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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
29/09/2014 2014/1187 Draft Regulatory Technical Standards on major shareholdings and an indicative list of financial instruments subject to notification requirements under the revised Transparency Directive , Technical Standards PDF
810.07 KB
The European Securities and Markets Authority (ESMA) has published its draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings.
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.
25/09/2015 2015/1460 ESMA Final Report on DRAFT RTS on EEAP Technical Standards PDF
1.62 MB
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
20/03/2013 2013/317 Framework for the assessment of third country prospectuses under Article 20 of the Prospectus Directive , Opinion PDF
725.59 KB
20/05/2021 ESMA70-156-4262 Opinion for the adjustment of the threshold set out in Article 5(2) of SSR , , Opinion PDF
429.84 KB
18/03/2020 ESMA70-155-9581 Opinion on AMF emergency measure under SSR , , Opinion PDF
253.85 KB
15/04/2020 ESMA70-155-9854 Opinion on AMF emergency measure under the SSR , , Opinion PDF
304.63 KB
17/03/2020 ESMA70-155-9556 Opinion on CNMV emergency measure under SSR , , Opinion PDF
173.98 KB
15/04/2020 ESMA70-155-9845 Opinion on CNMV emergency measure under the SSR , , Opinion PDF
302.98 KB
17/03/2020 ESMA70-155-9565 Opinion on CONSOB emergency measure under SSR , , Opinion PDF
346.47 KB
08/02/2016 2016/268 Opinion on equivalence of Turkish prospectus regime Opinion PDF
98.76 KB
24/03/2020 ESMA70-155-9604 Opinion on FMA emergency measure under the SSR , , Opinion PDF
265.61 KB
15/04/2020 ESMA70-155-9848 Opinion on FMA emergency measure under the SSR , , Opinion PDF
432.15 KB
19/03/2020 ESMA70-155-9590 Opinion on FSMA emergency measure under the SSR , , Opinion PDF
260.27 KB
15/04/2020 ESMA70-155-9833 Opinion on FSMA emergency measure under the SSR , , Opinion PDF
306.36 KB
19/03/2020 ESMA70-155-9587 Opinion on HCMC emergency measure under the SSR , , Opinion PDF
260.22 KB
15/04/2020 ESMA70-155-9853 Opinion on HCMC emergency measure under the SSR , , Opinion PDF
308.38 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 Opinion PDF
224.29 KB
18/12/2014 2014/1378 Opinion- Investment-based crowdfunding 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.