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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
06/07/2012 2012/387 Final report Guidelines on certain aspects of the MiFID suitability requirements Guidelines and Technical standards, MiFID - Investor Protection Final Report PDF
444.15 KB
27/09/2012 2012/600 Annex VIII Impact assessment- Annex VIII of the Final report on draft Regulatory and Implementing Technical Standards on Regulation (EU) 648/2012 on OTC derivatives, central counterparties and trade repositories Post Trading Final Report PDF
2.32 MB
03/01/2013 2012/874 Report to the European Parliament, the Council and the Commission on the budgetary implications of Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR) Post Trading Final Report PDF
526.73 KB
12/09/2013 2013/08/ODRG Agreed Understandings to Resolving Cross-border Conflicts, Inconsistencies, Gaps and Duplicative Requirements Post Trading Final Report PDF
442.48 KB
02/10/2013 2013/1370 Technical advice on third country regulatory equivalence under EMIR – India Post Trading Final Report PDF
2.44 MB
02/10/2013 2013/1373 ESMA Technical advice on equivalence of Australia- OTC and TR (Supplement) Post Trading Final Report PDF
736.17 KB
02/10/2013 2013/1374 Technical advice on third country regulatory equivalence under EMIR – Switzerland (Supplement) Post Trading Final Report PDF
117.72 KB
02/10/2013 2013/1375 Technical advice on third country regulatory equivalence under EMIR – Canada Post Trading Final Report PDF
1.39 MB
31/03/2014 2014/03/ODRG Report of the OTC Derivatives Regulators Group (ODRG) on Cross-Border Implementation Issues Post Trading Final Report PDF
159.11 KB
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.
02/07/2015 2015/1067 Final report on the extension of the scope of interoperability arrangements Post Trading Final Report PDF
302.39 KB
13/08/2015 2015/1251 EMIR Review Report no.1- Review on the use of OTC derivatives by non-financial counterparties Post Trading Final Report PDF
3.03 MB
13/08/2015 2015/1252 EMIR Review Report no.2- Review on the efficiency of margining requirements to limit procyclicality Post Trading Final Report PDF
3.93 MB
13/08/2015 2015/1253 EMIR Review Report no.3- Review on the segregation and portability requirements Post Trading Final Report PDF
267.55 KB
13/08/2015 2015/1254 EMIR Review Report no.4- ESMA input as part of the Commission consultation on the EMIR Review Post Trading Final Report PDF
399.85 KB
10/11/2015 2015/1629 Final Report Clearing Obligation IRS other currencies Post Trading Final Report PDF
838.64 KB
13/11/2015 2015/1645 Final report EMIR Article 9 RTS ITS Post Trading Final Report PDF
280.02 KB
30/11/2015 2015/1783 Final Report on complex debt instruments and structured deposits MiFID - Investor Protection Final Report PDF
409.89 KB
22/12/2015 2015/1861 Final report- Guidelines on cross-selling practices MiFID - Investor Protection Final Report PDF
389.42 KB
17/12/2015 2015/1886 Final report on guidelines for the assessment of knowledge and competence MiFID - Investor Protection Final Report PDF
422.68 KB

Reasons for publication

1.            Article 25(1) of Directive 2014/65/EU (MiFID II) states that Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice or providing information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm possess the necessary knowledge and competence to fulfil their obligations under Article 24 and Article 25 .

2.            The European Securities and Markets Authority is required by Article 25(9) of MiFID II to develop – by 3 January 2016 - guidelines specifying criteria for the assessment of knowledge and competence of investment firms’ personnel. The guidelines will come into effect on 3 January 2017.

3.            In accordance with Article 16(2) of the ESMA Regulation, a consultation was launched on 23 April 2015. The Consultation Paper (CP) set out draft ESMA guidelines for the assessment of knowledge and competence of individuals in investment firms providing investment advice or information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm. The consultation period closed on 10 July 2015.

4.            ESMA received 80 responses. The answers received on the CP are available on ESMA’s website unless respondents requested otherwise.

5.            As provided by Article 16 of the ESMA Regulation, ESMA also sought the advice of the Securities and Markets Stakeholder Group’s (SMSG).

6.            This paper contains summaries of responses received and feedback statements provided by ESMA. ESMA recommends that this report should be read together with the CP published on 23 April 2015 to have a complete understanding of the rationale for the guidelines. The final guidelines presented in Annex VI take into account the comments and suggestions raised by respondents.

Contents

7.            Section II briefly summarises the feedback to the CP and the main responses from ESMA.

8.            Section III contains the Annexes: Annex I provides the Summary of questions, Annex II contains the legislative mandate, Annex III reports the cost-benefit analysis, Annex IV reports the Opinion of the Securities and Markets Stakeholder Group, Annex V details the feedback on the CP, Annex VI sets out the final text of the guidelines and Annex VII describes some illustrative examples of the application of certain aspects of the guidelines.

Next Steps

9.            The final guidelines in Annex VI will be translated into the official EU languages and published on the ESMA website. The publication of the translations will trigger a two-month period during which National Competent Authorities (NCAs) must notify ESMA whether they comply or intend to comply with the guidelines.

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