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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
10/03/2011 2011/MB/3 Decision of the Management Board- Internal language arrangements , Decision PDF
18.51 KB
10/03/2011 2011/MB/4 Decision of the Management Board- Professional secrecy , Decision PDF
34.68 KB
10/03/2011 2011/MB/6 Decision of the Management Board- Code of good administrative behaviour , Decision PDF
41.25 KB
31/05/2011 2011/MB/69 Decision of the Management Board- Access to documents , Decision PDF
201.73 KB
01/11/2012 2012/715 ESMA Opinion on emergency measure by Spanish CNMV under Section 1 of Chapter V of Regulation No. 236/2012 on short selling and certain aspects of credit default swaps Opinion PDF
79.2 KB
ESMA Opinion ESMA is adopting the following opinion on the notified measure, on the basis of Article 27(2) of Regulation 236/2012 on Short selling and certain aspects of credit default swaps: On the adverse events or developmentsESMA considers that there are adverse developments which constitute a serious threat to financial stability and to market confidence in Spain. On the appropriateness and proportionality of the measure ESMA considers that the measure is appropriate and proportionate to address the above-mentioned threats that persist in Spain. On the duration of the measureESMA considers that the duration of the measure is justified and appreciates the CNMV’s statement in its notification of intent whereby the measure may be lifted during the period of enforcement of the measure, if considered necessary.
01/11/2012 2012/717 ESMA Opinion on emergency measure by the Greek HCMC under Section 1 of Chapter V of Regulation No. 236/2012 on short selling and certain aspects of credit default swaps Opinion PDF
95.45 KB
ESMA Opinion ESMA is adopting the following opinion on the notified measure, on the basis of Article 27(2) of Regulation 236/2012 on Short selling and certain aspects of credit default swaps: On the adverse events or developmentsESMA considers that there are adverse developments which constitute a serious threat to financial stability and to market confidence in Greece. On the appropriateness and proportionality of the measure ESMA considers that the measure is appropriate and proportionate to address the above-mentioned threats that persist in Greece. On the duration of the measureESMA considers that the duration of the measure is justified and appreciates the HCMC’s statement in its notification of intent whereby the measure may be lifted during the period of enforcement of the measure, if considered necessary.
29/01/2013 2013/149 Emergency measure by the Greek HCMC under Section 1 of Chapter V of Regulation No 236/2012 on short selling and certain aspects of credit default swaps Opinion PDF
96.52 KB
30/04/2013 2013/542 Emergency measure by the Greek HCMC under Section 1 of Chapter V of Regulation No 236/2012 on short selling and certain aspects of credit default swaps , Opinion PDF
96.41 KB
27/10/2014 2014/1312 ESMA opinion on emergency measure by the Italian CONSOB under the short-selling regulation Opinion PDF
137.35 KB
11/11/2014 2014/1355 ESMA opinion on the renewal of short positions ban in Italy Opinion PDF
114.46 KB
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.
07/02/2014 2014/146 MiFID practices for firms selling complex products , Opinion PDF
122.37 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.
02/12/2014 2014/BOA/05 Decision by the ESA BoA concerning Investor Protection Europe sprl , Decision PDF
229.85 KB
The Joint Board of Appeal of the ESAs decides on the inadmissibility of an appeal brought by IPE sprl, a company based in Brussels, against a decision by ESMAThe Joint Board of Appeal of the European Supervisory Authorities published today its decision in an appeal brought by Investor Protection Europe (IPE) sprl, a company based in Brussels, against a decision of the European Securities and Markets Authority (ESMA) of 10 June 2014 not to initiate an investigation under Article 17 of the ESMA Regulation regarding an alleged breach of Union law by the Commission de Surveillance du Secteur Financier of Luxembourg.  The Board of Appeal unanimously decided that the appeal was inadmissible, and in the light of that decision, did not consider the substance of IPE’s complaint.
17/07/2014 2014/C1/02 Board of Appeal Decision , Decision PDF
368.94 KB
The Joint Board of Appeal of the European Supervisory Authorities (the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority) published its decision in an appeal brought by SV Capital OÜ, an Estonian company, against a decision of the EBA. This was the second appeal to be considered by the Board of Appeal in this matter between the same parties concerning the question whether the suitability of the managers of a significant branch of a bank raised a question of Union law. Following the Board of Appeal’s affirmative decision of 24 June 2013, the appellant requested the EBA to initiate an investigation against the Estonian and Finnish Financial Supervision Authorities because their alleged failure to take action in respect of individuals in the Estonian branch of Nordea Bank Finland PLC whom it was alleged were not fit and proper persons to be key function holders in the bank. The EBA decided that it would not initiate an investigation.  The Board of Appeal decided that the EBA had been right to raise the matter with the national supervisors, but that having done so, it was entitled to take no further action in the light of their responses. The Board accordingly dismissed the appellant’s appeal against the EBA’s decision.
02/07/2014 2014/MB/38 Decision on the Financial Regulation of ESMA Decision PDF
392.78 KB
02/07/2014 2014/MB/39 Decision on the Implementing Rules to the Financial Regulation of ESMA Decision PDF
279.01 KB
29/06/2015 2015/1066 ESMA Opinion on emergency measure by the Greek HCMC under short selling regulation Opinion PDF
93.83 KB
07/07/2015 2015/1104 ESMA Opinion on the renewal of emergency measure by the Greek HCMC under the Short Selling Regulation , Opinion PDF
108.42 KB
OPINION Renewal of emergency measure by the Greek HCMC under Section 1 of Chapter V of Regulation No 236/2012 on short selling and certain aspects of credit default swaps I. Legal basis 1. According to Article 27(2) of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (the Regulation), the European Securities and Markets Authority (ESMA) shall within 24 hours of the notification having been made by a competent authority under Article 26 of the Regulation issue an opinion on whether it considers the measure or proposed measure necessary to address the exceptional circumstances. 2. ESMA’s competence to deliver an opinion is based on Article 29(1) (a) of Regulation (EC) No 1095/2010 (ESMA Regulation). In accordance with Article 44(1) of the ESMA Regulation the Board of Supervisors has adopted this opinion. II. Background 3. In accordance with Article 26 of the Regulation, the Hellenic Capital Market Commission (HCMC) originally notified ESMA and competent authorities on the 29th of June 2015 of its intention to make use of its powers of intervention in exceptional circumstances and to introduce an emergency measure under Article 20 of the Regulation. 4. The original emergency measure consisted of a temporary prohibition of transactions in any financial instrument that create, or increase, a net short position on any of the shares admitted to trading on the Athens Exchange and the Multilateral Trading Facility of “EN.A” (Alternative Market of the Athens Exchange) of which the relevant Competent Authority is HCMC. 5. The original measure concerned the following financial instruments: all shares admitted to trading on the Athens Exchange and the Multilateral Trading Facility of “EN.A”, as well as all related instruments included in the calculation of the net short position in accordance with Regulation (EU) N0 236/2012 and Commission Regulation (EU) No 918/2012 of 5 July 2012 (see in particular Annex I, Part I thereof). It applied to any person irrespective of their country of residence, and did not envisage any exemption for market maker activities. 6. In the original notification, the HCMC indicated that the measure was a complementary action to the ones already established on the 29th of June 2015 by the Greek Authorities, namely: • closure of the ATHEX regulated market and the Multilateral Trading Facility of “EN.A” until the 6th of July (included); • closure of The Electronic Secondary Market “HDAT” for government bonds operated for the same period; • suspension of redemption of mutual funds’ units; • suspension of operation of ATHEXClear for the securities traded on the Greek market and the MTF “EN.A”; • suspension of the settlement of securities traded on the Greek market by the Hellenic Central Securities Depository; • trading suspension of all the securities of listed companies covered by the above measures, as well as the related financial instruments (the trading suspension is effective also in other Member States). 7. The reason for proposing a temporary prohibition for the creation, or increase, of net short position on the shares admitted to trading on the Athens Exchange and on “EN.A” was that the HCMC deemed it necessary for the protection of the investors and the preservation of financial stability. In fact, such prohibition was considered a relevant component to ensure the effectiveness of the other measures adopted by the Greek authorities. The HCMC also stated that given that the main liquidity and trading activity on those instruments normally is located within Greece, the measure would have not created disproportionate negative effects, since it would have affected a fairly small part of the EU overall market. 8. Following the issuance by ESMA of a positive opinion pursuant to Article 27 of the Regulation on the 29th of June, the original measure by the HCMC entered into force at 00:00:01 hours (CET) on 30th June 2015, and applied for a period of seven days, ending at 24:00:00 (CET) on 6th July 2015. 9. On the 6th of July 2015, the measures described in paragraph 6 were renewed by the Greek authorities and the bank holiday in Greece was also extended. On the same day, the HCMC proposed a renewal of the short selling measure, notifying ESMA and competent authorities accordingly. 10. In the notification for the renewal, the HCMC explains that it believes the circumstances that justified the imposition of the original measure did not improve during the last week and therefore the measure should be renewed. Moreover, all the other measures adopted by the Greek authorities were renewed or extended, and the short selling measure remains a relevant component to ensure the effectiveness of the other ones. 11. The proposed renewal would concern the same financial instruments of the original measure (see paragraph 5), but the HCMC specified in the new notification that although the ban covers all transactions in the financial instruments listed in Part I of Annex I of Commission Regulation (EU) No 918/2012, transactions in index-related instruments and ETFs are included to the extent that the shares admitted to trading on the Athens Exchange and the Multilateral Trading Facility of “EN.A” of which the relevant Competent Authority is the HCMC represent more than 5% of the total value (or composition) of these instruments. 12. The renewed measure shall apply for a period of seven days and shall be in force as of 00:00:01 hours (CET) on 7th July 2015 until 24:00:00 (CET) on 13th of July 2015. III. Opinion 13. ESMA is adopting the following opinion on the notified measure, on the basis of Article 27(2) of Regulation 236/2012 on Short selling and certain aspects of credit default swaps: On the adverse events or developments ESMA considers that adverse developments which constitute a serious threat to market confidence in the Greek market still persist. On the appropriateness and proportionality of the measure ESMA considers that the measure is appropriate and proportionate to address the above mentioned threats that persist in the Hellenic Republic. On the duration of the measure ESMA considers that the duration of the measure is justified and appreciates HCMC’s statement in its notification of intent that the measure may be lifted before the end of the established period or renewed in accordance with the provisions of the Regulation (EU) No 236/2012 if circumstances that justified the imposition of the measure improve, persist or worsen.
13/07/2015 2015/1131 ESMA Opinion on the renewal of emergency measure by the Greek HCMC under short selling regulation , Opinion PDF
110.11 KB
OPINION Renewal of emergency measure by the Greek HCMC under Section 1 of Chapter V of Regulation No 236/2012 on short selling and certain aspects of credit default swaps I. Legal basis 1. According to Article 27(2) of Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (the Regulation), the European Securities and Markets Authority (ESMA) shall within 24 hours of the notification having been made by a competent authority under Article 26 of the Regulation issue an opinion on whether it considers the measure or proposed measure necessary to address the exceptional circumstances. 2. ESMA’s competence to deliver an opinion is based on Article 29(1) (a) of Regulation (EC) No 1095/2010 (ESMA Regulation). In accordance with Article 44(1) of the ESMA Regulation the Board of Supervisors has adopted this opinion. II. Background 3. On the 29th of June 2015, ESMA issued an opinion on the emergency measure introduced by the Hellenic Capital Market Commission (HCMC) under Article 20 of the Regulation. The measure consisted of a temporary prohibition of transactions in any financial instrument that create, or increase, a net short position on any of the shares admitted to trading on the Athens Exchange and the Multilateral Trading Facility of “EN.A” (Alternative Market of the Athens Exchange) of which the relevant Competent Authority is HCMC and was applied from 30th June 2015 at 00.00.01 CET to the 6th July 2015 at 24:00:00 (CET). 4. The measure concerned the following financial instruments: all shares admitted to trading on the Athens Exchange and the Multilateral Trading Facility of “EN.A”, as well as all related instruments included in the calculation of the net short position in accordance with Regulation (EU) N0 236/2012 and Commission Regulation (EU) No 918/2012 of 5 July 2012 (see in particular Annex I, Part I thereof). It applied to any person irrespective of their country of residence, and did not envisage any exemption for market maker activities. 5. In the original notification to ESMA, the HCMC indicated that the measure was a complementary action to the ones already established on the 29th of June 2015 by the Greek Authorities, namely: • closure of the ATHEX regulated market and the Multilateral Trading Facility of “EN.A” until the 6th of July (included); • closure of The Electronic Secondary Market “HDAT” for government bonds operated for the same period; • suspension of redemption of mutual funds’ units; • suspension of operation of ATHEXClear for the securities traded on the Greek market and the MTF “EN.A”; • suspension of the settlement of securities traded on the Greek market by the Hellenic Central Securities Depository; • trading suspension of all the securities of listed companies covered by the above measures, as well as the related financial instruments (the trading suspension is effective also in other Member States). 6. The reason for proposing a temporary prohibition for the creation, or increase, of net short position on the shares admitted to trading on the Athens Exchange and on “EN.A” was that the HCMC deemed it necessary for the protection of the investors and the preservation of financial stability. In fact, such prohibition was considered a relevant component to ensure the effectiveness of the other measures adopted by the Greek authorities. The HCMC also stated that given that the main liquidity and trading activity on those instruments normally is located within Greece, the measure would have not created disproportionate negative effects, since it would have affected a fairly small part of the EU overall market. 7. On the 6th of July 2015, the measures described in paragraph 5 were renewed by the Greek authorities and the bank holiday in Greece was also extended. On the same day, the HCMC notified ESMA and competent authorities of its intention to renew the short selling measure and ESMA issued a positive opinion concerning this first renewal pursuant to Article 27 of the Regulation. 8. The first renewal concerned the same financial instruments of the original measure (see paragraph 5), but the HCMC specified in the related notification that although the ban covers all transactions in the financial instruments listed in Part I of Annex I of Commission Regulation (EU) No 918/2012, transactions in index-related instruments and ETFs are included to the extent that the shares admitted to trading on the Athens Exchange and the Multilateral Trading Facility of “EN.A” of which the relevant Competent Authority is the HCMC represent more than 5% of the total value (or composition) of these instruments. 9. This renewal entered into force at 00:00:01 hours (CET) on 7th July 2015 and will expire at 24:00:00 (CET) on 13th July 2015. 10. On the 13th of July 2015, the measures described in paragraph 5 were renewed again by the Greek authorities and the bank holiday in Greece was also extended. On the same day, in accordance with Article 26 of the Regulation, the HCMC has notified ESMA and other competent authorities of its intention to make use of its powers of intervention in exceptional circumstances and to renew again the current emergency measure under Article 20 of the Regulation. 11. In the notification for this second renewal, the HCMC explains that it believes the circumstances that justified the imposition of the original measure and of the first renewal did not improve yet and therefore the measure should be extended again. Moreover, all the other measures adopted by the Greek authorities were extended, and the short selling measure remains a relevant component to ensure the effectiveness of the other ones. 12. The proposed second renewal would concern exactly the same instruments as of the first renewal. 13. The renewed measure shall apply for a period of seven days and shall be in force as of 00:00:01 hours (CET) on 14th July 2015 until 24:00:00 (CET) on 20th of July 2015. III. Opinion 14. ESMA is adopting the following opinion on the notified measure, on the basis of Article 27(2) of Regulation 236/2012 on Short selling and certain aspects of credit default swaps: On the adverse events or developments ESMA considers that adverse developments which constitute a serious threat to market confidence in the Greek market still persist. On the appropriateness and proportionality of the measure ESMA considers that the measure is appropriate and proportionate to address the above mentioned threats that persist in the Hellenic Republic. On the duration of the measure ESMA considers that the duration of the measure is justified and appreciates HCMC’s statement in its notification of intent that the measure may be lifted before the end of the established period or renewed in accordance with the provisions of the Regulation (EU) No 236/2012 if circumstances that justified the imposition of the measure improve, persist or worsen.

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