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|10/11/2016||2016/1562||Consultation Paper- Draft RTS on package orders for which there is a liquid market||MiFID - Secondary Markets||Consultation Paper||PDF
|15/06/2011||2011/141||Consultation paper- ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU||Prospectus, Corporate Disclosure||Consultation Paper||PDF
|20/07/2011||2011/224||Consultation paper- Guidelines on systems and controls in a highly automated trading environment for trading platforms, investment firms and competent authorities||MiFID - Secondary Markets||Consultation Paper||PDF
|19/12/2017||ESMA33-128-33||Consultation_Paper_STS notification||Securitisation||Consultation Paper||PDF
|24/05/2019||ESMA70-156-864||CP amending ITS on main indices and recognised exchanges under CRR||MiFID - Secondary Markets||Consultation Paper||PDF
|24/09/2020||ESMA74-362-773||CP on MiFID II MiFIR review report||Benchmarks, MiFID - Secondary Markets, MiFID II: Transparency Calculations and DVC, Post Trading||Consultation Paper||PDF
|03/10/2016||2016/1422||CP on RTS specifying the scope of the consolidated tape for non-equity financial instruments||MiFID - Secondary Markets||Consultation Paper||PDF
This consultation paper (CP) seeks stakeholders’ views on the draft Regulatory Technical Standard (RTS) ESMA is required to draft under Article 65(8)(c) of Directive 2014/65/EU with regard to the consolidated tape for non-equity instruments.
The input from stakeholders will help ESMA in finalising this draft RTS. Respondents to the consultations are encouraged to provide the relevant data to support their arguments or proposals.
Section 2 introduces the topic. Section 3 addresses the issue of specialisation of the CT, whereas section 4 discusses which trading venues and APAs should be mandatorily included in the CT. Finally, the CP ends with section 5 which discusses the inclusion of new trading venues and APAs to the CT as well as the removal of a trading venue or APA from the CT.
On the basis of the responses to this CP, ESMA will finalise the draft RTS and submit the final report to the European Commission for endorsement. The consultation closes on 5 December.
|12/07/2019||ESMA70-156-1065||CP_MiFID review report_cost of market data and consolidated tape equity||MiFID - Secondary Markets||Consultation Paper||PDF
|22/05/2014||2014/548||Discussion Paper on MiFID II/MiFIR||MiFID - Investor Protection, MiFID - Secondary Markets||Consultation Paper||PDF
|This publication is the first step in the process of translating the MiFID II/MiFIR requirements into practically applicable rules and regulations to address the effects of the financial crisis and to improve financial market transparency and strengthen investor protection.MiFID II/MiFIR introduces changes that will have a large impact on the EU’s financial markets, these include transparency requirements for a broader range of asset classes; the obligation to trade derivatives on-exchange; requirements on algorithmic and high-frequency-trading and new supervisory tools for commodity derivatives. It will also strengthen protection for retail investors through limits on the use of commissions; conditions for the provision of independent investment advice; stricter organisational requirements for product design and distribution; product intervention powers; and the disclosure of costs and charges.Responding to this paperThe European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the ESMA MiFID II/MiFIR Discussion Paper.Please use this “form to reply”.The level 1 texts adopted by the European Council during its 13 May 2014 meeting are available here: MiFID II and MiFIR. These links are from the Council Press Release.|
|02/06/2016||2016/773||Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets||Innovation and Products, Risk Analysis & Economics - Markets Infrastructure Investors||Consultation Paper||PDF
|20/09/2016||2016/1389||Discussion Paper on the trading obligation for derivatives under MiFIR||MiFID - Secondary Markets||Consultation Paper||PDF
|22/03/2012||2012/212||Discussion Paper- An Overview of the Proxy Advisory Industry. Considerations on Possible Policy Options||Corporate Disclosure, Corporate Governance||Consultation Paper||PDF
|This Discussion Paper focuses on the development of the proxy advisory industry in Europe, which mainly serves institutional investors such as asset managers, mutual funds and pension funds. Following its fact-finding work in 2011, ESMA recognises the proxy advisory industry within Europe is, or is expected to be, growing in prominence and investors are, or are expected to be, increasingly using proxy advisor services. In this paper ESMA identifies several key issues related to the proxy advisory market which may have an impact on the proper functioning of the voting process. The range of policy options that ESMA will consider, and on which it seeks further input from market participants, consists of four broad areas, including: 1. No EU-level action at this stage 2. Encouraging Member States and/or industry to develop standards 3. Quasi-binding EU-level regulatory instruments 4. Binding EU-level legislative instruments ESMA will consider these options based on the feedback it receives from market participants, and, if appropriate, will undertake further policy action, either directly or by providing an opinion to the European Commission. The reason to bring up some policy options is due to the fact that proxy advisors are currently not regulated at a pan-European level. Nevertheless, there are relevant European rules that apply to investors (e.g. for UCITS management companies when exercising voting rights). In addition, there are also well-recognised corporate governance standards that apply to issuers at a national level (based on the “comply or explain approach”) and some complements to improve standards of stewardship among investors. All feedback received from this Discussion Paper will be duly considered. ESMA expects to publish a feedback statement in Q4 of 2012 which will summarise the responses received and will state ESMA’s view on whether there is a need for policy action in this area.|
|03/06/2020||ESMA50-164-3342||Draft Guidelines on Outsourcing to Cloud Service Providers||Innovation and Products||Consultation Paper||PDF
|21/03/2014||2014/300||Draft Regulatory Technical Standards on major shareholdings and indicative list of financial instruments subject to notification requirements under the revised Transparency Directive||Corporate Disclosure, Transparency||Consultation Paper||PDF
|The European Securities and Markets Authority (ESMA) has launched a consultation on draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings and the indicative list of financial instruments subject to notification requirements. The consultation runs until 30 May 2014. The revised Transparency Directive 2013/50/EC (TD) was published in the Official Journal of the European Union on 6 November 2013 and entered into force on 27 November 2013. ESMA is required to submit certain draft Regulatory Technical Standards (RTSs) on major shareholdings (for details on each RTS, see the relevant section) to the European Commission (Commission or EC) by 27 November 2014. According to Articles 10 and 15 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council establishing ESMA (ESMA Regulation), ESMA must conduct a public consultation before submitting draft RTSs to the Commission. This Consultation Paper (CP) therefore seeks stakeholders’ views on proposals for such RTSs. The input from stakeholders will help ESMA finalise the draft RTSs. Respondents to this CP are encouraged to consider the costs and benefits that the draft RTSs would imply and provide the relevant data to support their arguments or proposals. The CP also seeks stakeholders’ views on the proposed content of an indicative list of financial instru-ments referenced to shares and with economic effect similar to holding shares and entitlements to acquire shares. To respond|
|15/03/2013||2013/316||Draft Regulatory Technical Standards on specific situations that require the publication of a supplement to the prospectus||Prospectus, Corporate Disclosure||Consultation Paper||PDF
|The Consultation Paper sets out a draft Regulatory Technical Standard concerning situations that require the systematic publication of a supplement to the prospectus which the European Securities and Markets Authority (ESMA) is obliged to develop in accordance with Article 16(3) of the Prospectus Directive. The listed situations are concrete examples of the general obligation in Article 16(1) to mention in a supplement every significant new factor, material mistake or inaccuracy relating to information included in the prospectus which is capable of affecting the assessment of the securities. ESMA believes that the test whether a new factor, mistake or inaccuracy qualifies as a triggering event for producing a supplement is the same test as whether information should be included in the prospectus. As a consequence, significance or materiality should be assessed according to the same qualitative and/or quantitative criteria used when drafting the prospectus. In light of this, ESMA has identified a short list comprising 10 situations, which will always require issuers, offerors or persons asking for admission to trading to draw up and publish a supplement to the prospectus.The CP includes a draft Regulatory Technical Standard setting out the situations that would require a systematic publication of a supplement as well as the minimum content of such a supplement. Responses to the consultation should be submitted online by 28 June 2013.|
|25/09/2015||2015/1463||ESMA Consultation Paper on ESEF||Corporate Disclosure, European Single Electronic Format, Transparency||Consultation Paper||PDF
|13/02/2014||2014/175||ESMA Guidelines on Alternative Performance Measures||Corporate Disclosure, IFRS Supervisory Convergence||Consultation Paper||PDF
Reasons for publication In October 2005, the Committee of European Securities Regulators (CESR), ESMA’s predecessor body, published a Recommendation on Alternative Performance Measures (“CESR Recommendation” CESR/05-178b). The CESR Recommendation was issued mainly in order to reinforce the objectives of Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards. Given the CESR Recommendation has now been in force for more than 8 years, ESMA has decided to review it with the objective of strengthening the principles contained in it. ESMA now plans to re-issue the principles as ESMA [draft] guidelines thus ensuring that issuers and NCAs will make every effort to com-ply with them. Contents ESMA is issuing this Consultation Paper (CP) to inform market participants about the background to its decision to revise the CESR Recommendation and seek their views on such revision. Section II “Introduction” indicates the reasons for which ESMA believes that these [draft] guidelines on APMs should be issued. Section III “Scope and purpose of the [draft] guidelines” indicates when the [draft] guidelines apply and how these [draft] guidelines interact with financial statements. Section IV “Compliance and reporting obligations” describes how issuers and NCAs should comply with the [draft] guidelines. Section V “[Draft] Guidelines on APMs (Background)” describes the rationale followed in preparing the [draft] guidelines and explanations on the principles provided, which are included in full in Annex III. ESMA would appreciate any comments and answers from stakeholders on the questions contained in the consultation paper. For your convenience, the questions are summarised in annex II. Next steps ESMA will consider the feedback it receives to this consultation in 2014 and expects to publish final guide-lines in the fourth quarter of 2014.
|23/03/2018||ESMA33-128-212||ESMA33-128-212 Consultation Paper TA Fees Securitisation Repositories||Securitisation||Consultation Paper||PDF