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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
07/07/2011 2011/195 Press release- ESMA investigates how Member States have implemented the Transparency Directive , Press Release PDF
61.34 KB
18/01/2011 2011/27 Press release- ESMA finds diversity across Europe in regulators’ contingency measures for financial crisis situations , Press Release PDF
31.5 KB
23/03/2011 2011/82 Press release- ESMA establishes a framework for third country prospectus and applies this new framework to facilitate Israeli issuers access , , Press Release PDF
189.19 KB
06/01/2012 2012/10 Interpretation of the Mineral Companies Recommendations for cement companies , Letter PDF
41.27 KB
Open letter regarding Interpretation of the Mineral Companies Recommendations for cement companies
01/03/2012 2012/138 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU , Letter PDF
94.68 KB
01/03/2012 2012/140 ESMA advises European Commission on Prospectus Directive’s overhaul- Advice covers possible delegated acts , , Press Release PDF
115.14 KB
26/04/2012 2012/272 ESMA identifies divergence in Member States’ use of sanctions under the Market Abuse Directive , Press Release PDF
179.91 KB
The European Securities and Markets Authority (ESMA) has published a report on the use of administrative and criminal sanctions by European Union (EU) national regulators under the Market Abuse Directive (MAD).  The report provides a comparison of the use of administrative sanctioning powers across 29 EEA Member States for 2008-2010.  The results of the report will provide input to the legislative process on the new market abuse regime.
24/05/2012 2012/330 ESMA finds high level of consistency in EU national regulators’ practices for the approval of investment prospectuses , Press Release PDF
177.71 KB
The European Securities and Markets Authority (ESMA) has published today “Prospectus Directive – Good Practices in the approval process“,  a peer review report on the application of regulatory good practices by national supervisory authorities - competent authorities (CA)  when approving investment prospectuses.The review was conducted using good practice criteria that ESMA developed on selected areas of the Prospectus Directive dealing with the approval process for investment prospectuses.  The prospectuses provide investors with easy to understand and relevant information on investment products.  Peer review reports on national regulators’ procedures contribute to ESMA’s objective of fostering supervisory convergence and achieving a level playing field between jurisdictions.
09/01/2013 2012/878 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU , Letter PDF
36.15 KB
05/11/2013 2013/1552 ESMA Comment Letter to the IASB on the Exposure Draft Insurance Contracts Letter PDF
167.33 KB

The European Securities and Markets Authority (ESMA) comments on the IASB’s due process with regards to the Exposure Draft (ED) Insurance Contracts with the aim of improving the transparency and decision-usefulness of financial statements and the enforceability of IFRS.

05/11/2013 2013/1554 ESMA Comment Letter to IFRS Interpretations Committee on application of IAS 34 Letter PDF
112 KB
05/11/2013 2013/1555 ESMA Comment Letter to the IFRS Interpretations Committee on application of IAS 1 Letter PDF
224.94 KB
10/01/2014 2013/1932 Deadlines for the submission of draft technical standards , Letter PDF
51.91 KB
18/12/2013 2013/1944 Format of the base prospectus and consistent application of Article 26(4) of the Prospectus Regulation , Opinion PDF
75.6 KB
20/12/2013 2013/1970 Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus , 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.
20/03/2013 2013/317 Framework for the assessment of third country prospectuses under Article 20 of the Prospectus Directive , Opinion PDF
725.59 KB
01/07/2013 2013/852 ESMA review finds good compliance with EU market abuse rules , , Press Release PDF
132.09 KB
The European Securities and Markets Authority (ESMA) has published a peer review of the supervisory practices EEA national competent authorities (NCAs) apply in enforcing the requirements of the Market Abuse Directive (MAD).  The Directive deals with the prevention of the dissemination of misleading information, the breach of reporting obligations and market abuse.  
11/12/2014 2014/1478 ESMA reviews supervisory practices on MiFID investor information , Press Release PDF
136.83 KB
The European Securities and Markets Authority (ESMA) has conducted a peer review of how national regulators (national competent authorities or NCAs) supervise MiFID conduct of business rules on providing fair, clear and not misleading information to clients. The peer review focused on NCAs’ organisation, supervisory approaches, monitoring and complaints handling in relation to information and marketing communications under MiFID. The Report found that there was overall a high degree of compliance amongst NCAs with the good practices identified in these key areas. However, a variety of approaches were observed, leading to different intensity of supervision. A number of areas for improvement were identified. They include: enhanced use of on-site inspections and thematic reviews; a specific focus on conduct of business issues in firms’ risk assessments; and greater efforts to detect failings by firms in a timely manner. The review was conducted on the basis of information provided by NCAs in a self-assessment questionnaire and complemented by on-site visits to the NCAs of Cyprus, the Czech Republic, Germany, Italy, Portugal, and the United Kingdom. Steven Maijoor, ESMA Chair, said: “Providing fair, clear and not misleading information to clients is essential for investor protection and should be applied consistently throughout the EU. This review is a major step forward in ensuring that progress is being made towards convergence in this area by national regulators. “The report provides a thorough insight and analysis of national supervisory practices, facilitated by ESMA’s first on-site visits, and includes a number of recommendations which I urge national regulators to consider when reviewing their practices in this area”. Key Findings The review’s key findings covered the following areas: Ex-ante and ex-post supervision – supervisory systems are divided between ex-ante and ex-post reviews of marketing material. Within the ex-post approach there is also divergence in terms of the timeliness with which NCAs review the material following its dissemination and consider complaints made by clients of firms; Direct and indirect supervision – while some NCAs directly supervise firms’ compliance with their obligations relating to the provision of information and marketing material to clients, others rely on annual checks performed by external auditors. The latter approach may make it difficult to detect failings by firms in a timely manner due to the successive sampling process employed by auditors and then the NCA?s concerned; Complaints and Sanctions – a low level of complaints and equally low level of sanctions are reported by NCAs in the area of information and marketing to clients; and Definition of information and marketing communication - There is no precise definition of the term marketing communication in EU law: this would need to be further defined in order to build effective convergence of supervisory practices. Recommendations for future work The Report identifies a number of areas for future work by NCAs and ESMA which could promote a more coherent cross-EU application of the requirements. These include: establishing more robust structures and efficient coordination and cooperation arrangements between different supervisory units within NCAs; defining a clear set of information and marketing material to be supervised; assessing the frequency of NCAs’ monitoring of investor information and marketing; assessing the adequacy of monitoring the distribution channels used by firms including in the cross border provision of services; requiring investment firms to submit to their NCAs details of all information and marketing material to be provided including material used for cross-border business; considering the use of integrated databases to assist in supervision of information and marketing to clients; assessing the frequency and consistency of the use of sanctions by NCAs; and assessing the implementation and effectiveness of the guidelines for complaints-handling for the securities (ESMA) and banking (EBA) sectors. In addition, ESMA should continue its efforts, including the use of Opinions, in promoting the development of a level-playing field regarding the provision of information in an understandable format to clients and the quality of service to clients.
20/11/2015 2015-1738 ESMA letter to IFRSF- Trustees' review of the structure and effectiveness of the IFRSF Letter PDF
281.58 KB
08/10/2015 2015/1516 ESMA CL to the IASB ED Amedments to IAS 19 and IFRIC 14 Letter PDF
250.89 KB

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