ESMA LIBRARY

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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 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.
09/03/2020 ESMA80-199-332 ESMA Supervision- Annual Report 2019 and Work Programme 2020 Benchmarks, Credit Rating Agencies, Securities Financing Transactions, Securitisation, Trade Repositories Annual Report PDF
825.72 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 Securitisation Final Report PDF
609.03 KB
28/03/2022 ESMA70-445-38 Final Report on Emission allowances and associated derivatives MiFID - Secondary Markets, Sustainable finance Final Report PDF
3.19 MB
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
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
371.73 KB
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
483.4 KB
12/10/2021 ESMA82-402-683 Final Report on STS notification for synthetic securitisations Securitisation Final Report PDF
795.09 KB
22/10/2021 JC 2021 50 Final report on taxonomy-related product disclosure RTS Joint Committee, Sustainable finance Final Report PDF
1.62 MB
22/08/2018 ESMA33-128-474 Final Report on Technical standards on disclosure requirements under the Securitisation Regulation Securitisation Final Report PDF
3.12 MB
13/11/2018 ESMA33-128-488 Final Report Repositories Technical Standards Securitisation Final Report PDF
1.55 MB
01/03/2021 ESMA30-379-471 Final Report- Advice on Article 8 of the Taxonomy Regulation Sustainable finance Final Report PDF
2.89 MB
21/05/2015 2015/856 Ann1 Investment-based crowdfunding- Insights from regulators in the EU Innovation and Products Final Report PDF
319.65 KB
15/03/2018 JC-2018-04 Joint Committee Final Report on Big Data Innovation and Products Final Report PDF
520.31 KB