REFINE YOUR SEARCH
Type of document
|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|18/12/2014||2014/1560||Advice- Investment-based crowdfunding||Innovation and Products||Final Report||PDF
|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.|
|09/01/2019||ESMA71-99-1084||Crypto-assets need common EU-wide approach to ensure investor protection||Innovation and Products, Press Releases||Press Release||PDF
|26/05/2016||2016/725||Draft RTS on indirect clearing arrangements under EMIR and MiFIR||Guidelines and Technical standards, Post Trading, MiFID - Secondary Markets||Final Report||PDF
|26/09/2017||ESMA71-99-599||EBA and ESMA provide guidance to assess the suitability of management body members and key function holders||Guidelines and Technical standards, Joint Committee, MiFID - Investor Protection, Press Releases||Press Release||PDF
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have published their joint Guidelines to assess the suitability of members of management bodies and key function holders.
|15/03/2018||15-3-18||ESAs weigh benefits and risks of Big Data||Innovation and Products, Press Releases||Press Release||PDF
|02/06/2016||2016/743||ESMA assesses usefulness of distributed ledger technologies||Innovation and Products, Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors||Press Release||PDF
|12/01/2017||ESMA71-844457584-322||ESMA calls for consistent application of MiFIR product intervention powers||Innovation and Products||Press Release||PDF
|27/03/2014||2014/334||ESMA issues good practices for structured retail product governance||MiFID - Investor Protection, Innovation and Products||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has published an opinion on structured retail products, setting out good practices for firms when manufacturing and distributing these products.|
|06/07/2012||2012/387||Final report Guidelines on certain aspects of the MiFID suitability requirements||Guidelines and Technical standards, MiFID - Investor Protection||Final Report||PDF
|30/09/2016||2016/1412||Final Report on MAR Guidelines on commodity derivatives||Guidelines and Technical standards, Market Abuse, Market Integrity||Final Report||PDF
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.
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.
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.
|10/10/2016||2016/1451||Final Report- Guidelines on transaction reporting, order record keeping and clock synchronisation under MiFID II||Guidelines and Technical standards, MiFID - Secondary Markets||Final Report||PDF
|28/09/2017||ESMA70-154-266||Guidelines on the management body of market operators and data reporting service providers||Guidelines and Technical standards, MiFID - Secondary Markets||Final Report||PDF
|24/08/2017||ESMA70-151-552||Guidelines on transfer of data between Trade Repositories||Guidelines and Technical standards, Post Trading||Final Report||PDF
|21/05/2015||2015/856 Ann1||Investment-based crowdfunding- Insights from regulators in the EU||Innovation and Products||Final Report||PDF
|15/03/2018||JC-2018-04||Joint Committee Final Report on Big Data||Innovation and Products||Final Report||PDF
|13/11/2017||ESMA71-99-649||Press Release ICO Statements||Innovation and Products, Press Releases, Warnings and publications for investors||Press Release||PDF
|16/12/2019||ESMA71-99-1266||Press release on joint GLs on cooperation and information exchange||Guidelines and Technical standards, Joint Committee, Press Releases||Press Release||PDF
|18/12/2014||2014/1568||Press Release- Investment-based crowdfunding needs EU-wide common approach||Innovation and Products, Press Releases||Press Release||PDF
|The European Securities and Markets Authority (ESMA) has published an Opinion along with an Advice on Investment-based crowdfunding. The Opinion clarifies the EU rules applicable to crowdfunding, while the Advice highlights issues for consideration by the EU institutions to achieve greater regulatory and supervisory convergence within the EU.The Opinion is addressed to the national competent authorities (NCA) and provides clarity on how crowdfunding business models fit within the existing EU regulatory framework. It outlines how existing EU rules are likely to apply to crowdfunding platforms, depending on the precise business model used. It also provides guidance to NCAs who may be considering how to regulate platforms operating outside the scope of the harmonised EU rules on the key risks inherent to crowdfunding and the key components of a regulatory regime to address them.The Advice, addressed to the EU institutions – Commission, Parliament and Council, highlights the concern that strong incentives currently exist for crowdfunding platforms to structure their business models to fall outside the scope of regulation and asks them to consider policy options to reduce these incentives. Avoiding regulation presents risks to investor protection and makes it harder for platforms to grow their businesses.Steven Maijoor, ESMA Chair, said: “ESMA’s aim is to enable crowdfunding to reach its potential as a source of finance, while ensuring that risks to users of crowdfunding platforms are identified and addressed in a proportionate and convergent way across the EU. “We believe that there are benefits both for investors as well as for platforms by operating inside rather than outside the regulated space. Opinion to National Competent AuthoritiesConsidering the diverse business models used within investment-based crowdfunding and depending on the precise structures used different EU legislation may apply. The Opinion sets out an analysis of how the main business models map across existing EU rules, e.g., the Markets in Financial Instruments Directive (MiFID), the Prospectus Directive, the Directive for Alternative Investment Fund Managers (AIFMD) and other financial and banking regulations. In addition, the Opinion outlines what ESMA believes should be the key components of an appropriate regulatory regime for investment-based crowdfunding activities. ESMA’s Advice to the EU InstitutionsThe Advice to the EU institutions highlights gaps and issues in the current applicable regime where policymakers could consider taking action to ensure there is a regime protecting investors while also fit for purpose for crowdfunding platforms. These gaps and issues include: the impact of the Prospects Directive thresholds; capital requirements and the use of the MiFID optional exemption; and the potential development of a specific EU crowdfunding regime, in particular for those platforms that currently operate outside of the scope of MiFID The Opinion and Advice have been prepared in collaboration with and input from the European Banking Authority (EBA) on the regulation that falls within its scope of action, i.e. the Payment Services Directive, and constitute the first output of a co-ordinated programme of work with the next expected output being a publication by EBA on lending-based crowdfunding. In line with their respective remits, ESMA has focused on investment-based crowdfunding, while EBA has focused on lending-based crowdfunding.|