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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
22/06/2012 2012/382 MiFID Q&A in the area of investor protection and intermediaries Q&A PDF
319.78 KB
01/08/2012 2012/490 Call for expressions of interest in ESMA's Consultative Working Group on Investor Protection and Intermediaries Standing Committee Reference PDF
130.34 KB
The deadline for responses to this call for interest has been extended two weeks, to 14 September 2012.
19/10/2012 2012/682 Guide to investing , Reference PDF
569.39 KB
19/12/2012 2012/850 MiFID supervisory briefing- Suitability Reference PDF
238 KB
10/11/2016 2013/68c Protocol on the operation of ESMA MiFID Database final , Reference PDF
333.11 KB
07/02/2014 2014/146 MiFID practices for firms selling complex products , Opinion PDF
122.37 KB
19/12/2014 2014/1569 Technical Advice to the Commission on MiFID II and MiFIR , Technical Advice PDF
2.8 MB
Reasons for publication The European Securities and Markets Authority (ESMA) received a formal request (mandate) from the European Commission (Commission) on 23 April 2014 to provide technical advice to assist the Commission on the possible content of the delegated acts required by several provisions of Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The mandate focuses on technical issues which follow from MiFID II and MiFIR and is available on the European Commission website (here). ESMA was required to provide technical advice by no later than six months after the entry into force of MiFID II and MiFIR (2 July 2014). Contents This final report follows the same structure as the Consultation Paper  (CP) published by ESMA on 22 May 2014 which is: (1) Introduction, (2) Investor protection, (3) Transparency, (4) Data publication, (5) Micro-structural issues, (6) Requirements applying on and to trading venues, (7) Commodity derivatives and (8) Portfolio compression. This paper also contains summaries of responses to the CP received by ESMA. The rationale of those items covered already in the CP for which no relevant changes have been introduced, is not developed again in this Final Report. ESMA recommends, therefore, to read this report together with the CP published on 22 May 2014 to have a complete vision of the rationale for ESMA’s technical advice. Next steps Delegated acts should be adopted by the Commission so that they enter into application by 30 months following the entry into force of the Directive and Regulation, taking into account the right of the European Parliament and Council to object to a delegated act within 3 months (which can be extended by a further 3 months).
19/12/2014 2014/1569 Annex Annex to Technical Advice on MiFID II and MiFIR- investor protection topics Reference PDF
962.39 KB
27/03/2014 2014/332 Structured Retail Products- Good practices for product governance arrangements , Opinion PDF
203.1 KB
Legal basis 1.    Regulation (EU) No 1095/2010 (ESMA Regulation)  sets out the European Securities and Markets Authority’s (ESMA) scope of action, tasks and powers which include “enhancing customer protection”, and “foster[ing] investor protection”.  2.    In order to continue delivering on this investor protection statutory objective, ESMA is issuing this opinion on certain aspects linked to the manufacturing and distribution of structured retail products (SRP). This opinion takes into account relevant work done in this field both at European and interna-tional level.  3.    This opinion is without prejudice to the requirements for the provision of investment services and activities established in the Markets in Financial Instruments Directive (MiFID)  and its implementing measures (notably, Directive 2006/73/EC), the regulatory developments arising from the MiFID review or existing product rules that may apply to SRPs.  4.    ESMA’s competence to deliver an opinion is based on Article 29(1) (a) of the ESMA Regulation. In accordance with Article 44(1) of the ESMA Regulation, the Board of Supervisors has adopted this opinion. Background 5.    In its July 2013 report on ‘Retailisation in the EU’ , ESMA highlighted that, from a consumer protec-tion perspective, retail investors may face difficulties in understanding the drivers of risks and returns of structured products. If retail investors do not properly understand the risk and reward profile of structured products, and if the products are not properly assessed against the risk appetite of retail investors, retail investors might be exposed to unexpected losses and this might lead to complaints, reputational risks for manufacturers and distributors, and a loss of confidence in the regulatory framework and, more broadly, in financial markets. 6.    In 2013, ESMA mapped the measures adopted in the EU Member States in relation to complex products in order to identify issues and to better understand the rationale behind national initiatives (by looking at similarities and differences in the various approaches, and reviewing how complexity has been treated in the different EU Members States). 7.    As a result, ESMA has developed a broad set of non-exhaustive examples of good practices, attached as Annex 1 hereto, illustrating arrangements that firms - taking into account the nature, scale and complexity of their business - could put in place to improve their ability to deliver on investor protection regarding, in particular, (i) the complexity of the SRPs they manufacture or distribute, (ii) the nature and range of the investment services and activities undertaken in the course of that business, and (iii) the type of investors they target. These good practices should also be a helpful tool for competent authorities in carrying out their supervisory action. Opinion 8.    ESMA considers that sound product governance arrangements are fundamental for investor protec-tion purposes, and can reduce the need for product intervention actions by competent authorities. 9.    ESMA considers that, when supervising firms manufacturing or distributing an SRP, competent authorities should promote, in their supervisory approaches, the examples of good practices for firms set out in Annex 1 hereto. 10.    Although the good practices set out in Annex 1 hereto focus on structured products sold to retail investors, ESMA considers that they may also be a relevant reference for other types of financial in-struments (such as asset-backed securities, or contingent convertible bonds), as well as when financial instruments are being sold to professional clients. 11.    The exposure to risk is an intrinsic feature of investment products. The good practices set out in Annex 1 refer to product governance arrangements and do not (and cannot) aim at removing investment risk from products.
21/08/2014 2014/808 response form Response form to the CP on technical advice under the Market Abuse Regulation (MAR) Reference DOCX
792.65 KB

Please use this form to respond to the Consultation Paper.

17/11/2015 2015/1514 Note on MiFID-MiFIR implementation delays , Reference PDF
131.7 KB
03/02/2015 2015/224 ESMA’s technical advice on possible delegated acts concerning the Market Abuse Regulation Technical Advice PDF
1021.03 KB
This advice:•    specifies the MAR market manipulation indicators, by providing examples of practices that may constitute market manipulation as well as proposing “additional” indicators of market manipulation; •    recommends to set the minimum thresholds that exempt certain market participants in the emission allowance market from publicly disclosing inside information at six million tonnes of CO2eq per year and at 2,430 MW rated thermal input;•    suggests the way to determine to which regulator delays in disclosure of inside information needs to be notified.  •    provides clarifications on the enhanced disclosure of managers’ transactions. - ESMA recommends disclosing  any acquisition, disposal, subscription or exchange of financial instruments of the relevant issuer or related financial instruments carried out by managers,, further illustrated through a non-exhaustive list of types of transactions subject to this obligation.  . ESMA also clarifies the transactions that can be allowed by the issuer during a closed period when normally managers are prohibited to trade; and•    proposes procedures and arrangements to ensure sound whistleblowing infrastructures – i.e. EU national regulators should allow the receipt of reports of infringements, including appropriate communication channels and guarantee the protection of reporting and reported persons, with respect to their identity and their personal data. Next steps ESMA has sent its technical advice to the European Commission for its consideration in drafting its implementing standards regarding MAR. ESMA’s regulatory technical standards regarding MAR will be delivered in July 2015.
23/03/2015 2015/615 Call for interest IPISC-CWG renewal Reference PDF
187.49 KB
ESMA is today launching the process to renew the composition of the IPISC CWG. ESMA is therefore calling for expressions of interest from stakeholders. Application procedure, closing date Relevant stakeholders meeting the required selection criteria and wishing to apply for a position on the CWG are invited to submit, in English:. A completed application form (see separate document), and. A detailed curriculum vitae (CV), preferably in the EU CV format. It is optional for applicants to attach a motivation letter (2 pages maximum).. Unclear or incomplete applications will not be considered.. Applications must be submitted by email no later than 23 April 2015 to the following email addresses: IPISC.CWG.renewal2015@esma.europa.eu
16/11/2016 2016-1573 ESMA response to the Commission Consultation on a potential EU personal pension framework Reference PDF
102.55 KB
31/10/2016 2016/1529 ANNEX Annex I- Template for the assessment of collective suitability , Reference XLSX
54.43 KB
04/04/2016 2016/225 ToR IPISC Reference PDF
115.58 KB
01/04/2016 2016/419 Q&A Market Abuse Directive Q&A PDF
175.08 KB
17/06/2016 2016/982 Opinion on inside information disclosure under the Market Abuse Regulation Opinion PDF
278.89 KB
24/07/2019 2019-ESMA-35-43-1980- ESMA opinion under Article 43(2) MiFIR (BG_CFD) Opinion PDF
98.64 KB
24/07/2019 2019-ESMA-35-43-1985- ESMA opinion under Article 43(2) MiFIR (DK_CFD) Opinion PDF
98.63 KB

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