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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
30/05/2017 ESMA70-145-103 Communication on launch of reference data submission under MAR , Opinion PDF
132.12 KB
26/03/2021 JC 2021 16 ESAs’ Opinion to the European Commission on the Jurisdictional Scope of Application of the SECR , Opinion PDF
339.91 KB
19/09/2019 ESMA70-155-8524 ESMA Opinion CNMV revised Accepted Market Practice , Opinion PDF
520.92 KB
27/05/2021 ESMA22-105-1363 ESMA OPINION ON 2019 DISCHARGE REPORT OF EP , Opinion PDF
87.37 KB
13/04/2018 ESMA70-145-442 ESMA Opinion on AMF Accepted Market Practice on liquidity contracts , Opinion PDF
542.91 KB
31/01/2019 ESMA33-128-600 ESMA Opinion on securitisation RTS Opinion PDF
4.02 MB
18/12/2013 2013/1944 Format of the base prospectus and consistent application of Article 26(4) of the Prospectus Regulation , Opinion PDF
75.6 KB
20/03/2013 2013/317 Framework for the assessment of third country prospectuses under Article 20 of the Prospectus Directive , Opinion PDF
725.59 KB
26/03/2021 JC 2021 19 Joint Committee Q&As relating to the Securitisation Regulation Q&A PDF
279.8 KB
05/09/2018 ESMA70-151-1651 On the European Commission’s proposed amendments to SFTR Opinion PDF
405.72 KB
12/05/2016 ESA/2016/41 Opinion of the ESAs- ECAI credit assessments , Opinion PDF
379.79 KB
31/05/2021 ESMA70-155-11961 Opinion on AMF AMP , Opinion PDF
1.77 MB
08/02/2016 2016/268 Opinion on equivalence of Turkish prospectus regime Opinion PDF
98.76 KB
17/06/2016 2016/982 Opinion on inside information disclosure under the Market Abuse Regulation Opinion PDF
278.89 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 Opinion PDF
224.29 KB
18/12/2014 2014/1378 Opinion- Investment-based crowdfunding 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.
31/01/2020 ESMA70-155-7850 Opinion- Relating to the intended Accepted Market Practice on liquidity contracts notified by the Commissione Nazionale per le Società e la Borsa (Consob) Opinion PDF
407.58 KB
25/04/2017 ESMA70-145-76 Points for convergence in relation to MAR accepted market practices on liquidity contracts , Opinion PDF
166.37 KB
01/04/2016 2016/419 Q&A Market Abuse Directive Q&A PDF
175.08 KB
11/04/2019 ESMA31-62-780 Q&A on Prospectus Related Topics , , , , , , Q&A PDF
957.9 KB