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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
11/02/2016 2016/203 2016 Supervisory Convergence Work Programme , Reference PDF
340.61 KB

The European Securities and Markets Authority’s (ESMA) Supervisory Convergence Work Programme for 2016 (2016 SCWP) supplements ESMA’s Annual Work Programme for 2016 (ESMA/2015/1475) by further elaborating the nature and focus of the work ESMA will carry out in order to promote supervisory convergence and how that will contribute to implementing ESMA’s Strategic Orientation for 2016-2020 (ESMA/2015/935).

The 2016 SCWP provides an overview and explanation of the steps ESMA will take in 2016 to promote sound, efficient and consistent supervision in the EU.  It sets out priority areas and how they have been identified and sets them in the context of the wider work programme and environment.

Implementation of the 2016 SCWP will be monitored in the course of 2016 and depending on developments during the year, priorities might be re-adjusted. It will also be used to inform ESMA’s Annual Report and its supervisory convergence work programme for future years which will be risk-based.

09/02/2017 ESMA42-397158525-448 2017 Supervisory Convergence Work Programme Reference PDF
540.81 KB
04/02/2019 ESMA20-95-1105 2019 Regulatory Work Programme , , Report PDF
308.68 KB
26/04/2012 2012/270 Actual use of sanctioning powers under MAD Final Report PDF
1.55 MB
The report provides a comparison of the use of administrative sanctioning powers across 29 EEA Member States for 2008-2010.  The results of the report will provide input to the legislative process on the new market abuse regime.
09/01/2019 ESMA50-157-1391 Advice on Initial Coin Offerings and Crypto-Assets Report PDF
882.48 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.
27/02/2018 ESMA71-319-70 Afore Consulting’s Second Annual FinTech and Digitalisation Conference: Regulation at the European Level and Beyond – Stanhope Hotel Brussels , Speech PDF
168.3 KB
07/03/2017 FI17 Agenda Financial Innovation Day 2017 Reference PDF
598.1 KB
07/01/2016 2015/1914 Agenda for ESMA FI Day Reference PDF
170.52 KB
09/01/2019 ESMA50-157-1384 Annex- Legal qualification of crypto-assets – survey to NCAs Reference PDF
905.31 KB
27/02/2019 BoA D 2019 01, 02, 03 and 04 Appeal by Svenska Handelsbanken AB, Skandinaviska Enskilda Banken AB, Swedbank A and Nordea Bank Abp against the European Securities and Markets Authority Decision PDF
829.04 KB
08/11/2016 2016/1053 FORM Application Form for FISC CWG , Reference DOCX
22.29 KB
18/03/2015 2015/592 Automated Trading Guidelines- ESMA peer review among National Competent Authorities Final Report PDF
930.33 KB
25/02/2015 2015/494 Best Execution under MiFID , Final Report PDF
761.62 KB
The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders. ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including: • prioritisation of best execution as a key conduct of business supervisory issue; • the allocation of sufficient resources to best execution supervision; and • a more proactive supervisory approach to monitoring compliance with best execution requirements, both desk-based and onsite inspections. The review was conducted on the basis of information provided by 29 NCAs and complemented by on-site visits to the NCAs of France, Liechtenstein, Luxembourg, Malta, Poland and Spain.
15/03/2018 15-03-2018 Big Data Factsheet Reference PDF
750.34 KB
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26/01/2016 BOA 2016 001 BoA 2016- 001 (Decision Kluge v EBA) Decision PDF
196.32 KB
08/10/2019 boa-2019-d-05_decision BOA decision creditreform_rating_ag_vs_eba Decision PDF
922.78 KB
30/11/2018 boa30.18 BoA Decision SEB appeal 30 November 2018 Decision PDF
416.77 KB
18/04/2018 ESMA71-99-969 Board of Appeal Appointments 2018 Press Release PDF
292.64 KB
24/06/2013 BoA 2013-008 Board of Appeal Decision , Decision PDF
242.72 KB
The joint Board of Appeal of the European Supervisory Authorities (EBA, ESMA and EIOPA) has published today its decision in an appeal brought by an Estonian company against a decision of the EBA. It concerned the question whether the suitability of the managers of a significant branch of a bank may be a matter within EU law, and not just national law. Allowing the appeal, the Board of Appeal interpreted Directive No. 2006/48/EC consistently with the EBA Guidelines on the assessment of the suitability of members of the management body and key function holders. It came to the conclusion that the “fit and proper” requirement is not restricted to the persons who direct the business of the credit institution. The matter therefore was within the EBA’s powers of investigation. Although the appellant criticised the way in which the EBA dealt with its complaint, the Board of Appeal made it clear that it did not accept that criticism. It considered that the EBA dealt with the complaint in an appropriate manner. The ground on which the appeal was allowed was one of interpretation of the applicable legal provisions. The case was remitted to the EBA to adopt the appropriate decision in accordance with the Board of Appeal’s findings. This is for information only. The decision consists of the signed Decision only. For any enquiries, please contact EIOPA’s Press Office: Anzhelika Mayer Tel.: +49 69 9511 1968

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