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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
26/01/2011 2011/35 Call for evidence- Request for technical advice on possible delegated acts concerning the Prospectus Directive (2003/71/EC) as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Consultation Paper PDF
3.85 MB
15/06/2011 2011/141 Consultation paper- ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Consultation Paper PDF
1.45 MB
14/09/2011 2011/288 Call for evidence- Empty voting Corporate Disclosure, Corporate Governance, Transparency Consultation Paper PDF
81.13 KB
13/12/2011 2011/444 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Consultation Paper PDF
1.15 MB		 The purpose of this consultation document from ESMA is to seek comments on the technical advice that ESMA proposes to give to the European Commission on a number of possible delegated acts.
22/03/2012 2012/212 Discussion Paper- An Overview of the Proxy Advisory Industry. Considerations on Possible Policy Options Corporate Disclosure, Corporate Governance Consultation Paper PDF
524.85 KB		 This Discussion Paper focuses on the development of the proxy advisory industry in Europe, which mainly serves institutional investors such as asset managers, mutual funds and pension funds. Following its fact-finding work in 2011, ESMA recognises the proxy advisory industry within Europe is, or is expected to be, growing in prominence and investors are, or are expected to be, increasingly using proxy advisor services. In this paper ESMA identifies several key issues related to the proxy advisory market which may have an impact on the proper functioning of the voting process. The range of policy options that ESMA will consider, and on which it seeks further input from market participants, consists of four broad areas, including: 1.    No EU-level action at this stage 2.    Encouraging Member States and/or industry to develop standards 3.    Quasi-binding EU-level regulatory instruments 4.    Binding EU-level legislative instruments ESMA will consider these options based on the feedback it receives from market participants, and, if appropriate, will undertake further policy action, either directly or by providing an opinion to the European Commission. The reason to bring up some policy options is due to the fact that proxy advisors are currently not regulated at a pan-European level. Nevertheless, there are relevant European rules that apply to investors (e.g. for UCITS management companies when exercising voting rights). In addition, there are also well-recognised corporate governance standards that apply to issuers at a national level (based on the “comply or explain approach”) and some complements to improve standards of stewardship among investors. All feedback received from this Discussion Paper will be duly considered. ESMA expects to publish a feedback statement in Q4 of 2012 which will summarise the responses received and will state ESMA’s view on whether there is a need for policy action in this area.
07/05/2012 2012/278 Call for evidence on Transaction reporting Market Integrity Consultation Paper PDF
286 KB		 This call for evidence seeks to collect interested parties’ views on what elements ESMA should consider in its work on guidelines on harmonised transaction reporting, as well as opinions on what areas of the OTC derivatives guidelines need to be updated. On the basis of responses received to this call for evidence, ESMA will define its further work on guidelines on harmonised transaction reporting and launch a full public consultation.
20/06/2012 2012/380 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Consultation Paper PDF
1.49 MB		 Responses to this consultation paper should be submitted online by 20 August 2012.
01/10/2012 2012/607 Further amendments to ESMA’s Recommendations for the consistent implementation of the Prospectus Regulation regarding mineral companies Prospectus, Corporate Disclosure Consultation Paper PDF
481.61 KB
15/03/2013 2013/316 Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus Prospectus, Corporate Disclosure Consultation Paper PDF
672.89 KB		 The Consultation Paper sets out a draft Regulatory Technical Standard concerning situations that require the systematic publication of a supplement to the prospectus which the European Securities and Markets Authority (ESMA) is obliged to develop in accordance with Article 16(3) of the Prospectus Directive. The listed situations are concrete examples of the general obligation in Article 16(1)  to mention in a supplement every significant new factor, material mistake or inaccuracy relating to information included in the prospectus which is capable of affecting the assessment of the securities. ESMA believes that the test whether a new factor, mistake or inaccuracy qualifies as a triggering event for producing a supplement is the same test as whether information should be included in the prospectus. As a consequence, significance or materiality should be assessed according to the same qualitative and/or quantitative criteria used when drafting the prospectus. In light of this, ESMA has identified a short list comprising 10 situations, which will always require issuers, offerors or persons asking for admission to trading to draw up and publish a supplement to the prospectus.The CP includes a draft Regulatory Technical Standard setting out the situations that would require a systematic publication of a supplement as well as the minimum content of such a supplement. Responses to the consultation should be submitted online by 28 June 2013.
14/11/2013 2013/1649 ESMA’s policy orientations on possible implementing measures under the Market Abuse Regulation Market Abuse, Market Integrity Consultation Paper PDF
950.26 KB		 The European Securities and Markets Authority (ESMA) has published a Discussion Paper setting out its initial views on the implementing measures it will have to develop for the new Market Abuse Regulation (MAR). MAR aims to enhance market integrity and investor protection. It will achieve this by updating and strengthening the existing market abuse framework, by extending its scope to new markets and trading strategies, and by introducing new requirements. The Discussion Paper presents positions and regulatory options on those issues where ESMA will have to develop MAR implementing measures, likely to include Regulatory Technical Standards, Delegated Acts and Guidelines. These implementing measures are of fundamental importance to the new regime, as they set out how MAR’s enlarged scope is to be implemented in practice by market participants, trading platforms, investors, issuers and persons related to financial markets. In developing these regulatory options ESMA, where similar requirements already exist under the current Market Abuse Directive (MAD), has taken into consideration the existing MAD Level 2 texts and ESMA/CESR guidelines to set out the DP positions in light of the extended scope of MAR. This Discussion Paper is based on the version of the MAR Level 1 text agreed by the European Parliament, the Council and the European Commission on 24 June 2013. Consultation Reference 2013/1649 Closing date for responses Monday, 27 January 2014 Contact market.integrity[at]esma.europa.eu
20/12/2013 2013/1970 Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus Prospectus, Corporate Disclosure Technical Standards PDF
713.74 KB		 The Final Report contains the draft Regulatory Technical Standard (RTS) on situations which require the publication of a supplement to the prospectus which ESMA is required to submit to the European Commission by 1 January 2014 in accordance with Article 16(3) of the Prospectus Directive. The Report furthermore includes a summary of the main responses received to ESMA’s Consultation Paper which was published in March 2013. The draft RTS sets out nine situations which are always considered to be significant in the context of securities issuance and where a supplement to the prospectus will always be required. Other situations would require a case-by-case assessment.
26/09/2014 2014/1186 Consultation paper on draft RTS on prospectus related issues under the Omnibus II Directive Prospectus, Corporate Disclosure Consultation Paper PDF
670.42 KB		 ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex I. Comments are most helpful if they:•    respond to the question stated;•    indicate the specific question to which they relate;•    contain a clear rationale; and•    describe any alternatives ESMA should consider.ESMA will consider all comments received by 19 December 2014. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.Data protection                      Information on data protection can be found at www.esma.europa.eu under the heading ‘Legal Notice’.Who should read this paper This document will be of interest to all stakeholders. It would primarily be of interest to investors, issuers, offerors or persons asking for admission to trading on a regulated market, as well as to any market participant who is affected by Directive 2003/71/EC of 4 November 2003 (the Prospectus Directive) as amended by Directive 2010/73/EU and Directive 2010/78/EU and its Regulation (Commission Regulation (EC) No 809/2004) and Delegated Regulations (Commission Delegated Regulation (EC) No 486/2012, No 862/2012, No 759/2013 and No 1392/2014.
10/11/2014 2014/1352 Consultation Paper on review of the technical standards on reporting under Article 9 of EMIR Market Integrity Consultation Paper PDF
657.07 KB		 The European Securities and Markets Authority (ESMA) has today published a consultation paper on the revision of the Regulatory Technical Standards (RTS) and implementing technical standards (ITS) in relation to the European Market Infrastructure Regulation (EMIR). The ESMA RTS/ ITS deal with the obligation of counterparties' and CCP's to report to trade repositories. Since the entry into force of the RTS and ITS, ESMA has worked on ensuring their consistent application. The practical implementation of EMIR reporting showed some shortcomings and highlighted particular instances for improvements so that the EMIR reports better fulfil their objectives. ESMA revised standards propose to clarify the interpretation of the data fields needed for the reporting to trade repositories and the most appropriate way of populating them. ESMA will consider stakeholder's feedback to the proposed revised standards by 13 February 2015.
08/06/2015 2015/920 Impact of the Best Practice Principles for Providers of Shareholder Voting Research and Analysis Corporate Disclosure, Corporate Governance Consultation Paper PDF
337.08 KB		 Responding to this Call for Evidence ESMA invites comments on all matters in this paper and in particular on the specific questions presented throughout the paper. Comments are most helpful, if they:a.    respond to the question stated;b.    indicate the specific question to which they relate; andc.    contain a clear rationale.  ESMA will consider all comments received by 27 July 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Publication of responses All contributions received will be published following the close of the Call for Evidence, unless you request otherwise.  Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you, if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.Data protection Information on data protection can be found at www.esma.europa.eu under the heading Legal Notice.Who should read this Call for Evidence This Call for Evidence will be of relevance to persons and entities participating in the voting chain, particularly proxy advisors, investors, companies listed in Europe, proxy solicitors and consultants.
28/01/2016 2016/162 Consultation paper- Draft Guidelines on the Market Abuse Regulation Market Abuse, Market Integrity Consultation Paper PDF
406.76 KB
15/02/2016 2016/288 Discussion Paper Benchmarks Regulation Market Integrity, Benchmarks Consultation Paper PDF
1017.02 KB
27/05/2016 2016/723 Consultation Paper on ESMA technical advice on Benchmarks Regulation Market Integrity, Benchmarks Consultation Paper PDF
905.26 KB
06/07/2017 ESMA31-62-650 Draft technical advice on scrutiny and approval of the prospectus Prospectus Consultation Paper PDF
1.09 MB
06/07/2017 ESMA31-62-649 Draft technical advice on content and format of the EU Growth prospectus Prospectus Consultation Paper PDF
1.38 MB
06/07/2017 ESMA31-62-532 Draft technical advice on format and content of the prospectus Prospectus Consultation Paper PDF
2.81 MB

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