ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
52
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
ONGOING Procedure X CESR Document X Final Report X Credit Rating Agencies X Market Abuse X MiFID - Secondary Markets X Innovation and Products X
Reset all filters

Pages

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.
28/09/2015 2015-ESMA-1464 Annex II Annex II- CBA- draft RTS and ITS on MiFID II and MiFIR MiFID - Secondary Markets Final Report PDF
5.07 MB
12/01/2012 2012/3 Annual report on the application of the Regulation on credit rating agencies as provided by Article 21(5) and Article 39a of the Regulation (EU) No 1060/2009 as amended by Regulation No 1095/2010 Credit Rating Agencies Final Report PDF
141.98 KB		 This is the first report under the new CRA regulation, however, please note that CESR published a report about the application of the Regulation in the EU and, in particular, on the implementation of the requirements established in Annex I of the Regulation on 6 December 2010 (CESR/10-1424), according to Article 21(4) of the Regulation which was subsequently amended by Regulation No (EC) 513/2011. At the time of publication, 16 CRA's have been registered.
18/03/2013 2013/308 Annual report on the application of the Regulation on credit rating agencies- 2012 Credit Rating Agencies Final Report PDF
601.08 KB		 This is the second annual report on the application of the Credit Rating Agencies Regulation. 
28/02/2008 08-099 CESR Executive summary to the report on administrative measures and sanctions as well as the criminal sanctions available in Member States under the Market Abuse Directive Market Abuse Final Report PDF
874.1 KB
28/09/2015 2015/1455 CBA Cost analysis for Final Report on MAR technical standards Market Abuse Final Report PDF
2.59 MB
21/02/2014 2014/151 Credit Rating Agencies Annual Report 2013 Credit Rating Agencies Final Report PDF
507.61 KB		 The European Securities and Markets Authority (ESMA) has published its Annual Report 2013 (Report) on credit rating agencies (CRAs) in the European Union (EU). The Report also outlines ESMA’s supervisory work plan for this year. ESMA has found that CRAs continue to progress in how they comply with the CRA Regulation, including improved internal transparency and disclosure to the market on credit rating activities as well as empowerment of the compliance function. However, ESMA considers that improvements are still necessary, notably in the following areas: • validation of rating methodologies, to ensure that a credit rating assessment is a comprehensive risk assessment leading to high quality ratings; • internal governance, ensuring the full independence of the internal review function and thereby reducing the risk of potential conflict of interest; and • robust IT systems to support the rating process, including information security controls and protection of confidential rating information. These issues form the basis for much of ESMA’s supervision activities as outlined in its 2014 work plan. This includes the completion of the two on-going supervisory reviews into CRAs’ monitoring of structured finance ratings and into small and medium-sized CRAs. A new thematic investigation on how CRAs review and validate their rating methodologies will also be launched, as well as dedicated work on CRAs’ IT systems and controls. Following the entry into force of the amended CRA Regulation in June 2013, ESMA will also complete a specific assessment on CRAs’ compliance with the new regulatory requirements.
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
740.71 KB
18/12/2015 2015/1879 ESMA CRA Market Share Calculation Credit Rating Agencies Final Report PDF
586.38 KB
16/12/2014 2014/1524 ESMA’s investigation into structured finance ratings Credit Rating Agencies Final Report PDF
436.29 KB		 The European Securities and Markets Authorities (ESMA) has published this report to inform of the outcome and findings of its general investigation in the way credit rating agencies (CRAs) conduct surveillance of structured finance credit ratings, as indicated in ESMA’s Credit Rating Agencies Annual Report 2013. The investigation took place between October 2013 and September 2014 and involved the four largest CRAs providing credit ratings on structured finance instruments in the EU, namely DBRS Ratings (DBRS), Fitch Ratings (Fitch), Moody’s Investors Service (MIS) and Standard & Poor’s (S&P). 
22/03/2012 2012/207 ESMA’s Report on the Supervision of Credit Rating Agencies Credit Rating Agencies Final Report PDF
323.81 KB		 This report provides an overview of ESMA’s supervisory activity on Credit Rating Agencies (CRAs) registered in the European Union and summarises the results of ESMA’s first examination of the three groups of registered CRAs (Fitch Ratings, Moody's Investors Services, and Standard & Poor's Rating Services). The examination referred to in this document is the first step in an ongoing supervisory process conducted by ESMA and therefore does not represent a full scope investigation. The observations set forth in this Report refer to common issues affecting CRAs activities. As of the date of this document, ESMA has not determined whether any observation highlighted below constitutes a breach of the provisions of the Regulation. ESMA is still progressing in its assessment of the areas discussed in this Report. This Report is not based on a decision by ESMA’s Board of Supervisors; therefore it is published without prejudice to the possibility of further investigations which could lead to enforcement or supervisory actions.
13/05/2020 ESMA80-189-6982 EU CLO credit ratings – an overview of Credit Rating Agencies practices and challenges COVID-19, Credit Rating Agencies Final Report PDF
436.43 KB
15/05/2009 09-220 Feedback statement- MAD Level 3 – Third set of CESR guidance and information on the common operation of the Directive to the market Market Abuse CESR Document PDF
238.16 KB
11/05/2005 05-274 Feedback Statement- Market Abuse Directive, Level 3 – first set of guidance and information on the common operation of the Directive Market Abuse Final Report PDF
79.76 KB		 http://www.cesr-eu.org/data/document/05_274.pdf
26/03/2018 ESMA70-156-354 Final Report Amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1) MiFID - Secondary Markets Final Report PDF
434.94 KB
26/07/2016 2016/1171 Final Report Draft Implementing Technical Standards on sanctions and measures under MAR Market Abuse, Market Integrity Final Report PDF
929.78 KB
18/07/2019 ESMA33-9-320 Final Report Guidelines on Disclosure Requirements Applicable to Credit Rating Agencies Credit Rating Agencies Final Report PDF
336.63 KB
05/02/2019 ESMA 33-9-295 Final Report Guidelines on the Submission of Periodic Information to ESMA by Credit Rating Agencies Credit Rating Agencies Final Report PDF
769.91 KB
23/09/2020 ESMA70-155-10272 Final Report on Cum Ex and other multiple withholding tax reclaim schemes Market Abuse, Market Integrity, Trading Final Report PDF
906.57 KB
08/10/2019 ESMA70-145-457 Final report on Draft Regulatory Technical Standards on cooperation arrangements under Regulation (EU) No 596/2014 on market abuse Market Abuse Final Report PDF
409.3 KB

Pages