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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
02/10/2020 ESMA20-95-1273 2021 Annual Work Programme , , , Report PDF
608.58 KB
29/09/2020 ESMA WP-2020-3 ESMA working paper on DVC mechanism and impact on EU equity markets , Report PDF
535.76 KB
24/09/2020 ESMA32-384-4852 Prospectus Activity Report 2019 Report PDF
406.85 KB
29/06/2020 ESMA50-164-3463 ESMA’s response to the European Commission’s Consultation on a New Digital Finance Strategy for Europe Report PDF
380.54 KB
09/01/2020 ESMA22-106-1942 Strategic Orientation 2020-22 , Report PDF
325.47 KB
defr
31/10/2019 ESMA31-62-1360 EEA prospectus activity in 2018 Report PDF
394.26 KB
12/07/2019 ESMA50-164-2430 Report on the Licensing of FinTech business models Report PDF
585.36 KB
04/02/2019 ESMA20-95-1105 2019 Regulatory Work Programme , , Report PDF
308.68 KB
09/01/2019 ESMA50-157-1391 Advice on Initial Coin Offerings and Crypto-Assets Report PDF
882.48 KB
07/01/2019 JC 2018 74 Joint ESA report on Regulatory sandboxes and innovation hubs , Report PDF
478.79 KB
17/07/2018 ESMA32-51-522 ESMA response to the European Commission consultation on the Fitness Check on the EU Framework for public reporting by companies , Report PDF
625.18 KB
03/07/2017 ESMA31-62-746 EEA prospectus activity in 2016 , Report PDF
475.66 KB
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
06/04/2017 ESMA31-68-147 ESMA response to Capital Markets Union Mid-Term Review Report PDF
643.2 KB
05/04/2017 ESMA31-54-435 Report on shareholder identification and communication systems , Report PDF
1.09 MB
12/01/2017 ESMA50-1215332076-23 Opinion on the impact of the exclusion of fund management companies from the scope of the MiFIR intervention powers Opinion PDF
224.29 KB
21/12/2016 2016/1668 2016-1668 ESMA feedback statement on ESEF , , Report PDF
6.98 MB
28/07/2016 2016/1170 Report on EEA prospectus activity in 2015 , Report PDF
674.63 KB
08/02/2016 2016/268 Opinion on equivalence of Turkish prospectus regime Opinion PDF
98.76 KB
18/12/2014 2014/1378 Opinion- Investment-based crowdfunding Opinion PDF
460.92 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 this document.