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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
25/09/2000 00-064c The regulation of Alternative Trading Systems in Europe. A paper for the EU Commission Final Report PDF
84.28 KB
Alternative Trading Systems (ATS) offer electronic securities trading facilities outside the traditional trading channels. An expert group chaired by Howard Davies, Chairman of the UK FSA, has studied the impact of such systems in depth. The group has prepared a comprehensive report identifying and assessing the benefits and risks associated with the emergence of ATS and analysing the current regulatory treatment of such systems, within Europe and elsewhere. The report proposes both a short term and a long term option for a harmonised regulatory treatment of such systems in Europe.The paper was submitted to the European Commission as FESCO"s contribution to the preparation of the forthcoming Green Paper on possible amendments to the Investment Services Directive. The Green Paper will shortly be published as a basis for consultation with Member States, the financial services industry and other interested parties. However, the FESCO paper noted that, while the Green Paper on the ISD might be the catalyst for a far-reaching review of the regulatory approach to ATS, it would not provide a short-term solution. Accordingly, FESCO proposed that the short-term solution should take the form of a set of additional regulatory requirements for ATS operating as investment firms.FESCO will be working on proposals for what those additional regulatory requirements might be over the next six months, with a view to producing a consultation paper in the first half of 2001. This consultation paper will provide an opportunity for interested parties to comment in detail on the FESCO proposals. If, however, in the meantime interested parties have any specific comments on the possible additional regulatory requirements identified in paragraph 71 of the September paper, they should make these known to the Secretariat of FESCO via the following e-mail address: fdankers@europefesco.org
09/11/2018 ESMA35-36-1262 Technical Q&As on product intervention measures on CFDs and binary options Q&A PDF
147.84 KB
03/04/2018 ESMA31-62-800 Technical advice under the Prospectus Regulation Final Report PDF
4.7 MB
02/10/2013 2013/1374 Technical advice on third country regulatory equivalence under EMIR – Switzerland (Supplement) Final Report PDF
117.72 KB
02/10/2013 2013/1370 Technical advice on third country regulatory equivalence under EMIR – India Final Report PDF
2.44 MB
02/10/2013 2013/1375 Technical advice on third country regulatory equivalence under EMIR – Canada Final Report PDF
1.39 MB
19/05/2022 ESMA35-42-1445 Technical Advice on the possibility to extend the transitional period under the crowdfunding regulation Final Report PDF
235.72 KB
29/04/2022 ESMA35-42-1227 Technical Advice on retail investor protection Final Report PDF
646.19 KB
16/08/2012 2012/525 Summary of responses on considerations of materiality in financial reporting , Final Report PDF
383.4 KB
07/04/2016 2016/584 Suitability Peer Review- Final Report , Final Report PDF
459.35 KB
07/04/2016 2016/585 Suitability Peer Review- Annex , Final Report PDF
987.81 KB
13/05/2022 JC 2022 26 SFDR queries forwarded to the Commission , Q&A PDF
132.33 KB
09/03/2016 ESAs/2016/21 RTS on Risk Mitigation LegisWrite Final Report PDF
419.38 KB
16/06/2014 2014/643 Review on the application of accounting requirements for business combinations in IFRS financial statements , Final Report PDF
751.04 KB

This report evaluates the consistency of application of key requirements of IFRS 3 - Business Combinations and how compliant and entity-specific IFRS 3 disclosures are in the 2012 annual IFRS financial statements of a sample of 56 issuers in the European Union (EU). It also includes other IFRS 3 issues identified as part of the enforcement experience of European national enforcers (European Enforcers) that participate in the European Enforcers Coordination Sessions (EECS).

24/05/2022 ESMA35-43-3088 Review of the MiFID II framework on best execution reports by investment firms Final Report PDF
282.7 KB
26/07/2012 2012/482 Review of Greek Government Bonds accounting practices , Final Report PDF
583.61 KB

This report includes a Review of Greek Government Bonds accounting practices in the IFRS Financial Statements for the year ended 31 December 2011.

05/04/2016 2016/429 Review of Article 26 of RTS No 153/2013 with respect to MPOR for client accounts Final Report PDF
217.11 KB

Reasons for publication
This final report proposes amending Article 26 of the Commission Delegated Regulation No 153/2013 with regard to regulatory technical standards (RTS) on requirements for central counterparties (CCP) on the time horizons for the liquidation period which European Securities and Markets Authority (ESMA) has drafted under the Regulation (EU) No 648/2012 of the European Parliament and Council on Over-The-Counter (OTC) derivatives, central counterparties and trade repositories (EMIR).

In relation to the draft amended technical standards, ESMA consulted stakeholders on two occasions: the first consultation on a Discussion Paper (DP) was conducted from 27 August to 30 September 2015; the second, on the consultation paper (CP) including the proposed draft RTS was carried out from 14 December 2015 to 1st February 2016.

ESMA received a strong support from the respondents to the CP on the proposed amendment introducing the possibility for EU CCPs to margin on a one day gross basis for clients’ accounts. The responses to the consultation confirm that a one day gross account structure provides a sufficient level of protection to the CCPs and to the clients.

On the proposed conditions linked to this type of account, the majority of the respondents are of the view that they are needed to ensure the safety of the CCPs. Some clarifications or slight amendments have been introduced following the comments received, in particular on intraday margins calls and on entities belonging to the same group as clearing members.

Contents
This paper provides explanations on the draft regulatory technical standards amending the Commission Delegated Regulation No 153/2013 with regard to RTS on requirements for CCP. This report explains the rationale and the scope of the review of Article 26 of RTS No 153/2013 carried out by ESMA. It summarizes the answers received following the publication of the consultation paper and it provides the explanations on whether and how the concerns expressed by stakeholders have been reflected in the final draft RTS.
Annexed to this final report are the legislative mandates related to the draft RTS (Annex I), the ESMA cost-benefit-analysis (Annex II) and the draft RTS (Annex III).

Next Steps
Following the submission of the amended draft RTS to the European Commission, it has three months to decide whether to endorse ESMA’s draft RTS.

18/11/2013 2013/1664 Review of Accounting Practices- Comparability of IFRS Financial Statements of Financial Institutions in Europe Final Report PDF
1.3 MB
This report provides an overview of accounting practices of financial institutions in Europe in selected areas related to financial instruments. It evaluates the level of comparability and quality of the disclosures in the 2012 IFRS financial statements of a sample of 39 major European financial institutions and includes recommendations to enhance the transparency of financial information through the application of the IFRS provisions. Transparent financial information plays a key role in maintaining market confidence, improving markets’ efficiency by allowing investors to identify risks in a timely manner, contributing to financial stability and is a pre-requisite in creating premises for sound economic growth. As an effect of market turbulences resulting from the financial crisis, transparency and comparability of the financial statements of financial institutions have gained increased importance for market participants. In this context, ESMA has intensified its reviewing activities, with an increased focus on the financial statements of financial institutions and together with EBA and ESRB has undertaken further initiatives to improve the level of confidence in the financial sector by asking financial institutions to provide better disclosure of financial and risk information in financial reporting. Overall ESMA found that disclosures specifically covered by requirements of IFRS 7 – Financial Instru-ments: Disclosures were generally provided and acknowledges the efforts made by financial institutions to improve the quality of their financial statements. Yet, ESMA observed a wide variability in the quality of the information provided and identified some cases where the information provided was not sufficient or not sufficiently structured to allow comparability among financial institutions. Some financial institutions provided disclosures that were not specific enough, lacked links between quantitative and narrative information, or provided disclosures that could not be reconciled to the primary financial statements. ESMA urges issuers to take a step back and consider the overall objectives of IFRS 7 against their specific circumstances when preparing disclosures. When information was provided outside financial statements (e.g. in a risk report or business review), in some cases it was unclear whether it was incorporated by reference. In general, users of financial infor-mation would benefit if information provided in different sections of the financial report were linked to each other and if information provided across these reports was consistent or major differences in bases used to provide this information were explained.
28/03/2011 2011/22 Report- ESMA Data on Prospectuses Approved and Passported- July 2010 to December 2010 , Final Report PDF
134.79 KB
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) Final Report PDF
526.73 KB

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