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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
14/04/2011 2011/118 Press release- ESMA sets out guidelines on risk measurement and the calculation of global exposure for certain types of structured UCITS , Press Release PDF
31.34 KB
15/04/2011 2011/123 Press release- ESMA seeks preliminary views on future rules for alternative investment fund managers , Press Release PDF
39.69 KB
06/07/2011 2011/203 The European Fund Industry Paradigm , Speech PDF
35.65 KB

The European Fund Industry Paradigm: Combining Long Term Investment Horizons and Risk Profiles Opening speech by Steven Maijoor, Chair of ESMA, at the Paris EUROPLACE Financial Forum - 6 July 2011

13/07/2011 2011/214 Press release- ESMA seeks views on future rules for alternative investment fund managers , Press Release PDF
58.32 KB
22/07/2011 2011/221 Press release- ESMA seeks preliminary views on the potential shape of future regulation of exchange-traded funds and structured UCITS , Press Release PDF
33.85 KB
23/08/2011 2011/271 Press release- ESMA consults on future rules for alternative investment fund managers and the treatment of third country entities , Press Release PDF
64.05 KB
16/11/2011 2011/378 Press release- ESMA details future rules for alternative investment fund managers , Press Release PDF
61.82 KB
30/01/2012 2012/43 ESMA outlines future regulatory framework for ETFs and other UCITS issues , Press Release PDF
146.49 KB
ESMA publishes today a consultation paper (ESMA/2012/44) setting out future guidelines on UCITS Exchange-Traded Funds (UCITS ETFs) and other UCITS-related issues. The proposals cover both synthetic and physical UCITS ETFs and detail the obligations to come for UCITS ETFs, index-tracking UCITS, efficient portfolio management techniques, total return swaps and strategy indices for UCITS. ESMA’s proposals therefore go wider than ETFs and cover such areas as the use of total return swaps by any UCITS, for which ESMA envisages additional obligations with respect to the collateral to be provided, or UCITS investing in strategy indices, where the requirements on eligibility of such indices have been tightened. The proposals also include placing an obligation on UCITS ETFs to use an identifier and facili-tating the ability of investors to redeem their shares, whether in the secondary market or directly with the ETF provider.
28/06/2012 2012/441 ESMA proposes remuneration guidelines for alternative investment fund managers , Press Release PDF
183.45 KB
The European Securities and Markets Authority (ESMA) has published today a consultation paper on proposed Guidelines on remuneration of alternative investment fund managers (AIFMs).  ESMA’s future guidelines will apply to managers managing alternative investment funds (AIFs) including hedge funds, private equity funds and real estate funds.  These funds will be asked to introduce sound and prudent remuneration policies and structures with the aim of increasing investor protection and avoiding conflicts of interest that may lead to excessive risk taking.
25/07/2012 2012/475 ESMA publishes ETF guidelines and consults on repo arrangements , Press Release PDF
119.34 KB
The European Securities and Markets Authority (ESMA) has today published guidelines on Exchange-Traded Funds (ETFs) and other UCITS issues.  These guidelines will apply to national securities markets regulators and UCITS management companies.ESMA is also seeking views on the appropriate treatment of repo and reverse repo arrangements in the context of the guidelines on ETFs and other UCITS issues.
03/12/2012 2012/798 EU and Swiss regulators to co-operate on cross-border supervision of alternative investment funds , Press Release PDF
319.88 KB
04/12/2012 2012/801 ESMA finalises guidelines on repo arrangements for UCITS funds , Press Release PDF
105.28 KB
Date: 04 December 2012ESMA/2012/801PRESS RELEASEESMA finalises guidelines on repo arrangements for UCITS fundsThe European Securities and Markets Authority (ESMA) has today published its final guidelines on repurchase and reverse repurchase agreements for UCITS funds.  The guidelines state that UCITS should only enter into such agreements if they are able to recall at any time any assets or the full amount of cash.Key elements of the guidelines are:•    For repurchase arrangements, UCITS should be able to recall at any time the assets subject to such arrangements; •    For reverse repurchase agreements, UCITS should be able to recall at any time the full amount of cash on either an accrued or a mark-to-market basis.  However, when cash is recalled on a mark-to-market basis, the mark-to-market value of the reverse repurchase agreements should be used for the calculation of the net asset value of the UCITS; and•    ESMA considers fixed-term repurchase and reverse repurchase agreements that do not exceed seven days as arrangements that allow the assets to be recalled at any time by the UCITS.The guidelines will now be translated into all EU languages and will be incorporated into ESMA’s Guidelines on ETFs and other UCITS issues, published in July 2012.  The full set of guidelines will enter into force two months after the publication of the translations.  This will result in a comprehensive framework for UCITS that will increase transparency and investor protection and contributes to safeguarding the stability of financial markets. Notes for editors1.    ESMA is an independent EU Authority that was established on 1 January 2011 and works closely with the other European Supervisory Authorities responsible for banking (EBA), and insurance and occupational pensions (EIOPA), and the European Systemic Risk Board (ESRB).2.    ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU).  As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU.  ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity.Further information:David CliffeSenior Communications Officer Tel:   +33 (0)1 58 36 43 24 Mob: +33 6 42 48 29 06Email: press@esma.europa.eu
19/12/2012 2012/848 ESMA clarifies rules for alternative investment funds and their managers , Press Release PDF
110.38 KB
11/01/2013 2013/13 ESMA and the EBA take action to strengthen Euribor and benchmark rate-setting processes , Press Release PDF
207.75 KB
20/09/2013 2013/1324 ESMA TRV: market conditions improve, as systemic risks persist Press Release PDF
149.46 KB
The European Securities and Markets Authority (ESMA) published today its Trends, Risks, Vulnerabilities (TRV) Report and a Risk Dashboard for the second quarter of 2013. The TRV examines the performance of securities markets in the first half of 2013, assessing both trends and risks in order to develop a comprehensive picture of systemic and macro-prudential risks in the EU, to assist both national and EU bodies in their risk assessments. ESMA’s TRV contributes to promoting financial stability and enhancing consumer protection by regularly looking into cross-border and cross-sector trends, risks and vulnerabilities, both at the wholesale and retail level. The TRV finds that EU securities markets and investment conditions in the EU have improved for a second quarter in a row since the 4th quarter of 2012, although systemic risk persisted at medium to high levels. Amongst other risk factors, uncertainty remained high due to concerns over funding sources, low interest rates and recent market fluctuations, resulting in increased market risk, while liquidity, credit and contagion risk continue to be significant. Steven Maijoor, ESMA Chair, said: “While the easing of stress in financial markets is a positive sign, systemic risks in the EU remain high and uncertainty in the international market environment has risen. Valuations in securities markets, volatility in fund flows, and continuity issues around financial benchmarks remain a matter of concern. Faced with these issues regulators and market participants should remain vigilant. “ESMA’s work on identifying those risks facing Europe’s securities markets is an important component in the European System of Financial Supervision’s efforts to foster recovery in its markets and promote financial stability.” The TRV identifies the following key trends for the first half of 2013 in EU securities markets: • Securities markets: market conditions improved moderately while issuance was subdued with equity prices declining and inter-bank lending increasing. The second quarter saw an increase in sovereign borrowing costs, and corporate bonds; covered bonds and securitised products were subdued; • Collective investments: asset managers benefited from improved market conditions, mainly driven by bond, equity or alternative funds whereas money market fund assets decreased. Overall, leverage remained moderate but capital inflows were volatile reflecting a decline in investor sentiment; and • Market infrastructures: trading on EU venues increased in early 2013. Central clearing of interest rate swaps continued to grow. Potential continuity issues around financial benchmarks give rise to concerns. Key risks identified in the Report, and published separately in the Risk Dashboard, include: • Liquidity risk: even though policy action helped to reduce liquidity risks in main market segments, others rose, leaving the overall liquidity risk at high levels; • Credit risk: securities markets in the EU saw a reduction in issuance volumes, mainly in asset classes with higher risk and longer maturities. Despite recent debt refinancing, overall credit risk remains high; • Market risk: equity and bond markets risks increased driven by rising concerns over the valuation of assets; and • Contagion risk: the risk of contagion between market segments remained unchanged, while the level of credit default swap exposures declined. In addition, the TRV presents in-depth analyses on four specific topics: • First evidence on the impact of the Short-Selling Regulation on securities markets; • Contagion risks and the network structure of EU CDS exposures; • Overview of the EU UCITS industry; and • Overview of bail-in and contingent capital securities. Next steps As part of its on-going market surveillance, ESMA publishes its TRV semi-annually, complemented by its quarterly risk dashboard.
01/10/2013 2013/1368 ESMA clarifies reporting requirements for alternative fund managers , Press Release PDF
81.3 KB
Questions regarding technical support should be sent to info.it.aifmd[at]esma.europa.eu.
11/02/2013 2013/200 ESMA rules aim to curb excessive risk taking by alternative fund managers , Press Release PDF
95.78 KB
14/02/2013 2013/215 ESMA issues first risk report on EU securities markets , Press Release PDF
99.25 KB
30/05/2013 2013/629 ESMA promotes global supervisory co-operation on alternative funds Press Release PDF
174.57 KB
06/06/2013 2013/684 ESMA and the EBA publish final principles on benchmarks , , Press Release PDF
125.48 KB

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