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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
18/01/2011 2011/27 Press release- ESMA finds diversity across Europe in regulators’ contingency measures for financial crisis situations , Press Release PDF
31.5 KB
07/07/2011 2011/195 Press release- ESMA investigates how Member States have implemented the Transparency Directive , Press Release PDF
61.34 KB
26/04/2012 2012/272 ESMA identifies divergence in Member States’ use of sanctions under the Market Abuse Directive , Press Release PDF
179.91 KB
The European Securities and Markets Authority (ESMA) has published a report on the use of administrative and criminal sanctions by European Union (EU) national regulators under the Market Abuse Directive (MAD).  The report provides a comparison of the use of administrative sanctioning powers across 29 EEA Member States for 2008-2010.  The results of the report will provide input to the legislative process on the new market abuse regime.
24/05/2012 2012/330 ESMA finds high level of consistency in EU national regulators’ practices for the approval of investment prospectuses , Press Release PDF
177.71 KB
The European Securities and Markets Authority (ESMA) has published today “Prospectus Directive – Good Practices in the approval process“,  a peer review report on the application of regulatory good practices by national supervisory authorities - competent authorities (CA)  when approving investment prospectuses.The review was conducted using good practice criteria that ESMA developed on selected areas of the Prospectus Directive dealing with the approval process for investment prospectuses.  The prospectuses provide investors with easy to understand and relevant information on investment products.  Peer review reports on national regulators’ procedures contribute to ESMA’s objective of fostering supervisory convergence and achieving a level playing field between jurisdictions.
19/07/2012 2011/454 MOU on the supervision of CRAs- ESMA and ASIC , Reference PDF
4 MB
This document contains two copies of the MOU, signed by ESMA and by the ASIC.
19/07/2012 2012/124 MOU on the supervision of CRAs- ESMA and MAS , Reference PDF
574.14 KB
19/07/2012 MOU SFC ESMA MOU on the supervision of CRAs- ESMA and SFC Hong Kong , Reference PDF
497.63 KB
19/07/2012 MOU SEC ESMA MOU on the supervision of CRAs- ESMA and SEC , Reference PDF
306.87 KB
19/07/2012 MOU CNV ESMA MOU on the supervision of CRAs- ESMA and CNV Argentina , Reference PDF
169.13 KB
19/07/2012 MOU Canada ESMA MOU on the supervision of CRAs- ESMA and Canadian authorities , Reference PDF
139.68 KB
18/02/2013 MOU ESMA/DFSA MOU on the supervision of CRAs- ESMA and Dubai FSA , Reference PDF
181.09 KB
15/04/2013 ESMA/2013/475 Press Release ESMA finds divergence in national supervision of money market funds Press Release PDF
136.95 KB
The European Securities and Markets Authority (ESMA) has published a peer review report examining whether EU securities supervisors correctly apply ESMA’s guidelines on money market funds (MMFs).  The review compared supervisory and enforcement practices for MMFs of 30 supervisory authorities across the European Economic Area (EEA). ESMA reviewed those 20 jurisdictions that had transposed the guidelines into their national rules. 
01/07/2013 2013/852 ESMA review finds good compliance with EU market abuse rules , , Press Release PDF
132.09 KB
The European Securities and Markets Authority (ESMA) has published a peer review of the supervisory practices EEA national competent authorities (NCAs) apply in enforcing the requirements of the Market Abuse Directive (MAD).  The Directive deals with the prevention of the dissemination of misleading information, the breach of reporting obligations and market abuse.  
18/07/2013 2013/992 ESMA finalises supervisory co-operation agreements for alternative investment , , Press Release PDF
167.72 KB
25/11/2013 2013/1709 Review Panel Methodology Reference PDF
98.29 KB
05/06/2014 2014/608 MMoU on Cooperation Arrangements and Exchange of Information , Reference PDF
205.85 KB

The European Securities and Markets Authority (ESMA) has published the text of a new multilateral memorandum of understanding (MMoU) between EEA national competent authorities, and between national competent authorities and ESMA which entered into force on 29 May 2014. It has been signed by 33 authorities in the securities and markets area. The new MMoU was agreed in view of the increasing internationalisation, harmonisation and interdependence of financial services and markets in the European Union. It is designed to facilitate cooperation arrangements and the exchange of information between national competent authorities, and between national competent authorities and ESMA, in the application of their responsibilities under Union law relating to the securities and markets area. It also updates and replaces a previous agreement on the Exchange of Information and Surveillance of Securities Activities agreed by the members of the Committee of European Securities Regulators (formerly the Forum of European Securities Commissions) entered into by those members on 26 January 1999. List of Signatories to MMoU on Cooperation Arrangements and Exchange of Information

04/12/2014 ESMA/ASIC1 ESMA-ASIC MOU on access to trade repositry data Reference PDF
384.61 KB
11/12/2014 2014/1478 ESMA reviews supervisory practices on MiFID investor information , Press Release PDF
136.83 KB
The European Securities and Markets Authority (ESMA) has conducted a peer review of how national regulators (national competent authorities or NCAs) supervise MiFID conduct of business rules on providing fair, clear and not misleading information to clients. The peer review focused on NCAs’ organisation, supervisory approaches, monitoring and complaints handling in relation to information and marketing communications under MiFID. The Report found that there was overall a high degree of compliance amongst NCAs with the good practices identified in these key areas. However, a variety of approaches were observed, leading to different intensity of supervision. A number of areas for improvement were identified. They include: enhanced use of on-site inspections and thematic reviews; a specific focus on conduct of business issues in firms’ risk assessments; and greater efforts to detect failings by firms in a timely manner. The review was conducted on the basis of information provided by NCAs in a self-assessment questionnaire and complemented by on-site visits to the NCAs of Cyprus, the Czech Republic, Germany, Italy, Portugal, and the United Kingdom. Steven Maijoor, ESMA Chair, said: “Providing fair, clear and not misleading information to clients is essential for investor protection and should be applied consistently throughout the EU. This review is a major step forward in ensuring that progress is being made towards convergence in this area by national regulators. “The report provides a thorough insight and analysis of national supervisory practices, facilitated by ESMA’s first on-site visits, and includes a number of recommendations which I urge national regulators to consider when reviewing their practices in this area”. Key Findings The review’s key findings covered the following areas: Ex-ante and ex-post supervision – supervisory systems are divided between ex-ante and ex-post reviews of marketing material. Within the ex-post approach there is also divergence in terms of the timeliness with which NCAs review the material following its dissemination and consider complaints made by clients of firms; Direct and indirect supervision – while some NCAs directly supervise firms’ compliance with their obligations relating to the provision of information and marketing material to clients, others rely on annual checks performed by external auditors. The latter approach may make it difficult to detect failings by firms in a timely manner due to the successive sampling process employed by auditors and then the NCA?s concerned; Complaints and Sanctions – a low level of complaints and equally low level of sanctions are reported by NCAs in the area of information and marketing to clients; and Definition of information and marketing communication - There is no precise definition of the term marketing communication in EU law: this would need to be further defined in order to build effective convergence of supervisory practices. Recommendations for future work The Report identifies a number of areas for future work by NCAs and ESMA which could promote a more coherent cross-EU application of the requirements. These include: establishing more robust structures and efficient coordination and cooperation arrangements between different supervisory units within NCAs; defining a clear set of information and marketing material to be supervised; assessing the frequency of NCAs’ monitoring of investor information and marketing; assessing the adequacy of monitoring the distribution channels used by firms including in the cross border provision of services; requiring investment firms to submit to their NCAs details of all information and marketing material to be provided including material used for cross-border business; considering the use of integrated databases to assist in supervision of information and marketing to clients; assessing the frequency and consistency of the use of sanctions by NCAs; and assessing the implementation and effectiveness of the guidelines for complaints-handling for the securities (ESMA) and banking (EBA) sectors. In addition, ESMA should continue its efforts, including the use of Opinions, in promoting the development of a level-playing field regarding the provision of information in an understandable format to clients and the quality of service to clients.
16/01/2015 2015 ESMA SFC MoU MoU between ESMA and SFC regarding CCPs Reference PDF
635.27 KB
25/02/2015 2015/495 ESMA publishes review on best execution supervisory practices under MiFID , , Press Release PDF
112.68 KB
The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders. ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including: . prioritisation of best execution as a key conduct of business supervisory issue; . the allocation of sufficient resources to best execution supervision; and . a more proactive supervisory approach to monitoring compliance with best execution requirements, both desk-based and onsite inspections. The review was conducted on the basis of information provided by 29 NCAs and complemented by on-site visits to the NCAs of France, Liechtenstein, Luxembourg, Malta, Poland and Spain.

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