ESMA LIBRARY

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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
15/10/2018 ESMA31-62-1114 2017 Report on EEA prospectus activity Corporate Finance Final Report PDF
385.45 KB
30/03/2022 ESMA32-63-1249 2021 Corporate reporting enforcement and regulatory activities Corporate Finance Annual Report PDF
748.01 KB
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.
18/12/2020 ESMA50-157-2403 Final report on Guidelines on outsourcing to cloud service providers Innovation and Products Final Report PDF
384.63 KB
18/12/2015 2015/1887 Follow-up report on the development of the Best Practice Principles for Providers of Shareholder Voting Research and Analysis Corporate Finance, Corporate Governance Final Report PDF
645.64 KB
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