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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
08/11/2011 2011/371 Press release- Regulators elect Martin Wheatley to ESMA's Management Board , Press Release PDF
131.43 KB
15/02/2012 2012/100 Regulators re-elect Jean Guill, Kurt Pribil and Fernando Restoy to ESMA’s Management Board , Press Release PDF
111.25 KB
12/09/2012 2012/571 Julie Galbo joins ESMA’s Management Board Press Release PDF
106.93 KB
19/09/2012 2012/579 Statement by Steven Maijoor at the ECON hearing on 19/09/2012 , Speech PDF
190.14 KB
Statement given by Steven Maijoor, Chair of ESMA, at the ECON hearing in the European Parliament on 19 September 2012
04/12/2012 2012/803 Rebuilding investors trust in EU capital markets- Steven Maijoor, ESMA Chair , Speech PDF
150.43 KB
Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA), delivered the keynote address at the DSW Finuse Conference in Wiesbaden on 4 December 2012.
04/12/2012 2012/800 ESMA’s role in markets reform- Verena Ross, ESMA Executive Director , Speech PDF
147.98 KB
Verena Ross, ESMA Executive Director, delivered the keynote address at the ICI Global Trading and Market Structure Conference in London.
11/01/2013 2013/13 ESMA and the EBA take action to strengthen Euribor and benchmark rate-setting processes , Press Release PDF
207.75 KB
14/02/2013 2013/215 ESMA issues first risk report on EU securities markets , Press Release PDF
99.25 KB
11/03/2013 2013/279 "Regulation of systemically important financial institutions and of the shadow banking system"- speech by Steven Maijoor, Chair, at the CDU/CSU congress in Berlin , Speech PDF
102.94 KB
15/03/2013 2013/311 Gérard Rameix elected to ESMA’s Management Board , Press Release PDF
106.68 KB
24/05/2013 2013/603 ESAs—Achievement and Challenges, by Steven Maijoor, Chair of ESMA , Speech PDF
87.87 KB

  ESAs – Achievement and Challenges Public Hearing on Financial Supervision in the EU 24 May 2013, Brussels Speech by Steven Maijoor, Chair  

06/06/2013 2013/684 ESMA and the EBA publish final principles on benchmarks , , Press Release PDF
125.48 KB
04/07/2013 2013/889 ESMA Vice Chair and Management Board Election Results , 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
20/09/2013 2013/1324 ESMA TRV: market conditions improve, as systemic risks persist Press Release PDF
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The European Securities and Markets Authority (ESMA) published today its Trends, Risks, Vulnerabilities (TRV) Report and a Risk Dashboard for the second quarter of 2013. The TRV examines the performance of securities markets in the first half of 2013, assessing both trends and risks in order to develop a comprehensive picture of systemic and macro-prudential risks in the EU, to assist both national and EU bodies in their risk assessments. ESMA’s TRV contributes to promoting financial stability and enhancing consumer protection by regularly looking into cross-border and cross-sector trends, risks and vulnerabilities, both at the wholesale and retail level. The TRV finds that EU securities markets and investment conditions in the EU have improved for a second quarter in a row since the 4th quarter of 2012, although systemic risk persisted at medium to high levels. Amongst other risk factors, uncertainty remained high due to concerns over funding sources, low interest rates and recent market fluctuations, resulting in increased market risk, while liquidity, credit and contagion risk continue to be significant. Steven Maijoor, ESMA Chair, said: “While the easing of stress in financial markets is a positive sign, systemic risks in the EU remain high and uncertainty in the international market environment has risen. Valuations in securities markets, volatility in fund flows, and continuity issues around financial benchmarks remain a matter of concern. Faced with these issues regulators and market participants should remain vigilant. “ESMA’s work on identifying those risks facing Europe’s securities markets is an important component in the European System of Financial Supervision’s efforts to foster recovery in its markets and promote financial stability.” The TRV identifies the following key trends for the first half of 2013 in EU securities markets: • Securities markets: market conditions improved moderately while issuance was subdued with equity prices declining and inter-bank lending increasing. The second quarter saw an increase in sovereign borrowing costs, and corporate bonds; covered bonds and securitised products were subdued; • Collective investments: asset managers benefited from improved market conditions, mainly driven by bond, equity or alternative funds whereas money market fund assets decreased. Overall, leverage remained moderate but capital inflows were volatile reflecting a decline in investor sentiment; and • Market infrastructures: trading on EU venues increased in early 2013. Central clearing of interest rate swaps continued to grow. Potential continuity issues around financial benchmarks give rise to concerns. Key risks identified in the Report, and published separately in the Risk Dashboard, include: • Liquidity risk: even though policy action helped to reduce liquidity risks in main market segments, others rose, leaving the overall liquidity risk at high levels; • Credit risk: securities markets in the EU saw a reduction in issuance volumes, mainly in asset classes with higher risk and longer maturities. Despite recent debt refinancing, overall credit risk remains high; • Market risk: equity and bond markets risks increased driven by rising concerns over the valuation of assets; and • Contagion risk: the risk of contagion between market segments remained unchanged, while the level of credit default swap exposures declined. In addition, the TRV presents in-depth analyses on four specific topics: • First evidence on the impact of the Short-Selling Regulation on securities markets; • Contagion risks and the network structure of EU CDS exposures; • Overview of the EU UCITS industry; and • Overview of bail-in and contingent capital securities. Next steps As part of its on-going market surveillance, ESMA publishes its TRV semi-annually, complemented by its quarterly risk dashboard.
27/03/2014 2014/334 ESMA issues good practices for structured retail product governance , Press Release PDF
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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 , , , Press Release PDF
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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.
06/11/2014 2014/1339 Capital Markets Union: building competitive, efficient capital markets trusted by investors , Speech PDF
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Steven Maijoor, ESMA Chair, spoke at the joint EU Commission/Italian Presidency Growth for Finance Conference in Brussels - " Excerpts "Following its launch by President Juncker in July 2014, the Capital Markets Union (CMU) is now a concept under construction and I am very happy to have been invited to contribute today to its development. When doing so, we should remember the clear objective from President Juncker who stated that the CMU should maximise the benefits of capital markets and non-bank financial institutions for the real economy. "Despite the many efforts of the past four decades, and the good results achieved, the EU capital market is still fragmented which limits its potential. For example, an institutional investor wanting to invest in a mid-sized company will still have a strong bias towards companies in its own Member-State. There are transactions not happening that otherwise would be beneficial both for the investor and the company because of this home bias. The reason for this stems from a complex set of barriers relating to such issues as transparency of Small and Medium-sized Entities (SMEs), differences in their governance and cross-border differences in the ownership of shares. In sum, we are only halfway there. While the EU capital market has integrated steadily in the past four decades it is not yet comparable with, for example, the US capital market. With a five year time-horizon in mind, what is needed to achieve a strong and integrated capital market to increase capital availability and to support economic growth in all 28 Member States? In my view, there are four main building blocks: (1) greater diversity in funding; (2) increasing the efficiency of capital markets; (3) strengthening and harmonisation of supervision; and (4) increasing the attractiveness of capital markets both for EU investors and for investors from outside the Union. "The CMU should be based on an accelerated integration of the capital markets of the 28 Member States. The end goal should be a CMU that is competitive, efficient and that provides a wide range of funding channels. Above all, it should be trusted by investors."
19/11/2014 2014/1382 Regulatory measures to prevent another crisis- speech by Steven Maijoor , Speech PDF
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Steven Maijoor, Chair of ESMA, gave the keynote speech at the "Regulatory measures to prevent another crisis?" event organised by the CFA Institute in Brussels, Belgium.
18/12/2014 2014/1568 Press Release- Investment-based crowdfunding needs EU-wide common approach , Press Release PDF
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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.
16/02/2015 2015/281 Press Release- ESMA publishes annual report and supervisory focus for CRAs and TRs , , , Press Release PDF
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The European Securities and Markets Authority (ESMA) has published today an annual report (Report) on its direct supervisory activities in 2014 regarding credit rating agencies (CRAs) and trade repositories (TR). The report summarises the key actions taken during 2014 and outlines ESMA’s supervisory work plans for both sectors for 2015.

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