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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
22/07/2019 ESMA70-151-1952 2018 CCP Peer Review Report Report PDF
694.38 KB
09/01/2019 ESMA50-157-1391 Advice on Initial Coin Offerings and Crypto-Assets Report PDF
882.48 KB
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
17/10/2019 ESMA42-111-4895 EMIR data quality peer review , Report PDF
862.01 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
04/10/2016 2016/1415 ESMA reporton on securities financing transactions and leverage in the EU , Report PDF
1.94 MB
07/06/2017 ESMA50-158-457 ESMA response to the Commission Consultation Paper on Fintech: A more competitive and innovative financial sector Report PDF
712.26 KB
  1. ESMA welcomes the opportunity to respond to the Commission Consultation paper on Fintech: a more competitive and innovative financial sector (hereafter “the Consultation”).
  2. 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.
  3. 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
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
07/01/2020 ESMA70-151-2869 Final Report CCPs' Membership Criteria and Due Diligence Final Report PDF
229.41 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