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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
15/10/2021 ESMA71-9-1745 Ross appointed ESMA Chair , Press Release PDF
84.56 KB
15/02/2012 2012/100 Regulators re-elect Jean Guill, Kurt Pribil and Fernando Restoy to ESMA’s Management Board , Press Release PDF
111.25 KB
03/11/2021 ESMA71-99-1749 Press_Release_New Chair_Ross November FINAL , , , , Press Release PDF
81.42 KB
24/03/2022 ESMA71-99-1913 Press_Release_Enforcement REGIS TR , , Press Release PDF
121.76 KB
15/07/2019 ESMA71-99-1181 Press release: ESMA fines Regis-TR S.A. €56,000 for data access failures , Press Release PDF
115.68 KB
12/12/2019 ESMA71-99-1263 Press release: ESMA calls for strengthened supervision on suspicious transaction reporting , Press Release PDF
100.61 KB
08/11/2011 2011/371 Press release- Regulators elect Martin Wheatley to ESMA's Management Board , Press Release PDF
131.43 KB
18/12/2014 2014/1568 Press Release- Investment-based crowdfunding needs EU-wide common approach , 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.
11/05/2005 05-331 Press release- Facilitating the implementation of the Market Abuse Directive , Press Release PDF
72.91 KB
23/09/2021 ESMA71-99-1734 Press Release- ESMA fines UnaVista trade repository €238500 for EMIR data failures , , Press Release PDF
125.85 KB
26/01/2022 ESMA71-99-1809 Press Release- ESMA appoints two new members to its Management Board , , Press Release PDF
96.76 KB
15/12/2016 2016/1656 Press release- ESMA appoints new member to its Management Board , Press Release PDF
143.86 KB
12/07/2021 ESMA71-99-1715 Press Release- DTCC Derivatives Repository fined €408,000 for EMIR data breaches , , Press Release PDF
128.95 KB
22/11/2007 07-762 Press release- CESR identifies the Administrative Measures and Sanctions as well as the Criminal Sanctions available in Member States under the Market Abuse Directive (MAD) , Press Release PDF
82.23 KB
06/12/2017 ESMA50-164-1173 Press Release MiFID/MAR Transitional Transparency Calculations , , , , Press Release PDF
225.44 KB
03/10/2019 ESMA71-99-1226 Press release MAR review consulation Press Release PDF
92.73 KB
13/11/2017 ESMA71-99-649 Press Release ICO Statements , , Press Release PDF
169.52 KB
15/12/2021 ESMA 71-99-1783 Press release ESMA Vice Chair 2021 , , , Press Release PDF
80.16 KB
02/02/2017 ESMA71-844457584-339 Press Release ESMA Supervision 2016 annual report and 2017 work programme , Press Release PDF
142.26 KB
11/01/2018 ESMA71-99-919 PR on CRA/TR Fees Thematic Report Press Release PDF
192.95 KB

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