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Date	Ref.	Title	Section	Type	Download	Info	Summary	Related Documents	Translated versions
14/09/2011	2011/288	Call for evidence- Empty voting	Corporate Disclosure, Corporate Governance, Transparency	Consultation Paper	PDF 81.13 KB
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.
22/04/2015	2015/532	Investment using virtual currency or distributed ledger technology	Innovation and Products	Consultation Paper	PDF 526.19 KB		ESMA has been monitoring and analysing virtual currency investment over the last 6 months, to understand developments in the market, potential benefits or risks for investors, market integrity or financial stability, and to support the functioning of the EU single market. ESMA’s analysis is set out in this paper. ESMA is seeking to share its analysis in order to promote wider understanding of innovative market developments, and invites market participants and other stakeholders to submit feedback and any additional information on the following topics: Virtual currency investment products, i.e. collective investment schemes or derivatives such as options and CFDs that have virtual currencies (VCs) as an underlying or invest in VC related businesses and infrastructure; Virtual currency based assets/securities and asset transfers, i.e. financial assets such as shares, funds, etc. that are exclusively traded using virtual currency distributed ledgers (also known as block chains);and The application of the distributed ledger technology to securities/investments, whether inside or outside a virtual currency environment.
08/06/2015	2015/920	Impact of the Best Practice Principles for Providers of Shareholder Voting Research and Analysis	Corporate Disclosure, Corporate Governance	Consultation Paper	PDF 337.08 KB		Responding to this Call for Evidence ESMA invites comments on all matters in this paper and in particular on the specific questions presented throughout the paper. Comments are most helpful, if they:a. respond to the question stated;b. indicate the specific question to which they relate; andc. contain a clear rationale. ESMA will consider all comments received by 27 July 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 Call for Evidence, 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 Call for Evidence This Call for Evidence will be of relevance to persons and entities participating in the voting chain, particularly proxy advisors, investors, companies listed in Europe, proxy solicitors and consultants.
01/07/2015	2015/1005	Questions and Answers: Investment-based crowdfunding: money laundering/terrorist financing	Innovation and Products	Q&A	PDF 157.73 KB
02/06/2016	2016/773	Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets	Innovation and Products, Risk Analysis & Economics - Markets Infrastructure Investors	Consultation Paper	PDF 573.86 KB
05/04/2017	ESMA31-54-435	Report on shareholder identification and communication systems	Corporate Finance, Corporate Governance	Report	PDF 1.09 MB
07/06/2017	ESMA50-158-457	ESMA response to the Commission Consultation Paper on Fintech: A more competitive and innovative financial sector	Innovation and Products	Report	PDF 712.26 KB		ESMA welcomes the opportunity to respond to the Commission Consultation paper on Fintech: a more competitive and innovative financial sector (hereafter “the Consultation”). Fintech and, technological innovation in general, have been the drivers of a number of developments in the financial sector in recent years. Indeed, new forms of services and businesses such as automated advice or crowdfunding have emerged. ESMA sees these developments as a positive evolution as long as they are aimed at improving consumer financial experience and facilitate financial inclusion. ESMA would also want to stress that it adheres to the core principles (technological neutrality, proportionality and market integrity) highlighted by the Commission and agrees that any EU policies aiming to ensure the financial sector takes advantage of cutting-edge technologies, while remaining sound and safe for investors, need to integrate these principles. In this response, ESMA wishes to share with the Commission some reflections on a number of topics mentioned in the Consultation which appear relevant to ESMA: Artificial intelligence and big data analytics for automated advice and businesses; Crowdfunding; Reg Tech; Outsourcing and cloud computing; Distributed ledger technology; Role of regulation and supervisors; and Role of industry: standards and interoperability
07/01/2019	JC 2018 74	Joint ESA report on Regulatory sandboxes and innovation hubs	Innovation and Products, Joint Committee	Report	PDF 478.79 KB
09/01/2019	ESMA50-157-1391	Advice on Initial Coin Offerings and Crypto-Assets	Innovation and Products	Report	PDF 882.48 KB
11/04/2019	ESMA31-62-780	Q&A on Prospectus Related Topics	Brexit, Corporate Disclosure, Corporate Finance, Corporate Governance, Corporate Information, Prospectus, Supervisory convergence	Q&A	PDF 957.9 KB
11/04/2019	ESMA31-67-127	Question and answers on Transparency Directive (TD)	Brexit, Corporate Disclosure, Corporate Finance, Supervisory convergence, Transparency	Q&A	PDF 352.79 KB
12/07/2019	ESMA50-164-2430	Report on the Licensing of FinTech business models	Innovation and Products	Report	PDF 585.36 KB
03/06/2020	ESMA50-164-3342	Draft Guidelines on Outsourcing to Cloud Service Providers	Innovation and Products	Consultation Paper	PDF 390.7 KB
29/06/2020	ESMA50-164-3463	ESMA’s response to the European Commission’s Consultation on a New Digital Finance Strategy for Europe	Innovation and Products	Report	PDF 380.54 KB
29/09/2020	ESMA WP-2020-3	ESMA working paper on DVC mechanism and impact on EU equity markets	Innovation and Products, Risk Analysis & Economics - Markets Infrastructure Investors	Report	PDF 535.76 KB