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Date	Ref.	Title	Section	Type	Download	Info	Summary	Related Documents	Translated versions
01/10/2010	10-1143	Tender for the Creation of a Logo and Graphical elements for European Securities and Markets Authority	CESR Archive	CLOSED Procedure	PDF 208.11 KB
27/10/2010	10-1264 Q&A 1	Clarifications and responses to questions concerning the Appel d'offre n 10-1264- part 1	CESR Archive	CLOSED Procedure	PDF 57.19 KB
27/10/2010	10-1264 Q&A 2	Clarifications and responses to questions concerning the Appel d'offre n 10-1264- part 2	CESR Archive	CLOSED Procedure	PDF 54.6 KB
08/10/2010	10-1264a	Règlement de la consultation- PRESTATIONS DE MISSION DE MAITRISE D’OEUVRE POUR L’AGENCEMENT DES NOUVEAUX LOCAUX DU CESR	CESR Archive	CLOSED Procedure	PDF 443.87 KB
08/10/2010	10-1264b	CAHIER DES CLAUSES PARTICULIERES- PRESTATIONS DE MISSION DE MAITRISE D’OEUVRE POUR L’AGENCEMENT DES NOUVEAUX LOCAUX DU CESR	CESR Archive	CLOSED Procedure	PDF 438.62 KB
08/10/2010	10-1264c	ACTE D’ENGAGEMENT- PRESTATIONS DE MISSION DE MAITRISE D’OEUVRE POUR L’AGENCEMENT DES NOUVEAUX LOCAUX DU CESR A PARIS	CESR Archive	CLOSED Procedure	PDF 134.85 KB
01/10/2010	10-320	Tender for the development, support and maintenance of the website of ESMA	CESR Archive	CLOSED Procedure	ZIP 4.27 MB
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.
27/03/2014	2014/332	Structured Retail Products- Good practices for product governance arrangements	MiFID - Investor Protection, Innovation and Products	Opinion	PDF 203.1 KB		Legal basis 1. Regulation (EU) No 1095/2010 (ESMA Regulation) sets out the European Securities and Markets Authority’s (ESMA) scope of action, tasks and powers which include “enhancing customer protection”, and “foster[ing] investor protection”. 2. In order to continue delivering on this investor protection statutory objective, ESMA is issuing this opinion on certain aspects linked to the manufacturing and distribution of structured retail products (SRP). This opinion takes into account relevant work done in this field both at European and interna-tional level. 3. This opinion is without prejudice to the requirements for the provision of investment services and activities established in the Markets in Financial Instruments Directive (MiFID) and its implementing measures (notably, Directive 2006/73/EC), the regulatory developments arising from the MiFID review or existing product rules that may apply to SRPs. 4. ESMA’s competence to deliver an opinion is based on Article 29(1) (a) of the ESMA Regulation. In accordance with Article 44(1) of the ESMA Regulation, the Board of Supervisors has adopted this opinion. Background 5. In its July 2013 report on ‘Retailisation in the EU’ , ESMA highlighted that, from a consumer protec-tion perspective, retail investors may face difficulties in understanding the drivers of risks and returns of structured products. If retail investors do not properly understand the risk and reward profile of structured products, and if the products are not properly assessed against the risk appetite of retail investors, retail investors might be exposed to unexpected losses and this might lead to complaints, reputational risks for manufacturers and distributors, and a loss of confidence in the regulatory framework and, more broadly, in financial markets. 6. In 2013, ESMA mapped the measures adopted in the EU Member States in relation to complex products in order to identify issues and to better understand the rationale behind national initiatives (by looking at similarities and differences in the various approaches, and reviewing how complexity has been treated in the different EU Members States). 7. As a result, ESMA has developed a broad set of non-exhaustive examples of good practices, attached as Annex 1 hereto, illustrating arrangements that firms - taking into account the nature, scale and complexity of their business - could put in place to improve their ability to deliver on investor protection regarding, in particular, (i) the complexity of the SRPs they manufacture or distribute, (ii) the nature and range of the investment services and activities undertaken in the course of that business, and (iii) the type of investors they target. These good practices should also be a helpful tool for competent authorities in carrying out their supervisory action. Opinion 8. ESMA considers that sound product governance arrangements are fundamental for investor protec-tion purposes, and can reduce the need for product intervention actions by competent authorities. 9. ESMA considers that, when supervising firms manufacturing or distributing an SRP, competent authorities should promote, in their supervisory approaches, the examples of good practices for firms set out in Annex 1 hereto. 10. Although the good practices set out in Annex 1 hereto focus on structured products sold to retail investors, ESMA considers that they may also be a relevant reference for other types of financial in-struments (such as asset-backed securities, or contingent convertible bonds), as well as when financial instruments are being sold to professional clients. 11. The exposure to risk is an intrinsic feature of investment products. The good practices set out in Annex 1 refer to product governance arrangements and do not (and cannot) aim at removing investment risk from products.
21/12/2016	2016/1668	2016-1668 ESMA feedback statement on ESEF	Corporate Disclosure, European Single Electronic Format, Transparency	Report	PDF 6.98 MB
29/09/2020	ESMA WP-2020-3	ESMA working paper on DVC mechanism and impact on EU equity markets	Innovation and Products, Risk Analysis & Economics - Markets Infrastructure Investors	Report	PDF 535.76 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
09/01/2019	ESMA50-157-1391	Advice on Initial Coin Offerings and Crypto-Assets	Innovation and Products	Report	PDF 882.48 KB
07/06/2017	ESMA50-158-457	ESMA response to the Commission Consultation Paper on Fintech: A more competitive and innovative financial sector	Innovation and Products	Report	PDF 712.26 KB		ESMA welcomes the opportunity to respond to the Commission Consultation paper on Fintech: a more competitive and innovative financial sector (hereafter “the Consultation”). Fintech and, technological innovation in general, have been the drivers of a number of developments in the financial sector in recent years. Indeed, new forms of services and businesses such as automated advice or crowdfunding have emerged. ESMA sees these developments as a positive evolution as long as they are aimed at improving consumer financial experience and facilitate financial inclusion. ESMA would also want to stress that it adheres to the core principles (technological neutrality, proportionality and market integrity) highlighted by the Commission and agrees that any EU policies aiming to ensure the financial sector takes advantage of cutting-edge technologies, while remaining sound and safe for investors, need to integrate these principles. In this response, ESMA wishes to share with the Commission some reflections on a number of topics mentioned in the Consultation which appear relevant to ESMA: Artificial intelligence and big data analytics for automated advice and businesses; Crowdfunding; Reg Tech; Outsourcing and cloud computing; Distributed ledger technology; Role of regulation and supervisors; and Role of industry: standards and interoperability
12/07/2019	ESMA50-164-2430	Report on the Licensing of FinTech business models	Innovation and Products	Report	PDF 585.36 KB
29/06/2020	ESMA50-164-3463	ESMA’s response to the European Commission’s Consultation on a New Digital Finance Strategy for Europe	Innovation and Products	Report	PDF 380.54 KB
07/01/2019	JC 2018 74	Joint ESA report on Regulatory sandboxes and innovation hubs	Innovation and Products, Joint Committee	Report	PDF 478.79 KB