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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
04/01/2011 10-1541 3L3 Committees Joint Letter on the European Commission’s Green Paper on Audit: Lessons learnt from the Crisis , Letter PDF
144.8 KB
04/01/2011 10-1541 Annex 2 3L3 Committees Joint Letter on the European Commission’s Green Paper on Audit: Lessons learnt from the Crisis- CEBS annex , Letter PDF
120.57 KB
04/01/2011 10-1541 Annex 3 3L3 Committees Joint Letter on the European Commission’s Green Paper on Audit: Lessons learnt from the Crisis- CEIOPS annex , Letter PDF
87.69 KB
04/01/2011 10-1541 Annex 1 3L3 Committees Joint Letter on the European Commission’s Green Paper on Audit: Lessons learnt from the Crisis- CESR annex , Letter PDF
159.33 KB
30/10/2014 JC/2014/01 add Addendum to Joint CP on draft ITS on the mapping of ECAIs Consultation Paper PDF
157.22 KB
The Joint Committee of the three European Supervisory Authorities (EBA, ESMA and EIOPA - ESAs) published today an addendum to the joint consultation on the mapping of the credit assessments to risk weights of External Credit Assessment Institutions (ECAIs). The addendum provides further details on the application of the rules proposed in the draft Implementing Technical Standards (ITS) in relation to particular ECAIs and is to be considered as an extension of the consultation process. The consultation period will be reopened until 30 November 2014 in order to collect additional comments. In line with the specifications included in the joint Consultation Paper published in February 2014, this addendum contains the individual mapping tables of all relevant ECAIs. The proposed mappings establish the level of capital that financial institutions should hold in order to ensure the safety and soundness of the EU financial system. These draft mappings are based on the amount of objective information available for each ECAI regarding the performance of its credit ratings. Therefore, the draft mappings mainly reflect the historical ability of ECAIs to anticipate negative credit events. For those cases where only a small number of credit ratings were available, the draft mappings have to a large extent relied on alternative information; whereas, when no relevant information was found, a certain degree of prudence has been applied. Furthermore, the addendum contains some additional aspects resulting from the cost-benefit/impact assessment analysis. The analysis shows that the proposals for the largest ECAIs are not expected to have a significant impact on financial institutions in terms of capital requirements. Only in very specific cases the average capital requirement associated with a particular ECAI might increase by up to 10%. In the case of ECAIs that currently have no mapping established, the impact is expected to reflect the true risk profile of the rated entities. In addition, the EBA also published the individual draft mapping reports that illustrate how the rules proposed in the draft ITS were applied. The draft mappings will be reviewed in light of any comments received during the consultation process. Consultation process The consultation deadline is 30 November 2014 and responses can be submitted here. All contributions received will be published following the close of the consultation, unless requested otherwise. Draft Mapping Reports
09/01/2019 ESMA50-157-1391 Advice on Initial Coin Offerings and Crypto-Assets Report PDF
882.48 KB
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.
09/03/2016 ESAs/2016/22 Annexes to RTS on Risk Mitigation LegisWrite Final Report PDF
297.23 KB
25/02/2015 2015/494 Best Execution under MiFID , 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.
17/07/2019 ESMA35-43-1905 Call for evidence Impact of the inducements and costs and charges disclosure requirements under MiFID II Consultation Paper PDF
479.41 KB
30/09/2019 ESMA-35-43-2090 Call for evidence on MiFID II product intervention powers Consultation Paper PDF
197.51 KB
18/01/2018 ESMA35-43-904 Call for Evidence – Potential product intervention measures on contracts for differences and binary options to retail clients Consultation Paper PDF
306.85 KB
19/12/2018 ESMA35-43-1210 Consulation paper on integrating sustainability risks and factors in MiFID II Consultation Paper
16/10/2019 JC-2019-63 Consultation Paper on amendments to PRIIPs KID , Consultation Paper PDF
2.42 MB
15/07/2019 ESMA35-43-2019 Consultation paper on compliance function guidelines Consultation Paper PDF
677.15 KB
05/10/2016 2016/1436 Consultation Paper on Draft guidelines on MiFID II product governance requirements Consultation Paper PDF
661.2 KB
22/12/2011 2011/446 Consultation paper on guidelines on certain aspects of the MiFID compliance function requirements Consultation Paper PDF
393.94 KB
13/07/2017 ESMA35-43-748 Consultation Paper on guidelines on certain aspects of the MiFID II suitability requirements Consultation Paper PDF
740.94 KB
22/12/2011 2011/445 Consultation paper on guidelines on certain aspects of the MiFID suitability requirements Consultation Paper PDF
355.06 KB
19/12/2018 ESMA35-43-1210 Consultation paper on integrating sustainability risks and factors in MiFID II Consultation Paper PDF
494.66 KB

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