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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
18/12/2014 2014/1560 Advice- Investment-based crowdfunding Innovation and Products Final Report PDF
482.2 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 sections 1 to 6 of this document.
12/09/2013 2013/08/ODRG Agreed Understandings to Resolving Cross-border Conflicts, Inconsistencies, Gaps and Duplicative Requirements Post Trading Final Report PDF
442.48 KB
09/03/2016 ESAs/2016/22 Annexes to RTS on Risk Mitigation LegisWrite Joint Committee Final Report PDF
297.23 KB
21/12/2017 ESMA70-151-812 Annual peer review of EU CCP supervision on supervisory activities on CCPs’ Default Management Procedures Post Trading Final Report PDF
471.59 KB
12/01/2012 2012/3 Annual report on the application of the Regulation on credit rating agencies as provided by Article 21(5) and Article 39a of the Regulation (EU) No 1060/2009 as amended by Regulation No 1095/2010 Credit Rating Agencies Final Report PDF
141.98 KB		 This is the first report under the new CRA regulation, however, please note that CESR published a report about the application of the Regulation in the EU and, in particular, on the implementation of the requirements established in Annex I of the Regulation on 6 December 2010 (CESR/10-1424), according to Article 21(4) of the Regulation which was subsequently amended by Regulation No (EC) 513/2011. At the time of publication, 16 CRA's have been registered.
18/03/2013 2013/308 Annual report on the application of the Regulation on credit rating agencies- 2012 Credit Rating Agencies Final Report PDF
601.08 KB		 This is the second annual report on the application of the Credit Rating Agencies Regulation. 
14/12/2020 ESMA 33-9-383 CRA Market Share Calculation 2020 Credit Rating Agencies Annual Report PDF
511.26 KB
04/12/2018 ESMA33-9-281 CRA market share report Credit Rating Agencies Annual Report PDF
827.25 KB
21/02/2014 2014/151 Credit Rating Agencies Annual Report 2013 Credit Rating Agencies Final Report PDF
507.61 KB		 The European Securities and Markets Authority (ESMA) has published its Annual Report 2013 (Report) on credit rating agencies (CRAs) in the European Union (EU). The Report also outlines ESMA’s supervisory work plan for this year. ESMA has found that CRAs continue to progress in how they comply with the CRA Regulation, including improved internal transparency and disclosure to the market on credit rating activities as well as empowerment of the compliance function. However, ESMA considers that improvements are still necessary, notably in the following areas: • validation of rating methodologies, to ensure that a credit rating assessment is a comprehensive risk assessment leading to high quality ratings; • internal governance, ensuring the full independence of the internal review function and thereby reducing the risk of potential conflict of interest; and • robust IT systems to support the rating process, including information security controls and protection of confidential rating information. These issues form the basis for much of ESMA’s supervision activities as outlined in its 2014 work plan. This includes the completion of the two on-going supervisory reviews into CRAs’ monitoring of structured finance ratings and into small and medium-sized CRAs. A new thematic investigation on how CRAs review and validate their rating methodologies will also be launched, as well as dedicated work on CRAs’ IT systems and controls. Following the entry into force of the amended CRA Regulation in June 2013, ESMA will also complete a specific assessment on CRAs’ compliance with the new regulatory requirements.
28/08/2020 ESMA70-156-3490 CSDR RTS on Settlement Discipline – Postponement until 1 February 2022 Post Trading Final Report PDF
365.39 KB
26/05/2016 2016/725 Draft RTS on indirect clearing arrangements under EMIR and MiFIR Guidelines and Technical standards, Post Trading, MiFID - Secondary Markets Final Report PDF
740.71 KB
11/04/2012 JC/2011/97 EBA, ESMA and EIOPA’s Report on the legal and regulatory provisions and supervisory expectations across EU Member States of Simplified Due Diligence requirements where the customers are credit and financial institutions under the Third Money Laundering Di Joint Committee Final Report PDF
476.47 KB
11/04/2012 JC/2011/96 EBA, ESMA and EIOPA’s Report on the legal, regulatory and supervisory implementation across EU Member States in relation to the Beneficial Owners Customer Due Diligence requirements under the Third Money Laundering Directive [2005/60/EC] Joint Committee Final Report PDF
552.11 KB
07/02/2020 ESMA70-156-2076 EMIR Final Report on alignment clearing and trading obligations Post Trading Final Report PDF
309.87 KB
13/08/2015 2015/1251 EMIR Review Report no.1- Review on the use of OTC derivatives by non-financial counterparties Post Trading Final Report PDF
3.03 MB
13/08/2015 2015/1252 EMIR Review Report no.2- Review on the efficiency of margining requirements to limit procyclicality Post Trading Final Report PDF
3.93 MB
13/08/2015 2015/1253 EMIR Review Report no.3- Review on the segregation and portability requirements Post Trading Final Report PDF
267.55 KB
13/08/2015 2015/1254 EMIR Review Report no.4- ESMA input as part of the Commission consultation on the EMIR Review Post Trading Final Report PDF
399.85 KB
07/12/2012 JC/2012/86 ESA report on the application of AML/CTF obligations to, and the AML/CTF supervision of e-money issuers, agents and distributors in Europe. Joint Committee Final Report PDF
476.42 KB
25/08/2021 Joint Committee ESAs 2020 Final Report on EMIR RTS on various amendments to the bilateral margin requirements in view of the international framework Joint Committee Final Report PDF
338.72 KB

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