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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
16/07/2012 ESMA 2011 BG Европейски орган за ценни книжа и пазари Годишен доклад за 2011 г Corporate Information Annual Report PDF
421.75 KB		 This is a summary of the 2011 annual report of ESMA.
28/11/2014 ESMA 2013 AR BG Европейски орган за ценни книжа и пазари Corporate Information Annual Report PDF
284.13 KB		 BG  - Преводът е предоставен от Центъра за преводи за органите на Европейския съюз.
16/07/2012 ESMA 2011 EL Ευρωπαϊκή Αρχή Κινητών Αξιών και Αγορών- Ετήσια έκθεση 2011 Corporate Information Annual Report PDF
173.61 KB		 This is a summary of the 2011 annual report of ESMA.
28/11/2014 ESMA 2013 AR EL Ευρωπαϊκή Αρχή Κινητών Αξιών και Αγορών (ESMA) Corporate Information Annual Report PDF
334.14 KB		 EL - Η παρούσα μετάφραση έγινε από το Μεταφραστικό Κέντρο των Οργάνων της Ευρωπαϊκής Ένωσης.
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.
10/01/2019 ESMA71-99-1081 Press release- ESMA report finds investment product performance highly impacted by charges MiFID - Investor Protection, Risk Analysis & Economics - Markets Infrastructure Investors Annual Report PDF
159.37 KB
13/07/2017 ESMA35-43-762 Opinion to support supervisory convergence in the area of investment firms in the context of the United Kingdom withdrawing from the European Union Brexit, MiFID - Investor Protection, Supervisory convergence Opinion PDF
236.23 KB
02/05/2022 ESMA70-449-497 Opinion RTS liquidity contracts for SME Growth Market issuers Market Integrity, MiFID - Investor Protection, MiFID - Secondary Markets, Trading Opinion PDF
849.59 KB
02/05/2022 ESMA70-449-501 Opinion ITS insider lists Market Integrity, MiFID - Investor Protection, MiFID - Secondary Markets, Trading Opinion PDF
1.76 MB
05/09/2018 ESMA70-151-1651 On the European Commission’s proposed amendments to SFTR Securitisation Opinion PDF
405.72 KB
07/02/2014 2014/146 MiFID practices for firms selling complex products MiFID - Investor Protection, Warnings and publications for investors Opinion PDF
122.37 KB
16/07/2012 ESMA 2011 MT L-Awtorità Ewropea tat-Titoli u s-Swieq- Rapport Annwali 2011 Corporate Information Annual Report PDF
120.46 KB		 This is a summary of the 2011 annual report of ESMA.
28/11/2014 ESMA 2013 AR MT L-Awtorità Ewropea tat-Titoli u s-Swieq Corporate Information Annual Report PDF
333.12 KB		 MT - Din it-traduzzjoni giet ipprovduta  mic-Centru tat-Traduzzjoni ghall-Korpi tal-Unjoni Ewropea.
03/07/2003 03-174b Interim Report on the Activities of CESR to the European Commission CESR Archive Annual Report PDF
129.89 KB		 CESR publishes today its Interim Report on the Activities of CESR to the European Commission. This report aims at providing half year information on the activities of CESR to the European Commission, the European Parliament and the European Securitities Committee. The report focuses on the functioning of CESR, "Level 2 work and "Level 3 work" as well as providing an indicative timetable for the CESR work plans.
05/03/2002 02-039b Interim Report on the Activities of CESR to the European Commission CESR Archive Annual Report PDF
59.08 KB		 Interim report on the activities of the Committee of European Securities Regulators (CESR) to the European Commission and sent to the European Parliament and the European Securities Committee.
06/10/2004 04-382 Interim report on the activities of CESR to the European Commission CESR Archive Annual Report PDF
167.29 KB		 CESR publishes today its Interim Report on the Activities of CESR to the European Commission. This report aims at providing half year information on the activities of CESR to the European Commission, the European Parliament and the European Securitities Committee.
08/12/2006 06-421 Interim Report on the Activities of CESR to the European Commission CESR Archive Annual Report PDF
253.44 KB
30/01/2008 07-671 Interim Report on the Activities of CESR to the European Commission CESR Archive Annual Report PDF
384.66 KB
17/10/2008 08-678 Interim Report on the Activities of CESR to the European Commission CESR Archive Annual Report PDF
347.11 KB
16/07/2012 ESMA 2011 CS Evropský orgán pro cenné papíry a trhy Výroční zpráva za rok 2011 Corporate Information Annual Report PDF
240.29 KB		 This is a summary of the 2011 annual report of ESMA.

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