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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/03/2011 2011/36 Public statement- Framework for third country prospectuses under Article 20 of the Prospectus Directive , Statement PDF
317.51 KB
23/03/2011 2011/37 Public statement- ESMA statement on Israeli laws and regulations on prospectuses , Statement PDF
187.46 KB
25/11/2011 2011/397 Public statement on sovereign debt in IFRS financial statements , , , Statement PDF
189.46 KB
12/11/2013 2013/1642 Information on shareholder cooperation and acting in concert under the Takeover Bids Directive , Statement PDF
321.63 KB
The European Securities and Markets Authority (ESMA) has published a statement on practices governed by the Takeover Bid Directive (TBD), focused on shareholder cooperation issues relating to acting in concert and the appointment of board members. The statement contains a White List of activities that shareholders can cooperate on without the presumption of acting in concert. It also contains information on how shareholders may cooperate in order to secure board member appointments by setting out factors that national authorities may take into account when considering whether shareholders are acting in concert. The statement is in response to a request by the European Commission for clarity on these issues, following its 2012 report on the application of the TBD. It is based on information collected about the TBD’s application and common practices across the European Economic Area (EEA). The statement was prepared by the Takeover Bids Network, a permanent working group, under ESMA’s auspices, that promotes the exchange of information on practices and application of the TBD across EEA.
19/02/2013 2013/84 Feedback statement on the consultation regarding the role of the proxy advisory industry , Statement PDF
559.31 KB
25/11/2020 70-155-8842 ESMA statement on DTO Final , Statement PDF
79.5 KB
05/02/2019 ESMA 70-155-7026 Use of UK data in ESMA databases in case of a no-deal Brexit , , Statement PDF
281.69 KB
27/02/2020 ESMA/2014/677-REV Information on shareholder cooperation and acting in concert under the Takeover Bids Directive , Statement PDF
368.97 KB

The European Securities and Markets Authority (ESMA) has published an update to its statement on practices governed by the Takeover Bid Directive (TBD), focused on shareholder cooperation issues relating to acting in concert and the appointment of board members. The update concerns a change to the Croatian creep-in threshold and secondary threshold in Appendix B. The statement contains a White List of activities that shareholders can cooperate on without the presumption of acting in concert. It also contains information on how shareholders may cooperate in order to secure board member appointments by setting out factors that national authorities may take into account when considering whether shareholders are acting in concert.The statement is in response to a request by the European Commission for clarity on these issues, following its 2012 report on the application of the TBD. It is based on information collected about the TBD’s application and common practices across the European Economic Area (EEA). The statement was prepared by the Takeover Bids Network, a permanent working group, under ESMA’s auspices, that promotes the exchange of information on practices and application of the TBD across EEA.

12/10/2020 ESMA22-105-1248 Steven Maijoor Opening Statement for ECON Hearing 12 October 2020 , , , , , Statement PDF
134.36 KB
30/09/2020 ESMA31-62-1491 Public statement QA update Prospectus Statement PDF
93.84 KB
11/06/2020 ESMA32-334-245 ESMA response to EC Consultation on NFRD , Statement PDF
429.86 KB
15/03/2019 ESMA33-5-735 ESMA statement on the endorsement of UK credit ratings in case of a no-deal Brexit , Statement PDF
122.54 KB
19/12/2018 ESMA35-43-1328 Brexit Statement- information to clients , Statement PDF
212.95 KB
13/01/2021 ESMA35-43-2509 Reminder to firms of the MiFID II rules on ‘reverse solicitation’ in the context of the recent end of the UK transition period , Statement PDF
151.2 KB
12/07/2018 ESMA42-110-998 Timely submission of requests for authorisation in the context of the United Kingdom withdrawing from the European Union , Statement PDF
128.92 KB
19/03/2019 ESMA65-8-6254 Public statement on Brexit Data Operational Plan , Statement PDF
147.23 KB
07/10/2019 ESMA65-8-6254 ESMA’s Data Operational Plan under a no-deal Brexit scenario on 31 October 2019 , , Statement PDF
154.85 KB
09/11/2020 ESMA65-8-7497 Public statement on Brexit Data Operational Plan Statement PDF
157.89 KB
23/11/2018 ESMA70-151-1948 Managing risks of a no-deal Brexit in the area of central clearing , , Statement PDF
128.26 KB
19/12/2018 ESMA70-151-2032 ESMA statement recognition of UK CCPs and CSD in no deal Brexit , Statement PDF
220.12 KB