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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
03/06/2020 ESMA71-99-1334 ESMA consults on cloud outsourcing guidelines Press Release PDF
95.46 KB
09/01/2019 ESMA71-99-1084 Crypto-assets need common EU-wide approach to ensure investor protection , Press Release PDF
148.74 KB
15/03/2018 15-3-18 ESAs weigh benefits and risks of Big Data , Press Release PDF
20.5 KB
13/11/2017 ESMA71-99-649 Press Release ICO Statements , , Press Release PDF
169.52 KB
12/01/2017 ESMA71-844457584-322 ESMA calls for consistent application of MiFIR product intervention powers Press Release PDF
131.28 KB
02/06/2016 2016/743 ESMA assesses usefulness of distributed ledger technologies , , Press Release PDF
152.48 KB
18/12/2014 2014/1568 Press Release- Investment-based crowdfunding needs EU-wide common approach , Press Release PDF
155 KB
The European Securities and Markets Authority (ESMA) has published an Opinion along with an Advice on Investment-based crowdfunding. The Opinion clarifies the EU rules applicable to crowdfunding, while the Advice highlights issues for consideration by the EU institutions to achieve greater regulatory and supervisory convergence within the EU.The Opinion is addressed to the national competent authorities (NCA) and provides clarity on how crowdfunding business models fit within the existing EU regulatory framework. It outlines how existing EU rules are likely to apply to crowdfunding platforms, depending on the precise business model used. It also provides guidance to NCAs who may be considering how to regulate platforms operating outside the scope of the harmonised EU rules on the key risks inherent to crowdfunding and the key components of a regulatory regime to address them.The Advice, addressed to the EU institutions – Commission, Parliament and Council, highlights the concern that strong incentives currently exist for crowdfunding platforms to structure their business models to fall outside the scope of regulation and asks them to consider policy options to reduce these incentives. Avoiding regulation presents risks to investor protection and makes it harder for platforms to grow their businesses.Steven Maijoor, ESMA Chair, said: “ESMA’s aim is to enable crowdfunding to reach its potential as a source of finance, while ensuring that risks to users of crowdfunding platforms are identified and addressed in a proportionate and convergent way across the EU. “We believe that there are benefits both for investors as well as for platforms by operating inside rather than outside the regulated space. Opinion to National Competent AuthoritiesConsidering the diverse business models used within investment-based crowdfunding and depending on the precise structures used different EU legislation may apply. The Opinion sets out an analysis of how the main business models map across existing EU rules, e.g., the Markets in Financial Instruments Directive (MiFID), the Prospectus Directive, the Directive for Alternative Investment Fund Managers (AIFMD) and other financial and banking regulations. In addition, the Opinion outlines what ESMA believes should be the key components of an appropriate regulatory regime for investment-based crowdfunding activities. ESMA’s Advice to the EU InstitutionsThe Advice to the EU institutions highlights gaps and issues in the current applicable regime where policymakers could consider taking action to ensure there is a regime protecting investors while also fit for purpose for crowdfunding platforms. These gaps and issues include: the impact of the Prospects Directive thresholds; capital requirements and the use of the MiFID optional exemption; and the potential development of a specific EU crowdfunding regime, in particular for those platforms that currently operate outside of the scope of MiFID The Opinion and Advice have been prepared in collaboration with and input from the European Banking Authority (EBA) on the regulation that falls within its scope of action, i.e. the Payment Services Directive, and constitute the first output of a co-ordinated programme of work with the next expected output being a publication by EBA on lending-based crowdfunding. In line with their respective remits, ESMA has focused on investment-based crowdfunding, while EBA has focused on lending-based crowdfunding.
27/03/2014 2014/334 ESMA issues good practices for structured retail product governance , Press Release PDF
105.37 KB
The European Securities and Markets Authority (ESMA) has published an opinion on structured retail products, setting out good practices for firms when manufacturing and distributing these products.
29/11/2010 10-217 Press release- CESR finds Member States broadly compliant with Prospectus Directive Press Release PDF
139.31 KB
16/11/2010 10-1429 Press Release- SEC and CESR Members announce efforts to continue close cooperation as national securities regulators implement new regulatory reform initiatives Press Release PDF
160.28 KB
26/10/2010 10-1314 Press release- CESR sees improvements in financial instruments disclosures by European financial institutions in 2009 accounts Press Release PDF
120.73 KB
13/10/2010 10-1169 Press release- CESR completes its review of MiFID by issuing advice on OTC derivatives trading, post-trade transparency standards and client categorisation Press Release PDF
160.05 KB
13/10/2010 10-1169 Press release- CESR completes its review of MiFID by issuing advice on OTC derivatives trading, post-trade transparency standards and client categorisation Press Release PDF
160.05 KB
23/09/2010 10-1150 Press release- CESR review identifies improvements in financial information throughout Europe in 2009 Press Release PDF
167.55 KB
22/09/2010 3L3 22-09-10 PR Press release- 3L3 Committees welcome European Parliament landmark vote to reform financial supervision in Europe Press Release PDF
88.59 KB
15/09/2010 10-1128 CESR Chair Tavares welcomes the two new proposals by the Commission for the regulation of derivatives markets and short selling Press Release PDF
106.29 KB
02/08/2010 10-943 Press Release- CESR announces next steps on European access to financial information disclosed by listed companies Press Release PDF
141.69 KB
29/07/2010 10-926 Press release- CESR proposes changes to MiFID to improve securities markets’ functioning, transparency and investor protection Press Release PDF
321.73 KB
29/07/2010 10-948 Press release- CESR publishes its report on trends, risks and vulnerabilities in financial markets Press Release PDF
119.46 KB
28/07/2010 10-903 Press release- CESR sets out final guidelines on risk measurement and the calculation of global exposure and counterparty risk for UCITS Press Release PDF
80.28 KB

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