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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
07/02/2014 2014/146 MiFID practices for firms selling complex products , Opinion PDF
122.37 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.
03/06/2014 2014/544 Decision to adopt a supervisory measure taking the form of a public notice in accordance with Articles 23e(5) and 24 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies Decision PDF
49.36 KB
Decision to adopt a supervisory measure taking the form of a public notice in accordance with Articles 23e(5) and 24 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies The Board of Supervisors (“Board”), Having regard to the Treaty on the Functioning of the European Union (“Treaty”) Having regard to Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (“ESMA Regulation”), and in particular Article 43(2) and Article 44(1) thereof Having regard to Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies (“CRA Regulation”), in particular Articles 6(2), 23e, 24, 25 thereof Having regard to Commission Delegated Regulation (EU) No 946/2012 of 12 July 2012 supplementing Regulation (EC) No 1060/2009 of the European Parliament and of the Council with regard to rules of procedure on fines imposed to credit rating agencies by the European Securities and Markets Authority, including rules on the right of defence and temporal provisions (“Procedural Regulation”), in particular Article 3(4) thereof Whereas: (1) On the basis of the file containing the investigating officer’s findings and after examination of the submissions of Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited the Board finds that the registered credit rating agencies Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited have committed the infringements listed in paragraphs 12 and 18 of Annex III.I of the CRA Regulation. (2) The Board considers that the evidence before it does not allow it to establish that Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited acted intentionally or negligently as required by Article 36a(1) of the CRA Regulation in order for the Board to impose a fine. (3) The Board thus decides to adopt a supervisory measure taking the form of a public notice in accordance with Article 24 of the CRA Regulation. Has adopted this decision: Article 1 The Board of Supervisors finds that the registered credit rating agencies Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited have committed the infringements listed in paragraphs 12 and 18 of Annex III.I of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies. Article 2 The Board of Supervisors takes the decision to adopt a supervisory measure taking the form of the following public notice, in accordance with Articles 23e(5) and 24 of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies.
18/12/2014 2014/1378 Opinion- Investment-based crowdfunding Opinion PDF
460.92 KB
Crowdfunding is a means of raising finance for projects from ‘the crowd’ often by means of an internet-based platform through which project owners ‘pitch’ their idea to potential backers, who are typically not professional investors.  It takes many forms, not all of which involve the potential for a financial return.  ESMA’s focus is on crowdfunding which involves investment, as distinct from donation, non-monetary reward or loan agreement.  Crowdfunding is relatively young and business models are evolving. EU financial services rules were not designed with the industry in mind. Within investment-based crowdfunding a range of different operational structures are used so it is not straightforward to map crowdfunding platforms’ activities to those regulated under EU legislation. Member States and NCAs have been working out how to treat crowdfunding, with some dealing with issues case-by-case, some seeking to clarify how crowdfunding fits into existing rules and others introducing specific requirements.To assist NCAs and market participants, and to promote regulatory and supervisory convergence, ESMA has assessed typical investment-based crowdfunding business models and how they could evolve, risks typically involved for project owners, investors and the platforms themselves and the likely components of an appropriate regulatory regime. ESMA then prepared a detailed analysis of how the typical business models map across to the existing EU legislation, set out in this document.
29/06/2015 2015/1048 Public Notice- ESMA fines DBRS Ratings Limited Decision PDF
186.47 KB
12/05/2016 ESA/2016/41 Opinion of the ESAs- ECAI credit assessments , Opinion PDF
379.79 KB
21/07/2016 2016/1131 BoS Decision on Fitch Ratings Limited 21 July 2016 , Decision PDF
108.21 KB
12/01/2017 ESMA50-1215332076-23 Opinion on the impact of the exclusion of fund management companies from the scope of the MiFIR intervention powers Opinion PDF
224.29 KB
01/06/2017 ESMA41-137-1005 Decision of the Board of Supervisors to adopt a supervisory measure and impose fines with respect to infringements by Moody’s Deutschland GmbH and Moody’s Investors Service Limited , Decision PDF
207.16 KB
20/07/2017 BoA 2017 01 FinancialCraft Analytics Sp. z o.o. vs ESMA BoA Decision , Decision PDF
693 KB
23/07/2018 ESMA41-137-1153 BoS decision- CRA 2-2017- SEB Decision PDF
706.81 KB
23/07/2018 ESMA41-137-1152 BoS decision-CRA 2-2017- Swedbank Decision PDF
715.12 KB
23/07/2018 ESMA41-137-1150 BoS decision-CRA 2-2017- Nordea Decision PDF
714.78 KB
23/07/2018 ESMA41-137-1147 BoS decision-CRA 2-2017- Svenska Handelsbanken AB Decision PDF
690.73 KB
23/07/2018 ESMA41-137-1145 BoS decision-CRA 2-2017- Danske Decision PDF
635.85 KB
28/03/2019 ESMA41-356-22 Public notice Fitch Group Decision PDF
227.33 KB
28/03/2019 ESMA-41-356-11 Decision Fitch UK Decision PDF
697.42 KB
15/07/2019 esma41-139-1231 Amended decision Handelsbanken Decision PDF
244.4 KB
15/07/2019 esma41-139-1229 Amended_decision_seb Decision PDF
239.8 KB
15/07/2019 esma41-139-1230 Amended_decision_swedbank Decision PDF
243.03 KB