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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
31/03/2015 2015/659 ESMA Report on Enforcement and Regulatory Activities of Accounting Enforcers in 2014 , Final Report PDF
633.7 KB
16/12/2014 2014/1524 ESMA’s investigation into structured finance ratings Final Report PDF
436.29 KB
The European Securities and Markets Authorities (ESMA) has published this report to inform of the outcome and findings of its general investigation in the way credit rating agencies (CRAs) conduct surveillance of structured finance credit ratings, as indicated in ESMA’s Credit Rating Agencies Annual Report 2013. The investigation took place between October 2013 and September 2014 and involved the four largest CRAs providing credit ratings on structured finance instruments in the EU, namely DBRS Ratings (DBRS), Fitch Ratings (Fitch), Moody’s Investors Service (MIS) and Standard & Poor’s (S&P). 
22/03/2012 2012/207 ESMA’s Report on the Supervision of Credit Rating Agencies Final Report PDF
323.81 KB
This report provides an overview of ESMA’s supervisory activity on Credit Rating Agencies (CRAs) registered in the European Union and summarises the results of ESMA’s first examination of the three groups of registered CRAs (Fitch Ratings, Moody's Investors Services, and Standard & Poor's Rating Services). The examination referred to in this document is the first step in an ongoing supervisory process conducted by ESMA and therefore does not represent a full scope investigation. The observations set forth in this Report refer to common issues affecting CRAs activities. As of the date of this document, ESMA has not determined whether any observation highlighted below constitutes a breach of the provisions of the Regulation. ESMA is still progressing in its assessment of the areas discussed in this Report. This Report is not based on a decision by ESMA’s Board of Supervisors; therefore it is published without prejudice to the possibility of further investigations which could lead to enforcement or supervisory actions.
13/05/2020 ESMA80-189-6982 EU CLO credit ratings – an overview of Credit Rating Agencies practices and challenges , Final Report PDF
436.43 KB
31/05/2021 ESMA32-60-727 Final Report draft RTS amending RTS on ESEF 2021 , Final Report PDF
9.47 MB
05/06/2020 ESMA35-36-1946 Final Report Guidelines on certain aspects of the MiFID II compliance function requirements , Final Report PDF
395.33 KB
06/07/2012 2012/387 Final report Guidelines on certain aspects of the MiFID suitability requirements , Final Report PDF
444.15 KB
18/07/2019 ESMA33-9-320 Final Report Guidelines on Disclosure Requirements Applicable to Credit Rating Agencies Final Report PDF
336.63 KB
05/02/2019 ESMA 33-9-295 Final Report Guidelines on the Submission of Periodic Information to ESMA by Credit Rating Agencies Final Report PDF
769.91 KB
17/07/2018 ESMA31-62-1002 Final report on draft regulatory technical standards under the Prospectus Regulation Final Report PDF
1.46 MB
08/01/2019 ESMA33-128-557 Final report on draft technical standards on cooperation, exchange of information and notification between competent authorities and ESMA, the EBA and EIOPA under the Securitisation Regulation Final Report PDF
609.03 KB
10/07/2014 2014/807 Final Report on ESMA Guidelines on enforcement of financial information , Final Report PDF
617.22 KB

The European Securities and Markets Authority (ESMA) has published its final Guidelines on the enforcement of financial information published by listed entities in the European Union (EU). The aim of the guidelines is to strengthen and promote greater supervisory convergence in existing enforcement practices amongst EU accounting enforcers. The Guidelines set out the principles to be followed by accounting enforcers throughout the enforcement process by defining the objectives, the characteristics of the enforcers, and some common elements in the enforcement process.

29/03/2019 ESMA31-62-1217 Final Report on ESMA Guidelines on Risk Factors under the Prospectus Regulation Final Report PDF
415.91 KB
31/03/2022 ESMA35-36-2537 Final Report on Guidelines on certain aspects of the MiFID II remuneration requirements , Final Report PDF
475.42 KB
18/12/2020 ESMA50-157-2403 Final report on Guidelines on outsourcing to cloud service providers Final Report PDF
384.63 KB
15/11/2016 2016-1575 Final Report on Guidelines on the validation and review of Credit Rating Agencies’ methodologies Final Report PDF
655.85 KB
30/09/2016 2016/1412 Final Report on MAR Guidelines on commodity derivatives , , Final Report PDF
566.52 KB

Article 7(5) of MAR provides that the European Securities and Markets Authority (ESMA) shall issue guidelines to establish a non-exhaustive indicative list of information which is reasonably expected or is required to be disclosed in accordance with legal or regulatory provisions in Union or national law, market rules, contract, practice or custom, on the relevant commodity derivatives markets or spot markets as referred to in Article 7(1)(b) of MAR. This final report follows the Consultation Paper (CP) issued on March 2016.

Contents

Section 2 contains information on the background and mandate, while Section 3 sets out ESMA’s feedback to the CP responses in relation to the scope of the guidelines, the financial instruments and products covered by the examples of information relating directly and indirectly to commodity derivatives and information directly relating to a spot market contract. It also indicates whether and where ESMA has changed the guidelines following the consultation.

Annex I lists questions raised in the CP. Annex 2 provides the legislative mandate on the basis of which ESMA is issuing these guidelines. Annex 3 sets out ESMA’s view on the costs and benefits associated with these guidelines. Annex 4 contains the text of the guidelines.

Next steps

The guidelines in Annex 4 will be translated into the official languages of the European Union and published on the ESMA’s website. Within 2 months of the issuance of the translations, each national competent authority will have to confirm whether it complies or intends to comply with those guidelines. In the event that a national competent authority does not comply or does not intend to comply, it will have to inform ESMA, stating its reasons. ESMA will publish the fact that a national competent authority does not comply or does not intend to comply with those guidelines.

 

 

12/10/2021 ESMA82-402-683 Final Report on STS notification for synthetic securitisations Final Report PDF
795.09 KB
18/07/2018 ESMA33-9-246 Final report on Supplementary Guidelines on Endorsement Final Report PDF
948.62 KB
31/03/2020 ESMA43-370-103 Final report on TA on EMIR 2.2 CCP fines , , , Final Report PDF
478.11 KB