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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|11/05/2005||05-274||Feedback Statement- Market Abuse Directive, Level 3 – first set of guidance and information on the common operation of the Directive||Market Abuse||Final Report||PDF
|22/11/2007||07-693||Report on Administrative Measures and Sanctions available in Member States under the Market Abuse Directive (MAD)||Market Abuse||Final Report||PDF
|28/02/2008||08-099||CESR Executive summary to the report on administrative measures and sanctions as well as the criminal sanctions available in Member States under the Market Abuse Directive||Market Abuse||Final Report||PDF
|01/07/2013||2013/805||Supervisory Practices under MAD- Peer review report and Good Practices||Market Abuse, Supervisory convergence||Final Report||PDF
|ESMA's peer review of the supervisory practices EEA national competent authorities (NCAs) covers how national authorities enforce the requirements of the Market Abuse Directive (MAD). The Directive deals with the prevention of the dissemination of misleading information, the breach of reporting obligations and market abuse.|
|01/07/2013||2013/806||Supervisory Practices under MAD- Mapping Report||Market Abuse, Supervisory convergence||Final Report||PDF
|ESMA's Mapping Report on Supervisory Practices under MAD sets out the situation in each Member State as regards their implementation of the various requirements of the Market Abuse Directive.|
|18/12/2014||2014/1560||Advice- Investment-based crowdfunding||Innovation and Products||Final Report||PDF
|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.|
|28/09/2015||2015/1455 CBA||Cost analysis for Final Report on MAR technical standards||Market Abuse||Final Report||PDF
|22/12/2015||2015/1905||MAD Supervisory Practices peer review follow-up||Market Abuse, Supervisory convergence||Final Report||PDF
|03/02/2015||2015/224||ESMA’s technical advice on possible delegated acts concerning the Market Abuse Regulation||Market Abuse||Technical Advice||PDF
|This advice:• specifies the MAR market manipulation indicators, by providing examples of practices that may constitute market manipulation as well as proposing “additional” indicators of market manipulation; • recommends to set the minimum thresholds that exempt certain market participants in the emission allowance market from publicly disclosing inside information at six million tonnes of CO2eq per year and at 2,430 MW rated thermal input;• suggests the way to determine to which regulator delays in disclosure of inside information needs to be notified. • provides clarifications on the enhanced disclosure of managers’ transactions. - ESMA recommends disclosing any acquisition, disposal, subscription or exchange of financial instruments of the relevant issuer or related financial instruments carried out by managers,, further illustrated through a non-exhaustive list of types of transactions subject to this obligation. . ESMA also clarifies the transactions that can be allowed by the issuer during a closed period when normally managers are prohibited to trade; and• proposes procedures and arrangements to ensure sound whistleblowing infrastructures – i.e. EU national regulators should allow the receipt of reports of infringements, including appropriate communication channels and guarantee the protection of reporting and reported persons, with respect to their identity and their personal data. Next steps ESMA has sent its technical advice to the European Commission for its consideration in drafting its implementing standards regarding MAR. ESMA’s regulatory technical standards regarding MAR will be delivered in July 2015.|
|21/05/2015||2015/856 Ann1||Investment-based crowdfunding- Insights from regulators in the EU||Innovation and Products||Final Report||PDF
|26/07/2016||2016/1171||Final Report Draft Implementing Technical Standards on sanctions and measures under MAR||Market Abuse, Market Integrity||Final Report||PDF
|30/09/2016||2016/1412||Final Report on MAR Guidelines on commodity derivatives||Guidelines and Technical standards, Market Abuse, Market Integrity||Final Report||PDF
Article 7(5) of MAR provides that the European Securities and Markets Authority (ESMA) shall issue guidelines to establish a non-exhaustive indicative list of information which is reasonably expected or is required to be disclosed in accordance with legal or regulatory provisions in Union or national law, market rules, contract, practice or custom, on the relevant commodity derivatives markets or spot markets as referred to in Article 7(1)(b) of MAR. This final report follows the Consultation Paper (CP) issued on March 2016.
Section 2 contains information on the background and mandate, while Section 3 sets out ESMA’s feedback to the CP responses in relation to the scope of the guidelines, the financial instruments and products covered by the examples of information relating directly and indirectly to commodity derivatives and information directly relating to a spot market contract. It also indicates whether and where ESMA has changed the guidelines following the consultation.
Annex I lists questions raised in the CP. Annex 2 provides the legislative mandate on the basis of which ESMA is issuing these guidelines. Annex 3 sets out ESMA’s view on the costs and benefits associated with these guidelines. Annex 4 contains the text of the guidelines.
The guidelines in Annex 4 will be translated into the official languages of the European Union and published on the ESMA’s website. Within 2 months of the issuance of the translations, each national competent authority will have to confirm whether it complies or intends to comply with those guidelines. In the event that a national competent authority does not comply or does not intend to comply, it will have to inform ESMA, stating its reasons. ESMA will publish the fact that a national competent authority does not comply or does not intend to comply with those guidelines.
|01/03/2021||ESMA30-379-471||Final Report- Advice on Article 8 of the Taxonomy Regulation||Sustainable finance||Final Report||PDF
|03/05/2019||ESMA34-45-688||Final report on integrating sustainability risks and factors in the UCITS Directive and the AIFMD||Fund Management, Sustainable finance||Final Report||PDF
|03/05/2019||ESMA35-43-1737||Final report on integrating sustainability risks and factors in the MIFID II||Audit, MiFID - Investor Protection, Sustainable finance||Final Report||PDF
|12/12/2019||ESMA42-111-4916||STOR Peer Review Report||Market Abuse, Supervisory convergence||Final Report||PDF
|31/03/2020||ESMA43-370-103||Final report on TA on EMIR 2.2 CCP fines||CCP Directorate, Credit Rating Agencies, Post Trading, Trade Repositories||Final Report||PDF
|18/12/2020||ESMA50-157-2403||Final report on Guidelines on outsourcing to cloud service providers||Innovation and Products||Final Report||PDF
|01/06/2017||ESMA7--145-100||Final report on MAR ITS on cooperation between competent authorities||Market Abuse, Market Integrity||Final Report||PDF
|08/10/2019||ESMA70-145-457||Final report on Draft Regulatory Technical Standards on cooperation arrangements under Regulation (EU) No 596/2014 on market abuse||Market Abuse||Final Report||PDF