ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
126
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
ONGOING Procedure X Technical Standards X CESR Document X Press Release X Consultation Paper X MiFID - Secondary Markets X Prospectus X Corporate Disclosure X Benchmarks X
Reset all filters

Pages

Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
26/01/2011 2011/35 Call for evidence- Request for technical advice on possible delegated acts concerning the Prospectus Directive (2003/71/EC) as amended by the Directive 2010/73/EU , Consultation Paper PDF
3.85 MB
23/03/2011 2011/67 Feedback statement- Consultation Paper on proposed amendments to CESR , CESR Document PDF
384.63 KB
23/03/2011 2011/82 Press release- ESMA establishes a framework for third country prospectus and applies this new framework to facilitate Israeli issuers access , , Press Release PDF
189.19 KB
15/06/2011 2011/141 Consultation paper- ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU , Consultation Paper PDF
1.45 MB
20/07/2011 2011/224 Consultation paper- Guidelines on systems and controls in a highly automated trading environment for trading platforms, investment firms and competent authorities Consultation Paper PDF
623.6 KB
20/07/2011 2011/223 Press release- ESMA consults on systems and controls for highly automated trading , Press Release PDF
57.39 KB
14/09/2011 2011/288 Call for evidence- Empty voting , , Consultation Paper PDF
81.13 KB
10/11/2011 2011/373 Consultation paper- Considerations of materiality in financial reporting , Consultation Paper PDF
170.93 KB
09/12/2011 2011/431 Global regulators discuss OTC derivatives regulation , Press Release PDF
18.94 KB
Leaders and senior representatives of the authorities responsible for the regulation of the over-the-counter (OTC) derivatives markets in Canada, the European Union, Hong Kong, Japan, Singapore and the United Statesmet met yesterday in Paris.  
13/12/2011 2011/444 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU , Consultation Paper PDF
1.15 MB
The purpose of this consultation document from ESMA is to seek comments on the technical advice that ESMA proposes to give to the European Commission on a number of possible delegated acts.
22/12/2011 2011/457 ESMA outlines future automated trading regime for trading platforms, investment firms and competent authorities , Press Release PDF
151.9 KB
24/02/2012 2012/128 ESMA readies guidelines on automated trading – application deadline starts , Press Release PDF
167.16 KB
ESMA today publishes the official translations of its final “Guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities” (ESMA/2011/456), first published on 21 December 2011. High Frequency Trading (HFT) is one form of automated trading.   By having translated the guidelines into all the official languages of the EU, today’s publication triggers a transitional period of two months within which national supervisors have to declare whether they intend to comply with the guidelines or otherwise explain the reasons for non-compliance which would be made public by ESMA. According to the ESMA Regulation national supervisors have to make every effort to comply with the Guidelines.
01/03/2012 2012/140 ESMA advises European Commission on Prospectus Directive’s overhaul- Advice covers possible delegated acts , , Press Release PDF
115.14 KB
22/03/2012 2012/212 Discussion Paper- An Overview of the Proxy Advisory Industry. Considerations on Possible Policy Options , Consultation Paper PDF
524.85 KB
This Discussion Paper focuses on the development of the proxy advisory industry in Europe, which mainly serves institutional investors such as asset managers, mutual funds and pension funds. Following its fact-finding work in 2011, ESMA recognises the proxy advisory industry within Europe is, or is expected to be, growing in prominence and investors are, or are expected to be, increasingly using proxy advisor services. In this paper ESMA identifies several key issues related to the proxy advisory market which may have an impact on the proper functioning of the voting process. The range of policy options that ESMA will consider, and on which it seeks further input from market participants, consists of four broad areas, including: 1.    No EU-level action at this stage 2.    Encouraging Member States and/or industry to develop standards 3.    Quasi-binding EU-level regulatory instruments 4.    Binding EU-level legislative instruments ESMA will consider these options based on the feedback it receives from market participants, and, if appropriate, will undertake further policy action, either directly or by providing an opinion to the European Commission. The reason to bring up some policy options is due to the fact that proxy advisors are currently not regulated at a pan-European level. Nevertheless, there are relevant European rules that apply to investors (e.g. for UCITS management companies when exercising voting rights). In addition, there are also well-recognised corporate governance standards that apply to issuers at a national level (based on the “comply or explain approach”) and some complements to improve standards of stewardship among investors. All feedback received from this Discussion Paper will be duly considered. ESMA expects to publish a feedback statement in Q4 of 2012 which will summarise the responses received and will state ESMA’s view on whether there is a need for policy action in this area.
27/03/2012 2012/224 ESMA seeks views on proxy advisors , , Press Release PDF
170.89 KB
ESMA published last Thursday a discussion paper (ESMA/2012/212) on proxy advisors active in the European Union, seeking views of stakeholders. The paper aims at giving an overview of the state and structure of the market, advisor’s methodologies, and on possible policy options. Generally, proxy advisors assist (institutional) investors and asset managers in their voting policy and strategy.  Currently, there are no rules in place on a pan-European basis regarding proxy advisors. ESMA will use the feedback received on this paper to publish a feedback statement in Q4 of 2012, which will also include ESMA’s view on whether there is a need for policy action in the area.
20/06/2012 2012/380 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU , Consultation Paper PDF
1.49 MB
Responses to this consultation paper should be submitted online by 20 August 2012.
29/06/2012 2012/415 Call for Evidence on Empty Voting , CESR Document PDF
275.66 KB
ESMA launched a Call for Evidence on Empty Voting in September 2011 to analyse the potential issues and concerns raised by the practice of empty voting and to examine whether there was a possible need for further action. An analysis of the responses received to the consultation has led ESMA to conclude that there is insufficient evidence to justify any regulatory action at the European level at present.
26/07/2012 2012/483 ESMA publishes review of accounting treatment of Greek sovereign debt , Press Release PDF
122.97 KB

The European Securities and Markets Authority (ESMA) has today published Review of Greek Government Bonds accounting practices in the IFRS Financial Statements for the year ended 31 December 2011, which sets out the results of the review conducted by ESMA on accounting practices and disclosures regarding exposure to Greek government bonds. The ESMA review considered a sample of 42 European financial institutions, each with significant exposure to Greek government bonds totalling an estimated gross exposure of around €80 billion.

01/10/2012 2012/607 Further amendments to ESMA’s Recommendations for the consistent implementation of the Prospectus Regulation regarding mineral companies , Consultation Paper PDF
481.61 KB
20/12/2012 2012/854 ESMA issues statement on forbearance practices , , Press Release PDF
117.17 KB

ESMA issues statement on forbearance practicesThe European Securities and Markets Authority (ESMA) has issued a Public Statement on the Treatment of Forbearance Practices in IFRS Financial Statements of Financial Institutions.  The statement deals with the definition of forbearance practices, their impact on the impairment of financial assets and the specific disclosures relating to forbearance activities that listed financial institutions should include in their IFRS financial statements for the year ending 31 December 2012.The statement results from ESMA’s concerns that a lack of consistency amongst issuers in this area raises issues over the transparency and accuracy of their financial statements.  ESMA believes that the consistent application of IFRS principles promotes comparability among listed financial institutions’ financial statements.This forms part of broader work on forbearance practices undertaken by regulators, including the European Banking Authority (EBA) and the European Systemic Risk Board (ESRB), who are examining the issue in the context of prudential reporting and macro-economic risks respectively.Steven Maijoor, ESMA Chair said:“ESMA and national authorities have become concerned at the lack of clarity in financial issuers’ financial statements regarding their treatment of forbearance-related practices, and the potential impact this might have on issuer’s financial performance and position, with consequences for investors and markets.“We have seen the impact of an inadequate approach to forbearance and impairment in previous financial crises and our aim is to avoid a similar situation developing here in the EU.  We believe that by promoting an appropriate and consistent approach to the definition of forbearance, measurement of impairment and related disclosures, investors can be confident that issuers’ financial statements accurately reflect credit risk exposures and the credit quality of their financial assets.”“A uniformly consistent approach on this issue in the EU will contribute to the proper functioning of financial markets, the maintenance of financial stability in the European Union and improved investor protection.”Forbearance and objective evidence of impairmentForbearance occurs when the borrower is considered to be unable to meet the terms and conditions of the contract due to financial difficulties and ,based on these difficulties, it decides to modify the terms and conditions of the contract to allow the borrower sufficient ability to service the debt or refinance.  Therefore, forbearance measures constitute objective evidence of impairment under IFRS.Forbearance and asset impairmentAs forbearance measures are extended due to the financial difficulties of the borrower, ESMA expects that issuers would have  when assessing the impairment of those loans:•    identified whether a loss event has had an impact on the estimated future cash flows;•    based impairment calculations on the estimated future cash flows and not the contractual cash flows; and•    applied a heightened level of scepticism when estimating the future cash flows, as well as other parameters used. Required disclosures in the year-end IFRS financial statementsThe disclosures to be provided by financial institutions, regarding their forbearance practices in their annual IFRS financial statements, should include the following qualitative aspects:•    details of the types of forbearance practices undertaken during the reporting period;•    description of the risks related to the forbearance practices undertaken, and how these risks are managed and monitored for internal management purposes;•    accounting policies applied in respect of the forborn assets; and•     description of any changes in these aspects from the prior period.The issuers should also provide quantitative disclosures in order to enable users to evaluate the impact of forbearance measures on the credit risk profile of their loan portfolios and their financial position and performance. ESMA expects such quantitative disclosures to be included in the 2012 financial statements as far as possible, and in any event they should be implemented and reflected in 2013’s annual financial statements.Next StepsESMA, together with EU national competent authorities, will continue to monitor the level of transparency that issuers provide in their financial statements on forbearance related measures and their impact on impairment, and will consider whether further action is required.  The statement complements ESMA’s common enforcement priorities for the 2012 year-end IFRS financial statements which were published in November 2012.

Pages