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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|18/07/2013||2013/992||ESMA finalises supervisory co-operation agreements for alternative investment||Fund Management, Press Releases, International cooperation||Press Release||PDF
|27/03/2014||2014/334||ESMA issues good practices for structured retail product governance||MiFID - Investor Protection, Innovation and Products||Press Release||PDF
|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.|
|18/12/2014||2014/1560||Advice- Investment-based crowdfunding||Innovation and Products||Final Report||PDF
|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 sections 1 to 6 of this document.|
|18/12/2014||2014/1568||Press Release- Investment-based crowdfunding needs EU-wide common approach||Innovation and Products, Press Releases||Press Release||PDF
|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.|
|21/05/2015||2015/856 Ann1||Investment-based crowdfunding- Insights from regulators in the EU||Innovation and Products||Final Report||PDF
|29/10/2015||2015/1615||Steven Maijoor speech at ECN||Innovation and Products, Speeches||Speech||PDF
|07/01/2016||2015/1912||Opening Speech by J Servais, President of FSMA||Innovation and Products||Speech||PDF
|07/01/2016||2015/1915||Closing Speech by V Ross, ESMA FI Day||Innovation and Products||Speech||PDF
|07/03/2016||2016/345||Financial Innovation towards a balanced regulatory response- Speech by V. Ross||Innovation and Products, Speeches||Speech||PDF
|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
|30/09/2016||2016/1420||Financial Technology: The Regulatory Tipping Points||Innovation and Products, Risk Analysis & Economics - Markets Infrastructure Investors||Speech||PDF
|24/11/2016||2016/1613||Regulation and DLT: Working to Strike the Right Balance||Innovation and Products, Speeches||Speech||PDF
|12/01/2017||ESMA71-844457584-322||ESMA calls for consistent application of MiFIR product intervention powers||Innovation and Products||Press Release||PDF
|23/01/2017||ESMA71-844457584-330||Speech by Patrick Armstrong- FinTech, Oslo Børs ASA Conference, 18 January 2017||Innovation and Products, Speeches||Speech||PDF
|18/05/2017||pkaspeech||Speech by Patrick Armstrong on The Adoption of RegTech within the Financial Services Industry||Innovation and Products||Speech||PDF
|31/05/2017||ESMA71-99-469||ESMA issues principles on supervisory approach to relocations from the UK||Brexit, Press Releases, Supervisory convergence||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published an Opinion setting out general principles aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the United Kingdom. The opinion is addressed to national competent authorities (NCAs), in particular of the 27 Member States that will remain in the EU (EU27).
The opinion is a practical tool to support supervisory convergence in the context of increased requests from UK financial market participants seeking to relocate to the EU27. It covers all legislation referred to in the ESMA Regulation, in particular the AIFMD, the UCITS Directive, MiFID I and MiFID II.
|13/07/2017||ESMA71-99-526||ESMA issues sector-specific principles on relocations from the UK to the EU27||Brexit, Press Releases, Supervisory convergence||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published three Opinions setting out sector-specific principles in the areas of investment firms, investment management and secondary markets, aimed at fostering consistency in authorisation, supervision and enforcement related to the relocation of entities, activities and functions from the United Kingdom .
The opinions, building on the general opinion issued in May, are practical tools to support supervisory convergence in the context of requests from UK financial market participants seeking to relocate to the EU27. They are addressed to national competent authorities (NCAs) and are relevant for market participants considering relocating.
They provide guidance to NCAs aimed at ensuring a consistent interpretation of the requirements relating to authorisation, supervision and enforcement in order to avoid the development of regulatory and supervisory arbitrage risks.
|19/07/2017||ESMA50-164-820||Regulatory Technology: Reshaping the Supervisor-Market Participant Relationship||Innovation and Products, Speeches||Speech||PDF
|13/11/2017||ESMA71-99-649||Press Release ICO Statements||Innovation and Products, Press Releases, Warnings and publications for investors||Press Release||PDF
|27/02/2018||ESMA71-319-70||Afore Consulting’s Second Annual FinTech and Digitalisation Conference: Regulation at the European Level and Beyond – Stanhope Hotel Brussels||Innovation and Products, Speeches||Speech||PDF