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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
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
30/01/2013 2013/159 Q&A on Implementation of the Regulation on short selling and certain aspects of credit default swaps (2nd update) Short Selling Q&A PDF
873.32 KB
01/02/2013 2013/158 Guidelines on the exemption for market making activities and primary market operations under Regulation (EU) 236/2012 of the European Parliament and the Council on short selling and certain aspects of Credit Default Swaps Short Selling Final Report PDF
501.8 KB
18/12/2014 2014/1560 Advice- Investment-based crowdfunding Innovation and Products Final Report PDF
482.2 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 sections 1 to 6 of this document.
21/05/2015 2015/856 Ann1 Investment-based crowdfunding- Insights from regulators in the EU Innovation and Products Final Report PDF
319.65 KB
01/07/2015 2015/1005 Questions and Answers: Investment-based crowdfunding: money laundering/terrorist financing Innovation and Products Q&A PDF
157.73 KB
21/12/2016 2016/1668 2016-1668 ESMA feedback statement on ESEF Corporate Disclosure, European Single Electronic Format, Transparency Report PDF
6.98 MB
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
  1. ESMA welcomes the opportunity to respond to the Commission Consultation paper on Fintech: a more competitive and innovative financial sector (hereafter “the Consultation”).
  2. 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.
  3. 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
05/03/2018 ESMA70-145-386 Technical Advice on the evaluation of certain elements of the Short Selling Regulation Short Selling Final Report PDF
1.72 MB
15/03/2018 JC-2018-04 Joint Committee Final Report on Big Data Innovation and Products Final Report PDF
520.31 KB
29/05/2018 ESMA70-145-408 Question and Answers (Q&A) on the Regulation on short selling and certain aspects of credit default swaps (SSR) Short Selling Q&A PDF
536.17 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
09/01/2019 ESMA50-157-1391 Advice on Initial Coin Offerings and Crypto-Assets Innovation and Products Report PDF
882.48 KB
12/07/2019 ESMA50-164-2430 Report on the Licensing of FinTech business models Innovation and Products Report PDF
585.36 KB
04/02/2020 ESMA32-67-613 Report on amendments to ESMA Guidelines on enforcement of financial information Transparency Final Report PDF
272.06 KB
06/04/2020 ESMA 50-165-1098 ESMA annual statistical report on performance and costs of retail investment products in the EU- 2020 Fund Management, Innovation and Products, MiFID - Investor Protection Report PDF
4.08 MB
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
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
09/11/2020 ESMA31-67-127 Question and answers on Transparency Directive (TD) Brexit, Corporate Disclosure, Corporate Finance, Supervisory convergence, Transparency Q&A PDF
352.79 KB
18/12/2020 ESMA50-157-2403 Final report on Guidelines on outsourcing to cloud service providers Innovation and Products Final Report PDF
384.63 KB

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