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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
19/07/2022 ESMA74-362-893 QAs on SFTR data reporting Post Trading, Securities Financing Transactions, Trade Repositories Q&A PDF
405.28 KB
23/06/2022 ESMA70-145-111 Q&A on the Market Abuse Regulation Market Abuse, Market Integrity Q&A PDF
470.97 KB

The purpose of this document is to promote common supervisory approaches and practices in the application of MAR and its implementing measures. It does this by providing responses to questions posed by the general public and competent authorities in relation to the practical application of the MAR framework

The content of this document is aimed at competent authorities to ensure that in their supervisory activities and their actions are converging along the lines of the responses adopted by ESMA and at helping issuers, investors and other market participants by providing clarity on the content of the market abuse rules, rather than creating an extra layer of requirements.
01/04/2022 ESMA32-51-370 Q&A on ESMA Guidelines on Alternative Performance Measures Corporate Disclosure, Corporate Information Q&A PDF
987.02 KB
28/02/2022 ESMA70-1861941480-52 Q&A on EMIR implementation Post Trading, Trade Repositories Q&A PDF
1.46 MB
17/12/2021 JC 2021 19 Joint Committee Q&As relating to the Securitisation Regulation Securitisation Q&A PDF
337.6 KB
19/11/2021 ESMA33-128-563 Questions and answers on the Securitisation Regulation Securitisation Q&A PDF
1.39 MB
29/07/2021 ESMA33-5-87 Q&A on the Implementation of the Regulation (EU) No 462 2013 On CRA Credit Rating Agencies Q&A PDF
409.83 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
03/11/2020 ESMA71-99-1423 QA Fast Track Peer Review- Wirecard Corporate Disclosure, Guidelines and Technical standards, Supervisory convergence Q&A PDF
248.14 KB
18/07/2019 ESMA33-9-321 Technical Advice on Sustainability Considerations in the Credit Rating Market Credit Rating Agencies Technical Advice PDF
451.01 KB
11/04/2019 ESMA31-62-780 Q&A on Prospectus Related Topics Brexit, Corporate Disclosure, Corporate Finance, Corporate Governance, Corporate Information, Prospectus, Supervisory convergence Q&A PDF
957.9 KB
10/04/2019 JC 2019 26 Joint ESA advice on the need for legislative improvements relating to ICT risk management requirements Innovation and Products, Joint Committee Technical Advice PDF
1.34 MB
10/04/2019 JC 2019 25 Joint ESA advice on the costs and benefits of developing a coherent cyber resilience testing framework for significant market participants and infrastructures Innovation and Products, Joint Committee Technical Advice PDF
785.49 KB
13/11/2018 ESMA33-128-505 Final Technical Advice Securitisation Repositories Fees Securitisation Technical Advice PDF
570.74 KB
02/10/2015 2015/1472 Technical Advice on Competition, Choice and Conflicts of Interest in the CRA industry Credit Rating Agencies Technical Advice PDF
2.48 MB
02/10/2015 2015/1471 Technical Advice on Reducing Sole and Mechanistic Reliance on Credit Ratings Credit Rating Agencies Technical Advice PDF
1.1 MB
01/07/2015 2015/1014 Draft RTS on prospectus related issues under the Omnibus II Directive Corporate Disclosure Technical Standards PDF
949.89 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
29/09/2014 2014/1187 Draft Regulatory Technical Standards on major shareholdings and an indicative list of financial instruments subject to notification requirements under the revised Transparency Directive Corporate Disclosure, Transparency Technical Standards PDF
810.07 KB		 The European Securities and Markets Authority (ESMA) has published its draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings.
17/09/2014 2014/850rev Technical Advice in accordance with Article 39(b) 2 of the CRA Regulation Credit Rating Agencies Technical Advice PDF
370.42 KB		 This document has been revised to reflect an amended figure in Table 1 and two re-classifications of solicitation status in Table 2. Article 39b(2) of the CRA Regulation states that the European Commission shall adopt a report by end 2014 – after receiving ESMA’s technical advice – on the appropriateness of the development of a European creditworthiness assessment for sovereign debt. In its request for advice, the Commission asked ESMA to provide input on the issue of sovereign ratings and rating processes including an overview of the market for sovereign ratings, information on operational issues regarding sovereign ratings, information on sovereign rating processes as well as lessons drawn from ESMA’s supervisory experience. Contents For the purposes of this advice, ESMA provides its views based on the quantitative information contained in the CEREP public database and on information publicly disclosed by credit rating agencies registered with ESMA. Additionally, ESMA’s advice has been informed by its first supervisory activities regarding the rating process for sovereign ratings of CRAs which are active in the EU sovereign rating market. In accordance with the CRA Regulation, these supervisory activities did not address the content of the sovereign methodologies themselves but rather were concerned with the independence, transparency and governance of the sovereign rating process. Sovereign credit ratings play a crucial role from a credit market and financial stability perspective, not least because sovereign governments account for the largest group of borrowers in capital markets in terms of volume. In addition the crucial importance of these sovereign ratings can be amplified by the “cascade” effect sovereign ratings have on other asset classes via their presence as factors in other asset methodologies. In the EU the sovereign rating market is composed of nine CRAs established in nine different EU member states. These nine CRAs exhibit a high level of variation with respect to the type and number of sovereign ratings they assign. Sovereign credit ratings themselves can also be differentiated in various ways depending on such factors as local/foreign currency, duration of issuance, whether the rating applies to a specific issuer or issuance and if it is solicited or unsolicited. In addition ESMA would like to emphasise the following points which it believes to be important when considering the appropriateness of the development of a European creditworthiness assessment of sovereign debt.

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