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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
28/05/2020 ESMA33-128-563 Questions and answers on the Securitisation Regulation Securitisation Q&A PDF
1.18 MB
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
17/02/2020 ESMA33-5-87 Q&A on the Implementation of the Regulation (EU) No 462 2013 On CRA Credit Rating Agencies Q&A PDF
401.67 KB
11/04/2019 ESMA31-62-780 Q&A on Prospectus Related Topics Brexit, Corporate Disclosure, Corporate Finance, Corporate Governance, Corporate Information, Prospectus, Supervisory convergence Q&A PDF
957.9 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
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
01/07/2015 2015/1005 Questions and Answers: Investment-based crowdfunding: money laundering/terrorist financing Innovation and Products Q&A PDF
157.73 KB
18/12/2014 2014/1378 Opinion- Investment-based crowdfunding Innovation and Products Opinion PDF
460.92 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 this document.

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