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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
14/04/2011 2011/112 Final report- Guidelines to competent authorities and UCITS management companies on risk meas-urement and the calculation of global exposure for certain types of structured UCITS Final Report PDF
166.5 KB
15/04/2011 2011/121 Discussion paper- ESMA’s policy orientations on possible implementing measures under Article 3 of the Alternative Investment Fund Managers Directive Consultation Paper PDF
186.38 KB
13/07/2011 2011/209 Consultation paper- ESMA's draft technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive Consultation Paper PDF
2.82 MB
22/07/2011 2011/220 Discussion paper- ESMA’s policy orientations on guidelines for UCITS Exchange-Traded Funds and Structured UCITS Consultation Paper PDF
211.79 KB
23/08/2011 2011/270 Consultation paper- ESMA's draft technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive in relation to supervision and third countries Consultation Paper PDF
154.97 KB
30/01/2012 2012/44 ESMA’s guidelines on ETFs and other UCITS issues Consultation Paper PDF
420.17 KB
In the summer of 2010 ESMA started looking into the operation of UCITS making use of the new investment freedoms introduced by the UCITS III Directive and the Eligible Assets Directive (2007/16/EC) in order to identify the possible impact on investor protection and market integrity. As part of this work, ESMA published a discussion paper on policy orientations on guidelines for UCITS Exchange-Traded Funds and Structured UCITS on 22 July 2011 (ESMA/2011/220), responses to which were due by 22 September. This consultation paper represents the next stage in the development of ESMA guidelines in this area. ESMA will take into account responses to this consultation paper in finalising the guidelines for adoption in Q2 2012.
23/02/2012 2012/117 Discussion paper on Key concepts of the Alternative Investment Fund Managers Directive and types of AIFM Consultation Paper PDF
359.52 KB
This document will be of interest to asset management companies and trade associations of asset management companies managing funds falling in the scope of the Alternative Investment Fund Managers Directive. Responses to this discussion paper will help ESMA in finalising its policy approach. In light of the feedback received, ESMA will develop a consultation paper in Q2 2012 setting out formal proposals for draft regulatory technical standards on Article 4(4) of the AIFMD. The results of that public consultation will be used by ESMA in finalising the draft regulatory technical standards to be submitted to the European Commission for endorsement by the end of 2012. 
28/06/2012 2012/406 Draft Guidelines on sound remuneration policies under the AIFMD Consultation Paper PDF
1.03 MB
Annex II of the AIFMD establishes a set of rules (largely inspired from the provisions of Directive 2006/48/EC, the “CRD”) with which AIFMs have to comply when establishing and applying the remuneration policies for certain categories of their staff. Article 13(2) of the AIFMD requires ESMA to develop guidelines on sound remuneration policies which comply with Annex II of the AIFMD. This consultation paper represents the first step in the elaboration of the guidelines on remuneration policies required by the AIFMD and sets out ESMA’s formal proposals for these guidelines.Responses to this consultation paper will be taken into account by ESMA in finalising the guidelines on sound remuneration policies under the AIFMD. In finalising the guidelines, ESMA will also take into account the development of its work on the separate set of guidelines, which will be complementary to the CEBS Guidelines, focused on remuneration policies of investment firms from an investor protection point of view, for which a separate consultation paper will be published at the end of Q3 2012. ESMA aims to adopt the final text of the guidelines on sound remuneration policies under the AIFMD in Q4 2012. 
25/07/2012 2012/474 Report and consultation paper on guidelines on ETFs and other UCITS issues Final Report PDF
728.1 KB
This paper sets out ESMA’s guidelines on ETFs and other UCITS issues. The guidelines are adapted to the type of UCITS, management technique or financial instrument in question and are detailed in Annex III of the documentThis document also sets out in Annex IV a public consultation on the treatment of repo and reverse repo arrangements on which ESMA is seeking feedback from stakeholders. The feedback to this further consultation will be used by ESMA to finalise its position on this specific issue, which will be incorporated into the rest of the guidelines already adopted by the Authority (cf. Annex III of this document).
04/12/2012 2012/722 Guidelines on repurchase and reverse repurchase agreements Final Report PDF
339.57 KB

The European Securities and Markets Authority (ESMA) has today published its final guidelines on repurchase and reverse repurchase agreements for UCITS funds.  The guidelines state that UCITS should only enter into such agreements if they are able to recall at any time any assets or the full amount of cash.

19/12/2012 2012/844 Draft regulatory technical standards on types of AIFMs Consultation Paper PDF
826.57 KB
19/12/2012 2012/845 Guidelines on key concepts of the AIFMD Consultation Paper PDF
698.69 KB
24/05/2013 2013/599 AIFM reporting XSD schema and samples Consultation Paper ZIP
29.41 KB
The CP setting out draft ESMA’s guidelines on reporting obligations under Articles 3 and 24 of the AIFMD (ESMA/2013/592) is supplemented by AIFM reporting XSD schema and samples that AIFMs will have to use to report the information under Articles 3 and 24 to their national competent authorities. ESMA is also seeking feedback from stakeholders on these documents 
24/05/2013 2013/592 Consultation paper on ESMA’s guidelines on AIFMD reporting obligations under Articles 3 and 24 of the AIFMD Consultation Paper PDF
973.51 KB
Consultation paper on ESMA’s guidelines on AIFMD reporting obligations under Articles 3 and 24 of the AIFMD ESMA’s consultation paper (CP) on AIFMD reporting obligations contains in draft guidelines to national competent authorities (NCAs) for securities markets on reporting obligations for AIFMs under Articles 3 and 24 of the AIFMD.  These draft guidelines, set out in Annex III, provide clarification on the information that AIFMs should report to NCAs, the timing of such reporting together with the procedures to be followed when AIFMs move from one reporting obligation to another.  Annex IV of the CP includes the reporting template set out in Regulation 231/2013.  Annex V sets out a diagram which summarises the reporting obligations of AIFMs, as determined by the total value of assets under management and the nature of the AIFs managed or marketed.  Annex VI provides stakeholders with detailed IT guidance for XML filing.  The CP is accompanied by the publication of the AIFM reporting XSD schema (ESMA/2013/599) that AIFMs will have to use to report the information under Articles 3 and 24 to NCAs and on which ESMA is also seeking feedback from stakeholders.
24/05/2013 2013/600 Guidelines on key concepts of the AIFMD Final Report PDF
473.66 KB

  Executive Summary Reasons for publication On 23 February 2012, ESMA published a discussion paper (DP) on key concepts of the Alternative Investment Fund Managers Directive and types of AIFM (2012/117), which was followed on 19 December 2012 by the publication of a consultation paper (CP) on guidelines on key concepts of the AIFMD (2012/845). The CP set out formal proposals for guidelines ensuring common, uniform and consistent application of the concepts in the definition of ‘AIF’ in Article 4(1)(a) of the AIFMD by providing clarification on each of these concepts. This final report sets out the final text of the guidelines on key concepts of the AIFMD.

15/11/2013 2013/1339 Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD (revised) Final Report PDF
701.63 KB
20/12/2013 2013/1974 Revision of the provisions on diversification of collateral in ESMA’s guidelines on ETFs and other UCITS issues Consultation Paper PDF
202.22 KB
22/07/2014 2014/876 Discussion paper- Calculation of counterparty risk by UCITS for OTC financial derivative transactions subject to clearing obligations Consultation Paper PDF
305.08 KB
26/09/2014 2014/1182 Consultation paper on the implementing measures of the Regulations on EuSEF and EuVECA Consultation Paper PDF
635.29 KB
Who should read this paper This consultation paper is addressed to social entrepreneurs, impact investors, EuSEF and EuVECA managers, impact fund managers, business angels, venture capitalists and other relevant stakeholders and their associations in the area of social entrepreneurship and venture capital in the EU. Responding to this paper ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:•    respond to the question stated;•    indicate the specific question to which the comment relates;•    contain a clear rationale; and•    describe any alternatives ESMA should consider. ESMA will consider all comments received by 10 December 2014. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the heading ‘Legal Notice’.
26/09/2014 2014/1183 Consultation paper on ESMA's technical advice to the European Commission on delegated acts required by the UCITS V Directive Consultation Paper PDF
734.97 KB
Who should read this paper This document will be of interest to depositaries (including their delegates) of UCITS funds and their trade associations, asset management companies managing UCITS funds and their trade associations, as well as  institutional and retail investors investing into such funds and their associations. Responding to this paper ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:•    respond to the question stated;•    indicate the specific question to which the comment relates;•    contain a clear rationale; and•    describe any alternatives ESMA should consider. ESMA will consider all comments received by 24 October 2014. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the heading ‘Legal Notice’.