ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
35
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
MiFID - Investor Protection X MiFID - Secondary Markets X Careers X Supervisory convergence X Final Report X
Reset all filters
Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
11/12/2015 2015/1858 Final Report- Draft ITS under MiFID II Final Report PDF
972.8 KB
30/11/2015 2015/1783 Final Report on complex debt instruments and structured deposits Final Report PDF
409.89 KB
28/09/2015 2015-ESMA-1464 Annex II Annex II- CBA- draft RTS and ITS on MiFID II and MiFIR Final Report PDF
5.07 MB
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.
11/12/2014 2014/1485 MiFID – Conduct of Business, fair, clear and not misleading information Final Report PDF
614.16 KB
The European Securities and Markets Authority (ESMA) has conducted a peer review of how national regulators (national competent authorities or NCAs) supervise MiFID conduct of business rules on providing fair, clear and not misleading information to clients. The peer review focused on NCAs’ organisation, supervisory approaches, monitoring and complaints handling in relation to information and marketing communications under MiFID. The Report found that there was overall a high degree of compliance amongst NCAs with the good practices identified in these key areas. However, a variety of approaches were observed, leading to different intensity of supervision. A number of areas for improvement were identified. They include: • enhanced use of on-site inspections and thematic reviews; • a specific focus on conduct of business issues in firms’ risk assessments; and • greater efforts to detect failings by firms in a timely manner. The review was conducted on the basis of information provided by NCAs in a self-assessment questionnaire and complemented by on-site visits to the NCAs of Cyprus, the Czech Republic, Germany, Italy, Portugal, and the United Kingdom.
01/07/2013 2013/806 Supervisory Practices under MAD- Mapping Report , Final Report PDF
315.44 KB
ESMA's Mapping Report on Supervisory Practices under MAD sets out the situation in each Member State as regards their implementation of the various requirements of the Market Abuse Directive.
01/07/2013 2013/805 Supervisory Practices under MAD- Peer review report and Good Practices , Final Report PDF
1.17 MB
ESMA's peer review of the supervisory practices EEA national competent authorities (NCAs) covers how national authorities enforce the requirements of the Market Abuse Directive (MAD).  The Directive deals with the prevention of the dissemination of misleading information, the breach of reporting obligations and market abuse.
15/04/2013 ESMA/2013/476 Peer Review–Money Market Fund Guidelines Final Report PDF
763.46 KB
06/07/2012 2012/387 Final report Guidelines on certain aspects of the MiFID suitability requirements , Final Report PDF
444.15 KB
24/05/2012 2012/300 Prospectus Directive – Good Practices in the approval process Final Report PDF
467.38 KB
The European Securities and Markets Authority (ESMA) has published today “Prospectus Directive – Good Practices in the approval process“,  a peer review report on the application of regulatory good practices by national supervisory authorities - competent authorities (CA)  when approving investment prospectuses.The review was conducted using good practice criteria that ESMA developed on selected areas of the Prospectus Directive dealing with the approval process for investment prospectuses.  The prospectuses provide investors with easy to understand and relevant information on investment products.  Peer review reports on national regulators’ procedures contribute to ESMA’s objective of fostering supervisory convergence and achieving a level playing field between jurisdictions.
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.
07/07/2011 2011/194 Report- Mapping of the Transparency Directive Final Report PDF
1.15 MB
Report - Mapping of the Transparency Directive 
18/01/2011 2011/26 Summary Report on the mapping of contingency measures Final Report PDF
93.63 KB
25/09/2000 00-064c The regulation of Alternative Trading Systems in Europe. A paper for the EU Commission Final Report PDF
84.28 KB
Alternative Trading Systems (ATS) offer electronic securities trading facilities outside the traditional trading channels. An expert group chaired by Howard Davies, Chairman of the UK FSA, has studied the impact of such systems in depth. The group has prepared a comprehensive report identifying and assessing the benefits and risks associated with the emergence of ATS and analysing the current regulatory treatment of such systems, within Europe and elsewhere. The report proposes both a short term and a long term option for a harmonised regulatory treatment of such systems in Europe.The paper was submitted to the European Commission as FESCO"s contribution to the preparation of the forthcoming Green Paper on possible amendments to the Investment Services Directive. The Green Paper will shortly be published as a basis for consultation with Member States, the financial services industry and other interested parties. However, the FESCO paper noted that, while the Green Paper on the ISD might be the catalyst for a far-reaching review of the regulatory approach to ATS, it would not provide a short-term solution. Accordingly, FESCO proposed that the short-term solution should take the form of a set of additional regulatory requirements for ATS operating as investment firms.FESCO will be working on proposals for what those additional regulatory requirements might be over the next six months, with a view to producing a consultation paper in the first half of 2001. This consultation paper will provide an opportunity for interested parties to comment in detail on the FESCO proposals. If, however, in the meantime interested parties have any specific comments on the possible additional regulatory requirements identified in paragraph 71 of the September paper, they should make these known to the Secretariat of FESCO via the following e-mail address: fdankers@europefesco.org