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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|03/11/2011||JC 2011/094||Press release- ESMA, EBA and EIOPA appoint members of Joint Board of Appeal||Joint Committee, Board of Appeal, Press Releases||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.|
|31/07/2014||2014/944||Potential Risks Associated with Investing in Contingent Convertible Instruments||Warnings and publications for investors, Innovation and Products||Statement||PDF
|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||2014/1560||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
|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
|10/11/2016||2016-1563||Issues for consideration in implementing IFRS 9: Financial Instruments||Audit, Corporate Disclosure, IFRS Supervisory Convergence||Statement||PDF
|10/11/2016||2016-1564||ESMA prepares for new International Financial Reporting Standard 9||Audit, Corporate Disclosure, IFRS Supervisory Convergence, Press Releases||Press Release||PDF
|12/01/2017||ESMA71-844457584-322||ESMA calls for consistent application of MiFIR product intervention powers||Innovation and Products||Press Release||PDF
|07/03/2017||ESMA50-1623096732-432||Opening remarks Financial Innovation Day||Innovation and Products||Statement||PDF
|07/03/2017||ESMA50-1623096732-432x||Closing remarks Financial Innovation Day||Innovation and Products||Statement||PDF
|07/06/2017||ESMA50-158-457||ESMA response to the Commission Consultation Paper on Fintech: A more competitive and innovative financial sector||Innovation and Products||Report||PDF
|28/06/2017||ESMA35-36-885||Product Intervention- General Statement||Innovation and Products, MiFID - Investor Protection||Statement||PDF
This statement provides an update on the European Securities and Markets Authority’s (ESMA) work in relation to the sale of contracts for differences (CFDs), binary options and other speculative products to retail investors.
ESMA has been concerned about the provision of speculative products such as CFDs, rolling spot forex and binary options to retail investors for a considerable period of time and has conducted ongoing monitoring and supervisory convergence work in this area. In this context, ESMA has previously published a number of Q&As on CFDs and other speculative products to foster supervisory convergence, having established a CFD Task Force in July 2015, and also issued a further investor warning on the sale of CFDs, binary options and other speculative products in July 2016.
However, ESMA remains concerned that these supervisory convergence tools may not be sufficiently effective to ensure that the risks to consumer protection are sufficiently controlled or reduced. ESMA is therefore discussing the possible use of its product intervention powers under Article 40 of MiFIR to address investor protection risks in relation to CFDs, rolling spot forex and binary options.
ESMA is in the process of discussing the possible use of its product intervention powers under Article 40 of MiFIR, the possible content of any such measures, and how they could be applied. However, ESMA can confirm that the measures being discussed for (i) CFDs and rolling spot forex and (ii) binary options include proposals that take into account a number of measures that have been adopted or publicly consulted on by EU National Competent Authorities. These measures include leverage limits, guaranteed limits on client losses, and / or restrictions on the marketing and distribution of these products.
In accordance with Article 40 of MiFIR, any intervention measures must be approved by the ESMA Board of Supervisors and can only come into effect from 3 January 2018 at the earliest.
 ESMA/2016/1166 Warning about CFDs, binary options and other speculative products published 25 July 2016
|29/09/2017||ESMA71-99-602||ESMA appoints new chairs to Standing Committees||Board of Supervisors, Corporate Disclosure, Corporate Finance, Corporate Information, Innovation and Products, Market Integrity, MiFID - Secondary Markets, Post Trading||Statement||PDF
|27/10/2017||ESMA71-99-623||Press Release on 2017 Enforcement Priorities||Audit, Corporate Disclosure, IFRS Supervisory Convergence, Press Releases||Press Release||PDF
|13/11/2017||ESMA50-157-829||ESMA alerts investors to the high risks of Initial Coin Offerings (ICOs)||Innovation and Products, Warnings and publications for investors||Statement||PDF
|13/11/2017||ESMA50-157-828||ESMA alerts firms involved in Initial Coin Offerings (ICOs) to the need to meet relevant regulatory requirements||Innovation and Products, Warnings and publications for investors||Statement||PDF
|13/11/2017||ESMA71-99-649||Press Release ICO Statements||Innovation and Products, Press Releases, Warnings and publications for investors||Press Release||PDF
|15/03/2018||JC-2018-04||Joint Committee Final Report on Big Data||Innovation and Products||Final Report||PDF