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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|11/08/2011||2011/266||Public statement- harmonised regulatory action on short-selling in the EU||Short Selling, Press Releases||Statement||PDF
|16/11/2011||2011/379||Final report- ESMA's technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive||Fund Management||Technical Advice||PDF
|20/04/2012||2012/236||ESMA's Technical Advice on possible delegated acts of the short-selling and certain aspects of CDS||Short Selling, Market Integrity||Technical Advice||PDF
|30/08/2012||2012/537||STATEMENT- Short Selling Regulation Update: Market Maker & Primary Dealer Exemption Notification Procedure||Short Selling, Market Integrity, Press Releases||Statement||PDF
|The European Securities and Markets Authority (ESMA) is publishing this notice to alert financial market participants to its upcoming consultation on the market making and authorised primary dealer exemption under the EU’s Short Selling Regulation (SSR) and the procedure to be followed by firms and regulators in dealing with notifications of intention to use the exemption.|
|13/09/2012||2012/577||ESMA publishes a Q&A on Short-Selling Regulation||Short Selling, Market Integrity||Statement||PDF
|The European Securities and Markets Authority (ESMA) has published a Q&A on the Implementation of the Regulation on short selling and certain aspects of credit default swaps.The purpose of the Q&A is to promote common supervisory approaches and practices amongst the EU’s national securities markets regulators on the requirements of the Short Selling Regulation once it comes into force on 1 November 2012. It will also provide clarity on the requirements of the new regime to market participants and investors.Issues addressed by the Q&AThe document provides responses to questions posed by market participants, national securities markets regulators, and the general public in relation to the practical application of the forthcoming Short Selling regime. It addresses issues related to:• territorial scope;• transparency requirements; • calculation of net short positions;• uncovered short sales; • and enforcement regime.Further InformationThe document is likely to be revised and updated before 1 November as new questions are received by ESMA.Technical queries on the application of the new regime should be addressed in writing to firstname.lastname@example.org, while further information can be found at http://www.esma.europa.eu/page/Short-selling. Notes for editors1. Questions & Answers – Implementation of the regulation on short selling and certain aspects of credit default swaps.2. Regulation on short selling and certain aspects of credit default swaps.3. ESMA is an independent EU Authority that was established on 1 January 2011 and works closely with the other European Supervisory Authorities responsible for banking (EBA), and insurance and occupational pensions (EIOPA), and the European Systemic Risk Board (ESRB).4. ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU). As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU. ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity.Further information:David CliffeSenior Communications OfficerTel: +33 (0)1 58 36 43 24Mob: +33 6 42 48 29 06Email: email@example.com|
|03/06/2013||2013-614||ESMA’s technical advice on short selling regulation||Short Selling||Technical Advice||PDF
|Final Report 2013/614 ESMA‘s technical advice on the evaluation of the Regulation (EU) 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps|
|27/03/2014||2014/312||Technical advice to the European Commission on the information that competent authorities should provide to ESMA pursuant to Article 67(3) of the AIFMD||Fund Management||Technical Advice||PDF
|Reasons for publication ESMA is issuing this technical advice in response to the mandate received from the European Commission on 20 December 2013 for advice on the possible content of the delegated act required by Article 67(5) of the AIFMD, concerning the information that EU competent authorities have to provide quarterly to ESMA pursuant to Article 67(3) of the Directive. This information is needed in order to allow ESMA to produce the opinion and the advice required in Article 67(1) of the AIFMD, in relation to the possible extension of the AIFMD passport to non-EU AIFs and non-EU AIFMs. Contents Section II describes the background of the proposal. Section III specifies the timing for the provision of the information to ESMA and lists the information that the competent authorities should provide quarterly to ESMA. The list of information is divided into three parts: the first refers to the information about the functioning of the passport for EU AIFMs; the second deals with the functioning of the national private placement regime for non-EU AIFs and non-EU AIFMs; and the third refers to the issues arising from the functioning of both systems. Finally, Section IV reproduces the mandate for advice issued by the European Commission. Next steps ESMA will cooperate closely with the European Commission in order to facilitate an expeditious adoption of the delegated act required by Article 67(5) of the AIFMD.|
|28/11/2014||2014/1417||ESMA's technical advice to the European Commission on delegated acts required by the UCITS V Directive||Fund Management||Technical Advice||PDF
|16/02/2015||2015/227||Final Report- ESMA’s technical advice to the European Commission on the delegated acts of the Regulations on European Social Entrepreneurship Funds and European Venture Capital Funds||Fund Management||Technical Advice||PDF
|30/07/2015||2015/1236||ESMA's advice to the European Parliament, the Council and the Commission on the application of the AIFMD passport to non-EU AIFMs and AIFs||Fund Management||Technical Advice||PDF
|Executive summary Reasons for publication In accordance with Articles 36 and 42 of the Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD), non-EU alternative investment fund managers (AIFMs) and non-EU alternative investment funds (AIFs) managed by EU AIFMs are subject to the national private placement regime (NPPR) of each of the Member States where the AIFs are marketed or managed. However, the AIFMD makes provision for the passport, which is currently reserved to EU AIFMs and AIFs, to be potentially extended in future. Article 67(1) of the AIFMD establishes that, by 22 July 2015, ESMA shall issue to the European Parliament, the Council and the Commission advice on the application of the passport to non-EU AIFMs and AIFs in accordance with the rules set out in Article 35 and 37 to 41 of the AIFMD. This document sets out ESMA’s advice on the application of the passport to six non-EU countries: Guernsey, Hong Kong, Jersey, Switzerland, Singapore and the United States. Contents Section 1 of the advice sets out the background to ESMA’s work, while the detailed assessment of each of the aforementioned non-EU countries is contained in section 2. Annexes 1 to 7 contain a summary of the feedback to the call for evidence that ESMA launched in November 2014. Annex 8 gives a detailed breakdown by non-EU country of the number of non-EU AIFs and non-EU AIFMs active in Member States in accordance with Articles 36 and 42 of the AIFMD. Next Steps ESMA will continue to work on its assessment of other non-EU countries not covered in this advice with a view to delivering further submissions to the European Parliament, the Council and the Commission in the coming months. For those non-EU jurisdictions with which there are currently no supervisory cooperation arrangements in place for the purposes of the AIFMD, ESMA will continue its efforts to agree a MoU with the authorities concerned.|
|05/01/2016||2015/1791||Peer Review Report Compliance with SSR as regards Market Making activities||Supervisory convergence||Report||PDF
|02/02/2016||2016/165||Public Statement- Supervisory work on potential closet index tracking||Fund Management||Statement||PDF
The European Securities and Markets Authority (ESMA) is issuing this statement to inform stakeholders and especially investors about the potential for some European collective investment funds to be ‘closet index trackers’, and to give details on the work that ESMA has been doing in this context.
Reasons for issuing this statement
 ESMA recognises that management fees may depend on a number of factors.
|16/02/2016||2016/297||Follow-up MMF||Fund Management, Supervisory convergence||Report||PDF
|29/03/2016||2016/410||ESMA Report on Enforcement and Regulatory Activities of Accounting Enforcers in 2015||Corporate Disclosure, IFRS Supervisory Convergence, Supervisory convergence||Report||PDF
This report provides an overview of the activities of the European Securities and Markets Authority (ESMA) and the accounting enforcers in the European Economic Area (EEA), thereafter, ‘European enforcers’, when examining compliance of financial information provided by issuers listed on regulated markets with the applicable financial reporting framework in 2015. It also provides an overview of the main activities performed at European level, quantitative information on enforcement activities in Europe as well as ESMA’s contribution to the development of the single rule book in the area of financial reporting. In addition, it also outlines ESMA’s activities for 2016 in the area of corporate reporting following its Supervisory Convergence Work Programme.
Following the implementation of the ESMA Guidelines on enforcement of financial information (hereafter the Guidelines on enforcement), ESMA and European enforcers have further strengthened supervisory convergence in the area of enforcement of financial information. The Guidelines on enforcement significantly contributed to the alignment of supervisory approaches/procedures through the use of harmonised key concepts for examinations, of a common set of enforcement priorities, of common rules for enforcement actions and of a single set of criteria for identifying accounting matters for which coordination at European level within ESMA is needed. In the last area, the number of accounting issues discussed by the enforcers before taking enforcement decisions increased significantly (65 emerging issues in 2015 vs 47 in 2014) and contributed to enhancing supervisory convergence as enforcers should take into account the outcome of these discussions when taking decisions .
In 2015 ESMA and European enforcers evaluated the level of compliance with IFRS in the areas identified as common enforcement priorities for the 2014 annual financial statements on a sample of 189 issuers. This assessment resulted in 40 enforcement actions being taken on shortcomings in the disclosures of assumptions and judgements supporting the recognition of deferred tax assets arising from tax losses, when assessing control or classifying joint arrangements.
As in previous years, ESMA together with European enforcers identified and included in their supervisory practices a set of common enforcement priorities significant for European issuers when preparing their 2015 IFRS financial statements. These priorities include the impact of the financial markets’ conditions in IFRS financial statements, presentation of the statement of cash flows and related disclosures as well as the fair value measurement of non-financial assets and related disclosures. Specific references to some of the 2014 common priorities and to the new IFRS requirements, notably on IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers are also part of these priorities.
As a response to increased concerns in the markets, ESMA issued Guidelines on Alternative Performance Measures (hereafter the Guidelines on APMs) which are aimed at contributing to the publication of transparent, unbiased and comparable information by European issuers on their financial performance. The Guidelines on APMs will apply to APMs disclosed by issuers when publishing regulated information or persons responsible for the prospectus. European enforcers had to adapt their supervisory procedures and declare their compliance to these guidelines.
Also as part of the supervisory convergence activities, ESMA issued an Opinion on the application of the IFRS requirements on the cash contributions to Deposit Guarantee Schemes (DGS) in order to address the divergence in the application and enforcement in the accounting treatment applicable to these contributions and to prevent it from becoming widespread.
ESMA published a Statement referring to principles relevant for improving the quality of disclosures as a response to concerns expressed by users on the overload, lack of completeness or relevance of the information provided in the financial statements.
Finally, European enforcers examined the interim or annual financial statements of approximately 1,200 issuers representing an average examination rate of 20% of all IFRS issuers with securities listed on regulated markets, out of which 14% related to unlimited scope examinations and 6% to focused examinations. As a result of these activities, European enforcers took actions addressing material departures against 273 issuers, representing around 25% of the selected sample. The main deficiencies were identified in the areas of financial statements presentation, impairment of non-financial assets and accounting for financial instruments.
Single Rule Book
ESMA actively participated to the accounting standard setting process by providing European enforcers’ positions on all major new standards issued by the International Accounting Standards Board (IASB) and by contributing to the discussions in the EFRAG Board and the Technical Expert Group (EFRAG TEG) meetings. Notably, ESMA provided specific input to the due process and endorsement advices on IFRS 9, in aspects related to investor protection and financial stability as well as on its interaction with IFRS 4 Insurance Contracts. In addition, ESMA also contributed to the consistent application of IFRS by engaging with the IASB and the IFRS Interpretations Committee (IFRS IC) when relevant issues were identified by enforcers and where a lack of clarity in IFRS could contribute to their divergent application.
In accordance with its mandate under the Transparency Directive, ESMA has submitted to the European Commission for endorsement the draft Regulatory Technical Standards (RTS) on the European Electronic Access Point (EEAP) and published the consultation paper on the draft RTS on European Single Electronic Format (ESEF).
ESMA published its Supervisory Convergence Work Programme which covers, among other topics, the activities of accounting enforcers. In addition to the regular activities, ESMA envisages to start carrying out peer reviews on some of the ESMA Guidelines on enforcement, to publish statements on the implementation of new major IFRS and to develop supervisory briefings to align procedures of European enforcers when monitoring and enforcing the Guidelines on APMs and disclosures in the financial statements.
|31/03/2016||2016/411||Guidelines on sound remuneration policies under the UCITS Directive and AIFMD||Fund Management||Report||PDF
Article 14a(4) of Directive 2009/65/EC (“UCITS Directive”), as amended by Directive 2014/91/EU (“UCITS V Directive”) provides that ESMA shall issue guidelines addressed to competent authorities or financial market participants concerning the application of the remuneration principles set out under Article 14b of the UCITS Directive (“UCITS Remuneration Guidelines”). This final report sets out the final text of the guidelines on remuneration policies required by the UCITS V Directive and also provides for a targeted revision of the Guidelines on sound remuneration policies under the AIFMD (ESMA/2013/232) (“AIFMD Remuneration Guidelines”), which were originally published on 3 July 2013.
|25/05/2016||2016/724||Requirements for reference data submission under Article 4 MAR||Market Abuse, Market Integrity||Statement||PDF
|13/07/2016||2016/1130||Final Report on the Market Abuse Regulation Guidelines||Market Abuse, Market Integrity||Report||PDF
|12/09/2016||2016/1140||Final advice on AIFMD passport||Fund Management||Technical Advice||PDF
This version of the advice includes the following clarifications with respect to the assessment of the Isle of Man:
|30/09/2016||2016/1408||ESMA appoints new chairs to Standing Committees||Board of Supervisors, Fund Management, Market Integrity, MiFID - Investor Protection||Statement||PDF
The Board of Supervisors of the European Securities and Markets Authority (ESMA) has appointed the following individuals to serve as chairs of its standing committees:
The standing committees are expert groups drawn from ESMA staff and the national competent authorities for securities markets regulation in the Member States, and are responsible for the development of policy in their respective areas. The appointments are for a period of two years and commence with immediate effect.
|11/01/2017||ESMA42-1643088512-2962||ESMA42-1643088512-2962 Follow-up Report to the Peer Review on Best Execution||MiFID - Investor Protection, MiFID - Secondary Markets, Supervisory convergence||Report||PDF