ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
278
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
Vacancies X Board of Appeal X Innovation and Products X Prospectus X CESR Archive X Q&A X Press Release X
Reset all filters

Pages

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
15/07/2021 ESMA71-99-1709 Press Release- ESMA SPACs statement MiFID - Investor Protection, Press Releases, Prospectus Press Release PDF
91.75 KB
25/05/2021 ESMA71-99-1670 ESMA launches call for evidence on digital finance Innovation and Products, Press Releases Press Release PDF
86.79 KB
15/07/2020 ESMA71-99-1362 ESMA promotes consistent application of prospectus disclosure requirements Press Releases, Prospectus Press Release PDF
104.53 KB
03/06/2020 ESMA71-99-1334 ESMA consults on cloud outsourcing guidelines Innovation and Products Press Release PDF
95.46 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
13/03/2019 BoA PR 01 Board of Appeal PR- Shadow Ratings Appeals Board of Appeal Press Release PDF
399.67 KB
09/01/2019 ESMA71-99-1084 Crypto-assets need common EU-wide approach to ensure investor protection Innovation and Products, Press Releases Press Release PDF
148.74 KB
18/04/2018 ESMA71-99-969 Board of Appeal Appointments 2018 Board of Appeal Press Release PDF
292.64 KB
03/04/2018 ESMA71-99-959 ESMA proposes simplifications to prospectuses format and content Press Releases, Prospectus Press Release PDF
191.78 KB
15/03/2018 15-3-18 ESAs weigh benefits and risks of Big Data Innovation and Products, Press Releases Press Release PDF
20.5 KB
13/11/2017 ESMA71-99-649 Press Release ICO Statements Innovation and Products, Press Releases, Warnings and publications for investors Press Release PDF
169.52 KB
06/07/2017 ESMA71-99-514 Press release- ESMA proposes simplifications for prospectuses Press Releases, Prospectus Press Release PDF
191.96 KB
12/01/2017 ESMA71-844457584-322 ESMA calls for consistent application of MiFIR product intervention powers Innovation and Products Press Release PDF
131.28 KB
30/06/2016 2016/1047 Press Release Prospectus Peer Review Prospectus, Supervisory convergence Press Release PDF
188.52 KB
02/06/2016 2016/743 ESMA assesses usefulness of distributed ledger technologies Innovation and Products, Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors Press Release PDF
152.48 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 2014/1568 Press Release- Investment-based crowdfunding needs EU-wide common approach Innovation and Products, Press Releases Press Release PDF
155 KB		 The European Securities and Markets Authority (ESMA) has published an Opinion along with an Advice on Investment-based crowdfunding. The Opinion clarifies the EU rules applicable to crowdfunding, while the Advice highlights issues for consideration by the EU institutions to achieve greater regulatory and supervisory convergence within the EU.The Opinion is addressed to the national competent authorities (NCA) and provides clarity on how crowdfunding business models fit within the existing EU regulatory framework. It outlines how existing EU rules are likely to apply to crowdfunding platforms, depending on the precise business model used. It also provides guidance to NCAs who may be considering how to regulate platforms operating outside the scope of the harmonised EU rules on the key risks inherent to crowdfunding and the key components of a regulatory regime to address them.The Advice, addressed to the EU institutions – Commission, Parliament and Council, highlights the concern that strong incentives currently exist for crowdfunding platforms to structure their business models to fall outside the scope of regulation and asks them to consider policy options to reduce these incentives. Avoiding regulation presents risks to investor protection and makes it harder for platforms to grow their businesses.Steven Maijoor, ESMA Chair, said: “ESMA’s aim is to enable crowdfunding to reach its potential as a source of finance, while ensuring that risks to users of crowdfunding platforms are identified and addressed in a proportionate and convergent way across the EU. “We believe that there are benefits both for investors as well as for platforms by operating inside rather than outside the regulated space. Opinion to National Competent AuthoritiesConsidering the diverse business models used within investment-based crowdfunding and depending on the precise structures used different EU legislation may apply. The Opinion sets out an analysis of how the main business models map across existing EU rules, e.g., the Markets in Financial Instruments Directive (MiFID), the Prospectus Directive, the Directive for Alternative Investment Fund Managers (AIFMD) and other financial and banking regulations. In addition, the Opinion outlines what ESMA believes should be the key components of an appropriate regulatory regime for investment-based crowdfunding activities. ESMA’s Advice to the EU InstitutionsThe Advice to the EU institutions highlights gaps and issues in the current applicable regime where policymakers could consider taking action to ensure there is a regime protecting investors while also fit for purpose for crowdfunding platforms. These gaps and issues include: the impact of the Prospects Directive thresholds; capital requirements and the use of the MiFID optional exemption; and the potential development of a specific EU crowdfunding regime, in particular for those platforms that currently operate outside of the scope of MiFID The Opinion and Advice have been prepared in collaboration with and input from the European Banking Authority (EBA) on the regulation that falls within its scope of action, i.e. the Payment Services Directive, and constitute the first output of a co-ordinated programme of work with the next expected output being a publication by EBA on lending-based crowdfunding. In line with their respective remits, ESMA has focused on investment-based crowdfunding, while EBA has focused on lending-based crowdfunding.
27/03/2014 2014/334 ESMA issues good practices for structured retail product governance MiFID - Investor Protection, Innovation and Products Press Release PDF
105.37 KB		 The European Securities and Markets Authority (ESMA) has published an opinion on structured retail products, setting out good practices for firms when manufacturing and distributing these products.
01/03/2012 2012/140 ESMA advises European Commission on Prospectus Directive’s overhaul- Advice covers possible delegated acts Prospectus, Corporate Disclosure, Press Releases Press Release PDF
115.14 KB

Pages