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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
18/12/2014 2014/1560 Advice- Investment-based crowdfunding 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.
12/09/2013 2013/08/ODRG Agreed Understandings to Resolving Cross-border Conflicts, Inconsistencies, Gaps and Duplicative Requirements Final Report PDF
442.48 KB
21/12/2017 ESMA70-151-812 Annual peer review of EU CCP supervision on supervisory activities on CCPs’ Default Management Procedures Final Report PDF
471.59 KB
26/05/2016 2016/725 Draft RTS on indirect clearing arrangements under EMIR and MiFIR , , Final Report PDF
740.71 KB
13/08/2015 2015/1251 EMIR Review Report no.1- Review on the use of OTC derivatives by non-financial counterparties Final Report PDF
3.03 MB
13/08/2015 2015/1252 EMIR Review Report no.2- Review on the efficiency of margining requirements to limit procyclicality Final Report PDF
3.93 MB
13/08/2015 2015/1253 EMIR Review Report no.3- Review on the segregation and portability requirements Final Report PDF
267.55 KB
13/08/2015 2015/1254 EMIR Review Report no.4- ESMA input as part of the Commission consultation on the EMIR Review Final Report PDF
399.85 KB
08/01/2015 2015/20 ESMA review of CCP colleges under EMIR Final Report PDF
542.87 KB
02/10/2013 2013/1373 ESMA Technical advice on equivalence of Australia- OTC and TR (Supplement) Final Report PDF
736.17 KB
29/04/2016 2016/658 EU-wide CCP Stress test Report 2015 Final Report PDF
1.77 MB
04/02/2015 ESMA/2015/234 Feedback Statement on the Consultation on the Clearing Obligation for Non-Deliverable Forwards Final Report PDF
259.08 KB
10/11/2015 2015/1629 Final Report Clearing Obligation IRS other currencies Final Report PDF
838.64 KB
13/11/2015 2015/1645 Final report EMIR Article 9 RTS ITS Final Report PDF
280.02 KB
27/09/2018 ESMA70-151-1768 Final report no.6 on the Clearing Obligation (intragroup) Final Report PDF
706.77 KB
10/07/2017 ESMA70-151-370 Final report on draft technical standards on data to be made publicly available by TRs under Article 81 of EMIR Final Report PDF
322.56 KB
28/05/2018 ESMA70-151-1293 Final Report on Guidelines on CCP APC Margin Measures Final Report PDF
278.79 KB
07/02/2018 ESMA70-151-1094 Final report on guidelines on CCP conflict of interest management Final Report PDF
473.94 KB
21/04/2017 ESMA70-151-223 Final Report on technical advice to EC on fees to TRs under SFTR and on certain amendments to fees to TRs under EMIR Final Report PDF
336.87 KB
14/11/2016 2016/1565 Final Report on the clearing obligation for financial counterparties with a limited volume of activity , Final Report PDF
478.72 KB