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Reset all filters| Date | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
|---|---|---|---|---|---|---|---|---|---|
| 29/06/2012 | 2012/415 | Call for Evidence on Empty Voting | Transparency, Corporate Disclosure | CESR Document | PDF 275.66 KB |
ESMA launched a Call for Evidence on Empty Voting in September 2011 to analyse the potential issues and concerns raised by the practice of empty voting and to examine whether there was a possible need for further action. An analysis of the responses received to the consultation has led ESMA to conclude that there is insufficient evidence to justify any regulatory action at the European level at present. | |||
| 14/09/2011 | 2011/288 | Call for evidence- Empty voting | Corporate Disclosure, Corporate Governance, Transparency | Consultation Paper | PDF 81.13 KB |
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| 26/01/2011 | 2011/35 | Call for evidence- Request for technical advice on possible delegated acts concerning the Prospectus Directive (2003/71/EC) as amended by the Directive 2010/73/EU | Prospectus, Corporate Disclosure | Consultation Paper | PDF 3.85 MB |
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| 25/09/2020 | ESMA80-187-623 | Consultation Paper on BMR Advice Fees | Benchmarks | Consultation Paper | PDF 479.77 KB |
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| 26/09/2014 | 2014/1186 | Consultation paper on draft RTS on prospectus related issues under the Omnibus II Directive | Prospectus, Corporate Disclosure | Consultation Paper | PDF 670.42 KB |
ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex I. Comments are most helpful if they:• respond to the question stated;• indicate the specific question to which they relate;• contain a clear rationale; and• describe any alternatives ESMA should consider.ESMA will consider all comments received by 19 December 2014. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.Data protection Information on data protection can be found at www.esma.europa.eu under the heading ‘Legal Notice’.Who should read this paper This document will be of interest to all stakeholders. It would primarily be of interest to investors, issuers, offerors or persons asking for admission to trading on a regulated market, as well as to any market participant who is affected by Directive 2003/71/EC of 4 November 2003 (the Prospectus Directive) as amended by Directive 2010/73/EU and Directive 2010/78/EU and its Regulation (Commission Regulation (EC) No 809/2004) and Delegated Regulations (Commission Delegated Regulation (EC) No 486/2012, No 862/2012, No 759/2013 and No 1392/2014. | |||
| 27/05/2016 | 2016/723 | Consultation Paper on ESMA technical advice on Benchmarks Regulation | Market Integrity, Benchmarks | Consultation Paper | PDF 905.26 KB |
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| 07/07/2017 | ESMA70-145-127 | Consultation paper on the evaluation of the short-selling regulation | Market Integrity, Short Selling | Consultation Paper | PDF 1.46 MB |
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| 24/09/2021 | ESMA70-156-3914 | Consultation Paper on the review of certain aspects of the Short Selling Regulation | Short Selling | Consultation Paper | PDF 1.19 MB |
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| 10/11/2011 | 2011/373 | Consultation paper- Considerations of materiality in financial reporting | Corporate Disclosure, IFRS Supervisory Convergence | Consultation Paper | PDF 170.93 KB |
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| 15/06/2011 | 2011/141 | Consultation paper- ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU | Prospectus, Corporate Disclosure | Consultation Paper | PDF 1.45 MB |
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| 25/02/2021 | ESMA80-187-807 | Consultation Paper- Guidelines on use of alternative methodology | Benchmarks | Consultation Paper | PDF 263.42 KB |
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| 24/09/2020 | ESMA74-362-773 | CP on MiFID II MiFIR review report | Benchmarks, MiFID - Secondary Markets, MiFID II: Transparency Calculations and DVC, Post Trading | Consultation Paper | PDF 688.1 KB |
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| 23/12/2020 | ESMA43-370-272 | CP on Procedural rules for penalties imposed on Benchmark Administrators | Benchmarks | Consultation Paper | PDF 370.26 KB |
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| 15/02/2016 | 2016/288 | Discussion Paper Benchmarks Regulation | Market Integrity, Benchmarks | Consultation Paper | PDF 1017.02 KB |
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| 22/03/2012 | 2012/212 | Discussion Paper- An Overview of the Proxy Advisory Industry. Considerations on Possible Policy Options | Corporate Disclosure, Corporate Governance | Consultation Paper | PDF 524.85 KB |
This Discussion Paper focuses on the development of the proxy advisory industry in Europe, which mainly serves institutional investors such as asset managers, mutual funds and pension funds. Following its fact-finding work in 2011, ESMA recognises the proxy advisory industry within Europe is, or is expected to be, growing in prominence and investors are, or are expected to be, increasingly using proxy advisor services. In this paper ESMA identifies several key issues related to the proxy advisory market which may have an impact on the proper functioning of the voting process. The range of policy options that ESMA will consider, and on which it seeks further input from market participants, consists of four broad areas, including: 1. No EU-level action at this stage 2. Encouraging Member States and/or industry to develop standards 3. Quasi-binding EU-level regulatory instruments 4. Binding EU-level legislative instruments ESMA will consider these options based on the feedback it receives from market participants, and, if appropriate, will undertake further policy action, either directly or by providing an opinion to the European Commission. The reason to bring up some policy options is due to the fact that proxy advisors are currently not regulated at a pan-European level. Nevertheless, there are relevant European rules that apply to investors (e.g. for UCITS management companies when exercising voting rights). In addition, there are also well-recognised corporate governance standards that apply to issuers at a national level (based on the “comply or explain approach”) and some complements to improve standards of stewardship among investors. All feedback received from this Discussion Paper will be duly considered. ESMA expects to publish a feedback statement in Q4 of 2012 which will summarise the responses received and will state ESMA’s view on whether there is a need for policy action in this area. | |||
| 29/09/2017 | 70-145-105 | Draft Guidelines on non-significant benchmarks | Benchmarks, Guidelines and Technical standards | Consultation Paper | PDF 557.29 KB |
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| 19/12/2014 | 2014/1566 | Draft Regulatory Technical Standards on European Electronic Access Point (EEAP) | Transparency | Consultation Paper | PDF 2.17 MB |
Responding to this paper ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex III. Comments are most helpful if they:1. respond to the question stated;2. indicate the specific question to which the comment relates;3. contain a clear rationale; and4. describe any alternatives ESMA should consider. In order to respond to this paper, please follow the instructions given in the document ‘Reply form for the EEAP Consultation Paper’ also published on the ESMA website. ESMA will consider all comments received by 30 March 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the heading Legal Notice. Who should read this paper In particular, comments are sought from issuers, officially appointed mechanisms, investors, users of regulated information and stakeholders at large who are affected by Directive 2004/109/EC of December 2004 as amended by Directive 2013/50/EC. |
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| 21/03/2014 | 2014/300 | Draft Regulatory Technical Standards on major shareholdings and indicative list of financial instruments subject to notification requirements under the revised Transparency Directive | Corporate Disclosure, Transparency | Consultation Paper | PDF 883.94 KB |
The European Securities and Markets Authority (ESMA) has launched a consultation on draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings and the indicative list of financial instruments subject to notification requirements. The consultation runs until 30 May 2014. The revised Transparency Directive 2013/50/EC (TD) was published in the Official Journal of the European Union on 6 November 2013 and entered into force on 27 November 2013. ESMA is required to submit certain draft Regulatory Technical Standards (RTSs) on major shareholdings (for details on each RTS, see the relevant section) to the European Commission (Commission or EC) by 27 November 2014. According to Articles 10 and 15 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council establishing ESMA (ESMA Regulation), ESMA must conduct a public consultation before submitting draft RTSs to the Commission. This Consultation Paper (CP) therefore seeks stakeholders’ views on proposals for such RTSs. The input from stakeholders will help ESMA finalise the draft RTSs. Respondents to this CP are encouraged to consider the costs and benefits that the draft RTSs would imply and provide the relevant data to support their arguments or proposals. The CP also seeks stakeholders’ views on the proposed content of an indicative list of financial instru-ments referenced to shares and with economic effect similar to holding shares and entitlements to acquire shares. To respond | |||
| 15/03/2013 | 2013/316 | Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus | Prospectus, Corporate Disclosure | Consultation Paper | PDF 672.89 KB |
The Consultation Paper sets out a draft Regulatory Technical Standard concerning situations that require the systematic publication of a supplement to the prospectus which the European Securities and Markets Authority (ESMA) is obliged to develop in accordance with Article 16(3) of the Prospectus Directive. The listed situations are concrete examples of the general obligation in Article 16(1) to mention in a supplement every significant new factor, material mistake or inaccuracy relating to information included in the prospectus which is capable of affecting the assessment of the securities. ESMA believes that the test whether a new factor, mistake or inaccuracy qualifies as a triggering event for producing a supplement is the same test as whether information should be included in the prospectus. As a consequence, significance or materiality should be assessed according to the same qualitative and/or quantitative criteria used when drafting the prospectus. In light of this, ESMA has identified a short list comprising 10 situations, which will always require issuers, offerors or persons asking for admission to trading to draw up and publish a supplement to the prospectus.The CP includes a draft Regulatory Technical Standard setting out the situations that would require a systematic publication of a supplement as well as the minimum content of such a supplement. Responses to the consultation should be submitted online by 28 June 2013. | |||
| 09/03/2020 | ESMA70-156-1464 | Draft Regulatory Technical Standards under the Benchmarks Regulation | Benchmarks | Consultation Paper | PDF 649.44 KB |