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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
|14/04/2011||2011/112||Final report- Guidelines to competent authorities and UCITS management companies on risk meas-urement and the calculation of global exposure for certain types of structured UCITS||Fund Management||Final Report||PDF
|25/07/2012||2012/474||Report and consultation paper on guidelines on ETFs and other UCITS issues||Fund Management||Final Report||PDF
|This paper sets out ESMA’s guidelines on ETFs and other UCITS issues. The guidelines are adapted to the type of UCITS, management technique or financial instrument in question and are detailed in Annex III of the documentThis document also sets out in Annex IV a public consultation on the treatment of repo and reverse repo arrangements on which ESMA is seeking feedback from stakeholders. The feedback to this further consultation will be used by ESMA to finalise its position on this specific issue, which will be incorporated into the rest of the guidelines already adopted by the Authority (cf. Annex III of this document).|
|04/12/2012||2012/722||Guidelines on repurchase and reverse repurchase agreements||Fund Management||Final Report||PDF
The 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.
|24/05/2013||2013/600||Guidelines on key concepts of the AIFMD||Fund Management||Final Report||PDF
Executive Summary Reasons for publication On 23 February 2012, ESMA published a discussion paper (DP) on key concepts of the Alternative Investment Fund Managers Directive and types of AIFM (2012/117), which was followed on 19 December 2012 by the publication of a consultation paper (CP) on guidelines on key concepts of the AIFMD (2012/845). The CP set out formal proposals for guidelines ensuring common, uniform and consistent application of the concepts in the definition of ‘AIF’ in Article 4(1)(a) of the AIFMD by providing clarification on each of these concepts. This final report sets out the final text of the guidelines on key concepts of the AIFMD.
|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.|
|15/11/2013||2013/1339||Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD (revised)||Fund Management||Final Report||PDF
|23/09/2014||2014/1164 Annex||Annex to the Statement by Steven Maijoor, Chair of ESMA to the ECON hearing, 23 September 2014||Corporate Information||Final Report||PDF
|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.|
|21/05/2015||2015/856 Ann1||Investment-based crowdfunding- Insights from regulators in the EU||Innovation and Products||Final Report||PDF
|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
|07/04/2016||JC/2016/21||Final Draft RTS PRIIPs KID Report||Fund Management, Joint Committee||Final Report||PDF
|08/06/2016||2016/935||Final Report on Draft RTS under the ELTIF Regulation||Fund Management||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.
|01/06/2017||ESMA7--145-100||Final report on MAR ITS on cooperation between competent authorities||Market Abuse, Market Integrity||Final Report||PDF