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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 , Statement PDF
97.39 KB
25/11/2011 2011/397 Public statement on sovereign debt in IFRS financial statements , , , Statement PDF
189.46 KB
30/08/2012 2012/537 STATEMENT- Short Selling Regulation Update: Market Maker & Primary Dealer Exemption Notification Procedure , , Statement PDF
77.92 KB
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.
01/10/2012 2012/641 ESMA approves Axesor S.A. as a credit rating agency , Statement PDF
83.07 KB
04/12/2012 2012/802 Statement: Operating Principles and Areas of Exploration in the Regulation of the Cross-Border Derivatives Market Statement PDF
131.03 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.
31/07/2014 2014/944 Potential Risks Associated with Investing in Contingent Convertible Instruments , Statement PDF
106.1 KB
The European Securities and Markets Authority (ESMA) is issuing this statement to clarify to institutional investors risks from a newly emerging asset class referred to by most market participants as contingent convertibles instruments (CoCos). If they work as intended in a crisis CoCos will play an important role to inhibit risk transfer from debt holders to taxpayers. They along with standards to improve the quality and quantity of bank capital reflect a considerate response to the former regulatory capital framework. However, it is unclear as to whether investors fully consider the risks of CoCos and correctly factor those risks into their valuation. ESMA believes there are specific risks to CoCos and that investors should take those risks into consideration prior to investing in these instruments.
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.
29/10/2015 2015/1615 Steven Maijoor speech at ECN , Speech PDF
261.75 KB
07/01/2016 2015/1912 Opening Speech by J Servais, President of FSMA Speech PDF
162.44 KB
07/01/2016 2015/1915 Closing Speech by V Ross, ESMA FI Day Speech PDF
100.54 KB
10/02/2016 2016-278 EU-US approach CCP equivalence , Statement PDF
97.22 KB
07/03/2016 2016/345 Financial Innovation towards a balanced regulatory response- Speech by V. Ross , Speech PDF
138.83 KB
22/06/2016 2016/989 Speech ISLA's 25th Anniversary Conference- Steven Maijoor, 22 June 2016, Vienna , Speech PDF
242.25 KB
21/07/2016 2016/1159 Public notice- Infrigement by Fitch , Statement PDF
324.96 KB
30/09/2016 2016/1420 Financial Technology: The Regulatory Tipping Points , Speech PDF
273.28 KB
24/11/2016 2016/1613 Regulation and DLT: Working to Strike the Right Balance , Speech PDF
164.72 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
23/01/2017 ESMA71-844457584-330 Speech by Patrick Armstrong- FinTech, Oslo Børs ASA Conference, 18 January 2017 , Speech PDF
181.84 KB
07/03/2017 ESMA50-1623096732-432 Opening remarks Financial Innovation Day Statement PDF
169.02 KB