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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
22/12/2011 2011/445 Consultation paper on guidelines on certain aspects of the MiFID suitability requirements Consultation Paper PDF
355.06 KB
22/12/2011 2011/446 Consultation paper on guidelines on certain aspects of the MiFID compliance function requirements Consultation Paper PDF
393.94 KB
24/01/2012 2012/30 Draft technical standards on the Regulation (EU) xxxx/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps Consultation Paper PDF
245.84 KB
ESMA will consider the feedback it received to this consultation in February/March 2012 and expects to publish a final report and submission of the draft technical standards to the European Commission by 31 March 2012 for endorsement.
22/06/2012 2012/382 MiFID Q&A in the area of investor protection and intermediaries Q&A PDF
319.78 KB
17/09/2012 2012/570 Guidelines on remuneration policies and practices (MiFID) Consultation Paper PDF
508.33 KB
17/09/2012 2012/580 Exemption for market making activities and primary market operations under Regulation (EU) 236/2012 of the European Parliament and the Council on short selling and certain aspects of Credit Default Swaps Consultation Paper PDF
307.31 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.
15/02/2012 2012/98 ESMA's draft technical advice on possible Delegated Acts concerning the regulation on short selling and certain aspects of credit default swaps ((EC) No XX/2012) Consultation Paper PDF
429.17 KB
The purpose of this consultation is to seek comments on the technical advice that ESMA proposes to give to the European Commission on a number of possible delegated acts concerning the Regulation as listed in the Commission request for advice. These delegated acts should then be adopted in accordance with Article 290 of the Treaty of the Functioning of the European Union (TFEU). ESMA will consider the feedback it receives to this consultation and to the open hearing to be held on 29 February 2012 in March 2012 and expects to publish a final report and submission of the draft advice on Delegated Acts to the European Commission by mid-April 2012.
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
30/01/2013 2013/159 Q&A on Implementation of the Regulation on short selling and certain aspects of credit default swaps (2nd update) Q&A PDF
873.32 KB
12/02/2013 2013/203 On the evaluation of the Regulation (EU) 236/2012 of the European Parliament and of the Council on short selling and certain aspects of credit default swaps Consultation Paper PDF
315.16 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
09/07/2013 2013/918 Draft Regulatory Technical Standards on information requirements for assessment of acquisitions and increases in holdings in investment firms (MiFID) Consultation Paper PDF
506.86 KB
Executive summary Reasons for publication Article 10b(4) of the Markets in Financial Instruments Directive (MiFID ) requires Member States to make publicly available the information necessary to carry out the assessment of a proposed acquirer of an investment firm. This information must be provided at the time of the initial notification. This information is aimed at ensuring that competent authorities are provided with adequate and proportionate information in order to assess the acquisition. Article 10a of MiFID, as amended by Article 6(4) of the Omnibus Directive , requires ESMA to draft regulatory technical standards (RTS) to establish an exhaustive list of information referred to in Article 10b(4) of MiFID. ESMA is required to submit the draft RTS to the European Commission (Commission) by 1 January 2014.   Contents The proposed RTS set out in this Consultation Paper (CP) are based on the CEBS, CESR and CEIOPS ‘Guidelines for the prudential assessment of acquisitions and increases in holdings in the financial sector required by Directive 2007/44/EC’ (3L3 Guidelines), as well as the report issued by the Commission (in February 2013) to the European Parliament, the Council, the European Economic and Social Committee, and the Committee of Regions on the application of Directive on acquisitions and increase of holdings in the financial sector. Section II explains the background to the proposals; Section III describes the proposals on the exhaustive list of information to be included by proposed acquirers in their notification. Annex I sets out the legislative mandate to develop draft RTS; Annex II sets out the cost-benefit analysis related to the draft RTS; Annex III lists the questions contained in this CP; and Annex IV sets out the full text of the draft RTS. Next steps ESMA will consider the responses it receives to this CP in Q4, and will finalise the draft RTS for submission to the Commission by 1 January 2014 for endorsement.
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
07/02/2014 2014/146 MiFID practices for firms selling complex products , Opinion PDF
122.37 KB
19/12/2014 2014/1570 Consultation paper on MiFID II/MiFIR- part 1 , Consultation Paper PDF
6.55 MB
Who should read this paper? This document will be of interest to all stakeholders involved in the securities markets. It is primarily of interest to competent authorities and firms that are subject to MiFID II and MiFIR – in particular, investment firms, credit institutions performing investment services and activities, data reporting services providers and trading venues. This paper is also important for trade associations and industry bodies, institutional and retail investors and their advisers, and consumer groups, as well as any market participant because the MiFID II and MiFIR requirements seek to implement enhanced provisions to ensure investor protection and the transparency and orderly running of financial markets with potential impacts for anyone engaged in the dealing with or processing of financial instruments. Responding to this paper The European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the ESMA MiFID II/MiFIR Consultation Paper. Please note that ESMA will only be able to consider responses received using this “form to reply” and complying with the procedure below. a)    InstructionsPlease note that, in order to facilitate analysis of the large number of responses expected, ESMA will be using an IT tool that does not allow processing of responses which do not follow the formatting indications described below. Therefore, in responding stakeholders should:i.    use the published template and send their responses in Word format (pdf documents will not be considered except for annexes); ii.    not remove the tags of type - i.e. the response to one question has to be framed by the 2 tags corresponding to the question; andiii.    if they have no response to a question, not delete it and leave the text “TYPE YOUR TEXT HERE” between the tags. b)    Naming protocolIn order to facilitate the handling of stakeholders responses please save your document using the following format:ESMA_MiFID2_CP_NAMEOFCOMPANY_NAMEOFDOCUMENT: e.g. if the respondent were ESMA, the name of the reply form would be ESMA_MiFID2_CP_ESMA_REPLYFORM or ESMA_MiFID2_CP_ESMA_ANNEX1 c)    Content of the responses Responses are most helpful:i.    if they respond to the question stated;ii.    contain a clear rationale; andiii.    describe any alternatives that ESMA should consider. Given the breadth of issues covered, ESMA expects and encourages respondents to specifically answer those questions relevant to their business, interest and experience. d)    Deadline Responses must reach us by 2 March 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input/Consultations’. Publication of responses All contributions received will be published following the end of the consultation period, unless otherwise requested. Please clearly indicate by ticking the appropriate checkbox in the website submission form if you do not wish your contribution to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. Note also that a confidential response may be requested from ESMA in accordance with ESMA’s rules on access to documents. ESMA may consult respondents if ESMA receives such a request. Any decision we make is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the headings ‘Legal notice’ and ‘Data protection’.
19/12/2014 2014/1570 Annex B Consultation paper on MiFID II/MiFIR- Annex B , Consultation Paper PDF
2.78 MB
Who should read this paper? This document will be of interest to all stakeholders involved in the securities markets. It is primarily of interest to competent authorities and firms that are subject to MiFID II and MiFIR – in particular, investment firms, credit institutions performing investment services and activities, data reporting services providers and trading venues. This paper is also important for trade associations and industry bodies, institutional and retail investors and their advisers, and consumer groups, as well as any market participant because the MiFID II and MiFIR requirements seek to implement enhanced provisions to ensure investor protection and the transparency and orderly running of financial markets with potential impacts for anyone engaged in the dealing with or processing of financial instruments. Responding to this paper The European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the ESMA MiFID II/MiFIR Consultation Paper. Please note that ESMA will only be able to consider responses received using this “form to reply” and complying with the procedure below. a)    InstructionsPlease note that, in order to facilitate analysis of the large number of responses expected, ESMA will be using an IT tool that does not allow processing of responses which do not follow the formatting indications described below. Therefore, in responding stakeholders should:i.    use the published template and send their responses in Word format (pdf documents will not be considered except for annexes); ii.    not remove the tags of type - i.e. the response to one question has to be framed by the 2 tags corresponding to the question; andiii.    if they have no response to a question, not delete it and leave the text “TYPE YOUR TEXT HERE” between the tags. b)    Naming protocolIn order to facilitate the handling of stakeholders responses please save your document using the following format:ESMA_MiFID2_CP_NAMEOFCOMPANY_NAMEOFDOCUMENT: e.g. if the respondent were ESMA, the name of the reply form would be ESMA_MiFID2_CP_ESMA_REPLYFORM or ESMA_MiFID2_CP_ESMA_ANNEX1 c)    Content of the responses Responses are most helpful:i.    if they respond to the question stated;ii.    contain a clear rationale; andiii.    describe any alternatives that ESMA should consider. Given the breadth of issues covered, ESMA expects and encourages respondents to specifically answer those questions relevant to their business, interest and experience. d)    Deadline Responses must reach us by 2 March 2015. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input/Consultations’. Publication of responses All contributions received will be published following the end of the consultation period, unless otherwise requested. Please clearly indicate by ticking the appropriate checkbox in the website submission form if you do not wish your contribution to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. Note also that a confidential response may be requested from ESMA in accordance with ESMA’s rules on access to documents. ESMA may consult respondents if ESMA receives such a request. Any decision we make is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the headings ‘Legal notice’ and ‘Data protection’.
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.

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