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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
15/07/2002 02-089b CESR’s Advice on possible Level 2 Implementing Measures for the proposed Market Abuse Directive Consultation Paper PDF
213.95 KB
28/10/2004 04-505 Consultation paper- Facilitating the implementation of the Market Abuse Directive Consultation Paper PDF
284.76 KB
02/11/2006 06-562 Consultation paper- Market Abuse Directive, Level 3 – second set of CESR guidance and information on the common operation of the Directive to the market Consultation Paper PDF
110.17 KB
20/05/2008 08-274 Consultation paper- Market Abuse Directive Level 3 – Third set of CESR guidance and information on the common operation of the Directive to the market Consultation Paper PDF
101.96 KB
03/10/2008 08-717 Consultation paper- MAD Level 3 – Third set of CESR guidance and information on the common operation of the Directive to the market Consultation Paper PDF
88.1 KB
15/05/2009 09-220 Feedback statement- MAD Level 3 – Third set of CESR guidance and information on the common operation of the Directive to the market CESR Document PDF
238.16 KB
14/09/2011 2011/288 Call for evidence- Empty voting , , Consultation Paper PDF
81.13 KB
22/03/2012 2012/212 Discussion Paper- An Overview of the Proxy Advisory Industry. Considerations on Possible Policy Options , Consultation Paper PDF
524.85 KB
This Discussion Paper focuses on the development of the proxy advisory industry in Europe, which mainly serves institutional investors such as asset managers, mutual funds and pension funds. Following its fact-finding work in 2011, ESMA recognises the proxy advisory industry within Europe is, or is expected to be, growing in prominence and investors are, or are expected to be, increasingly using proxy advisor services. In this paper ESMA identifies several key issues related to the proxy advisory market which may have an impact on the proper functioning of the voting process. The range of policy options that ESMA will consider, and on which it seeks further input from market participants, consists of four broad areas, including: 1.    No EU-level action at this stage 2.    Encouraging Member States and/or industry to develop standards 3.    Quasi-binding EU-level regulatory instruments 4.    Binding EU-level legislative instruments ESMA will consider these options based on the feedback it receives from market participants, and, if appropriate, will undertake further policy action, either directly or by providing an opinion to the European Commission. The reason to bring up some policy options is due to the fact that proxy advisors are currently not regulated at a pan-European level. Nevertheless, there are relevant European rules that apply to investors (e.g. for UCITS management companies when exercising voting rights). In addition, there are also well-recognised corporate governance standards that apply to issuers at a national level (based on the “comply or explain approach”) and some complements to improve standards of stewardship among investors. All feedback received from this Discussion Paper will be duly considered. ESMA expects to publish a feedback statement in Q4 of 2012 which will summarise the responses received and will state ESMA’s view on whether there is a need for policy action in this area.
25/06/2012 2012/379 Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories Consultation Paper PDF
2.12 MB

This consultation paper includes the Regulatory and Implementing Technical Standards ESMA is required to draft under the Regulation of the European Parliament and Council on OTC derivatives, central counterparties and trade repositories (EMIR). It covers implementing measures for the application of the clearing obligation for risk mitigation techniques, exemptions for non-financial counterparties and intra-group transactions, requirements for CCPs and reporting and disclosure obligations for trade repositories. 

29/06/2012 2012/415 Call for Evidence on Empty Voting , CESR Document PDF
275.66 KB
ESMA launched a Call for Evidence on Empty Voting in September 2011 to analyse the potential issues and concerns raised by the practice of empty voting and to examine whether there was a possible need for further action. An analysis of the responses received to the consultation has led ESMA to conclude that there is insufficient evidence to justify any regulatory action at the European level at present.
20/12/2012 2012/852 Guidelines for establishing consistent, efficient and effective assessments of interoperability arrangements Consultation Paper PDF
445.22 KB
16/02/2012 2012/95 Draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories Consultation Paper PDF
776.04 KB
The Regulation of the European Parliament and Council on OTC Derivatives, CCPs and trade repositories (EMIR) introduces provisions to improve transparency and reduce the risks associated with the OTC derivatives market and establishes common rules for central counterparties (CCPs) and for trade repositories (TRs).  It has been identified that common rules are required in the case of CCPs in view of the shift of risk management from a bilateral to a central process for OTC derivatives and in the case of trade repositories because of the increase in information that needs to be reported to them. The Regulation delegates or confers powers to the Commission to adopt regulatory technical standards (RTS) and implementing technical standards (ITS) on a number of areas. This discussion paper covers the draft RTS and ITS which ESMA is required to develop. Following this discussion paper and on the basis of the relevant input received, ESMA will prepare draft technical standards to be included in the consultation paper which will most likely be published around summer 2012.
03/09/2013 2013/1157 Technical advice on third country regulatory equivalence under EMIR – US Technical Advice PDF
5.06 MB
03/09/2013 2013/1158 Technical advice on third country regulatory equivalence under EMIR – Japan Technical Advice PDF
3.76 MB
03/09/2013 2013/1159 Technical advice on third country regulatory equivalence under EMIR – Australia Technical Advice PDF
3.82 MB
03/09/2013 2013/1160 Technical advice on third country regulatory equivalence under EMIR – Hong Kong Technical Advice PDF
3.57 MB
03/09/2013 2013/1161 Technical advice on third country regulatory equivalence under EMIR – Singapore Technical Advice PDF
3.55 MB
03/09/2013 2013/1162 Technical advice on third country regulatory equivalence under EMIR – Switzerland Technical Advice PDF
3.65 MB
18/10/2013 2013/1292 ESMA’s Technical Advice to the Commission on procedural rules to impose fines on Trade Repositories Consultation Paper PDF
1.52 MB

The European Securities and Markets Authority (ESMA) is publishing this consultation paper to assist with the preparation of its Technical Advice to the European Commission on the procedural rules for imposing fines and periodic penalties on Trade Repositories. The Commission requested ESMA's advice on 29 April 2013 to assist it in formulating procedural rules by delegated act. (Annex I) The closing date for responses is 15 November 2013 and ESMA aims to provide its advice to the Commission by 31 December 2013.

02/10/2013 2013/1369 ESMA Technical advice on equivalence of Hong Kong for OTC and TR (Supplement) Technical Advice PDF
124.15 KB

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