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|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||Prospectus, Corporate Disclosure||Consultation Paper||PDF
|14/09/2011||2011/288||Call for evidence- Empty voting||Corporate Disclosure, Corporate Governance, Transparency||Consultation Paper||PDF
|04/10/2011||2011/323||Final report- ESMA's technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU||Prospectus, Corporate Disclosure||Technical Advice||PDF
|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||Prospectus, Corporate Disclosure||Consultation Paper||PDF
|10/11/2011||2011/373||Consultation paper- Considerations of materiality in financial reporting||Corporate Disclosure, IFRS Supervisory Convergence||Consultation Paper||PDF
|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||Prospectus, Corporate Disclosure||Consultation Paper||PDF
|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||2011/445||Consultation paper on guidelines on certain aspects of the MiFID suitability requirements||MiFID - Investor Protection||Consultation Paper||PDF
|22/12/2011||2011/446||Consultation paper on guidelines on certain aspects of the MiFID compliance function requirements||MiFID - Investor Protection||Consultation Paper||PDF
|01/03/2012||2012/137||ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU||Prospectus, Corporate Disclosure||Technical Advice||PDF
|ESMA publishes today the second part of its final advice (ESMA/2012/137) on possible delegated acts for the Prospectus Directive (PD). The advice was submitted to the Commission on 29 February 2012. In its advice, ESMA proposes how to use a prospectus in a retail cascade and provides input on how to review the provisions of the Prospectus Regulation concerning tax information, indices, auditor’s report on profit forecasts and estimates and audited historical financial information. Today’s advice follows a public consultation started on 13 December 2011. Overall, the technical advice aims to achieve a high level of investor protection and to increase across Europe the legal clarity and efficiency of the prospectus regime. Investment prospectuses as such are aimed to provide investors with easily accessible information on financial products so as to foster in-formed decision-making.|
|22/03/2012||2012/212||Discussion Paper- An Overview of the Proxy Advisory Industry. Considerations on Possible Policy Options||Corporate Disclosure, Corporate Governance||Consultation Paper||PDF
|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.|
|20/06/2012||2012/380||Prospectus, Corporate Disclosure||Consultation Paper||PDF
|Responses to this consultation paper should be submitted online by 20 August 2012.|
|17/09/2012||2012/570||Guidelines on remuneration policies and practices (MiFID)||MiFID - Investor Protection||Consultation Paper||PDF
|01/10/2012||2012/607||Further amendments to ESMA’s Recommendations for the consistent implementation of the Prospectus Regulation regarding mineral companies||Prospectus, Corporate Disclosure||Consultation Paper||PDF
|09/01/2013||2012/864||Prospectus, Corporate Disclosure||Technical Advice||PDF
|19/07/2013||2013/1013||Guidelines on enforcement of financial information||Corporate Disclosure, IFRS Supervisory Convergence||Consultation Paper||PDF
Responding to this paper The European Securities and Markets Authority (ESMA) is seeking comments on all matters covered in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they: respond to the question stated; indicate the specific question to which the comment relates; contain a clear rationale; and describe any alternatives ESMA should consider. Deadline ESMA will consider all comments received by 15 October 2013. 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 close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response 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 heading “Legal Notice”. Who should read this paper All interested parties are invited to respond to this consultation paper. It will primarily be of interest to those charged with the governance of issuers preparing financial information, users of financial information, auditors, and other parties who have a particular interest in financial reporting.
|15/03/2013||2013/316||Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus||Prospectus, Corporate Disclosure||Consultation Paper||PDF
|The Consultation Paper sets out a draft Regulatory Technical Standard concerning situations that require the systematic publication of a supplement to the prospectus which the European Securities and Markets Authority (ESMA) is obliged to develop in accordance with Article 16(3) of the Prospectus Directive. The listed situations are concrete examples of the general obligation in Article 16(1) to mention in a supplement every significant new factor, material mistake or inaccuracy relating to information included in the prospectus which is capable of affecting the assessment of the securities. ESMA believes that the test whether a new factor, mistake or inaccuracy qualifies as a triggering event for producing a supplement is the same test as whether information should be included in the prospectus. As a consequence, significance or materiality should be assessed according to the same qualitative and/or quantitative criteria used when drafting the prospectus. In light of this, ESMA has identified a short list comprising 10 situations, which will always require issuers, offerors or persons asking for admission to trading to draw up and publish a supplement to the prospectus.The CP includes a draft Regulatory Technical Standard setting out the situations that would require a systematic publication of a supplement as well as the minimum content of such a supplement. Responses to the consultation should be submitted online by 28 June 2013.|
|09/07/2013||2013/918||Draft Regulatory Technical Standards on information requirements for assessment of acquisitions and increases in holdings in investment firms (MiFID)||MiFID - Investor Protection||Consultation Paper||PDF
|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.|
|26/09/2014||2014/1186||Consultation paper on draft RTS on prospectus related issues under the Omnibus II Directive||Prospectus, Corporate Disclosure||Consultation Paper||PDF
|ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex I. Comments are most helpful if they:• respond to the question stated;• indicate the specific question to which they relate;• contain a clear rationale; and• describe any alternatives ESMA should consider.ESMA will consider all comments received by 19 December 2014. 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 close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response 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 heading ‘Legal Notice’.Who should read this paper This document will be of interest to all stakeholders. It would primarily be of interest to investors, issuers, offerors or persons asking for admission to trading on a regulated market, as well as to any market participant who is affected by Directive 2003/71/EC of 4 November 2003 (the Prospectus Directive) as amended by Directive 2010/73/EU and Directive 2010/78/EU and its Regulation (Commission Regulation (EC) No 809/2004) and Delegated Regulations (Commission Delegated Regulation (EC) No 486/2012, No 862/2012, No 759/2013 and No 1392/2014.|
|19/12/2014||2014/1569||Technical Advice to the Commission on MiFID II and MiFIR||MiFID - Investor Protection, MiFID - Secondary Markets||Technical Advice||PDF
|Reasons for publication The European Securities and Markets Authority (ESMA) received a formal request (mandate) from the European Commission (Commission) on 23 April 2014 to provide technical advice to assist the Commission on the possible content of the delegated acts required by several provisions of Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The mandate focuses on technical issues which follow from MiFID II and MiFIR and is available on the European Commission website (here). ESMA was required to provide technical advice by no later than six months after the entry into force of MiFID II and MiFIR (2 July 2014). Contents This final report follows the same structure as the Consultation Paper (CP) published by ESMA on 22 May 2014 which is: (1) Introduction, (2) Investor protection, (3) Transparency, (4) Data publication, (5) Micro-structural issues, (6) Requirements applying on and to trading venues, (7) Commodity derivatives and (8) Portfolio compression. This paper also contains summaries of responses to the CP received by ESMA. The rationale of those items covered already in the CP for which no relevant changes have been introduced, is not developed again in this Final Report. ESMA recommends, therefore, to read this report together with the CP published on 22 May 2014 to have a complete vision of the rationale for ESMA’s technical advice. Next steps Delegated acts should be adopted by the Commission so that they enter into application by 30 months following the entry into force of the Directive and Regulation, taking into account the right of the European Parliament and Council to object to a delegated act within 3 months (which can be extended by a further 3 months).|
|19/12/2014||2014/1570||Consultation paper on MiFID II/MiFIR- part 1||MiFID - Investor Protection, MiFID - Secondary Markets||Consultation Paper||PDF
|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