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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
25/09/2000 00-064c The regulation of Alternative Trading Systems in Europe. A paper for the EU Commission Final Report PDF
84.28 KB
Alternative Trading Systems (ATS) offer electronic securities trading facilities outside the traditional trading channels. An expert group chaired by Howard Davies, Chairman of the UK FSA, has studied the impact of such systems in depth. The group has prepared a comprehensive report identifying and assessing the benefits and risks associated with the emergence of ATS and analysing the current regulatory treatment of such systems, within Europe and elsewhere. The report proposes both a short term and a long term option for a harmonised regulatory treatment of such systems in Europe.The paper was submitted to the European Commission as FESCO"s contribution to the preparation of the forthcoming Green Paper on possible amendments to the Investment Services Directive. The Green Paper will shortly be published as a basis for consultation with Member States, the financial services industry and other interested parties. However, the FESCO paper noted that, while the Green Paper on the ISD might be the catalyst for a far-reaching review of the regulatory approach to ATS, it would not provide a short-term solution. Accordingly, FESCO proposed that the short-term solution should take the form of a set of additional regulatory requirements for ATS operating as investment firms.FESCO will be working on proposals for what those additional regulatory requirements might be over the next six months, with a view to producing a consultation paper in the first half of 2001. This consultation paper will provide an opportunity for interested parties to comment in detail on the FESCO proposals. If, however, in the meantime interested parties have any specific comments on the possible additional regulatory requirements identified in paragraph 71 of the September paper, they should make these known to the Secretariat of FESCO via the following e-mail address: fdankers@europefesco.org
07/04/2016 2016/584 Suitability Peer Review- Final Report , Final Report PDF
459.35 KB
07/04/2016 2016/585 Suitability Peer Review- Annex , Final Report PDF
987.81 KB
04/02/2020 ESMA32-67-613 Report on amendments to ESMA Guidelines on enforcement of financial information Final Report PDF
272.06 KB
18/01/2018 ESMA71-99-930 Product Intervention Call for Evidence PR , Press Release PDF
138.63 KB
12/07/2019 ESMA70-156-1065 Press_Release_ESMA launches consultation on cost of market data and consolidated tape , Press Release PDF
90.42 KB
07/03/2018 ESMA71-99-953 Press release: ESMA publishes double volume cap data , Press Release PDF
137.68 KB
05/04/2017 ESMA71-99-386 Press release: ESMA clarifies market structure issues under MiFID II Press Release PDF
151.27 KB
14/12/2018 ESMA71-99-1074 Press Release- Final Report on tick size regime , Press Release PDF
148.46 KB
01/04/2015 2015/674 Press release- ESMA launches centralised data projects for MiFIR and EMIR , Press Release PDF
102.28 KB
25/07/2016 2016/1167 Press release- ESMA issues warning on sale of speculative products to retail investors Press Release PDF
147.01 KB
20/07/2011 2011/223 Press release- ESMA consults on systems and controls for highly automated trading , Press Release PDF
57.39 KB
19/12/2018 ESMA71-99-1085 Press release- ESMA consults on measures to promote sustainability in EU capital markets , , Press Release PDF
125.69 KB
27/03/2018 ESMA71-98-128 Press release- ESMA agrees to prohibit binary options and restrict CFDs to protect retail investors , Press Release PDF
235.94 KB
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12/02/2018 ESMA71-99-946 Press release- ESAs warn consumers of risks in buying virtual currencies Press Release PDF
128.93 KB
02/05/2018 ESMA71-99-971 Press release on MiFID II bond transparency calculations Press Release PDF
150.66 KB
06/12/2017 ESMA50-164-1173 Press Release MiFID/MAR Transitional Transparency Calculations , , , , Press Release PDF
225.44 KB
02/05/2016 2016/566 Press release MiFID II RTS , Press Release PDF
131.33 KB
22/12/2015 2015/1872 Press Release Cross Selling Guidelines Press Release PDF
156.66 KB

The European Securities and Markets Authority (ESMA) has published its Guidelines on Cross-Selling Practices under MiFID II (guidelines) to ensure investors are treated fairly when an investment firm offers two or more financial products or services as part of a package.

The guidelines include principles on:

  • improving disclosures when different products are cross-sold with one another;
  • requiring firms to provide investors with all relevant information in a timely and clear manner;
  • addressing conflicts of interest arising from remuneration models; and
  • improving client understanding on whether purchasing the individual products offered in a package is possible.

The European Supervisory Authorities (ESAs) – EBA, EIOPA and ESMA - initially intended to issue joint guidelines covering all cross-selling practices taking place in the banking, insurance and securities sectors given that cross-selling is often cross-sectoral, and had consulted the stakeholders previously on this basis.

However, in light of legal concerns, the ESAs decided not to issue joint guidelines on cross-selling practices but agreed that ESMA should issue ESMA-only guidelines under MiFID II in order to meet its 3 January 2016 deadline.

While ESMA’s guidelines take into account the results of the ESAs’ joint consultation, the final report focuses on the feedback regarding cross-selling practices under MIFID II. Further, the guidelines are addressed to national regulators supervising the firms which provide MiFID services, when they engage in cross-selling practices.

The ESAs intend to inform the European Commission about the issues encountered and raise the possibility of legislative change to provide a foundation for future joint guidelines.

The guidelines will apply from 3 January 2017.

05/12/2019 ESMA71-99-1248 PR on MIFID II Review Report No. 1 , Press Release PDF
95.34 KB

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