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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
25/09/2000 00-064c The regulation of Alternative Trading Systems in Europe. A paper for the EU Commission Final Report PDF
84.28 KB
Alternative Trading Systems (ATS) offer electronic securities trading facilities outside the traditional trading channels. An expert group chaired by Howard Davies, Chairman of the UK FSA, has studied the impact of such systems in depth. The group has prepared a comprehensive report identifying and assessing the benefits and risks associated with the emergence of ATS and analysing the current regulatory treatment of such systems, within Europe and elsewhere. The report proposes both a short term and a long term option for a harmonised regulatory treatment of such systems in Europe.The paper was submitted to the European Commission as FESCO"s contribution to the preparation of the forthcoming Green Paper on possible amendments to the Investment Services Directive. The Green Paper will shortly be published as a basis for consultation with Member States, the financial services industry and other interested parties. However, the FESCO paper noted that, while the Green Paper on the ISD might be the catalyst for a far-reaching review of the regulatory approach to ATS, it would not provide a short-term solution. Accordingly, FESCO proposed that the short-term solution should take the form of a set of additional regulatory requirements for ATS operating as investment firms.FESCO will be working on proposals for what those additional regulatory requirements might be over the next six months, with a view to producing a consultation paper in the first half of 2001. This consultation paper will provide an opportunity for interested parties to comment in detail on the FESCO proposals. If, however, in the meantime interested parties have any specific comments on the possible additional regulatory requirements identified in paragraph 71 of the September paper, they should make these known to the Secretariat of FESCO via the following e-mail address: fdankers@europefesco.org
01/04/2020 ESMA70-156-2287 Technical Advice to the European Commission on weekly position reports under MiFID II , Technical Advice PDF
231.84 KB
19/12/2014 2014/1569 Technical Advice to the Commission on MiFID II and MiFIR , Technical Advice PDF
2.8 MB
Reasons for publication The European Securities and Markets Authority (ESMA) received a formal request (mandate) from the European Commission (Commission) on 23 April 2014 to provide technical advice to assist the Commission on the possible content of the delegated acts required by several provisions of Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The mandate focuses on technical issues which follow from MiFID II and MiFIR and is available on the European Commission website (here). ESMA was required to provide technical advice by no later than six months after the entry into force of MiFID II and MiFIR (2 July 2014). Contents This final report follows the same structure as the Consultation Paper  (CP) published by ESMA on 22 May 2014 which is: (1) Introduction, (2) Investor protection, (3) Transparency, (4) Data publication, (5) Micro-structural issues, (6) Requirements applying on and to trading venues, (7) Commodity derivatives and (8) Portfolio compression. This paper also contains summaries of responses to the CP received by ESMA. The rationale of those items covered already in the CP for which no relevant changes have been introduced, is not developed again in this Final Report. ESMA recommends, therefore, to read this report together with the CP published on 22 May 2014 to have a complete vision of the rationale for ESMA’s technical advice. Next steps Delegated acts should be adopted by the Commission so that they enter into application by 30 months following the entry into force of the Directive and Regulation, taking into account the right of the European Parliament and Council to object to a delegated act within 3 months (which can be extended by a further 3 months).
16/08/2012 2012/525 Summary of responses on considerations of materiality in financial reporting , Final Report PDF
383.4 KB
09/03/2016 ESAs/2016/21 RTS on Risk Mitigation LegisWrite Final Report PDF
419.38 KB
16/06/2014 2014/643 Review on the application of accounting requirements for business combinations in IFRS financial statements , Final Report PDF
751.04 KB

This report evaluates the consistency of application of key requirements of IFRS 3 - Business Combinations and how compliant and entity-specific IFRS 3 disclosures are in the 2012 annual IFRS financial statements of a sample of 56 issuers in the European Union (EU). It also includes other IFRS 3 issues identified as part of the enforcement experience of European national enforcers (European Enforcers) that participate in the European Enforcers Coordination Sessions (EECS).

26/07/2012 2012/482 Review of Greek Government Bonds accounting practices , Final Report PDF
583.61 KB

This report includes a Review of Greek Government Bonds accounting practices in the IFRS Financial Statements for the year ended 31 December 2011.

18/11/2013 2013/1664 Review of Accounting Practices- Comparability of IFRS Financial Statements of Financial Institutions in Europe Final Report PDF
1.3 MB
This report provides an overview of accounting practices of financial institutions in Europe in selected areas related to financial instruments. It evaluates the level of comparability and quality of the disclosures in the 2012 IFRS financial statements of a sample of 39 major European financial institutions and includes recommendations to enhance the transparency of financial information through the application of the IFRS provisions. Transparent financial information plays a key role in maintaining market confidence, improving markets’ efficiency by allowing investors to identify risks in a timely manner, contributing to financial stability and is a pre-requisite in creating premises for sound economic growth. As an effect of market turbulences resulting from the financial crisis, transparency and comparability of the financial statements of financial institutions have gained increased importance for market participants. In this context, ESMA has intensified its reviewing activities, with an increased focus on the financial statements of financial institutions and together with EBA and ESRB has undertaken further initiatives to improve the level of confidence in the financial sector by asking financial institutions to provide better disclosure of financial and risk information in financial reporting. Overall ESMA found that disclosures specifically covered by requirements of IFRS 7 – Financial Instru-ments: Disclosures were generally provided and acknowledges the efforts made by financial institutions to improve the quality of their financial statements. Yet, ESMA observed a wide variability in the quality of the information provided and identified some cases where the information provided was not sufficient or not sufficiently structured to allow comparability among financial institutions. Some financial institutions provided disclosures that were not specific enough, lacked links between quantitative and narrative information, or provided disclosures that could not be reconciled to the primary financial statements. ESMA urges issuers to take a step back and consider the overall objectives of IFRS 7 against their specific circumstances when preparing disclosures. When information was provided outside financial statements (e.g. in a risk report or business review), in some cases it was unclear whether it was incorporated by reference. In general, users of financial infor-mation would benefit if information provided in different sections of the financial report were linked to each other and if information provided across these reports was consistent or major differences in bases used to provide this information were explained.
28/03/2011 2011/22 Report- ESMA Data on Prospectuses Approved and Passported- July 2010 to December 2010 , Final Report PDF
134.79 KB
29/10/2014 2014/1278 Report on the equivalence of the Indian Accounting Standards , Final Report PDF
1.7 MB

This report fulfils the mandate received by the European Securities and Markets Authority (ESMA) from the European Commission (EC) in February 2014 to provide it with an update on the level of convergence of the Indian Accounting Standards (Ind-AS)1 towards International Financial Reporting Standards (IFRS) and the quality of application and enforcement of the Ind-AS, so that the EC can provide a progress report to the Council and the European Parliament (EP) in line with its obligations under Commission Regulation (EC) 1569/2007.

02/04/2014 JC/2014/18 Report on risks and vulnerabilities in the EU financial system March 2014 Final Report PDF
1.28 MB
14/12/2015 EBA/Op/2015/20 Report on investment firms Final Report PDF
1.2 MB
08/11/2013 JC-2013-72 Preliminary report on anti-money laundering and counter financing of terrorism Risk Based Supervision Final Report PDF
636.21 KB
31/07/2014 JC/2014/062 Placement of financial instruments with depositors, retail investors and policy holders ('Self placement') Final Report PDF
383.93 KB
Reminder to credit institutions and insurance undertakings about applicable regulatory requirements Executive summary As part of their respective mandates to protect investors, depositors and policy holders, the three European Supervisory Authorities, the EBA, ESMA and EIOPA are concerned about the practices used by some financial institutions to comply with enhanced prudential requirements under the CRD/R IV, the pending BRRD, and Solvency 2, as well as the ongoing EBA stress test and the ECB’s comprehensive assessment. These practices include financial institutions selling to their own client base financial instruments that they themselves have issued and that are eligible to comply with the above requirements. This practice may breach a number of rules governing the conduct of these institutions. However, the ‘loss bearing’ features of many of these products mean that consumers are exposed to significant risks that do not exist for other financial instruments. For example, investors are more likely to be subject to bail-in; and the absence of harmonised structures, trigger points and loss absorption makes it difficult for investors to understand and compare the products. Each product needs to be assessed as a unique offering, which may be particularly challenging for retail investors. The three authorities, within their remits, are reminding financial institutions that capitalisation pressures should not affect their ability to comply with existing and future requirements applicable in the European Union for the provision of services to consumers, including investors, depositors and policy holders. It is expected that due to regulatory and market developments, the risks of consumer detriment described here will further increase; this reminder is aimed at preventing this.
01/04/2020 ESMA70-156-2311 MiFID II Review Report on position limits and position management , Final Report PDF
591.78 KB
28/07/2021 ESMA70-156-4596 MiFID II MiFIR Annual Report 2021 Final Report PDF
429.71 KB
08/04/2021 ESMA70-156-4225 MiFID II final report on functioning of OTF Final Report PDF
548.44 KB
29/09/2021 ESMA70-156-4572 MiFID II Final Report on Algorithmic Trading , Final Report PDF
1.94 MB
06/02/2014 JC 2014/004 Mechanistic references to credit ratings in the ESAs’ guidelines and recommendations Final Report PDF
519.98 KB
The Joint Committee of the three European Supervisory Authorities (EBA, ESMA and EIOPA - ESAs) published today its final Report on mechanistic references to credit ratings in the ESAs’ guidelines and recommendations and on the definition of “sole and mechanistic reliance” on such ratings. In accordance with the Credit Rating Agencies Regulation (CRA 3), the EBA, ESMA and EIOPA have reviewed all their existing guidelines and recommendations in order to identify, and where appropriate remove, references to external credit ratings that could trigger sole or mechanistic reliance on such ratings. This final report includes the amendments to ESMA’s Guidelines on Money Market Funds (MMF) according to the definition of ‘sole and mechanistic reliance’ contained therein. This common definition aims at harmonising the different interpretations of ‘sole and mechanistic reliance’ in the ESAs regulations and guidelines. This definition, to which the ESAs intend to refer to in all their future guidelines, recommendations and draft technical standards, was developed taking into account all the comments received during the public consultation that ended on 5 December 2013. Legal background Regulation (EU) No 462/2013 of 21 may 2013 (CRA 3) mandates the EBA, EIOPA and ESMA to review and, where appropriate, remove all references to credit ratings in existing guidelines and recommendations that have the potential to trigger sole or mechanistic reliance. This article puts forward the first of the Principles for reducing reliance on CRA Ratings issued by the Financial Stability Board on 27 October 2010.
01/04/2014 2014/342 Languages accepted for the purpose of the scrutiny of the Prospectus and requirements of translation of the Summary- March 2014 , Final Report PDF
194.98 KB
The document provides an overview of the languages that each national competent authority accepts when acting as home or host competent authority, as the case may be, for the purpose of the scrutiny of the prospectus. In addition the document outlines national requirements in relation to translation of summaries.

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