in Article 10b(4) of MiFID. ESMA is required to submit the draft RTS to the European Commission (Commission) by 1 January 2014.   Contents The proposed RTS set out in this Consultation Paper (CP) are based on the CEBS, CESR and CEIOPS ‘Guidelines for the prudential assessment of acquisitions and increases in holdings in the financial sector required by Directive 2007/44/EC’ (3L3 Guidelines), as well as the report issued by the Commission (in February 2013) to the European Parliament, the Council, the European Economic and Social Committee, and the Committee of Regions on the application of Directive on acquisitions and increase of holdings in the financial sector. Section II explains the background to the proposals; Section III describes the proposals on the exhaustive list of information to be included by proposed acquirers in their notification. Annex I sets out the legislative mandate to develop draft RTS; Annex II sets out the cost-benefit analysis related to the draft RTS; Annex III lists the questions contained in this CP; and Annex IV sets out the full text of the draft RTS. Next steps ESMA will consider the responses it receives to this CP in Q4, and will finalise the draft RTS for submission to the Commission by 1 January 2014 for endorsement.
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
568.07 KB		 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
420.06 KB
19/12/2014 2014/1566 Draft Regulatory Technical Standards on European Electronic Access Point (EEAP) Transparency Consultation Paper PDF
2.17 MB

Responding to this paper ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex III. Comments are most helpful if they:1.    respond to the question stated;2.    indicate the specific question to which the comment relates;3.    contain a clear rationale; and4.    describe any alternatives ESMA should consider. In order to respond to this paper, please follow the instructions given in the document ‘Reply form for the EEAP Consultation Paper’ also published on the ESMA website. ESMA will consider all comments received by 30 March 2015. 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 In particular, comments are sought from issuers, officially appointed mechanisms, investors, users of regulated information and stakeholders at large who are affected by Directive 2004/109/EC of December 2004 as amended by Directive 2013/50/EC.
19/12/2014 2014/1570 Consultation paper on MiFID II/MiFIR- part 1 MiFID - Investor Protection, MiFID - Secondary Markets Consultation Paper PDF
6.55 MB		 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 - i.e. the response to one question has to be framed by the 2 tags corresponding to the question; andiii.    if they have no response to a question, not delete it and leave the text “TYPE YOUR TEXT HERE” between the tags. b)    Naming protocolIn order to facilitate the handling of stakeholders responses please save your document using the following format:ESMA_MiFID2_CP_NAMEOFCOMPANY_NAMEOFDOCUMENT: e.g. if the respondent were ESMA, the name of the reply form would be ESMA_MiFID2_CP_ESMA_REPLYFORM or ESMA_MiFID2_CP_ESMA_ANNEX1 c)    Content of the responses Responses are most helpful:i.    if they respond to the question stated;ii.    contain a clear rationale; andiii.    describe any alternatives that ESMA should consider. Given the breadth of issues covered, ESMA expects and encourages respondents to specifically answer those questions relevant to their business, interest and experience. d)    Deadline Responses must reach us by 2 March 2015. 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 indicate by ticking the appropriate checkbox in the website submission form if you do not wish your contribution to be publicly 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 ESMA in accordance with ESMA’s rules on access to documents. ESMA may consult respondents if ESMA receives 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 under the headings ‘Legal notice’ and ‘Data protection’.
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
2.56 MB
19/12/2014 2014/1570 Annex B Consultation paper on MiFID II/MiFIR- Annex B MiFID - Investor Protection, MiFID - Secondary Markets Consultation Paper PDF
2.78 MB		 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 - i.e. the response to one question has to be framed by the 2 tags corresponding to the question; andiii.    if they have no response to a question, not delete it and leave the text “TYPE YOUR TEXT HERE” between the tags. b)    Naming protocolIn order to facilitate the handling of stakeholders responses please save your document using the following format:ESMA_MiFID2_CP_NAMEOFCOMPANY_NAMEOFDOCUMENT: e.g. if the respondent were ESMA, the name of the reply form would be ESMA_MiFID2_CP_ESMA_REPLYFORM or ESMA_MiFID2_CP_ESMA_ANNEX1 c)    Content of the responses Responses are most helpful:i.    if they respond to the question stated;ii.    contain a clear rationale; andiii.    describe any alternatives that ESMA should consider. Given the breadth of issues covered, ESMA expects and encourages respondents to specifically answer those questions relevant to their business, interest and experience. d)    Deadline Responses must reach us by 2 March 2015. 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 indicate by ticking the appropriate checkbox in the website submission form if you do not wish your contribution to be publicly 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 ESMA in accordance with ESMA’s rules on access to documents. ESMA may consult respondents if ESMA receives 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 under the headings ‘Legal notice’ and ‘Data protection’.

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