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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	Innovation and Products	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.
22/04/2015	2015/532	Investment using virtual currency or distributed ledger technology	Innovation and Products	Consultation Paper	PDF 526.19 KB		ESMA has been monitoring and analysing virtual currency investment over the last 6 months, to understand developments in the market, potential benefits or risks for investors, market integrity or financial stability, and to support the functioning of the EU single market. ESMA’s analysis is set out in this paper. ESMA is seeking to share its analysis in order to promote wider understanding of innovative market developments, and invites market participants and other stakeholders to submit feedback and any additional information on the following topics: Virtual currency investment products, i.e. collective investment schemes or derivatives such as options and CFDs that have virtual currencies (VCs) as an underlying or invest in VC related businesses and infrastructure; Virtual currency based assets/securities and asset transfers, i.e. financial assets such as shares, funds, etc. that are exclusively traded using virtual currency distributed ledgers (also known as block chains);and The application of the distributed ledger technology to securities/investments, whether inside or outside a virtual currency environment.
21/05/2015	2015/856 Ann1	Investment-based crowdfunding- Insights from regulators in the EU	Innovation and Products	Final Report	PDF 319.65 KB
02/06/2016	2016/773	Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets	Innovation and Products, Risk Analysis & Economics - Markets Infrastructure Investors	Consultation Paper	PDF 573.86 KB
15/03/2018	JC-2018-04	Joint Committee Final Report on Big Data	Innovation and Products	Final Report	PDF 520.31 KB