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23/06/2015 JC/DC/2015/01 Technical Discussion Paper (DP) on the PRIIPs Key Information Document (KID) , Consultation Paper PDF
1.16 MB
EBA, EIOPA, and ESMA (the ESAs) welcome comments on this Technical Discussion Paper on Risk, Performance Scenarios and Cost Disclosures in Key Information Documents for Packaged Retail and Insurance-based Investment Products (PRIIPs). The discussion paper is available on the websites of the three ESAs. Comments on this discussion paper can be sent using the response form, via the ESMA website under the heading ‘Your input/Consultations’ by 17 August 2015. Contributions not received in Word, or sent to an email address, or after the deadline, will not be processed. It is important to note that although you may not be able to respond to each and every question, the ESAs would encourage partial responses from stakeholders on those questions that they believe are most relevant to them. Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise. 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 the ESAs’ rules on public 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 the Board of Appeal of the ESAs and the European Ombudsman. Data protection Information on data protection can be found on the different ESAs’ websites under the heading ‘Legal notice’.
20/12/2013 2013/1974 Revision of the provisions on diversification of collateral in ESMA’s guidelines on ETFs and other UCITS issues Consultation Paper PDF
202.22 KB
23/06/2015 JC/DP/2015/01 reply form Response form to joint Discussion Paper on PRIIPS , Consultation Paper DOCX
797.16 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
28/10/2016 2016/1529 Joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders , Consultation Paper PDF
1.13 MB
22/04/2015 2015/532 Investment using virtual currency or distributed ledger technology Consultation Paper PDF
526.19 KB
ESMA has been monitoring and analysing virtual currency investment over the last 6 months, to understand developments in the market, potential benefits or risks for investors, market integrity or financial stability, and to support the functioning of the EU single market. ESMA’s analysis is set out in this paper. ESMA is seeking to share its analysis in order to promote wider understanding of innovative market developments, and invites market participants and other stakeholders to submit feedback and any additional information on the following topics: Virtual currency investment products, i.e. collective investment schemes or derivatives such as options and CFDs that have virtual currencies (VCs) as an underlying or invest in VC related businesses and infrastructure; Virtual currency based assets/securities and asset transfers, i.e. financial assets such as shares, funds, etc. that are exclusively traded using virtual currency distributed ledgers (also known as block chains);and The application of the distributed ledger technology to securities/investments, whether inside or outside a virtual currency environment.
23/07/2015 2015/1172 Guidelines on sound remuneration policies under the UCITS Directive and AIFMD Consultation Paper PDF
1.09 MB
Reasons for publication Article 14a(4) of Directive 2009/65/EC (“UCITS Directive”), as amended by Directive 2014/91/EU (“UCITS V Directive”) provides that ESMA shall issue guidelines addressed to competent authorities or financial market participants concerning the application of the remuneration principles set out under Article 14b of the UCITS Directive (“UCITS Remuneration Guidelines”). This consultation paper represents the first step in the development of the guidelines on remuneration policies required by the UCITS V Directive and sets out ESMA’s formal proposals for these guidelines. This consultation paper also proposes a targeted revision of the Guidelines on sound remuneration policies under the AIFMD (ESMA/2013/232) (“AIFMD Remuneration Guidelines”), which were published on 3 July 2013. Contents Section 2 explains the background to this document, while Section 3 explains the working method followed by ESMA while developing the draft guidelines. Sections 4 to 7 provide an overview of the content of the draft guidelines focusing on the main areas of difference between the requirements on remuneration under Directive 2011/61/EU (“AIFMD”) and UCITS V Directive. Annex I provides for a comparison table where the relevant UCITS V provisions on remuneration are marked up against the AIFMD provisions. Annex II sets out the list of questions contained in this paper. Annex III includes the draft cost-benefit analysis for the guidelines, while Annex IV sets out the text of the draft UCITS Remuneration guidelines and Annex V sets out the proposed amendment to the AIFMD Remuneration Guidelines. Next Steps ESMA will consider the feedback it receives to this consultation with a view to finalising the UCITS Remuneration Guidelines and publishing a final report by early Q1 2016, ahead of the transposition deadline for the UCITS V Directive (i.e. 18 March 2016). The final report is expected to also include the revision of the AIFMD Remuneration Guidelines which is proposed in the present paper. The consultation period will run until 23 October 2015.
31/05/2016 2016/732 Guidelines on participant default rules and procedures under CSDR , Consultation Paper PDF
450.56 KB

The European Securities and Markets Authority (ESMA) under Article 41(4) of Regulation (EU) No 909/2014 of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation No 236/2012 (CSDR) may issue guidelines in accordance with Article 16 of Regulation (EU) No 1095/2010 in order to ensure consistent application of Article 41 of CSDR relating to participant default rules and procedures.

Contents

Section 2 contains information on the background and mandate, Section 3 contains an analysis of the scope and content of the proposed guidelines, while Section 4 contains the proposed guidelines.

Annex I sets out a summary of the questions contained in this paper and Annex II includes a high level cost-benefit analysis for the guidelines.

Next Steps

ESMA will consider the feedback it will receive to this consultation with a view to finalising the guidelines by Q4 2016.

19/12/2012 2012/845 Guidelines on key concepts of the AIFMD Consultation Paper PDF
698.69 KB
01/12/2014 2014/1326 Guidelines on asset segregation under the AIFMD Consultation Paper PDF
428.53 KB
Who should read this paper This document will be of interest to (i) depositaries of alternative investment funds and their delegates (including prime brokers and collateral managers) and their trade associations, (ii) alternative investment funds managers and their trade associations, as well as (iii) institutional and retail investors investing into such funds and their associations. Responding to this paper ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they:1.    respond to the question stated;2.    indicate the specific question to which the comment relates;3.    contain a clear rationale; and4.    describe any alternatives ESMA should consider. ESMA will consider all comments received by 30 January 2015. All contributions should be submitted using the reply form, and uploaded on 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.
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
30/01/2012 2012/44 ESMA’s guidelines on ETFs and other UCITS issues Consultation Paper PDF
420.17 KB
In the summer of 2010 ESMA started looking into the operation of UCITS making use of the new investment freedoms introduced by the UCITS III Directive and the Eligible Assets Directive (2007/16/EC) in order to identify the possible impact on investor protection and market integrity. As part of this work, ESMA published a discussion paper on policy orientations on guidelines for UCITS Exchange-Traded Funds and Structured UCITS on 22 July 2011 (ESMA/2011/220), responses to which were due by 22 September. This consultation paper represents the next stage in the development of ESMA guidelines in this area. ESMA will take into account responses to this consultation paper in finalising the guidelines for adoption in Q2 2012.
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.
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.
24/05/2017 ESMA34-49-82 Draft technical advice, implementing technical standards and guidelines under the MMF Regulation Consultation Paper PDF
2.04 MB
19/12/2012 2012/844 Draft regulatory technical standards on types of AIFMs Consultation Paper PDF
826.57 KB
28/06/2012 2012/406 Draft Guidelines on sound remuneration policies under the AIFMD Consultation Paper PDF
1.03 MB
Annex II of the AIFMD establishes a set of rules (largely inspired from the provisions of Directive 2006/48/EC, the “CRD”) with which AIFMs have to comply when establishing and applying the remuneration policies for certain categories of their staff. Article 13(2) of the AIFMD requires ESMA to develop guidelines on sound remuneration policies which comply with Annex II of the AIFMD. This consultation paper represents the first step in the elaboration of the guidelines on remuneration policies required by the AIFMD and sets out ESMA’s formal proposals for these guidelines.Responses to this consultation paper will be taken into account by ESMA in finalising the guidelines on sound remuneration policies under the AIFMD. In finalising the guidelines, ESMA will also take into account the development of its work on the separate set of guidelines, which will be complementary to the CEBS Guidelines, focused on remuneration policies of investment firms from an investor protection point of view, for which a separate consultation paper will be published at the end of Q3 2012. ESMA aims to adopt the final text of the guidelines on sound remuneration policies under the AIFMD in Q4 2012. 
03/06/2020 ESMA50-164-3342 Draft Guidelines on Outsourcing to Cloud Service Providers Consultation Paper PDF
390.7 KB
29/09/2017 70-145-105 Draft Guidelines on non-significant benchmarks , Consultation Paper PDF
557.29 KB
23/12/2014 2014/1577 Discussion Paper- Share classes of UCITS Consultation Paper PDF
230.92 KB
Reasons for publication The UCITS Directive recognises the possibility for UCITS to offer different share classes to investors but it does not prescribe whether, and to what extent, share classes of a given UCITS can differ from each other. ESMA has identified diverging national practices as to the types of share class that are permitted, ranging from very simple share classes (e.g. with different levels of fees) to much more sophisticated share classes (e.g. with potentially different investment strategies). Therefore, ESMA sees merit in developing a common understanding of what constitutes a share class of UCITS and of the ways in which share classes may differ from each other. Contents In this discussion paper, ESMA sets out its views on what constitutes a share class, including how to distinguish share classes from compartments of UCITS. The paper goes on to provide possible approaches to the extent of differentiation between share classes that should be permitted. Next Steps ESMA will take into account the feedback from stakeholders with a view to establishing a common position on the use of share classes by UCITS. ESMA appreciates that national practices on the use of share classes vary significantly. Therefore, ESMA will take into account the possible impact on current market practices when developing its final position on this topic.