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Date	Ref.	Title	Section	Type	Download	Info	Summary	Related Documents	Translated versions
27/07/2021	ESMA31-62-1258	Q&As on the Prospectus Regulation	Prospectus	Q&A	PDF 814.87 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
12/01/2017	ESMA50-1215332076-23	Opinion on the impact of the exclusion of fund management companies from the scope of the MiFIR intervention powers	Innovation and Products	Opinion	PDF 224.29 KB
08/02/2016	2016/268	Opinion on equivalence of Turkish prospectus regime	Prospectus	Opinion	PDF 98.76 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
18/12/2014	2014/1378	Opinion- Investment-based crowdfunding	Innovation and Products	Opinion	PDF 460.92 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 this document.
27/03/2014	2014/332	Structured Retail Products- Good practices for product governance arrangements	MiFID - Investor Protection, Innovation and Products	Opinion	PDF 203.1 KB		Legal basis 1. Regulation (EU) No 1095/2010 (ESMA Regulation) sets out the European Securities and Markets Authority’s (ESMA) scope of action, tasks and powers which include “enhancing customer protection”, and “foster[ing] investor protection”. 2. In order to continue delivering on this investor protection statutory objective, ESMA is issuing this opinion on certain aspects linked to the manufacturing and distribution of structured retail products (SRP). This opinion takes into account relevant work done in this field both at European and interna-tional level. 3. This opinion is without prejudice to the requirements for the provision of investment services and activities established in the Markets in Financial Instruments Directive (MiFID) and its implementing measures (notably, Directive 2006/73/EC), the regulatory developments arising from the MiFID review or existing product rules that may apply to SRPs. 4. ESMA’s competence to deliver an opinion is based on Article 29(1) (a) of the ESMA Regulation. In accordance with Article 44(1) of the ESMA Regulation, the Board of Supervisors has adopted this opinion. Background 5. In its July 2013 report on ‘Retailisation in the EU’ , ESMA highlighted that, from a consumer protec-tion perspective, retail investors may face difficulties in understanding the drivers of risks and returns of structured products. If retail investors do not properly understand the risk and reward profile of structured products, and if the products are not properly assessed against the risk appetite of retail investors, retail investors might be exposed to unexpected losses and this might lead to complaints, reputational risks for manufacturers and distributors, and a loss of confidence in the regulatory framework and, more broadly, in financial markets. 6. In 2013, ESMA mapped the measures adopted in the EU Member States in relation to complex products in order to identify issues and to better understand the rationale behind national initiatives (by looking at similarities and differences in the various approaches, and reviewing how complexity has been treated in the different EU Members States). 7. As a result, ESMA has developed a broad set of non-exhaustive examples of good practices, attached as Annex 1 hereto, illustrating arrangements that firms - taking into account the nature, scale and complexity of their business - could put in place to improve their ability to deliver on investor protection regarding, in particular, (i) the complexity of the SRPs they manufacture or distribute, (ii) the nature and range of the investment services and activities undertaken in the course of that business, and (iii) the type of investors they target. These good practices should also be a helpful tool for competent authorities in carrying out their supervisory action. Opinion 8. ESMA considers that sound product governance arrangements are fundamental for investor protec-tion purposes, and can reduce the need for product intervention actions by competent authorities. 9. ESMA considers that, when supervising firms manufacturing or distributing an SRP, competent authorities should promote, in their supervisory approaches, the examples of good practices for firms set out in Annex 1 hereto. 10. Although the good practices set out in Annex 1 hereto focus on structured products sold to retail investors, ESMA considers that they may also be a relevant reference for other types of financial in-struments (such as asset-backed securities, or contingent convertible bonds), as well as when financial instruments are being sold to professional clients. 11. The exposure to risk is an intrinsic feature of investment products. The good practices set out in Annex 1 refer to product governance arrangements and do not (and cannot) aim at removing investment risk from products.
18/12/2013	2013/1944	Format of the base prospectus and consistent application of Article 26(4) of the Prospectus Regulation	Prospectus, Corporate Disclosure	Opinion	PDF 75.6 KB
20/03/2013	2013/317	Framework for the assessment of third country prospectuses under Article 20 of the Prospectus Directive	Prospectus, Corporate Disclosure	Opinion	PDF 725.59 KB
04/06/2010	10-521	FAQ regarding the EU regulation on Credit Rating Agencies: Common positions agreed by CESR Members	CESR Archive	Q&A	PDF 206.24 KB
06/05/2010	10-591	Questions and answers on MiFID: Common positions agreed by CESR Members in the area of the Secondary Markets Standing Committee	CESR Archive	Q&A	PDF 130.84 KB
19/04/2010	10-293	Question and Answers- Understanding the definition of advice under MiFID	CESR Archive	Q&A	PDF 335.78 KB
08/03/2010	10-222	FAQ regarding the EU Regulation Credit Rating Agencies: Common positions agreed by CESR Members	CESR Archive	Q&A	PDF 327.78 KB
03/11/2009	09-559	Questions and Answers- MiFID complex and non complex financial instruments for the purposes of the Directive’s appropriateness requirements	CESR Archive	Q&A	PDF 405.18 KB
29/05/2007	07-320	Q&A on Best Execution	CESR Archive	Q&A	PDF 578.51 KB
03/06/2005	05-365	MAD AMPs- Frequently Asked Questions	CESR Archive	Q&A	PDF 55.99 KB