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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
12/12/2019 ESMA42-111-4916 STOR Peer Review Report , Final Report PDF
1.17 MB
10/12/2019 ESMA34-46-91 Final report- Draft RTS under Article 25 of the ELTIF Regulation Final Report PDF
178.05 KB
24/10/2019 JC-2019-64 Joint ESA Supervisory Statement – application of scope of the PRIIPs Regulation to bonds , Statement PDF
802.39 KB
08/10/2019 ESMA70-145-457 Final report on Draft Regulatory Technical Standards on cooperation arrangements under Regulation (EU) No 596/2014 on market abuse Final Report PDF
409.3 KB
02/09/2019 ESMA34-39-882 Final Report_Guidelines on LST in UCITS and AIFs Final Report PDF
346.8 KB
19/07/2019 ESMA34-49-168 Final report on MMF reporting Final Report PDF
623.51 KB
03/05/2019 ESMA35-43-1737 Final report on integrating sustainability risks and factors in the MIFID II , , Final Report PDF
371.73 KB
03/05/2019 ESMA34-45-688 Final report on integrating sustainability risks and factors in the UCITS Directive and the AIFMD , Final Report PDF
483.4 KB
30/01/2019 ESMA71-99-1095 New IMSC Chair , Statement PDF
85.59 KB
07/11/2018 ESMA71-99-1058 ESMA new SC chairs , , Statement PDF
142.32 KB
17/11/2017 ESMA34-49-103 Technical advice, draft implementing technical standards and guidelines under the MMF Regulation Final Report PDF
989.54 KB
01/06/2017 ESMA7--145-100 Final report on MAR ITS on cooperation between competent authorities , Final Report PDF
926.19 KB
30/09/2016 2016/1412 Final Report on MAR Guidelines on commodity derivatives , , Final Report PDF
566.52 KB

Article 7(5) of MAR provides that the European Securities and Markets Authority (ESMA) shall issue guidelines to establish a non-exhaustive indicative list of information which is reasonably expected or is required to be disclosed in accordance with legal or regulatory provisions in Union or national law, market rules, contract, practice or custom, on the relevant commodity derivatives markets or spot markets as referred to in Article 7(1)(b) of MAR. This final report follows the Consultation Paper (CP) issued on March 2016.

Contents

Section 2 contains information on the background and mandate, while Section 3 sets out ESMA’s feedback to the CP responses in relation to the scope of the guidelines, the financial instruments and products covered by the examples of information relating directly and indirectly to commodity derivatives and information directly relating to a spot market contract. It also indicates whether and where ESMA has changed the guidelines following the consultation.

Annex I lists questions raised in the CP. Annex 2 provides the legislative mandate on the basis of which ESMA is issuing these guidelines. Annex 3 sets out ESMA’s view on the costs and benefits associated with these guidelines. Annex 4 contains the text of the guidelines.

Next steps

The guidelines in Annex 4 will be translated into the official languages of the European Union and published on the ESMA’s website. Within 2 months of the issuance of the translations, each national competent authority will have to confirm whether it complies or intends to comply with those guidelines. In the event that a national competent authority does not comply or does not intend to comply, it will have to inform ESMA, stating its reasons. ESMA will publish the fact that a national competent authority does not comply or does not intend to comply with those guidelines.

 

 

30/09/2016 2016/1408 ESMA appoints new chairs to Standing Committees , , , Statement PDF
141.3 KB

The Board of Supervisors of the European Securities and Markets Authority (ESMA) has appointed the following individuals to serve as chairs of its standing committees:

  • Hannelore Lausch, Executive Director of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Germany, will chair the Market Data Standing Committee;
  • Cyril Roux, Deputy Governor of the Central Bank of Ireland (CBI, will chair the Investment Management Standing Committee; and
  • Merel van Vroonhoven, Chair of the Autoriteit Financiële Markten (AFM), Netherlands, will chair the Investor Protection and Intermediaries Standing Committee.

The standing committees are expert groups drawn from ESMA staff and the national competent authorities for securities markets regulation in the Member States, and are responsible for the development of policy in their respective areas.  The appointments are for a period of two years and commence with immediate effect.

26/07/2016 2016/1171 Final Report Draft Implementing Technical Standards on sanctions and measures under MAR , Final Report PDF
929.78 KB
08/06/2016 2016/935 Final Report on Draft RTS under the ELTIF Regulation Final Report PDF
687.45 KB
25/05/2016 2016/724 Requirements for reference data submission under Article 4 MAR , Statement PDF
88.1 KB
07/04/2016 JC/2016/21 Final Draft RTS PRIIPs KID Report , Final Report PDF
2.63 MB
02/02/2016 2016/165 Public Statement- Supervisory work on potential closet index tracking Statement PDF
258.17 KB

The European Securities and Markets Authority (ESMA) is issuing this statement to inform stakeholders and especially investors about the potential for some European collective investment funds to be ‘closet index trackers’, and to give details on the work that ESMA has been doing in this context.

Introduction

  1. ESMA’s attention was drawn to an alleged practice in the European collective investment management industry whereby asset managers claim, according to their fund rules and investor information documentation, to manage their funds in an active manner while the funds are, in fact, staying very close to a benchmark and therefore implementing an investment strategy which requires less input from the investment manager. At the same time, it is alleged that these funds charge management fees in line with those of funds that are considered to be actively managed[1]. This practice is commonly referred to as ‘closet indexing’ or ‘index hugging’.
  2. In many EU Member States, NCAs have launched or are in the process of launching specific investigations, in addition to their regular monitoring and supervisory functions, to determine the potential extent of closet indexing in their jurisdictions, with a focus on equity funds at this stage. At the same time, the issue has been the subject of considerable attention by investor protection groups and the media throughout the European Union.

Reasons for issuing this statement

  1. The issues around ‘closet indexing’ form part of a broader issue on the effectiveness of investor disclosure and the legitimate expectations of investors in respect of the service provided by some asset managers. Nonetheless, the potential practice of closet indexing in Europe raises questions that merit closer analysis. The analysis carried out by ESMA (see paragraphs 9 to 16 for more details) indicates that there might be a small, but not insignificant number of funds in the EU equity fund sector that may be closet index trackers. If the existence of this practice were to be confirmed by further supervisory scrutiny carried out at national level, this could mean that:
  1. investors could be making investment decisions based on an expectation that they will be provided with a more active fund management service than they receive in practice and, therefore, may be paying higher management fees than that usually envisaged for a passive/not significantly active management service;
  2. investors may be exposed to a different risk/return profile than they expect; and
  3. some asset managers may not provide clear descriptions of how funds are managed in key disclosure documents such as the fund’s Prospectus and Key Investor Information Document (KIID).
  1. ESMA considers it important that fund managers take their commitments in disclosure documents seriously. Managers should expect supervisory consequences where evidence for incorrect disclosures is proven.
 

[1] ESMA recognises that management fees may depend on a number of factors.

22/12/2015 2015/1905 MAD Supervisory Practices peer review follow-up , Final Report PDF
239.64 KB

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