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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/03/2011 2011/36 Public statement- Framework for third country prospectuses under Article 20 of the Prospectus Directive , Statement PDF
317.51 KB
23/03/2011 2011/37 Public statement- ESMA statement on Israeli laws and regulations on prospectuses , Statement PDF
187.46 KB
25/11/2011 2011/397 Public statement on sovereign debt in IFRS financial statements , , , Statement PDF
189.46 KB
19/02/2013 2013/84 Feedback statement on the consultation regarding the role of the proxy advisory industry , Statement PDF
559.31 KB
15/03/2013 2013/312 Regulatory technical standards on colleges for central counterparties supplementing Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 Opinion PDF
151.67 KB
20/03/2013 2013/317 Framework for the assessment of third country prospectuses under Article 20 of the Prospectus Directive , Opinion PDF
725.59 KB
12/11/2013 2013/1642 Information on shareholder cooperation and acting in concert under the Takeover Bids Directive , Statement PDF
321.63 KB
The European Securities and Markets Authority (ESMA) has published a statement on practices governed by the Takeover Bid Directive (TBD), focused on shareholder cooperation issues relating to acting in concert and the appointment of board members. The statement contains a White List of activities that shareholders can cooperate on without the presumption of acting in concert. It also contains information on how shareholders may cooperate in order to secure board member appointments by setting out factors that national authorities may take into account when considering whether shareholders are acting in concert. The statement is in response to a request by the European Commission for clarity on these issues, following its 2012 report on the application of the TBD. It is based on information collected about the TBD’s application and common practices across the European Economic Area (EEA). The statement was prepared by the Takeover Bids Network, a permanent working group, under ESMA’s auspices, that promotes the exchange of information on practices and application of the TBD across EEA.
18/12/2013 2013/1944 Format of the base prospectus and consistent application of Article 26(4) of the Prospectus Regulation , Opinion PDF
75.6 KB
28/05/2014 2014/576 Voting Procedures for CCP colleges under EMIR Opinion PDF
94.15 KB
29/01/2015 2015/223 Opinion on draft RTS on the Clearing Obligation Opinion PDF
601.97 KB

Legal Basis According to Article 5(2) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (EMIR), the European Securities and Markets Authority (ESMA) shall develop draft regulatory technical standards specifying the class of OTC derivatives that should be subject to the clearing obligation, the date or dates from which the clearing obligation takes effect, including any phase in and the categories of counterparties to which the obligation applies, and the minimum remaining maturity of the OTC derivative contracts referred to in Article 4(1)(b)(ii) of EMIR. Background and Procedure On 1 October 2014, ESMA submitted a draft regulatory technical standard (RTS) on the clearing obligation to the European Commission pursuant to Article 10(1) of Regulation No (EU) 1095/2010 (the ESMA Regulation) and Article 5(2) of EMIR. This draft RTS covered Interest Rate Swaps. On 18 December 2014, the Commission informed ESMA of its intention to endorse with amendments this draft RTS and submitted to ESMA a modified version of the RTS (the “modified RTS”) introducing, among others, (1) amendments to the date on which the frontloading obligation starts to apply and (2) a new provision on the treatment of non-EU intragroup transactions. Pursuant to Article 10(1) of the ESMA Regulation, this notification from the Commission opens a period of six weeks during which ESMA may amend its draft RTS on the clearing obligation on the basis of the Commission’s proposed amendments and resubmit it to the Commission in the form of a formal opinion. ESMA has to send a copy of its formal opinion to the European Parliament and to the Council. In accordance with Article 44(1) of the ESMA Regulation the Board of Supervisors has to adopt a formal opinion. Executive Summary ESMA agrees with the ultimate objectives of the modifications that the European Commission intends to introduce. However, ESMA considers that the tool proposed by the Commission for the matter related to the non-EU intra group transactions is not appropriate from a legal perspective and, in the case that the Commission intention is to define a later application date for those transactions, ESMA stands ready to explore, in coordination with the Commission, a different manner to incorporate that provision. ESMA backs the modifications on the frontloading section, though has a few observations and improvements with respect to several recitals. ESMA proposes to incorporate the suggestion of the Commission to deal with the application of the 8 billion threshold to investment funds for the definitions of types of counterparties as a specific provision in the text of the RTS.

09/03/2015 2015/511 Revised opinion on draft RTS on the clearing obligation on interest rate swaps Opinion PDF
336.52 KB
21/05/2015 2015/838 ESMA's opinion on the composition of CCP colleges under EMIR Opinion PDF
131.98 KB
19/11/2015 2015/1750 EMIR statement re bank guarantees energy market Statement PDF
111.67 KB
02/02/2016 2016/184-199 Opinions on Exemptions from the clearing obligation for pension schemes Opinion PDF
388.77 KB

Today’s document published by ESMA contains opinions on 16 UK-based pension schemes where the UK Financial Conduct Authority (FCA) is the competent authority for securities markets. After the exemptions are granted by the FCA, ESMA will publish the list of the types of entities/ arrangements that have been exempted.

08/02/2016 2016/268 Opinion on equivalence of Turkish prospectus regime Opinion PDF
98.76 KB
10/02/2016 2016-278 EU-US approach CCP equivalence , Statement PDF
97.22 KB
13/04/2016 2016/592-594 Opinions on Pension Schemes Exemptions Opinion PDF
273.73 KB
29/04/2016 2016/665 Q&A on ESMA’s EU-wide stress tests for CCPs Q&A PDF
269.98 KB
30/06/2016 2016/998 Opinion on the exemption for Danish pension scheme Opinion PDF
227.83 KB
07/07/2016 2016/1073 Opinion on the exemption for Swedish pension scheme Opinion PDF
203.12 KB