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21/12/2016 2016/1682 2016-1682 Press Release on Feedback Statement on ESEF , , , Press Release PDF
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18/12/2014 2014/1560 Advice- Investment-based crowdfunding Final Report PDF
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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.
24/05/2018 ESMA71-99-981 Anneli Tuominen VC reappointment , Press Release PDF
208.13 KB
09/01/2019 ESMA71-99-1084 Crypto-assets need common EU-wide approach to ensure investor protection , Press Release PDF
148.74 KB
15/03/2018 15-3-18 ESAs weigh benefits and risks of Big Data , Press Release PDF
20.5 KB
01/10/2019 ESMA71-99-1220 ESMA 2020 WP , , , , Press Release PDF
106.92 KB
01/02/2019 ESMA71-99-1096 ESMA and EU securities regulators MoUs with FCA , , , , , Press Release PDF
80.5 KB
28/02/2013 2013/266 ESMA and the EBA warn investors about contracts for difference , , Press Release PDF
119.01 KB
The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have published a warning to retail investors about the dangers of investing in contracts for difference (CFDs).The two authorities are concerned that during the current period of low investment returns, inexperienced retail investors across the EU are being tempted to invest in complex financial products, which they may not fully understand and which can end up costing them money they cannot afford to lose.Andrea Enria and Steven Maijoor, Chairs of the EBA and ESMA, warned:“Retail investors across the EU should be aware of all the risks arising from investing in CFDs.  These products appear to promise investors substantial returns at a low cost but may ultimately cost them far more than they may have intended or could afford to lose.“CFDs are complex products that are not suitable for all types of investors, therefore you should always make sure that you understand how the product you are buying works, that it does what you want it to do and that you are in a position to take the loss if it fails.”Investors trading CFDs should protect themselvesInvestors should only consider trading in CFDs if they have extensive experience of trading in volatile markets, if they fully understand how these operate and have sufficient time to manage their investment on an active basis.Investors should carefully read their agreement or contract with the CFD provider before making a trading decision.  They should make sure that they at least understand the following: •    the costs of trading CFDs with the CFD provider,  •    whether the CFD provider will disclose the margins it makes on their trades, •    how the prices of the CFDs are determined by the CFD provider, •    what happens if they hold their position open overnight,  •    whether the CFD provider can change or re-quote the price once an investor places an order, •    whether the CFD provider will execute investor’s orders even if the underlying market is closed, •    whether there is an investor or deposit protection scheme in place in the event of counterparty or client asset issues.If investors do not understand what’s on offer, they should not trade. Further information Always check if the CFD provider is authorised to do investment business in your country.  You can check this on the website of the CFD provider’s national regulator.  A list of all the national regulatory authorities, and their websites, is also available from:•    ESMA at http://www.esma.europa.eu/investor-corner; and •    EBA at http://www.eba.europa.eu/Publications/Consumer-Protection-Issues.aspx.The investor warning on CFDs will be translated into the official EU languages.Concurrently with the publication of this warning, the EBA is addressing an internal Opinion under Art. 29 of the EBA Regulations to national supervisory authorities on the prudential supervision of CFDs. Notes for editors1.    ESMA/2013/267 Investor Warning – Contracts for Difference (CFDs)2.    ESMA and the EBA are independent EU Authorities that were established on 1 January 2011 and work closely with the European other European Supervisory Authority responsible for insurance and occupational pensions (EIOPA).3.    ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU).  As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU. ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity.4.    The EBA has a broad remit in the areas of banking, payments and e-money regulation, as well as on issues related to corporate governance, auditing and financial reporting. Its tasks include the protection of consumers and depositors, preventing regulatory arbitrage, guaranteeing a level playing field (especially by building a single rule book for the European banking system) strengthening international supervisory coordination, promoting supervisory convergence and providing advice to EU institutions. Further information:Reemt SeibelESMA Communications Officer Tel:   +33 (0)1 58 36 4272Mob: +33 6 42 48 55 29Email: reemt.seibel@esma.europa.eu David CliffeESMA Senior Communications OfficerTel:   +33 (0)1 58 36 43 24Mob: +33 6 42 48 29 06Email: david.cliffe@esma.europa.euRomain SadetEBA Communications Officer Tel:   +44 (0) 207 997 5914Mob: +44 (0) 7785 463278  Email: romain.sadet@eba.europa.eu     Franca CongiuEBA Communications OfficerTel:   +44 (0) 207 382 1781Mob: +44 (0) 7771 376395Email: francarosa.congiu@eba.europa.eu
26/06/2015 2015/1049 ESMA announces the appointment of new chairs to Standing Committees , , Press Release PDF
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02/06/2016 2016/743 ESMA assesses usefulness of distributed ledger technologies , , Press Release PDF
152.48 KB
12/01/2017 ESMA71-844457584-322 ESMA calls for consistent application of MiFIR product intervention powers Press Release PDF
131.28 KB
03/06/2020 ESMA71-99-1334 ESMA consults on cloud outsourcing guidelines Press Release PDF
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21/03/2014 2014/302 ESMA consults on major shareholders disclosures , Press Release PDF
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ESMA consults on major shareholders disclosures The European Securities and Markets Authority (ESMA) has launched a consultation on draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings and the indicative list of financial instruments subject to notification requirements. The consultation runs until 30 May 2014. The revised Directive harmonises transparency requirements relating to information about issuers whose securities are admitted to trading on an EU regulated market. This harmonisation aims to enhance transparency in respect of the ownership structure of an issuer, to improve legal certainty and reduce the administrative burden for cross-border investors. The revised Transparency Directive also addresses the issue of the disclosure regime for new types of financial instruments that expose investors to an economic risk similar to when holding shares. The draft RTS support these objectives by facilitating the creation of a harmonised regime regarding the aggregation of holdings of shares and financial instruments, the calculation of notification thresholds and the exemptions from notification requirements. Steven Maijoor, ESMA Chair, said: “Transparency is essential for ensuring that markets function properly and investors are afforded adequate protection when making investment decisions. “Today’s proposals support the aims of the Transparency Directive to improve the effectiveness of the transparency regime on corporate ownership. Clarity on this issue will ensure that shareholders and potential investors are in possession of the information needed to make informed investment decisions.” Draft Regulatory Technical Standards The draft RTS on the major shareholding notifications addresses the following issues: • Method of calculation of 5% threshold exemption regarding trading books and market makers; • Calculation method regarding a basket of shares or an index; • Methods for determining the ‘delta’ for calculating voting rights; and • Exemptions regarding notification of financial instruments. The Consultation Paper also sets out the proposed content of an indicative list of financial instruments which should be subject to the notification requirements laid down in the Directive, and outlines the processes for updating that list. The input from stakeholders will help ESMA in drafting the final report and determining the content of the draft RTS. Comments to this consultation can be submitted via ESMA’s website and the deadline for submission is 30 May 2014.
01/06/2017 ESMA71-99-466 ESMA fines Moody’s €1.24 million for credit ratings breaches , , Press Release PDF
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The European Securities and Markets Authority (ESMA) has fined Moody’s Deutschland GmbH (Moody’s Germany) €750,000 and Moody’s Investors Service Limited (Moody’s UK) €490,000, and issued a public notice, for two negligent breaches of the Credit Rating Agencies Regulation (CRAR).

ESMA found that Moody’s Germany and Moody’s UK negligently committed two infringements of the CRAR regarding their public announcement of certain ratings and their public disclosure of methodologies used to determine those ratings. These failures concern nineteen ratings issued between June 2011 and December 2013 for nine supranational entities including the European Investment Bank, the European Investment Fund, the European Stability Mechanism, the European Financial Stability Facility and the European Union.

27/03/2014 2014/334 ESMA issues good practices for structured retail product governance , Press Release PDF
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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.
09/01/2020 ESMA71-99-1272 ESMA key priorities 2020-22 , , Press Release PDF
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29/09/2014 2014/1191 ESMA Management Board Election Results , , , Press Release PDF
90.35 KB
The European Securities and Markets Authority has elected three new members to its Management Board to replace outgoing members whose term will expire in October this year. The election took place at the Board of Supervisors meeting in Rome on 25 September and the successful candidates, who will serve a term of 2½ years beginning on the 1 November 2014, are: • Cyril Roux, Central Bank of Ireland (CBI), Ireland – new member; • Gérard Rameix, Autorité des marchés financiers (AMF), France – ending first term and re-elected; and • Marek Szuszkiewicz, Komisja Nadzoru Finanswego (KNF), Poland – new member.
16/06/2020 ESMA71-99-1349 ESMA Press Release SMSG 2020 , , Press Release PDF
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15/06/2020 ESMA71-99-1348 ESMA publishes 2019 Annual Report and updates 2020 Annual Work Programme , , , , Press Release PDF
116.17 KB
11/07/2019 ESMA71-99-1193 ESMA reappoints MB members July 2019 and SC extension , , , Press Release PDF
95.43 KB