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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
15/04/2020 ESMA70-155-9845 Opinion on CNMV emergency measure under the SSR COVID-19, Market Integrity, Short Selling Opinion PDF
302.98 KB
15/04/2020 ESMA70-155-9848 Opinion on FMA emergency measure under the SSR COVID-19, Market Integrity, Short Selling Opinion PDF
432.15 KB
15/04/2020 ESMA70-155-9854 Opinion on AMF emergency measure under the SSR COVID-19, Market Integrity, Short Selling Opinion PDF
304.63 KB
15/04/2020 ESMA70-155-9833 Opinion on FSMA emergency measure under the SSR COVID-19, Market Integrity, Short Selling Opinion PDF
306.36 KB
15/04/2020 ESMA70-155-9853 Opinion on HCMC emergency measure under the SSR COVID-19, Market Integrity, Short Selling Opinion PDF
308.38 KB
24/03/2020 ESMA70-155-9604 Opinion on FMA emergency measure under the SSR COVID-19, Market Integrity, Short Selling Opinion PDF
265.61 KB
19/03/2020 ESMA70-155-9587 Opinion on HCMC emergency measure under the SSR COVID-19, Market Integrity, Short Selling Opinion PDF
260.22 KB
19/03/2020 ESMA70-155-9590 Opinion on FSMA emergency measure under the SSR COVID-19, Market Integrity, Short Selling Opinion PDF
260.27 KB
18/03/2020 ESMA70-155-9581 Opinion on AMF emergency measure under SSR COVID-19, Market Integrity, Short Selling Opinion PDF
253.85 KB
17/03/2020 ESMA70-155-9565 Opinion on CONSOB emergency measure under SSR COVID-19, Market Integrity, Short Selling Opinion PDF
346.47 KB
17/03/2020 ESMA70-155-9556 Opinion on CNMV emergency measure under SSR COVID-19, Market Integrity, Short Selling Opinion PDF
173.98 KB
31/01/2019 ESMA33-128-600 ESMA Opinion on securitisation RTS Securitisation Opinion PDF
4.02 MB
05/09/2018 ESMA70-151-1651 On the European Commission’s proposed amendments to SFTR Securitisation Opinion PDF
405.72 KB
20/07/2017 ESMA34-45-277 Opinion on asset segregation and custody services Fund Management Opinion PDF
604.81 KB
13/07/2017 ESMA35-45-344 Opinion to support supervisory convergence in the area of investment management in the context of the United Kingdom withdrawing from the European Union Brexit, Fund Management, Supervisory convergence Opinion PDF
246.6 KB
30/01/2017 ESMA34-43-296 Opinion on UCITS Share Classes Fund Management Opinion PDF
332.69 KB
12/01/2017 ESMA50-1215332076-23 Opinion on the impact of the exclusion of fund management companies from the scope of the MiFIR intervention powers Innovation and Products Opinion PDF
224.29 KB
12/05/2016 ESA/2016/41 Opinion of the ESAs- ECAI credit assessments Credit Rating Agencies, Joint Committee Opinion PDF
379.79 KB
12/04/2016 2016/596 Opinion on loan origination Fund Management Opinion PDF
118.55 KB
30/07/2015 2015/1235 ESMA's opinion to the European Parliament, Council and Commission and responses to the call for evidence on the functioning of the AIFMD EU passport and of the National Private Placement Regimes Fund Management Opinion PDF
886.86 KB		 AIFMD and the request to ESMA for an Opinion In accordance with Articles 36 and 42 of the AIFMD, non-EU AIFMs and non-EU AIFs managed by EU AIFMs are subject to the NPPR of each of the Member States where the AIFs are marketed or managed. However, the AIFMD makes provision for the passport, which is currently reserved to EU AIFMs and AIFs, to be potentially extended in future. Article 67(1) of the AIFMD establishes that, by 22 July 2015, ESMA shall issue to the European Parliament, the Council and the Commission the following: An opinion on the functioning of the passport for EU AIFMs pursuant to Articles 32 and 33 of the AIFMD and on the functioning of the national private placement regimes set out in Articles 36 and 42 of the AIFMD. Advice on the application of the passport to non-EU AIFMs and AIFs in accordance with the rules set out in Article 35 and Articles 37 to 41 of the AIFMD. Within three months of receipt of positive advice and an opinion from ESMA, and taking into account the criteria of Article 67(2) and the objectives of the AIFMD, the Commission should adopt a delegated act specifying the date when the rules set out in Article 35 and 37 to 41 of the AIFMD become applicable in all Member States. As a consequence, the EU passport would be extended to non-EU AIFs and non-EU AIFMs. In order to produce this opinion and advice, ESMA must look into the elements listed in Article 67(2) and (4) of the AIFMD , notably on the basis of the information provided by the national competent authorities (NCAs) about the EU and non-EU AIFMs under their supervision. Indeed, Article 67(3) of the AIFMD requires NCAs to provide information to ESMA quarterly as from 22 July 2013. ESMA has received input from NCAs for the periods covering 22 July 2013 to 31 March 2014, 1 April to 30 June 2014, 1 July to 30 September 2014, 1 October to 31 December 2014, and 1 January to 31 March 2015. In order to supplement the input provided by NCAs via the quarterly surveys, ESMA launched a call for evidence in November 2014 aimed at gathering information from EU and non-EU stakeholders on the functioning of the EU passport, the NPPRs and the potential extension of the AIFMD passport to non-EU countries. ESMA received 67 responses (including 15 confidential responses), from 13 non-EU Authorities, 21 EU and non-EU trade associations of asset managers, 17 EU and non-EU asset managers, and 16 other trade associations and private firms (e.g. providers of services for funds, law firms etc). Summary of the opinion In relation to the timing of the assessment of the functioning of the EU passport, ESMA considers that the delay in the implementation of the AIFMD together with the delay in the transposition in some Member States make a definitive assessment difficult. ESMA would see merit in the preparation of another opinion on the functioning of the passport after a longer period of implementation in all Member States. However, even at this early stage, ESMA has identified several issues in relation to the use of the EU passport. These issues include: i) divergent approaches with respect to marketing rules, including heterogeneity of fees charged by the NCAs where the AIFs are marketed and the definition of what constitutes a “professional investor”; ii) varying interpretations of what activities constitute “marketing” and “material changes” under the AIFMD passport in the different Member States. With that in mind, ESMA sees merit in greater convergence in the definition of these terms. Nevertheless, ESMA is of the view that there is insufficient evidence to indicate that the AIFMD EU passport has raised major issues in terms of the functioning and implementation of the AIFMD framework. In relation to the timing of the assessment of the functioning of the NPPRs, ESMA considers that the delay in the implementation of the AIFMD together with the delay in transposition in some Member states make a definitive assessment difficult. ESMA would see merit in the preparation of another opinion on the functioning of the NPPR Regime after a longer period of implementation has passed in all Member States (although this is linked to the decision to be taken by the European Parliament, the Council and the Commission on whether to extend the passport to one or more non-EU countries in the meantime). ESMA is of the view that there is insufficient evidence to indicate that the NPPRs have raised major issues in terms of the functioning and implementation of the AIFMD framework.

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