ESMA LIBRARY
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Reset all filtersDate | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
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26/04/2012 | 2012/270 | Actual use of sanctioning powers under MAD | Supervisory convergence | Final Report | PDF 1.55 MB |
The report provides a comparison of the use of administrative sanctioning powers across 29 EEA Member States for 2008-2010. The results of the report will provide input to the legislative process on the new market abuse regime. | |||
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. | |||
18/03/2015 | 2015/592 | Automated Trading Guidelines- ESMA peer review among National Competent Authorities | Supervisory convergence | Final Report | PDF 930.33 KB |
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25/02/2015 | 2015/494 | Best Execution under MiFID | MiFID - Investor Protection, Supervisory convergence | Final Report | PDF 761.62 KB |
The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders. ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including: • prioritisation of best execution as a key conduct of business supervisory issue; • the allocation of sufficient resources to best execution supervision; and • a more proactive supervisory approach to monitoring compliance with best execution requirements, both desk-based and onsite inspections. The review was conducted on the basis of information provided by 29 NCAs and complemented by on-site visits to the NCAs of France, Liechtenstein, Luxembourg, Malta, Poland and Spain. | |||
25/05/2021 | ESMA-50-164-4518 | Call for evidence- Digital Finance | Innovation and Products | Consultation Paper | PDF 300.37 KB |
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11/07/2022 | ESMA70-460-34 | Consultation Paper on Guidelines on standard forms, formats and templates to apply for permission to operate a DLT market infrastructure | Innovation and Products, MiFID - Secondary Markets | Consultation Paper | PDF 998.27 KB |
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26/03/2020 | ESMA70-151-2852 | Consultation Report PTRR Services- Article 85(3a) of EMIR | Post Trading, Supervisory convergence | Consultation Paper | PDF 537.27 KB |
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20/11/2020 | ESMA74-362-932 | CP on DRSP criteria for derogation | Post Trading, Supervisory convergence, Trading | Consultation Paper | PDF 384.54 KB |
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20/11/2020 | ESMA74-362-837 | CP on DRSP fees | Post Trading, Supervisory convergence, Trading | Consultation Paper | PDF 526.22 KB |
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27/03/2020 | ESMA74-362-47 | CP on the TS on reporting data quality data access and registration of TRs under EMIR REFIT | Post Trading, Supervisory convergence, Trade Repositories | Consultation Paper | PDF 2.66 MB |
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02/06/2016 | 2016/773 | Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets | Innovation and Products, Risk Analysis & Economics - Markets Infrastructure Investors | Consultation Paper | PDF 573.86 KB |
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03/06/2020 | ESMA50-164-3342 | Draft Guidelines on Outsourcing to Cloud Service Providers | Innovation and Products | Consultation Paper | PDF 390.7 KB |
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15/04/2021 | ESMA80-193-1713 | EMIR and SFTR data quality report 2020 | Market data, Press Releases, Securities Financing Transactions, Supervisory convergence | Final Report | PDF 791.94 KB |
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01/04/2022 | ESMA74-47-607 | EMIR_and_SFTR_dq_report | Market data, Supervisory convergence | Final Report | PDF 1.53 MB |
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02/04/2020 | ESMA70-151-2823 | ESMA Report to the European Commission on Central Clearing Obligations for PSA- No 1 | Joint Committee, Post Trading, Supervisory convergence | Consultation Paper | PDF 309.21 KB |
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06/04/2021 | ESMA74-362-1853 | Final report Draft Guidelines On periodic information to be submitted to ESMA by Trade Repositories | Market data, Supervisory convergence, Trade Repositories | Final Report | PDF 221.11 KB |
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30/03/2020 | ESMA70-151-2919 | Final Report EMIR RTS on Colleges for CCPs | CCP Directorate, Post Trading, Supervisory convergence | Final Report | PDF 273.08 KB |
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18/12/2020 | ESMA50-157-2403 | Final report on Guidelines on outsourcing to cloud service providers | Innovation and Products | Final Report | PDF 384.63 KB |
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22/04/2015 | 2015/532 | Investment using virtual currency or distributed ledger technology | Innovation and Products | Consultation Paper | PDF 526.19 KB |
ESMA has been monitoring and analysing virtual currency investment over the last 6 months, to understand developments in the market, potential benefits or risks for investors, market integrity or financial stability, and to support the functioning of the EU single market. ESMA’s analysis is set out in this paper. ESMA is seeking to share its analysis in order to promote wider understanding of innovative market developments, and invites market participants and other stakeholders to submit feedback and any additional information on the following topics: Virtual currency investment products, i.e. collective investment schemes or derivatives such as options and CFDs that have virtual currencies (VCs) as an underlying or invest in VC related businesses and infrastructure; Virtual currency based assets/securities and asset transfers, i.e. financial assets such as shares, funds, etc. that are exclusively traded using virtual currency distributed ledgers (also known as block chains);and The application of the distributed ledger technology to securities/investments, whether inside or outside a virtual currency environment. | |||
21/05/2015 | 2015/856 Ann1 | Investment-based crowdfunding- Insights from regulators in the EU | Innovation and Products | Final Report | PDF 319.65 KB |