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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
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.
21/05/2015 2015/856 Ann1 Investment-based crowdfunding- Insights from regulators in the EU Final Report PDF
319.65 KB
01/07/2015 2015/1005 Questions and Answers: Investment-based crowdfunding: money laundering/terrorist financing Q&A PDF
157.73 KB
29/10/2015 2015/1615 Steven Maijoor speech at ECN , Speech PDF
261.75 KB
07/01/2016 2015/1912 Opening Speech by J Servais, President of FSMA Speech PDF
162.44 KB
07/01/2016 2015/1915 Closing Speech by V Ross, ESMA FI Day Speech PDF
100.54 KB
05/02/2016 2016/234 ESMA’s supervision of credit rating agencies and trade repositories- 2015 annual report and 2016 work plan. , Report PDF
2.08 MB

The European Securities and Markets Authority’s (ESMA) annual report and work programme has been prepared according to Article 21 of Regulation 1060/2009 on credit rating agencies as amended (the CRA Regulation) and Article 85 of Regulation 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR). It highlights the direct supervisory activities carried out by ESMA during 2015 regarding credit rating agencies (CRAs) and trade repositories (TRs) and outlines ESMA’s main priorities in these areas for 2016.

ESMA adopts a risk-based approach to the supervision of CRAs and TRs in accordance with its overall objectives of promoting financial stability and orderly markets and enhancing investor protection. This risk-based approach requires the analysis of information from a variety of sources and the application of multiple supervisory tools including day-to-day supervision, cycle of engagement meetings with supervised entities, on-site inspections and dedicated investigations.

In order to build on the expertise that ESMA has developed through its supervision of CRAs and TRs, ESMA created a single Supervision Department in November 2015. ESMA intends to draw on the best practices identified from the supervision of both types of entity to further enhance its supervisory effectiveness in future.

07/03/2016 2016/345 Financial Innovation towards a balanced regulatory response- Speech by V. Ross , Speech PDF
138.83 KB
01/07/2016 2016/SMSG/009 SMSG End of Term Report 2016 Report PDF
1.55 MB
30/09/2016 2016/1420 Financial Technology: The Regulatory Tipping Points , Speech PDF
273.28 KB
10/11/2016 2016-1560 Final Report on Technical Advice under the Benchmarks Regulation Final Report PDF
943.42 KB
24/11/2016 2016/1613 Regulation and DLT: Working to Strike the Right Balance , Speech PDF
164.72 KB
23/01/2017 ESMA71-844457584-329 ESMA Chair keynote address at PRIME Finance Conference , , Speech PDF
281.45 KB
23/01/2017 ESMA71-844457584-330 Speech by Patrick Armstrong- FinTech, Oslo Børs ASA Conference, 18 January 2017 , Speech PDF
181.84 KB
03/02/2017 ESMA80-1467488426-27 Supervision Annual Report 2016 and Work Programme 2017 , Report PDF
2.49 MB
29/03/2017 ESMA70-145-48 Draft technical standards under the Benchmarks Regulation Report PDF
1.75 MB
18/05/2017 pkaspeech Speech by Patrick Armstrong on The Adoption of RegTech within the Financial Services Industry Speech PDF
255.17 KB
02/06/2017 ESMA70-143-5 Methodological framework for mandatory benchmarks contributions Report PDF
282.75 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
07/06/2017 ESMA50-158-457 ESMA response to the Commission Consultation Paper on Fintech: A more competitive and innovative financial sector Report PDF
712.26 KB
  1. ESMA welcomes the opportunity to respond to the Commission Consultation paper on Fintech: a more competitive and innovative financial sector (hereafter “the Consultation”).
  2. Fintech and, technological innovation in general, have been the drivers of a number of developments in the financial sector in recent years. Indeed, new forms of services and businesses such as automated advice or crowdfunding have emerged. ESMA sees these developments as a positive evolution as long as they are aimed at improving consumer financial experience and facilitate financial inclusion. ESMA would also want to stress that it adheres to the core principles (technological neutrality, proportionality and market integrity) highlighted by the Commission and agrees that any EU policies aiming to ensure the financial sector takes advantage of cutting-edge technologies, while remaining sound and safe for investors, need to integrate these principles.
  3. In this response, ESMA wishes to share with the Commission some reflections on a number of topics mentioned in the Consultation which appear relevant to ESMA:
    • Artificial intelligence and big data analytics for automated advice and businesses;
    • Crowdfunding;
    • Reg Tech;
    • Outsourcing and cloud computing;
    • Distributed ledger technology;
    • Role of regulation and supervisors; and
    • Role of industry: standards and interoperability

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