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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
18/12/2014 2014/1560 Advice- Investment-based crowdfunding 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.
01/02/2021 ESMA34-39-961 Draft implementing technical standards under the Regulation on cross-border distribution of funds Final Report PDF
446.92 KB
07/04/2016 JC/2016/21 Final Draft RTS PRIIPs KID Report , Final Report PDF
2.63 MB
03/02/2021 JC 2020 66 Final Report following consultation on draft regulatory technical standards to amend the PRIIPs KID , Final Report PDF
1.7 MB
08/06/2016 2016/935 Final Report on Draft RTS under the ELTIF Regulation Final Report PDF
687.45 KB
08/01/2019 ESMA33-128-557 Final report on draft technical standards on cooperation, exchange of information and notification between competent authorities and ESMA, the EBA and EIOPA under the Securitisation Regulation Final Report PDF
609.03 KB
17/12/2020 ESMA34-32-552 Final report on Guidelines on Article 25 of the AIFMD Final Report PDF
404.82 KB
18/12/2020 ESMA50-157-2403 Final report on Guidelines on outsourcing to cloud service providers Final Report PDF
384.63 KB
16/12/2020 ESMA34-49-289 Final report on Guidelines on stress test scenarios under the MMF Regulation Final Report PDF
656.81 KB
03/05/2019 ESMA34-45-688 Final report on integrating sustainability risks and factors in the UCITS Directive and the AIFMD , Final Report PDF
483.4 KB
19/07/2019 ESMA34-49-168 Final report on MMF reporting Final Report PDF
623.51 KB
22/08/2018 ESMA33-128-474 Final Report on Technical standards on disclosure requirements under the Securitisation Regulation Final Report PDF
3.12 MB
13/11/2018 ESMA33-128-488 Final Report Repositories Technical Standards Final Report PDF
1.55 MB
10/12/2019 ESMA34-46-91 Final report- Draft RTS under Article 25 of the ELTIF Regulation Final Report PDF
178.05 KB
27/05/2021 ESMA34-45-1244 Final report- Guidelines on marketing communications Final Report PDF
430.47 KB
03/04/2020 ESMA34-39-968 Final report- Guidelines on performance fees in UCITS and certain types of AIFs , Final Report PDF
483.83 KB
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 Final Report PDF
166.5 KB
02/09/2019 ESMA34-39-882 Final Report_Guidelines on LST in UCITS and AIFs Final Report PDF
346.8 KB
24/05/2013 2013/600 Guidelines on key concepts of the AIFMD Final Report PDF
473.66 KB

  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.

15/11/2013 2013/1339 Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD (revised) Final Report PDF
701.63 KB