ESMA LIBRARY
The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
82
REFINE YOUR SEARCH
Sections
- (-) Remove MiFID - Investor Protection filter MiFID - Investor Protection
- (-) Remove Brexit filter Brexit
- (-) Remove Corporate Information filter Corporate Information
- (-) Remove Innovation and Products filter Innovation and Products
- (-) Remove Benchmarks filter Benchmarks
- (-) Remove Corporate Governance filter Corporate Governance
- MiFID - Secondary Markets (99) Apply MiFID - Secondary Markets filter
- Securities and Markets Stakeholder Group (91) Apply Securities and Markets Stakeholder Group filter
- Short Selling (37) Apply Short Selling filter
- Market Integrity (34) Apply Market Integrity filter
- Post Trading (32) Apply Post Trading filter
- Fund Management (21) Apply Fund Management filter
- Joint Committee (13) Apply Joint Committee filter
- COVID-19 (12) Apply COVID-19 filter
- Supervisory convergence (12) Apply Supervisory convergence filter
- Corporate Disclosure (11) Apply Corporate Disclosure filter
- Market Abuse (10) Apply Market Abuse filter
- Credit Rating Agencies (8) Apply Credit Rating Agencies filter
- CESR Archive (7) Apply CESR Archive filter
- Prospectus (6) Apply Prospectus filter
- Sustainable finance (6) Apply Sustainable finance filter
- Securitisation (5) Apply Securitisation filter
- Transparency (3) Apply Transparency filter
- Corporate Finance (2) Apply Corporate Finance filter
- Trade Repositories (2) Apply Trade Repositories filter
- Trading (2) Apply Trading filter
- Board of Supervisors (1) Apply Board of Supervisors filter
- Crowdfunding (1) Apply Crowdfunding filter
- European Single Electronic Format (1) Apply European Single Electronic Format filter
- Guidelines and Technical standards (1) Apply Guidelines and Technical standards filter
- IFRS Supervisory Convergence (1) Apply IFRS Supervisory Convergence filter
- Securities Financing Transactions (1) Apply Securities Financing Transactions filter
- Warnings and publications for investors (1) Apply Warnings and publications for investors filter
Type of document
- (-) Remove Opinion filter Opinion
- (-) Remove Q&A filter Q&A
- (-) Remove SMSG Advice filter SMSG Advice
- (-) Remove Technical Standards filter Technical Standards
- Reference (189) Apply Reference filter
- Press Release (99) Apply Press Release filter
- Statement (83) Apply Statement filter
- Guidelines & Recommendations (82) Apply Guidelines & Recommendations filter
- Annual Report (80) Apply Annual Report filter
- Speech (54) Apply Speech filter
- Consultation Paper (45) Apply Consultation Paper filter
- Report (35) Apply Report filter
- Final Report (33) Apply Final Report filter
- Investor Warning (28) Apply Investor Warning filter
- Letter (28) Apply Letter filter
- Compliance table (12) Apply Compliance table filter
- Decision (9) Apply Decision filter
- Technical Advice (6) Apply Technical Advice filter
- Summary of Conclusions (1) Apply Summary of Conclusions filter
Your filters
MiFID - Investor Protection X Corporate Governance X Brexit X Innovation and Products X Corporate Information X Benchmarks X Technical Standards X Q&A X SMSG Advice X Opinion X
Reset all filters| Date | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
|---|---|---|---|---|---|---|---|---|---|
| 22/06/2012 | 2012/382 | MiFID Q&A in the area of investor protection and intermediaries | MiFID - Investor Protection | Q&A | PDF 319.78 KB |
||||
| 18/12/2014 | 2014/1378 | Opinion- Investment-based crowdfunding | Innovation and Products | 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 | MiFID - Investor Protection, Warnings and publications for investors | Opinion | PDF 122.37 KB |
||||
| 27/03/2014 | 2014/332 | Structured Retail Products- Good practices for product governance arrangements | MiFID - Investor Protection, Innovation and Products | 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. | |||
| 01/07/2015 | 2015/1005 | Questions and Answers: Investment-based crowdfunding: money laundering/terrorist financing | Innovation and Products | Q&A | PDF 157.73 KB |
||||
| 30/06/2015 | 2015/1006 | Final Report on MiFID II-MiFIR draft technical standards on authorisation, passporting, registration of third country firms and cooperation between competent authorities | MiFID - Investor Protection | Technical Standards | PDF 357.16 KB |
||||
| 24/07/2019 | 2019-ESMA-35-43-1980- | ESMA opinion under Article 43(2) MiFIR (BG_CFD) | MiFID - Investor Protection | Opinion | PDF 98.64 KB |
||||
| 24/07/2019 | 2019-ESMA-35-43-1985- | ESMA opinion under Article 43(2) MiFIR (DK_CFD) | MiFID - Investor Protection | Opinion | PDF 98.63 KB |
||||
| 24/07/2019 | 2019-ESMA-35-43-2042- | ESMA opinion under Article 43(2) MiFIR (HR_CFD) | MiFID - Investor Protection | Opinion | PDF 99.31 KB |
||||
| 24/07/2019 | 2019-ESMA-35-43-2043- | ESMA opinion under Article 43(2) MiFIR (HR_BO) | MiFID - Investor Protection | Opinion | PDF 115.77 KB |
||||
| 02/04/2019 | ESMA-35-43-1776 | ESMA opinion under Article 43(2) MiFIR (AFM_BO) | MiFID - Investor Protection | Opinion | PDF 97.69 KB |
||||
| 02/04/2019 | ESMA-35-43-1780 | ESMA opinion under Article 43(2) MiFIR (AFM_CFDs) | MiFID - Investor Protection | Opinion | PDF 97.4 KB |
||||
| 02/04/2019 | ESMA-35-43-1797 | ESMA opinion under Article 43(2) MiFIR (KNF_BO) | MiFID - Investor Protection | Opinion | PDF 101.6 KB |
||||
| 02/04/2019 | ESMA-35-43-1811 | ESMA opinion under Article 43(2) MiFIR (FCA_BO) | MiFID - Investor Protection | Opinion | PDF 110.99 KB |
||||
| 13/05/2019 | ESMA-35-43-1877 | ESMA opinion under Article 43(2) MiFIR (AT_BO) | MiFID - Investor Protection | Opinion | PDF 99.61 KB |
||||
| 28/05/2019 | ESMA-35-43-1913 | ESMA opinion under Article 43(2) MiFIR (FI_BO) | MiFID - Investor Protection | Opinion | PDF 97.11 KB |
||||
| 28/05/2019 | ESMA-35-43-1914 | ESMA opinion under Article 43(2) MiFIR (FI_CFD) | MiFID - Investor Protection | Opinion | PDF 97.46 KB |
||||
| 28/05/2019 | ESMA-35-43-1915 | ESMA opinion under Article 43(2) MiFIR (LT_BO) | MiFID - Investor Protection | Opinion | PDF 97.79 KB |
||||
| 28/05/2019 | ESMA-35-43-1916 | ESMA opinion under Article 43(2) MiFIR (LT_CFD) | MiFID - Investor Protection | Opinion | PDF 97.86 KB |
||||
| 28/05/2019 | ESMA-35-43-1934 | ESMA opinion under Article 43(2) MiFIR (ES_BO) | MiFID - Investor Protection | Opinion | PDF 97.48 KB |