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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
15/10/2018 ESMA31-62-1114 2017 Report on EEA prospectus activity Final Report PDF
385.45 KB
18/12/2014 2014/1560 Advice- Investment-based crowdfunding Final Report PDF
482.2 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 sections 1 to 6 of this document.
23/09/2014 2014/1164 Annex Annex to the Statement by Steven Maijoor, Chair of ESMA to the ECON hearing, 23 September 2014 Final Report PDF
503.01 KB
11/03/2020 ESMA70-156-1434 Compliance table for Guidelines on non-significant benchmarks (ESMA70-145-1209) , Compliance table PDF
129.58 KB
04/12/2019 ESMA70-21038340-46 Compliance table for the Guidelines on market making activities under the Short Selling Regulation , , Compliance table PDF
267.48 KB
07/06/2022 ESMA81-393-477 Compliance table on Guidelines on methodology oversight function and record keeping requirements , Compliance table PDF
195.01 KB
01/09/2022 ESMA50-164-5210 Compliance table on Guidelines on outsourcing to cloud service providers , Compliance table PDF
178.77 KB
01/02/2021 ESMA81-393-83 Final Report BMR Advice Fees Final Report PDF
504.55 KB
02/06/2017 ESMA70-145-81 Final report on draft RTS on cooperation with third countries under BMR Final Report PDF
203.07 KB
18/11/2021 ESMA70-156-4953 Final Report on draft RTS on the clearing and derivative trading obligations in view of the benchmark transition to risk free rates , Final Report PDF
948.59 KB
24/09/2021 ESMA81-393-239 Final Report on Guidelines on methodology, oversight function and record keeping under the Benchmarks Regulation Final Report PDF
315.98 KB
20/12/2018 ESMA70-145-1008 Final report on Guidelines on non-significant benchmarks Final Report PDF
673.72 KB
18/12/2020 ESMA50-157-2403 Final report on Guidelines on outsourcing to cloud service providers Final Report PDF
384.63 KB
28/11/2022 ESMA81-393-599 Final Report on review of RTS on recognition , Final Report PDF
712.24 KB
10/11/2016 2016-1560 Final Report on Technical Advice under the Benchmarks Regulation Final Report PDF
943.42 KB
04/04/2022 ESMA70-448-10 Final Report- Short Selling Regulation Review Final Report PDF
749.55 KB
26/03/2021 ESMA43-370-281 Final report_TA on procedural rules for penalties imposed on Benchmark Administrators Final Report PDF
369.64 KB
18/12/2015 2015/1887 Follow-up report on the development of the Best Practice Principles for Providers of Shareholder Voting Research and Analysis , Final Report PDF
645.64 KB
01/02/2013 2013/158 Guidelines on the 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 Final Report PDF
501.8 KB
21/05/2015 2015/856 Ann1 Investment-based crowdfunding- Insights from regulators in the EU Final Report PDF
319.65 KB