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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/03/2011 2011/82 Press release- ESMA establishes a framework for third country prospectus and applies this new framework to facilitate Israeli issuers access Prospectus, Corporate Disclosure, Press Releases Press Release PDF
189.19 KB
03/11/2011 JC 2011/094 Press release- ESMA, EBA and EIOPA appoint members of Joint Board of Appeal Joint Committee, Board of Appeal, Press Releases Press Release PDF
24.72 KB
01/03/2012 2012/140 ESMA advises European Commission on Prospectus Directive’s overhaul- Advice covers possible delegated acts Prospectus, Corporate Disclosure, Press Releases Press Release PDF
115.14 KB
12/09/2012 2012/571 Julie Galbo joins ESMA’s Management Board Board of Supervisors Press Release PDF
106.93 KB
04/07/2013 2013/889 ESMA Vice Chair and Management Board Election Results Management Board, Board of Supervisors Press Release PDF
93.43 KB		 ESMA Vice Chair and Management Board Election Results Vice Chair Re-elected The Board of Supervisors of the European Securities and Markets Authority (ESMA) has re-elected Carlos Tavares as its Vice Chair. Mr. Tavares, who is Chairman of the Portuguese Comissão Do Mercado De Valores Mobiliários (CMVM), has completed an initial 2½ year term and will now serve a further term of 2½ years in the position. Management Board Election The terms of three members of ESMA’s Management Board expired and elections were held by the Board of Supervisors to fill the positions for a term of 2½ years. Those elected are: Kostas Botopoulos, Hellenic Capital Markets Commission (HCMC), Greece – new member; Klaus Kumpfmüller, Finanzmarktaufsicht (FMA), Austria – new member; and Martin Wheatley, Financial Conduct Authority (FCA), United Kingdom –re-elected for a second term. The outgoing members were Karl-Burkhard Caspari from the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) of Germany and Raul Malmstein of Estonia’s, Finantsinspektsioon. The Management Board, chaired by Steven Maijoor, the ESMA Chair, is responsible for ensuring that the Authority carries out its mission and performs the tasks assigned to it under the Regulation. The Management Board now consists of: Steven Maijoor, European Securities and Markets Authority (ESMA); Kostas Botopoulos, Hellenic Capital Markets Commission (HCMC), Greece; Klaus Kumpfmüller, Finanzmarktaufsicht (FMA), Austria; Jean Guill, Commission de Surveillance du Secteur Financier (CSSF), Luxembourg; Gérard Rameix, Autorité des Marchés Financiers (AMF), France; Julie Galbo, Finanstilsynet, Denmark and Martin Wheatley, Financial Conduct Authority (FCA), United Kingdom. Reference 2013/889
27/03/2014 2014/334 ESMA issues good practices for structured retail product governance MiFID - Investor Protection, Innovation and Products Press Release PDF
105.37 KB		 The European Securities and Markets Authority (ESMA) has published an opinion on structured retail products, setting out good practices for firms when manufacturing and distributing these products.
29/09/2014 2014/1191 ESMA Management Board Election Results Corporate Information, Management Board, Board of Supervisors, Press Releases Press Release PDF
90.35 KB		 The European Securities and Markets Authority has elected three new members to its Management Board to replace outgoing members whose term will expire in October this year. The election took place at the Board of Supervisors meeting in Rome on 25 September and the successful candidates, who will serve a term of 2½ years beginning on the 1 November 2014, are: • Cyril Roux, Central Bank of Ireland (CBI), Ireland – new member; • Gérard Rameix, Autorité des marchés financiers (AMF), France – ending first term and re-elected; and • Marek Szuszkiewicz, Komisja Nadzoru Finanswego (KNF), Poland – new member.
18/12/2014 2014/1568 Press Release- Investment-based crowdfunding needs EU-wide common approach Innovation and Products, Press Releases Press Release PDF
155 KB		 The European Securities and Markets Authority (ESMA) has published an Opinion along with an Advice on Investment-based crowdfunding. The Opinion clarifies the EU rules applicable to crowdfunding, while the Advice highlights issues for consideration by the EU institutions to achieve greater regulatory and supervisory convergence within the EU.The Opinion is addressed to the national competent authorities (NCA) and provides clarity on how crowdfunding business models fit within the existing EU regulatory framework. It outlines how existing EU rules are likely to apply to crowdfunding platforms, depending on the precise business model used. It also provides guidance to NCAs who may be considering how to regulate platforms operating outside the scope of the harmonised EU rules on the key risks inherent to crowdfunding and the key components of a regulatory regime to address them.The Advice, addressed to the EU institutions – Commission, Parliament and Council, highlights the concern that strong incentives currently exist for crowdfunding platforms to structure their business models to fall outside the scope of regulation and asks them to consider policy options to reduce these incentives. Avoiding regulation presents risks to investor protection and makes it harder for platforms to grow their businesses.Steven Maijoor, ESMA Chair, said: “ESMA’s aim is to enable crowdfunding to reach its potential as a source of finance, while ensuring that risks to users of crowdfunding platforms are identified and addressed in a proportionate and convergent way across the EU. “We believe that there are benefits both for investors as well as for platforms by operating inside rather than outside the regulated space. Opinion to National Competent AuthoritiesConsidering the diverse business models used within investment-based crowdfunding and depending on the precise structures used different EU legislation may apply. The Opinion sets out an analysis of how the main business models map across existing EU rules, e.g., the Markets in Financial Instruments Directive (MiFID), the Prospectus Directive, the Directive for Alternative Investment Fund Managers (AIFMD) and other financial and banking regulations. In addition, the Opinion outlines what ESMA believes should be the key components of an appropriate regulatory regime for investment-based crowdfunding activities. ESMA’s Advice to the EU InstitutionsThe Advice to the EU institutions highlights gaps and issues in the current applicable regime where policymakers could consider taking action to ensure there is a regime protecting investors while also fit for purpose for crowdfunding platforms. These gaps and issues include: the impact of the Prospects Directive thresholds; capital requirements and the use of the MiFID optional exemption; and the potential development of a specific EU crowdfunding regime, in particular for those platforms that currently operate outside of the scope of MiFID The Opinion and Advice have been prepared in collaboration with and input from the European Banking Authority (EBA) on the regulation that falls within its scope of action, i.e. the Payment Services Directive, and constitute the first output of a co-ordinated programme of work with the next expected output being a publication by EBA on lending-based crowdfunding. In line with their respective remits, ESMA has focused on investment-based crowdfunding, while EBA has focused on lending-based crowdfunding.
26/06/2015 2015/1049 ESMA announces the appointment of new chairs to Standing Committees Corporate Information, Board of Supervisors, Press Releases Press Release PDF
105.46 KB
02/06/2016 2016/743 ESMA assesses usefulness of distributed ledger technologies Innovation and Products, Press Releases, Risk Analysis & Economics - Markets Infrastructure Investors Press Release PDF
152.48 KB
30/06/2016 2016/1047 Press Release Prospectus Peer Review Prospectus, Supervisory convergence Press Release PDF
188.52 KB
11/10/2016 2016/1458 ESMA to focus on supervisory convergence issues in 2017 Board of Supervisors, Management Board, Planning reporting budget, Press Releases Press Release PDF
230.38 KB

The European Securities and Markets Authority (ESMA) has published its 2017 Work Programme which sets out its priorities and areas of focus for 2017 in support of its mission to enhance investor protection and promote stable and orderly financial markets.

The programme reflects the shift in focus of ESMA’s work, from building the single rulebook, towards ensuring its consistent application across the European Union (EU), as outlined in its 2016-2020 Strategic Orientation. The key areas of focus under ESMA’s activities of supervisory convergence, assessing risks, single rulebook and direct supervision will be:

  • Converging supervisory practices on the implementation of MiFIDII/MiFIR ;
  • Focusing on data quality;
  • Level 2 work on the Benchmarks Regulation and on various initiatives under the umbrella of the Capital Markets Union; and
  • Directly supervising credit rating agencies (CRA) and trade repositories (TR), with a particular focus on their ancillary activities given the trend of combining ancillary and core services.
13/10/2016 2016 IFRS Press Release ESMA and IFRS® Foundation strengthen cooperation Corporate Information, IAS Regulation, IFRS Supervisory Convergence Press Release PDF
213.42 KB
12/01/2017 ESMA71-844457584-322 ESMA calls for consistent application of MiFIR product intervention powers Innovation and Products Press Release PDF
131.28 KB
01/06/2017 ESMA71-99-466 ESMA fines Moody’s €1.24 million for credit ratings breaches Board of Supervisors, Credit Rating Agencies, Press Releases Press Release PDF
238.35 KB

The European Securities and Markets Authority (ESMA) has fined Moody’s Deutschland GmbH (Moody’s Germany) €750,000 and Moody’s Investors Service Limited (Moody’s UK) €490,000, and issued a public notice, for two negligent breaches of the Credit Rating Agencies Regulation (CRAR).

ESMA found that Moody’s Germany and Moody’s UK negligently committed two infringements of the CRAR regarding their public announcement of certain ratings and their public disclosure of methodologies used to determine those ratings. These failures concern nineteen ratings issued between June 2011 and December 2013 for nine supranational entities including the European Investment Bank, the European Investment Fund, the European Stability Mechanism, the European Financial Stability Facility and the European Union.
14/06/2017 ESMA20-95-590 Annual Report 2016 Board of Supervisors, Corporate Information, Planning reporting budget Annual Report PDF
2.94 MB

Corrigendum - date on the letter of assurance from the Executive Director on p81 had inadvertently been dated 14 June 2017, when the letter was signed on 2 June 2017. The date has been amended accordingly
06/07/2017 ESMA71-99-514 Press release- ESMA proposes simplifications for prospectuses Press Releases, Prospectus Press Release PDF
191.96 KB
13/11/2017 ESMA71-99-649 Press Release ICO Statements Innovation and Products, Press Releases, Warnings and publications for investors Press Release PDF
169.52 KB
19/12/2017 ESMA71-99-916 ESMA consults on securitisation requirements Press Releases, Securitisation Press Release PDF
150.34 KB
15/03/2018 15-3-18 ESAs weigh benefits and risks of Big Data Innovation and Products, Press Releases Press Release PDF
20.5 KB

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