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|22/08/2018||ESMA33-128-474||Final Report on Technical standards on disclosure requirements under the Securitisation Regulation||Securitisation||Final Report||PDF
|14/04/2011||2011/112||Final report- Guidelines to competent authorities and UCITS management companies on risk meas-urement and the calculation of global exposure for certain types of structured UCITS||Fund Management||Final Report||PDF
|13/10/2011||2011/342||Opinion- Practical arrangements for the late transposition of the UCITS IV Directive||Fund Management||Opinion||PDF
|21/02/2012||2012/113||Questions and Answers- A Common Definition of European Money Market Funds- updated February 2012||Fund Management||Q&A||PDF
|The purpose of this document is to promote common supervisory approaches and practices in the application of the guidelines on a Common Definition of European Money Market Funds developed by CESR by providing responses to questions posed by the general public and competent authorities. The content of this document is aimed at competent authorities to ensure that in their supervisory activities their actions are converging along the lines of the responses adopted by ESMA. However, the answers are also intended to help management companies by providing clarity as to the content of CESR’s guidelines on a Common Definition of European Money Market Funds, rather than creating an extra layer of requirements.|
|06/07/2012||2012/387||Final report Guidelines on certain aspects of the MiFID suitability requirements||Guidelines and Technical standards, MiFID - Investor Protection||Final Report||PDF
|25/07/2012||2012/474||Report and consultation paper on guidelines on ETFs and other UCITS issues||Fund Management||Final Report||PDF
|This paper sets out ESMA’s guidelines on ETFs and other UCITS issues. The guidelines are adapted to the type of UCITS, management technique or financial instrument in question and are detailed in Annex III of the documentThis document also sets out in Annex IV a public consultation on the treatment of repo and reverse repo arrangements on which ESMA is seeking feedback from stakeholders. The feedback to this further consultation will be used by ESMA to finalise its position on this specific issue, which will be incorporated into the rest of the guidelines already adopted by the Authority (cf. Annex III of this document).|
|20/11/2012||2012/721||Opinion on Article 50(2)(a) of the UCITS Directive||Fund Management||Opinion||PDF
|04/12/2012||2012/722||Guidelines on repurchase and reverse repurchase agreements||Fund Management||Final Report||PDF
The European Securities and Markets Authority (ESMA) has today published its final guidelines on repurchase and reverse repurchase agreements for UCITS funds. The guidelines state that UCITS should only enter into such agreements if they are able to recall at any time any assets or the full amount of cash.
|01/08/2013||2013/1072||Practical arrangements for the late transposition of the AIFMD||Fund Management||Opinion||PDF
|The European Securities and Markets Authority (ESMA) has published an Opinion on arrangements for the late imposition of the AIFMD. The scope of the opinion is confined to the provision of collective portfolio management services. Arrangements before implementation of the Directive in all Member States Notification of marketing of EU AIFs when the host MS of the AIFM has not transposed the Directive (Articles 31 and 32 of the Directive) ESMA believes that, if the Directive has been transposed in the home MS of the AIFM, the competent authority of the host MS of the AIFM (Article 32) or home MS of the AIFM (Article 31) may not refuse a valid notification under the Directive on the ground that the Directive has not yet been transposed in the host MS. This applies irrespective of whether the marketing is done using the freedom to provide services or by means of a branch. Management passport (Article 33 of the Directive) ESMA believes that AIFMs established in a MS that has transposed the Directive should be able to manage an EU AIF via the management passport, both using the freedom to provide services or by means of a branch, in a MS where the Directive has not been transposed, irrespective of the provisions currently in place in such jurisdiction since the relevant provisions of the Directive are of a self-executing nature, and provided the AIFM is authorised to manage that type of AIF in accordance with Article 33(1) of the AIFMD. Any local restrictions on AIFMs that are not in accordance with the AIFMD will need to be disapplied.|
|15/11/2013||2013/1339||Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD (revised)||Fund Management||Final Report||PDF
|02/04/2013||2013/413||Final Report- Draft regulatory technical standards on types of AIFMs||Fund Management||Technical Standards||PDF
|The European Securities and Markets Authority (ESMA) has published its draft regulatory technical standards (RTS) to determine types of alternative investment fund managers (AIFMs), where relevant in the application of the AIFMD. The draft RTS distinguish AIFMs managing alternative investment funds (AIF) of the open-ended type and AIFMs managing AIFs of the closed-ended type, in order to apply the rules on liquidity management, the valuation procedures and the transitional provisions of the AIFMD. ESMA was required to develop these RTS by Article 4(4) of the AIFMD and they are aimed at ensuring uniform conditions of application of the AIFMD across the European Union.|
|24/05/2013||2013/600||Guidelines on key concepts of the AIFMD||Fund Management||Final Report||PDF
Executive Summary Reasons for publication On 23 February 2012, ESMA published a discussion paper (DP) on key concepts of the Alternative Investment Fund Managers Directive and types of AIFM (2012/117), which was followed on 19 December 2012 by the publication of a consultation paper (CP) on guidelines on key concepts of the AIFMD (2012/845). The CP set out formal proposals for guidelines ensuring common, uniform and consistent application of the concepts in the definition of ‘AIF’ in Article 4(1)(a) of the AIFMD by providing clarification on each of these concepts. This final report sets out the final text of the guidelines on key concepts of the AIFMD.
|20/02/2014||2014/160||Draft implementing technical standards on notification- EuVECA||Fund Management||Technical Standards||PDF
|20/02/2014||2014/161||Draft implementing technical standards on notification- EuSEF||Fund Management||Technical Standards||PDF
|30/07/2015||2015/1235||ESMA's opinion to the European Parliament, Council and Commission and responses to the call for evidence on the functioning of the AIFMD EU passport and of the National Private Placement Regimes||Fund Management||Opinion||PDF
|AIFMD and the request to ESMA for an Opinion In accordance with Articles 36 and 42 of the AIFMD, non-EU AIFMs and non-EU AIFs managed by EU AIFMs are subject to the NPPR of each of the Member States where the AIFs are marketed or managed. However, the AIFMD makes provision for the passport, which is currently reserved to EU AIFMs and AIFs, to be potentially extended in future. Article 67(1) of the AIFMD establishes that, by 22 July 2015, ESMA shall issue to the European Parliament, the Council and the Commission the following: An opinion on the functioning of the passport for EU AIFMs pursuant to Articles 32 and 33 of the AIFMD and on the functioning of the national private placement regimes set out in Articles 36 and 42 of the AIFMD. Advice on the application of the passport to non-EU AIFMs and AIFs in accordance with the rules set out in Article 35 and Articles 37 to 41 of the AIFMD. Within three months of receipt of positive advice and an opinion from ESMA, and taking into account the criteria of Article 67(2) and the objectives of the AIFMD, the Commission should adopt a delegated act specifying the date when the rules set out in Article 35 and 37 to 41 of the AIFMD become applicable in all Member States. As a consequence, the EU passport would be extended to non-EU AIFs and non-EU AIFMs. In order to produce this opinion and advice, ESMA must look into the elements listed in Article 67(2) and (4) of the AIFMD , notably on the basis of the information provided by the national competent authorities (NCAs) about the EU and non-EU AIFMs under their supervision. Indeed, Article 67(3) of the AIFMD requires NCAs to provide information to ESMA quarterly as from 22 July 2013. ESMA has received input from NCAs for the periods covering 22 July 2013 to 31 March 2014, 1 April to 30 June 2014, 1 July to 30 September 2014, 1 October to 31 December 2014, and 1 January to 31 March 2015. In order to supplement the input provided by NCAs via the quarterly surveys, ESMA launched a call for evidence in November 2014 aimed at gathering information from EU and non-EU stakeholders on the functioning of the EU passport, the NPPRs and the potential extension of the AIFMD passport to non-EU countries. ESMA received 67 responses (including 15 confidential responses), from 13 non-EU Authorities, 21 EU and non-EU trade associations of asset managers, 17 EU and non-EU asset managers, and 16 other trade associations and private firms (e.g. providers of services for funds, law firms etc). Summary of the opinion In relation to the timing of the assessment of the functioning of the EU passport, ESMA considers that the delay in the implementation of the AIFMD together with the delay in the transposition in some Member States make a definitive assessment difficult. ESMA would see merit in the preparation of another opinion on the functioning of the passport after a longer period of implementation in all Member States. However, even at this early stage, ESMA has identified several issues in relation to the use of the EU passport. These issues include: i) divergent approaches with respect to marketing rules, including heterogeneity of fees charged by the NCAs where the AIFs are marketed and the definition of what constitutes a “professional investor”; ii) varying interpretations of what activities constitute “marketing” and “material changes” under the AIFMD passport in the different Member States. With that in mind, ESMA sees merit in greater convergence in the definition of these terms. Nevertheless, ESMA is of the view that there is insufficient evidence to indicate that the AIFMD EU passport has raised major issues in terms of the functioning and implementation of the AIFMD framework. In relation to the timing of the assessment of the functioning of the NPPRs, ESMA considers that the delay in the implementation of the AIFMD together with the delay in transposition in some Member states make a definitive assessment difficult. ESMA would see merit in the preparation of another opinion on the functioning of the NPPR Regime after a longer period of implementation has passed in all Member States (although this is linked to the decision to be taken by the European Parliament, the Council and the Commission on whether to extend the passport to one or more non-EU countries in the meantime). ESMA is of the view that there is insufficient evidence to indicate that the NPPRs have raised major issues in terms of the functioning and implementation of the AIFMD framework.|
|18/09/2015||2015/1409||Draft Implementing Technical Standards on penalties and measures under Directive 2009/65/EC (UCITS Directive)||Fund Management||Technical Standards||PDF
|18/12/2015||2015/1887||Follow-up report on the development of the Best Practice Principles for Providers of Shareholder Voting Research and Analysis||Corporate Finance, Corporate Governance||Final Report||PDF
|22/05/2015||2015/880||ESMA Opinion to the EU institutions on the impact of EMIR on UCITS||Fund Management||Opinion||PDF
|30/09/2016||2016/1412||Final Report on MAR Guidelines on commodity derivatives||Guidelines and Technical standards, Market Abuse, Market Integrity||Final Report||PDF
Article 7(5) of MAR provides that the European Securities and Markets Authority (ESMA) shall issue guidelines to establish a non-exhaustive indicative list of information which is reasonably expected or is required to be disclosed in accordance with legal or regulatory provisions in Union or national law, market rules, contract, practice or custom, on the relevant commodity derivatives markets or spot markets as referred to in Article 7(1)(b) of MAR. This final report follows the Consultation Paper (CP) issued on March 2016.
Section 2 contains information on the background and mandate, while Section 3 sets out ESMA’s feedback to the CP responses in relation to the scope of the guidelines, the financial instruments and products covered by the examples of information relating directly and indirectly to commodity derivatives and information directly relating to a spot market contract. It also indicates whether and where ESMA has changed the guidelines following the consultation.
Annex I lists questions raised in the CP. Annex 2 provides the legislative mandate on the basis of which ESMA is issuing these guidelines. Annex 3 sets out ESMA’s view on the costs and benefits associated with these guidelines. Annex 4 contains the text of the guidelines.
The guidelines in Annex 4 will be translated into the official languages of the European Union and published on the ESMA’s website. Within 2 months of the issuance of the translations, each national competent authority will have to confirm whether it complies or intends to comply with those guidelines. In the event that a national competent authority does not comply or does not intend to comply, it will have to inform ESMA, stating its reasons. ESMA will publish the fact that a national competent authority does not comply or does not intend to comply with those guidelines.
|10/10/2016||2016/1451||Final Report- Guidelines on transaction reporting, order record keeping and clock synchronisation under MiFID II||Guidelines and Technical standards, MiFID - Secondary Markets||Final Report||PDF