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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
04/10/2011 2011/323 Final report- ESMA's technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Technical Advice PDF
797.56 KB
16/11/2011 2011/379 Final report- ESMA's technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive Fund Management Technical Advice PDF
3.51 MB
01/03/2012 2012/137 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Technical Advice PDF
1.32 MB		 ESMA publishes today the second part of its final advice (ESMA/2012/137) on possible delegated acts for the Prospectus Directive (PD).  The advice was submitted to the Commission on 29 February 2012.  In its advice, ESMA proposes how to use a prospectus in a retail cascade and provides input on how to review the provisions of the Prospectus Regulation concerning tax information, indices, auditor’s report on profit forecasts and estimates and audited historical financial information. Today’s advice follows a public consultation started on 13 December 2011. Overall, the technical advice aims to achieve a high level of investor protection and to increase across Europe the legal clarity and efficiency of the prospectus regime. Investment prospectuses as such are aimed to provide investors with easily accessible information on financial products so as to foster in-formed decision-making.
20/04/2012 2012/236 ESMA's Technical Advice on possible delegated acts of the short-selling and certain aspects of CDS Short Selling, Market Integrity Technical Advice PDF
509.39 KB
09/01/2013 2012/864 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Technical Advice PDF
1.23 MB
03/06/2013 2013-614 ESMA’s technical advice on short selling regulation Short Selling Technical Advice PDF
2.3 MB		 Final Report 2013/614 ESMA‘s technical advice on the evaluation of the Regulation (EU) 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps
10/06/2013 2013/619 Annex II Comparative table of responses from EEA States Prospectus Report PDF
2.15 MB
10/06/2013 2013/619 Annex III Individual responses from EEA States Prospectus Report PDF
2.63 MB
2013-619_report_liability_regimes_under_the_prospectus_directive_published_on_website.pdf
27/03/2014 2014/312 Technical advice to the European Commission on the information that competent authorities should provide to ESMA pursuant to Article 67(3) of the AIFMD Fund Management Technical Advice PDF
330.79 KB		 Reasons for publication ESMA is issuing this technical advice in response to the mandate received from the European Commission on 20 December 2013 for advice on the possible content of the delegated act required by Article 67(5) of the AIFMD, concerning the information that EU competent authorities have to provide quarterly to ESMA pursuant to Article 67(3) of the Directive. This information is needed in order to allow ESMA to produce the opinion and the advice required in Article 67(1) of the AIFMD, in relation to the possible extension of the AIFMD passport to non-EU AIFs and non-EU AIFMs. Contents Section II describes the background of the proposal. Section III specifies the timing for the provision of the information to ESMA and lists the information that the competent authorities should provide quarterly to ESMA. The list of information is divided into three parts: the first refers to the information about the functioning of the passport for EU AIFMs; the second deals with the functioning of the national private placement regime for non-EU AIFs and non-EU AIFMs; and the third refers to the issues arising from the functioning of both systems. Finally, Section IV reproduces the mandate for advice issued by the European Commission. Next steps ESMA will cooperate closely with the European Commission in order to facilitate an expeditious adoption of the delegated act required by Article 67(5) of the AIFMD.
28/11/2014 2014/1417 ESMA's technical advice to the European Commission on delegated acts required by the UCITS V Directive Fund Management Technical Advice PDF
469.49 KB
16/02/2015 2015/227 Final Report- ESMA’s technical advice to the European Commission on the delegated acts of the Regulations on European Social Entrepreneurship Funds and European Venture Capital Funds Fund Management Technical Advice PDF
609.09 KB
30/07/2015 2015/1236 ESMA's advice to the European Parliament, the Council and the Commission on the application of the AIFMD passport to non-EU AIFMs and AIFs Fund Management Technical Advice PDF
1.36 MB		 Executive summary Reasons for publication In accordance with Articles 36 and 42 of the Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD), non-EU alternative investment fund managers (AIFMs) and non-EU alternative investment funds (AIFs) managed by EU AIFMs are subject to the national private placement regime (NPPR) of each of the Member States where the AIFs are marketed or managed. However, the AIFMD makes provision for the passport, which is currently reserved to EU AIFMs and AIFs, to be potentially extended in future. Article 67(1) of the AIFMD establishes that, by 22 July 2015, ESMA shall issue to the European Parliament, the Council and the Commission advice on the application of the passport to non-EU AIFMs and AIFs in accordance with the rules set out in Article 35 and 37 to 41 of the AIFMD. This document sets out ESMA’s advice on the application of the passport to six non-EU countries: Guernsey, Hong Kong, Jersey, Switzerland, Singapore and the United States. Contents Section 1 of the advice sets out the background to ESMA’s work, while the detailed assessment of each of the aforementioned non-EU countries is contained in section 2. Annexes 1 to 7 contain a summary of the feedback to the call for evidence that ESMA launched in November 2014. Annex 8 gives a detailed breakdown by non-EU country of the number of non-EU AIFs and non-EU AIFMs active in Member States in accordance with Articles 36 and 42 of the AIFMD. Next Steps ESMA will continue to work on its assessment of other non-EU countries not covered in this advice with a view to delivering further submissions to the European Parliament, the Council and the Commission in the coming months. For those non-EU jurisdictions with which there are currently no supervisory cooperation arrangements in place for the purposes of the AIFMD, ESMA will continue its efforts to agree a MoU with the authorities concerned.
05/02/2016 2016/234 ESMA’s supervision of credit rating agencies and trade repositories- 2015 annual report and 2016 work plan. Credit Rating Agencies, Trade Repositories Report PDF
2.08 MB

The European Securities and Markets Authority’s (ESMA) annual report and work programme has been prepared according to Article 21 of Regulation 1060/2009 on credit rating agencies as amended (the CRA Regulation) and Article 85 of Regulation 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR). It highlights the direct supervisory activities carried out by ESMA during 2015 regarding credit rating agencies (CRAs) and trade repositories (TRs) and outlines ESMA’s main priorities in these areas for 2016.

ESMA adopts a risk-based approach to the supervision of CRAs and TRs in accordance with its overall objectives of promoting financial stability and orderly markets and enhancing investor protection. This risk-based approach requires the analysis of information from a variety of sources and the application of multiple supervisory tools including day-to-day supervision, cycle of engagement meetings with supervised entities, on-site inspections and dedicated investigations.

In order to build on the expertise that ESMA has developed through its supervision of CRAs and TRs, ESMA created a single Supervision Department in November 2015. ESMA intends to draw on the best practices identified from the supervision of both types of entity to further enhance its supervisory effectiveness in future.
16/02/2016 2016/297 Follow-up MMF Fund Management, Supervisory convergence Report PDF
882.13 KB
31/03/2016 2016/411 Guidelines on sound remuneration policies under the UCITS Directive and AIFMD Fund Management Report PDF
1.39 MB

Article 14a(4) of Directive 2009/65/EC (“UCITS Directive”), as amended by Directive 2014/91/EU (“UCITS V Directive”) provides that ESMA shall issue guidelines addressed to competent authorities or financial market participants concerning the application of the remuneration principles set out under Article 14b of the UCITS Directive (“UCITS Remuneration Guidelines”). This final report sets out the final text of the guidelines on remuneration policies required by the UCITS V Directive and also provides for a targeted revision of the Guidelines on sound remuneration policies under the AIFMD (ESMA/2013/232) (“AIFMD Remuneration Guidelines”), which were originally published on 3 July 2013.
06/06/2016 2016/743 Multi-venue trading increases liquidity in EU equity markets despite duplicate orders Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors Report PDF
247 KB
28/07/2016 2016/1170 Report on EEA prospectus activity in 2015 Corporate Disclosure, Prospectus Report PDF
674.63 KB
12/09/2016 2016/1140 Final advice on AIFMD passport Fund Management Technical Advice PDF
621.95 KB

This version of the advice includes the following clarifications with respect to the assessment of the Isle of Man:

  • the Isle of Man underwent an assessment by the International Monetary Fund (IMF) in 2003 and 2009 as part of the Financial Sector Assessment Program (FSAP); and
  • the self-assessment carried out by the Isle of Man Financial Services Authority in 2013 was an assisted self-assessment.
03/02/2017 ESMA80-1467488426-27 Supervision Annual Report 2016 and Work Programme 2017 Credit Rating Agencies, Trade Repositories Report PDF
2.49 MB
05/04/2017 ESMA31-54-435 Report on shareholder identification and communication systems Corporate Finance, Corporate Governance Report PDF
1.09 MB

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