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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
14/04/2011 2011/112 Final report- Guidelines to competent authorities and UCITS management companies on risk meas-urement and the calculation of global exposure for certain types of structured UCITS Fund Management Final Report PDF
166.5 KB
06/07/2011 2011/203 The European Fund Industry Paradigm Fund Management, Speeches Speech PDF
35.65 KB

The European Fund Industry Paradigm: Combining Long Term Investment Horizons and Risk Profiles Opening speech by Steven Maijoor, Chair of ESMA, at the Paris EUROPLACE Financial Forum - 6 July 2011
13/10/2011 2011/342 Opinion- Practical arrangements for the late transposition of the UCITS IV Directive Fund Management Opinion PDF
41.33 KB
21/10/2011 2011/355 Report- Activity Report on IFRS Enforcement in 2010 IFRS Supervisory Convergence Final Report PDF
128.34 KB
10/11/2011 2011/372 Final report- Review of European enforcers on the implementation of IFRS 8 IFRS Supervisory Convergence Final Report PDF
584.18 KB
08/03/2011 2011/62 10th Extract from EECS's Database of Enforcement Decisions IFRS Supervisory Convergence Final Report PDF
361.42 KB
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
28/06/2012 2012/412 Activity Report on IFRS Enforcement in the European Economic Area in 2011 IFRS Supervisory Convergence Final Report PDF
345.02 KB

The European Securities and Markets Authority (ESMA) has published its Activity Report on IFRS Enforcement in the European Economic Area in 2011. The report provides an overview of the monitoring of compliance of financial information with the International Financial Reporting Standards (IFRS) and enforcement action taken in the European Economic Area (EEA) in 2011. The report is based on the activities of the European Enforcers Coordination Sessions (EECS) and of the accounting enforcers in the EEA (European enforcers).  This operates under ESMA's oversight and its main objective is to coordinate the enforcement activities of Member States in order to increase convergence amongst European enforcer's activities which should contribute to fostering investor confidence. Its main functions include coordination of enforcement activities through the exchange of views on particular accounting matters, providing feedback to the International Accounting Standards Board on issues related to the application of the IFRS and work on dedicated projects identified as key priorities. This report: provides an overview of enforcement activities in the EEA and the coordination of enforcement through EECS; presents the outcome and some tentative conclusions relating to the enforcement of IFRS; and provides a summary of EECS engagement with third country accounting enforcers. The report is based on the activities of EECS and the European enforcers during 2011 relating to: Activities undertaken or coordinated at European level; Issues brought to the attention of the standard setter; Ex-ante activities incurred as part of the preparation of the annual review process; Findings in respect of reviews conducted in 2011; Actions taken to improve the quality of future financial reporting; and Decisions and emerging issues discussed during EECS meetings in the year.
25/07/2012 2012/474 Report and consultation paper on guidelines on ETFs and other UCITS issues Fund Management Final Report PDF
728.1 KB		 This paper sets out ESMA’s guidelines on ETFs and other UCITS issues. The guidelines are adapted to the type of UCITS, management technique or financial instrument in question and are detailed in Annex III of the documentThis document also sets out in Annex IV a public consultation on the treatment of repo and reverse repo arrangements on which ESMA is seeking feedback from stakeholders. The feedback to this further consultation will be used by ESMA to finalise its position on this specific issue, which will be incorporated into the rest of the guidelines already adopted by the Authority (cf. Annex III of this document).
26/07/2012 2012/482 Review of Greek Government Bonds accounting practices Corporate Disclosure, IFRS Supervisory Convergence 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.
16/08/2012 2012/525 Summary of responses on considerations of materiality in financial reporting Corporate Disclosure, IFRS Supervisory Convergence Final Report PDF
383.4 KB
01/11/2012 2012/715 ESMA Opinion on emergency measure by Spanish CNMV under Section 1 of Chapter V of Regulation No. 236/2012 on short selling and certain aspects of credit default swaps Short Selling Opinion PDF
79.2 KB		 ESMA Opinion ESMA is adopting the following opinion on the notified measure, on the basis of Article 27(2) of Regulation 236/2012 on Short selling and certain aspects of credit default swaps: On the adverse events or developmentsESMA considers that there are adverse developments which constitute a serious threat to financial stability and to market confidence in Spain. On the appropriateness and proportionality of the measure ESMA considers that the measure is appropriate and proportionate to address the above-mentioned threats that persist in Spain. On the duration of the measureESMA considers that the duration of the measure is justified and appreciates the CNMV’s statement in its notification of intent whereby the measure may be lifted during the period of enforcement of the measure, if considered necessary.
01/11/2012 2012/717 ESMA Opinion on emergency measure by the Greek HCMC under Section 1 of Chapter V of Regulation No. 236/2012 on short selling and certain aspects of credit default swaps Short Selling Opinion PDF
95.45 KB		 ESMA Opinion ESMA is adopting the following opinion on the notified measure, on the basis of Article 27(2) of Regulation 236/2012 on Short selling and certain aspects of credit default swaps: On the adverse events or developmentsESMA considers that there are adverse developments which constitute a serious threat to financial stability and to market confidence in Greece. On the appropriateness and proportionality of the measure ESMA considers that the measure is appropriate and proportionate to address the above-mentioned threats that persist in Greece. On the duration of the measureESMA considers that the duration of the measure is justified and appreciates the HCMC’s statement in its notification of intent whereby the measure may be lifted during the period of enforcement of the measure, if considered necessary.
20/11/2012 2012/721 Opinion on Article 50(2)(a) of the UCITS Directive Fund Management Opinion PDF
81.31 KB
04/12/2012 2012/722 Guidelines on repurchase and reverse repurchase agreements Fund Management Final Report PDF
339.57 KB

The European Securities and Markets Authority (ESMA) has today published its final guidelines on repurchase and reverse repurchase agreements for UCITS funds.  The guidelines state that UCITS should only enter into such agreements if they are able to recall at any time any assets or the full amount of cash.
03/01/2013 2012/875 Report to the European Parliament, the Council and the Commission on the budgetary impli-cations of Regulation (EU) No 236/2012 on short selling and certain aspects of credit default swaps Short Selling Final Report PDF
532.88 KB
22/07/2013 2013/1022 IFRS Enforcement in Europe in 2012 IFRS Supervisory Convergence Final Report PDF
195.1 KB
01/08/2013 2013/1072 Practical arrangements for the late transposition of the AIFMD Fund Management Opinion PDF
93.1 KB		 The European Securities and Markets Authority (ESMA) has published an Opinion on arrangements for the late imposition of the AIFMD. The scope of the opinion is confined to the provision of collective portfolio management services. Arrangements before implementation of the Directive in all Member States Notification of marketing of EU AIFs when the host MS of the AIFM has not transposed the Directive (Articles 31 and 32 of the Directive) ESMA believes that, if the Directive has been transposed in the home MS of the AIFM, the competent authority of the host MS of the AIFM (Article 32) or home MS of the AIFM (Article 31) may not refuse a valid notification under the Directive on the ground that the Directive has not yet been transposed in the host MS. This applies irrespective of whether the marketing is done using the freedom to provide services or by means of a branch. Management passport (Article 33 of the Directive) ESMA believes that AIFMs established in a MS that has transposed the Directive should be able to manage an EU AIF via the management passport, both using the freedom to provide services or by means of a branch, in a MS where the Directive has not been transposed, irrespective of the provisions currently in place in such jurisdiction since the relevant provisions of the Directive are of a self-executing nature, and provided the AIFM is authorised to manage that type of AIF in accordance with Article 33(1) of the AIFMD. Any local restrictions on AIFMs that are not in accordance with the AIFMD will need to be disapplied.
15/11/2013 2013/1339 Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD (revised) Fund Management Final Report PDF
701.63 KB
29/01/2013 2013/149 Emergency measure by the Greek HCMC under Section 1 of Chapter V of Regulation No 236/2012 on short selling and certain aspects of credit default swaps Short Selling Opinion PDF
96.52 KB

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