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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
11/05/2005 04-505b Market Abuse Directive- Level 3 – first set of CESR guidance and information on the common operation of the Directive , Guidelines & Recommendations PDF
119.41 KB
http://www.cesr-eu.org/data/document/04_505b.pdf
11/05/2005 05-331 Press release- Facilitating the implementation of the Market Abuse Directive , Press Release PDF
72.91 KB
22/11/2007 07-762 Press release- CESR identifies the Administrative Measures and Sanctions as well as the Criminal Sanctions available in Member States under the Market Abuse Directive (MAD) , Press Release PDF
82.23 KB
15/05/2009 09-219 Guidelines- MAD Level 3 – Third set of CESR guidance and information on the common operation of the Directive to the market , Guidelines & Recommendations PDF
281.09 KB
15/05/2009 09-220 Feedback statement- MAD Level 3 – Third set of CESR guidance and information on the common operation of the Directive to the market CESR Document PDF
238.16 KB
21/10/2011 2011/354 Press release- European enforcers see good level of IFRS application in 2010 , Press Release PDF
31.97 KB
03/11/2011 JC 2011/094 Press release- ESMA, EBA and EIOPA appoint members of Joint Board of Appeal , , Press Release PDF
24.72 KB
02/12/2011 2011/414 Press release- ESMA gathers worldwide supervisors to discuss enforcement of IFRS , Press Release PDF
28.53 KB
27/03/2012 2012/224 ESMA seeks views on proxy advisors , , Press Release PDF
170.89 KB
ESMA published last Thursday a discussion paper (ESMA/2012/212) on proxy advisors active in the European Union, seeking views of stakeholders. The paper aims at giving an overview of the state and structure of the market, advisor’s methodologies, and on possible policy options. Generally, proxy advisors assist (institutional) investors and asset managers in their voting policy and strategy.  Currently, there are no rules in place on a pan-European basis regarding proxy advisors. ESMA will use the feedback received on this paper to publish a feedback statement in Q4 of 2012, which will also include ESMA’s view on whether there is a need for policy action in the area.
11/04/2012 JC/2012/30 EBA, ESMA and EIOPA publish two reports on Money Laundering , Press Release PDF
69.92 KB
26/07/2012 2012/483 ESMA publishes review of accounting treatment of Greek sovereign debt , Press Release PDF
122.97 KB

The European Securities and Markets Authority (ESMA) has today published Review of Greek Government Bonds accounting practices in the IFRS Financial Statements for the year ended 31 December 2011, which sets out the results of the review conducted by ESMA on accounting practices and disclosures regarding exposure to Greek government bonds. The ESMA review considered a sample of 42 European financial institutions, each with significant exposure to Greek government bonds totalling an estimated gross exposure of around €80 billion.

31/08/2012 JC/2012/70 ESAs consult on the application of the capital calculation methods for financial conglomerates , Press Release PDF
175.07 KB
24/10/2012 JC/CP/2012/01 Feedback statement ESA feedback statement on the Joint CP on Financial Conglomerates CESR Document PDF
82.95 KB
12/11/2012 2012/730 ESMA announces enforcement priorities for 2012 financial statements , Press Release PDF
164.68 KB
20/12/2012 2012/854 ESMA issues statement on forbearance practices , , Press Release PDF
117.17 KB

ESMA issues statement on forbearance practicesThe European Securities and Markets Authority (ESMA) has issued a Public Statement on the Treatment of Forbearance Practices in IFRS Financial Statements of Financial Institutions.  The statement deals with the definition of forbearance practices, their impact on the impairment of financial assets and the specific disclosures relating to forbearance activities that listed financial institutions should include in their IFRS financial statements for the year ending 31 December 2012.The statement results from ESMA’s concerns that a lack of consistency amongst issuers in this area raises issues over the transparency and accuracy of their financial statements.  ESMA believes that the consistent application of IFRS principles promotes comparability among listed financial institutions’ financial statements.This forms part of broader work on forbearance practices undertaken by regulators, including the European Banking Authority (EBA) and the European Systemic Risk Board (ESRB), who are examining the issue in the context of prudential reporting and macro-economic risks respectively.Steven Maijoor, ESMA Chair said:“ESMA and national authorities have become concerned at the lack of clarity in financial issuers’ financial statements regarding their treatment of forbearance-related practices, and the potential impact this might have on issuer’s financial performance and position, with consequences for investors and markets.“We have seen the impact of an inadequate approach to forbearance and impairment in previous financial crises and our aim is to avoid a similar situation developing here in the EU.  We believe that by promoting an appropriate and consistent approach to the definition of forbearance, measurement of impairment and related disclosures, investors can be confident that issuers’ financial statements accurately reflect credit risk exposures and the credit quality of their financial assets.”“A uniformly consistent approach on this issue in the EU will contribute to the proper functioning of financial markets, the maintenance of financial stability in the European Union and improved investor protection.”Forbearance and objective evidence of impairmentForbearance occurs when the borrower is considered to be unable to meet the terms and conditions of the contract due to financial difficulties and ,based on these difficulties, it decides to modify the terms and conditions of the contract to allow the borrower sufficient ability to service the debt or refinance.  Therefore, forbearance measures constitute objective evidence of impairment under IFRS.Forbearance and asset impairmentAs forbearance measures are extended due to the financial difficulties of the borrower, ESMA expects that issuers would have  when assessing the impairment of those loans:•    identified whether a loss event has had an impact on the estimated future cash flows;•    based impairment calculations on the estimated future cash flows and not the contractual cash flows; and•    applied a heightened level of scepticism when estimating the future cash flows, as well as other parameters used. Required disclosures in the year-end IFRS financial statementsThe disclosures to be provided by financial institutions, regarding their forbearance practices in their annual IFRS financial statements, should include the following qualitative aspects:•    details of the types of forbearance practices undertaken during the reporting period;•    description of the risks related to the forbearance practices undertaken, and how these risks are managed and monitored for internal management purposes;•    accounting policies applied in respect of the forborn assets; and•     description of any changes in these aspects from the prior period.The issuers should also provide quantitative disclosures in order to enable users to evaluate the impact of forbearance measures on the credit risk profile of their loan portfolios and their financial position and performance. ESMA expects such quantitative disclosures to be included in the 2012 financial statements as far as possible, and in any event they should be implemented and reflected in 2013’s annual financial statements.Next StepsESMA, together with EU national competent authorities, will continue to monitor the level of transparency that issuers provide in their financial statements on forbearance related measures and their impact on impairment, and will consider whether further action is required.  The statement complements ESMA’s common enforcement priorities for the 2012 year-end IFRS financial statements which were published in November 2012.

19/02/2013 2013/240 ESMA recommends EU Code of Conduct for proxy advisor industry , , Press Release PDF
140.27 KB
12/04/2013 2013-04-12 JC Report on Risks and Vulnerabilities in the European Union’s (EU) Financial System Press Release PDF
195.24 KB
  The Joint Committee of the European Supervisory Authorities (Joint Committee) has published today its first Report on Risks and Vulnerabilities in the European Union’s (EU) Financial System. Joint Committee of the European Supervisory Authorities calls for action on cross-sectoral risks. • First report by the Joint Committee of the European Supervisory Authorities (ESAs) on cross-sectoral risks facing the EU financial system; • Key risks facing EU financial markets include weak macroeconomic outlook; low interest rate environment; risk of further fragmentation on the single market; increased reliance on collateral; the quality of financial institutions’ assets; lack of confidence in financial institutions’ balance sheet valuations and risk disclosure; loss of confidence in financial benchmarks; • The ESAs have closely monitored the situation in Cyprus as it has developed. The events will lead to losses throughout the financial sector in Cyprus. However, the risks of direct international contagion seem to be limited.
01/07/2013 2013/852 ESMA review finds good compliance with EU market abuse rules , , Press Release PDF
132.09 KB
The European Securities and Markets Authority (ESMA) has published a peer review of the supervisory practices EEA national competent authorities (NCAs) apply in enforcing the requirements of the Market Abuse Directive (MAD).  The Directive deals with the prevention of the dissemination of misleading information, the breach of reporting obligations and market abuse.  
18/07/2013 2013/998 Guidelines on the model MoU concerning consultation, cooperation and the exchange of information related to the supervision of AIFMD entities , Guidelines & Recommendations PDF
245.15 KB

ESMA finalises supervisory co-operation agreements for alternative investment funds The European Securities and Markets Authority (ESMA) has approved seven co-operation arrangements between EU securities regulators and their global counterparts with responsibility for the supervision of alternative investment funds, including hedge funds, private equity and real estate funds. ESMA’s Board of Supervisors, at its July meeting, approved Memoranda of Understanding (MoUs) with authorities from the Bahamas, Japan, Malaysia, Mexico and the United States, including the Commodity Futures Trading Commission (CFTC). ESMA has now negotiated 38 agreements on behalf of the 31 EU/EEA national competent authorities for securities markets supervision. The co-operation agreements allow for the exchange of information, cross-border on-site visits and mutual assistance in the enforcement of respective supervisory laws. ESMA had approved 31 MoUs with other non-EU regulators in May. The agreements cover third-country alternative investment fund managers (AIFMs) that market alternative investment funds (AIFs) in the EU and EU AIFMs that manage or market AIFs outside the EU. The agreements also cover co-operation in the cross-border supervision of depositaries and AIFMs’ delegates. National securities regulators in the EU, as the supervisors of AIFMs, are in the process of signing MoUs with those jurisdictions relevant to their market. The existence of co-operation arrangements between the EU and non-EU authorities is a precondition of the Alternative Investment Fund Managers Directive (AIFMD) for allowing managers from third countries access to EU markets or to perform fund management by delegation from EU managers by 22 July 2013. The co-operation arrangements are applicable from 22 July, and will enable cross-border marketing of AIFs to professional investors between jurisdictions. This is subject to the non-EU jurisdiction not being listed as a non-cooperative jurisdiction by the Financial Action Task Force and, as from the entry into force of the passport for non-EU managers, having co-operation agreements in place with EU Member States regarding the exchange of information on tax matters. The content of the ESMA MoUs follow the IOSCO Principles on Cross-Border Supervisory Co-operation of 2010, and complements the terms and conditions of the IOSCO Multilateral MoU Concerning Consultation and Co-operation and the Exchange of Information of 2002 (MMoU). ESMA had originally contacted all the authorities that have signed the IOSCO MMoU of 2002. ESMA has now approved MoUs with those 42 authorities that responded to ESMA’s call. ESMA continues to negotiate the MoU with the Chinese authority.   Memoranda of Understanding (MoUs) MoU with AFSA (Albania) MoU with ASIC (Australia) MoU with BMA (Bermuda) MoU with Canadian authorities  Accompanying letter MoU with CDVM (Morocco) MoU with CFTC (US) Accompanying letter MoU with CIMA (Cayman Islands) MoU with CMA (Kenya) MoU with CMSA (Tanzania) MoU with CNBV (Mexico) MoU with CVM (Brazil) MoU with DFSA (Dubai) MoU with FCSM (Mauritius) MoU with FINMA (Switzerland) MoU with FSA (Labuan) MoU with FSC (BVI) MoU with FSC (Guernsey) MoU with FSC (Isle of Man) MoU with FSC (Jersey) MoU with HKMA (Hong Kong) MoU with ISA (Israel) MoU with JFSA (Japan) MoU with MAFF (Japan) MoU with MAS (Singapore) MoU with METI (Japan) MoU with OCC and FED (US) MoU with OSFI (Canada) MoU with SC (Malaysia) MoU with SC (Republic of Srpska) MoU with SC (The Bahamas) MoU with SCA (UAE) MoU with SEBI (India) MoU with SEC (Montenegro) MoU with SEC (Pakistan) MoU with SEC (Thailand) MoU with SEC Macedonia (FYROM) MoU with SFC (Hong Kong) MoU with US SEC Accompanying letter   MoU with EFSA (Egypt)   MoU with FMA (New Zealand)   MoU with FSB (South Africa)   MoU with SSC (Vietnam)   MoU with FSC and FSS (South Korea)

18/07/2013 2013/992 ESMA finalises supervisory co-operation agreements for alternative investment , , Press Release PDF
167.72 KB

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