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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
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
20/07/2011 2011/223 Press release- ESMA consults on systems and controls for highly automated trading , Press Release PDF
57.39 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.  
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
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 2012/378 Operation of notifications of MiFID Article 41 suspensions and removals of financial instruments from trading Reference PDF
353.3 KB
This protocol has been created to ensure effective co-operation between Competent Authorities (CAs) with respect to their obligations under Article 41 of MiFID (Suspension and removal of in-struments from trading).The purpose of the notification obligations under Article 41 is to afford investors across all Mem-ber States the same level of protection regardless of where they trade. In order to achieve this outcome, a shared understanding of the different circumstances under which trading may be suspended in different Member States according to their national law and the expected course of action under Article 41 is helpful. To ensure trading is suspended or an instrument is removed from trading in an effective and timely way, an effective communication process is necessary.The protocol will be kept under review in light of practical experience.
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.
25/07/2012 2012/478 ESMA MiFID database- description of webservice Reference PDF
123.71 KB
This document provides useful information for developers wanting to use the webservice provided in ESMA's MIFID databases.
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.

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.

10/01/2013 2013/8 Call for expression of interest: Consultative Working Group for ESMA’s Corporate Reporting Standing Committee Reference PDF
84.57 KB

Applications are welcome by 13.00 CET on 15 February 2013.

19/02/2013 2013/240 ESMA recommends EU Code of Conduct for proxy advisor industry , , Press Release PDF
140.27 KB
20/03/2013 2013/318 Feedback Statement on proposed amendments to the ESMA update of the CESR recommendations for the consistent implementation of the Prospectuses Regulation regarding mineral companies , , CESR Document PDF
265.19 KB
06/06/2013 2013/684 ESMA and the EBA publish final principles on benchmarks , , Press Release PDF
125.48 KB
19/07/2013 MOU ACER ESMA MoU between ESMA and ACER concerning the consultation and cooperation regarding their regulatory responsibilities in relation to EU wholesale energy market Reference PDF
207.61 KB
11/11/2013 2013/1635 ESMA announces financial statements’ enforcement priorities for 2013 , , Press Release PDF
94.29 KB

The European Securities and Markets Authority (ESMA) has published its European Common Enforcement Priorities (Priorities) for 2013. These Priorities are to be used by European Economic Area (EEA) national authorities in their assessment of listed companies’ 2013 financial statements. ESMA has defined these Priorities in order to promote the consistent application of IFRS across the EEA. Listed companies and their auditors should take account of the areas set out in the Priorities when preparing and auditing the IFRS financial statements for the year ending 31 December 2013. The Priorities identified refer to the application of IFRS in relation to: • Impairment of non-financial assets; • Measurement and disclosure of post-employment benefit obligations; • Fair value measurement and disclosure; • Disclosures related to significant accounting policies, judgements and estimates; and • Measurement of financial instruments and disclosure of related risks. Steven Maijoor, ESMA Chair, said: “ESMA, in setting out these enforcement priorities for listed companies financial statements, aims to ensure that the IFRS recognition, measurement and disclosure principles are consistently applied across the EEA. “Consistent application of accounting standards is a key factor in ensuring the transparency and accuracy of the financial information which investors rely upon, and ultimately contributes to the proper functioning of Europe’s capital markets. “Finally, considering the focus on asset quality in the financial sector, listed financial institutions and their auditors should pay particular attention to properly measuring financial instruments and the accurate disclosure of related risks.” ESMA and the national competent authorities will monitor the application of the IFRS requirements outlined in the Priorities, with national authorities incorporating them into their reviews and taking corrective actions where appropriate. In addition to these Priorities, national authorities may also focus on other locally relevant areas as part of their review. Therefore, national enforcement processes may not be limited to the specific issues contained in this statement. ESMA will collect data on how European listed entities have applied the Priorities and will publish its findings on these Priorities in early 2015. It expects to publish its findings on the 2012 Priorities in early 2014.

12/11/2013 2013/1643 Cover Note- Public statement containing information on shareholder cooperation and acting in concert under the Takeover Bids Directive (ESMA/2013/1642) , Reference PDF
145.01 KB
In accordance with its mandate to take appropriate action in the context of takeover bids as per Article 1.3 of Regulation (EU) 1095/2010 (ESMA Regulation), ESMA is releasing a public statement on shareholder cooperation and acting in concert under the Takeover Bids Directive (Directive 2004/25/EC). This statement has been prepared following the review and report by the European Commission on the application of the Takeover Bids Directive and is based on information collected about the practices and application of that Directive. The statement has been prepared in order to help shareholders identify activities in relation to which they can cooperate (insofar as those activities are available to them under national company law), without that cooperation, in and of itself, leading to a conclusion that the shareholders are acting in concert and thus being at risk of having to make a mandatory bid under the Takeover Bids Directive. These activities are presented in the statement in the form of a “White List”. The statement has been prepared by the Takeover Bids Network, a permanent working group operating under the auspices of ESMA that promotes exchange of information on practices and application of the Takeover Bids Directive across the European Economic Area, thereby strengthening a common supervisory culture. The Takeover Bids Network is a specialist group composed of the national competent authorities appointed under the Takeover Bids Directive. The competent authorities represented on the ESMA Board of Supervisors are not in all cases appointed as competent authorities within the Takeover Bids Directive. The authorities not represented on the Board of Supervisors but competent within the area of takeovers are the Austrian Takeover Commission, the Irish Takeover Panel, the Oslo Stock Exchange of Norway, the Takeover Panel of Sweden and the Takeover Panel of the United Kingdom. These five authorities have contributed to the public statement and will have regard to it in the same manner as the other members of the Takeover Bids Network when assessing whether shareholders are acting in concert under their national takeover rules.

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