ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
43
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
Annual Report X Press Release X Market Integrity X Corporate Governance X Fund Management X
Reset all filters
Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
15/11/2018 ESMA70-145-1081 Annual report on administrative and criminal sanctions and other administrative measures under MAR , Annual Report PDF
158.47 KB
11/11/2015 JC/2015/078 ESAs consult on PRIIPs key information for retail investors , , Press Release PDF
120.45 KB
30/07/2015 2015/1238 ESMA advises on extension of AIFMD passport to non-EU jurisdictions , Press Release PDF
147.48 KB
The European Securities and Markets Authority (ESMA) has published its Advice in relation to the application of the AIFMD (Alternative Investment Fund Managers Directive) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment Funds (AIFs) and its Opinion on the functioning of the passport for EU AIFMs and the national private placement regimes (NPPRs). The Advice and Opinion, required under AIFMD, will now be considered by the European Commission, Parliament and Council. ESMA Advice – Extension of AIFMD Passport to non-EU AIFMs and AIFs The Advice relates to the possible extension of the passport, currently only available to EU entities, to non-EU AIFMs and AIFs which are currently subject to EU NPPRs. ESMA conducted a country-by-country assessment, as this allowed it flexibility to take into account the different circumstances of each non-EU jurisdiction regarding the regulatory issues to be considered i.e. investor protection, competition, potential market disruption and the monitoring of systemic risk. ESMA assessed six jurisdictions – Guernsey, Hong Kong, Jersey, Singapore, Switzerland and the United States of America (USA) – who were selected based on a number of factors including the amount of activity already being carried out by entities from these countries under the NPPRs, EU national authorities’ knowledge and experience of dealing with their counterparts and the efforts by stakeholders from these countries to engage with ESMA’s process. The Advice concludes that no obstacles exist to the extension of the passport to Guernsey and Jersey, while Switzerland will remove any remaining obstacles with the enactment of pending legislation. No definitive view has been reached on the other three jurisdictions due to concerns related to competition, regulatory issues and a lack of sufficient evidence to properly assess the relevant criteria. Next Steps The Advice and Opinion have been sent to the Commission, Parliament and Council for their consideration on whether to activate the relevant provision in the AIFMD extending the passport through a Delegated Act. However, the institutions may wish to consider waiting until ESMA has delivered positive advice on a sufficient number of non-EU countries, before introducing the passport in order to avoid any adverse market impact that a decision to extend the passport to only a few non-EU countries might have. ESMA aims to finalise the assessments of Hong Kong, Singapore and the USA as soon as practicable and to assess further groups of non-EU countries until it has provided advice on all the non-EU countries that it considers should be included in the extension of the passport. ESMA Opinion – Functioning of the EU AIFMD passport and NPPRs The opinion on the functioning of the EU passport and the NPPRs contains ESMA’s preliminary assessment of the operation of these two mechanisms. Its preliminary view is that, given the short time period that has elapsed since the implementation of the AIFMD in Member States, a definitive assessment of their functioning is difficult and would recommend preparing a further opinion after a longer period.
19/07/2016 2016/1138 ESMA advises on extension of funds passport to 12 non-EU countries Press Release PDF
148.97 KB
01/02/2019 ESMA71-99-1096 ESMA and EU securities regulators MoUs with FCA , , , , , Press Release PDF
80.5 KB
14/11/2013 2013/1650 ESMA begins preparatory work for new Market Abuse Regime , , Press Release PDF
95.26 KB
ESMA begins preparatory work for new Market Abuse Regime The European Securities and Markets Authority (ESMA) has published a Discussion Paper setting out its initial views on the implementing measures it will have to develop for the new Market Abuse Regulation (MAR). MAR aims to enhance market integrity and investor protection. It will achieve this by updating and strengthening the existing market abuse framework, by extending its scope to new markets and trading strategies, and by introducing new requirements. The Discussion Paper presents positions and regulatory options on those issues where ESMA will have to develop MAR implementing measures, likely to include Regulatory Technical Standards, Delegated Acts and Guidelines. These implementing measures are of fundamental importance to the new regime, as they set out how MAR’s enlarged scope is to be implemented in practice by market participants, trading platforms, investors, issuers and persons related to financial markets. In developing these regulatory options ESMA, where similar requirements already exist under the current Market Abuse Directive (MAD), has taken into consideration the existing MAD Level 2 texts and ESMA/CESR guidelines to set out the DP positions in light of the extended scope of MAR. This Discussion Paper is based on the version of the MAR Level 1 text agreed by the European Parliament, the Council and the European Commission on 24 June 2013. The closing date for responses is Monday 27 January 2014. MAR Policy Areas The DP covers ten sections of MAR where ESMA is expected to have to provide input, these include: • conditions to be met by buyback programmes and stabilization measures to benefit from the exemption from market abuse prohibitions; • arrangement and procedures required for market soundings, from the perspective of both the sounding and the sounded market participants; • indicators and signals of market manipulation; • criteria to establish Accepted Market Practices; • arrangement, systems and procedures to put in place for the purpose of suspicious transactions and order reporting as well as its content and format; • issues relating to public disclosure of inside information and the conditions for delay; • format for insider lists; • issues concerning the reporting and public disclosure of managers’ transactions; • arrangements for fair presentation and disclosure of conflicts of interests by producers and disseminators of investment recommendations; • reporting of violations and related procedures. Next steps ESMA will consider the feedback it receives to this consultation in Q1 2014 and incorporate it in to its full consultation papers on both its draft Technical Standards and Technical Advice to the Commission. The dates for these consultations are will depend on the publication of the final version of MAR. Notes for editors 1. 2013/1649 Discussion Paper - ESMA’s policy orientations on possible implementing measures under the Market Abuse Regulation 2. Proposal for a Regulation of the European Parliament and of the Council on insider dealing and market manipulation (market abuse) (MAR) 3. ESMA is an independent EU Authority that was established on 1 January 2011 and works closely with the other European Supervisory Authorities responsible for banking (EBA), and insurance and occupational pensions (EIOPA), and the European Systemic Risk Board (ESRB). 4. ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU). As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU. ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity. Press Release 2013/1650 Discussion Paper 2013/1649
01/10/2013 2013/1368 ESMA clarifies reporting requirements for alternative fund managers , Press Release PDF
81.3 KB
Questions regarding technical support should be sent to info.it.aifmd[at]esma.europa.eu.
19/12/2012 2012/848 ESMA clarifies rules for alternative investment funds and their managers , Press Release PDF
110.38 KB
12/11/2013 2013/1645 ESMA clarifies shareholder cooperation in takeover situations , , Press Release PDF
86.55 KB
ESMA clarifies shareholder cooperation in takeover situations The European Securities and Markets Authority (ESMA) has published a statement on practices governed by the Takeover Bid Directive (TBD), focused on shareholder cooperation issues relating to acting in concert and the appointment of board members. The statement contains a White List of activities that shareholders can cooperate on without the presumption of acting in concert. It also contains information on how shareholders may cooperate in order to secure board member appointments by setting out factors that national authorities may take into account when considering whether shareholders are acting in concert. The statement is in response to a request by the European Commission for clarity on these issues, following its 2012 report on the application of the TBD. It is based on information collected about the TBD’s application and common practices across the European Economic Area (EEA). The statement was prepared by the Takeover Bids Network, a permanent working group, under ESMA’s auspices, that promotes the exchange of information on practices and application of the TBD across EEA. Steven Maijoor, ESMA Chair, said: “Today’s statement means that shareholders can now be confident that they can expect authorities to take a consistent approach across the EEA to their cooperative activities. This consistency should in turn provide the reassurance needed by shareholders for the effective, sustainable engagement that is one of the cornerstones of listed companies’ corporate governance model allowing them to hold their boards to account. “ESMA believes that ensuring a consistent and convergent supervisory approach to this issue will be instrumental in affording equality of treatment to shareholders and investors across the EEA.” National competent authorities will have regard to the White List when determining whether shareholders are persons acting in concert under national takeover rules, but will also take into account all other relevant factors in making their decisions. Shareholder cooperation and acting in concert - The White List When shareholders cooperate to engage in any of the activities listed below, that cooperation will not, in and of itself, lead to a conclusion that the shareholders are acting in concert: 1. entering into discussions with each other about possible matters to be raised with the company’s board; 2. making representations to the company’s board about company policies, practices or particular actions that the company might consider taking; 3. other than in relation to the appointment of board members, exercising shareholders’ statutory rights; 4. other than in relation to a resolution for the appointment of board members and insofar as such a resolution is provided for under national company law, agreeing to vote the same way on a particular resolution put to a general meeting. If shareholders cooperate in an activity not included on the White List, this will also not result in an automatic assumption that they are acting in concert. Each case will be determined on its own particular facts. Cooperation in relation to the appointment of members of the board of a company The White List does not include any activity relating to cooperation on board appointments, due to differences in Member State approaches towards determining whether shareholders who cooperate in relation to board appointments are acting in concert. However, shareholders may wish to cooperate in order to secure board members’ appointment in a company in which they have invested. This cooperation might take the form of: 1. entering into an agreement or arrangement (informal or formal) to exercise their votes in the same way in order to support the appointment of one or more board members; 2. tabling a resolution to remove one or more board members and replace them with one or more new board members; or 3. tabling a resolution to appoint one or more additional board members. The statement therefore indicates which factors may be considered when assessing whether such cooperation is indeed an act of acting in concert. ESMA will keep the public statement under review in order to ensure that it continues to reflect accurately the practices and application of the TBD in the Member States. 2013/1642 Public Statement - Information on shareholder cooperation and acting in concert under the Takeover Bids Directive. 2013/1643 Cover Note to the Public Statement
15/02/2016 2016/291 ESMA consults on implementation of the Benchmarks Regulation , , Press Release PDF
118.88 KB

The European Securities and Markets Authority (ESMA) has today published a Discussion Paper (DP) regarding the technical implementation of the incoming Benchmarks Regulation (BR). ESMA is seeking stakeholder’s input to inform its future proposals on draft Regulatory Technical Standards (RTS) and Technical Advice (TA) to the European Commission.

Benchmarks are used in financial markets as a reference to price financial instruments and to measure performance of investment funds, as well as being an important element of many financial contracts and their integrity is critical to financial markets and to investors in particular. The BR’s objective is to improve the governance and control over the benchmark process, thereby ensuring their reliability and protecting users. The changes aim to:

  • improve the quality of the input data and methodologies used by benchmark administrators;
  • ensure that benchmark contributors provide adequate data and are subject to proper controls; and
  • ensure the supervision and viability of critical benchmarks.

Steven Maijoor, ESMA Chair, said:

“The Benchmark Regulation, once implemented, will ensure the accuracy, robustness and integrity of benchmarks and the benchmark setting process by clarifying the behaviours and standards expected of administrators and contributors. These requirements will ensure that benchmarks are produced in a transparent and reliable manner and so contribute to well-functioning and stable markets, and investor protection.

“ESMA, in preparing for its work on regulatory technical standards and technical advice, is keen to ensure that all affected stakeholders have their views heard on this important topic and we hope that all interested parties will take this opportunity to contribute.”

The DP is seeking stakeholder’s feedback in the following areas:

  • definition of benchmarks;
  • requirements for the benchmark oversight function;
  • requirements for the benchmark input data;
  • governance and control requirements for supervised benchmark contributors;
  • authorisation and registration of an administrator; and
  • transparency requirements regarding the benchmark methodology.

The exact date when the Benchmarks Regulation will enter into force is still unknown as it has not yet been published in the Official Journal of the EU.

Next steps

ESMA will hold an open hearing on the DP on 29 February 2016 in Paris. It will use the responses to its DP to develop detailed implementing measures on which it will publish a follow-up consultation in Q3 2016.

24/05/2017 ESMA71-99-468 ESMA consults on Money Market Funds rules , Press Release PDF
144.79 KB

The European Securities and Markets Authority (ESMA) has published a Consultation Paper (CP) on the Money Market Funds Regulation (MMFR). The CP contains proposals on draft technical advice (TA), draft implementing technical standards (ITS), and guidelines under the MMFR. The key proposals relate to asset liquidity and credit quality, the establishment of a reporting template and stress test scenarios.

23/07/2015 2015/1193 ESMA consults on UCITS remuneration guidelines , Press Release PDF
111.21 KB
The European Securities and Markets Authority (ESMA) has launched a consultation on proposed Guidelines on sound remuneration policies under the UCITS V Directive and AIFMD. The Directive includes rules that UCITS must comply with when establishing and applying a remuneration policy for certain staff categories and the proposed UCITS Remuneration Guidelines further clarify the Directive’s provisions. The proposed Guidelines aim to ensure a convergent application of the remuneration provisions and will provide guidance on issues such as proportionality, governance of remuneration, requirements on risk alignment and disclosure. The final Guidelines will apply to UCITS management companies and national competent authorities.
04/12/2012 2012/801 ESMA finalises guidelines on repo arrangements for UCITS funds , Press Release PDF
105.28 KB
Date: 04 December 2012ESMA/2012/801PRESS RELEASEESMA finalises guidelines on repo arrangements for UCITS fundsThe European Securities and Markets Authority (ESMA) has today published its final guidelines on repurchase and reverse repurchase agreements for UCITS funds.  The guidelines state that UCITS should only enter into such agreements if they are able to recall at any time any assets or the full amount of cash.Key elements of the guidelines are:•    For repurchase arrangements, UCITS should be able to recall at any time the assets subject to such arrangements; •    For reverse repurchase agreements, UCITS should be able to recall at any time the full amount of cash on either an accrued or a mark-to-market basis.  However, when cash is recalled on a mark-to-market basis, the mark-to-market value of the reverse repurchase agreements should be used for the calculation of the net asset value of the UCITS; and•    ESMA considers fixed-term repurchase and reverse repurchase agreements that do not exceed seven days as arrangements that allow the assets to be recalled at any time by the UCITS.The guidelines will now be translated into all EU languages and will be incorporated into ESMA’s Guidelines on ETFs and other UCITS issues, published in July 2012.  The full set of guidelines will enter into force two months after the publication of the translations.  This will result in a comprehensive framework for UCITS that will increase transparency and investor protection and contributes to safeguarding the stability of financial markets. Notes for editors1.    ESMA is an independent EU Authority that was established on 1 January 2011 and works closely with the other European Supervisory Authorities responsible for banking (EBA), and insurance and occupational pensions (EIOPA), and the European Systemic Risk Board (ESRB).2.    ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU).  As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU.  ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity.Further information:David CliffeSenior Communications Officer Tel:   +33 (0)1 58 36 43 24 Mob: +33 6 42 48 29 06Email: press@esma.europa.eu
18/07/2013 2013/992 ESMA finalises supervisory co-operation agreements for alternative investment , , Press Release PDF
167.72 KB
15/02/2019 ESMA71-99-1115 ESMA IOSCO Statement on EDPB Opinion , Press Release PDF
83.19 KB
30/01/2012 2012/43 ESMA outlines future regulatory framework for ETFs and other UCITS issues , Press Release PDF
146.49 KB
ESMA publishes today a consultation paper (ESMA/2012/44) setting out future guidelines on UCITS Exchange-Traded Funds (UCITS ETFs) and other UCITS-related issues. The proposals cover both synthetic and physical UCITS ETFs and detail the obligations to come for UCITS ETFs, index-tracking UCITS, efficient portfolio management techniques, total return swaps and strategy indices for UCITS. ESMA’s proposals therefore go wider than ETFs and cover such areas as the use of total return swaps by any UCITS, for which ESMA envisages additional obligations with respect to the collateral to be provided, or UCITS investing in strategy indices, where the requirements on eligibility of such indices have been tightened. The proposals also include placing an obligation on UCITS ETFs to use an identifier and facili-tating the ability of investors to redeem their shares, whether in the secondary market or directly with the ETF provider.
30/05/2013 2013/629 ESMA promotes global supervisory co-operation on alternative funds Press Release PDF
174.57 KB
28/06/2012 2012/441 ESMA proposes remuneration guidelines for alternative investment fund managers , Press Release PDF
183.45 KB
The European Securities and Markets Authority (ESMA) has published today a consultation paper on proposed Guidelines on remuneration of alternative investment fund managers (AIFMs).  ESMA’s future guidelines will apply to managers managing alternative investment funds (AIFs) including hedge funds, private equity funds and real estate funds.  These funds will be asked to introduce sound and prudent remuneration policies and structures with the aim of increasing investor protection and avoiding conflicts of interest that may lead to excessive risk taking.
25/07/2012 2012/475 ESMA publishes ETF guidelines and consults on repo arrangements , Press Release PDF
119.34 KB
The European Securities and Markets Authority (ESMA) has today published guidelines on Exchange-Traded Funds (ETFs) and other UCITS issues.  These guidelines will apply to national securities markets regulators and UCITS management companies.ESMA is also seeking views on the appropriate treatment of repo and reverse repo arrangements in the context of the guidelines on ETFs and other UCITS issues.
05/09/2019 ESMA71-99-1205 ESMA publishes stress simulation framework for investment funds , , Press Release PDF
119.98 KB