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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
04/12/2013 2013/1880 IAASB ED– Reporting on Audited Financial Statements Letter PDF
171.53 KB
24/01/2014 2014/1964 Letter to Jonathan Faull (EC) regarding Technical Advice Letter PDF
180.54 KB

Letter regarding Technical advice on possible delegated acts concerning procedural rules to impose fines and periodic penalty payments to Trade Repositories (TRs)

30/01/2014 2014/83 Letter to Jonathan Faull (EC) regarding Technical Advice (Japan) Letter PDF
49.66 KB
14/02/2014 2014/184 Letter to Commissioner Barnier on classification of financial instruments as derivatives Letter PDF
223.48 KB
20/03/2014 Ares(2014)513399 EC response on classification of financial instruments Letter PDF
194.08 KB

European Commission response to ESMA's letter to Michel Barnier, Commissioner for Internal Market and Services regarding the classificiation of financial instruments as derivatives sent on 14 February. ESMA Letter 2014/184

27/03/2014 2014/334 ESMA issues good practices for structured retail product governance , Press Release PDF
105.37 KB
The European Securities and Markets Authority (ESMA) has published an opinion on structured retail products, setting out good practices for firms when manufacturing and distributing these products.
07/04/2014 2014/363 Letter to the IAASB on its Proposed Strategy and Work Program for 2015-2019 Letter PDF
207.37 KB

The European Securities and Markets Authority (ESMA) considered the Consultation Paper on the IAASB’s Proposed Strategy for 2015-2019 and the Proposed Work Program for 2015-2016 (CP) and thanks you for the opportunity to contribute to the IAASB’s due process. The views expressed in this letter are made from the point of view of securities regulators with the aim to enhance investor protection and improve listed entities’ auditors’ reports.

08/05/2014 2014/483 Letter to the European Commission- Frontloading requirement under EMIR Letter PDF
121.56 KB

This letter to the European Commission advances ESMA's intention to ease certain frontloading requirement under the European Markets Infrastructure Regulation (EMIR).  Frontloading is a term that refers to the clearing obligation under EMIR, which will oblige counterparties to centrally clear certain derivative trades through clearing houses (CCP). ESMA believes that the frontloading procedure creates uncertainties for derivatives end-users while the exact terms of the clearing obligation has not been defined which could have adverse impacts on risk hedging and financial stability. Therefore, ESMA informs the European Commission that it intends to establish the frontloading requirement in a manner that will minimise uncertainty. The clearing requirement began to apply with the first authorisation of an EU-based CCP which happened on 18 March 2014. Following the first CCP approval, EMIR requires ESMA to draft within six months technical standards which will define the derivatives classes subject to central clearing.  However, compulsory central clearing will only start with the entry-into-force of the technical standards which creates the need to ‘frontload’ those derivate trades since 18 March 2014.

17/07/2014 JC/2b D(2014) 2392454 European Commission response to ESMA letter regarding frontloading requirement under EMIR Letter PDF
71.29 KB
31/07/2014 Markt/G3/GW/bh ARES(2014) EC letter to ESMA on classification of financial instruments Letter PDF
60.84 KB

The European Commission has written to ESMA regarding the definition of a financial instrument relating to foreign currency (FX contract).

21/08/2014 ODRG/1/2014 ODRG letter to FSB on barriers to reporting to trade repositories Letter PDF
1.27 MB
30/09/2014 2014/1179 Letter to Commission Barnier- Postponement of reports due by ESMA under Article 85.3 of EMIR Letter PDF
30.37 KB
01/10/2014 2014/1209 Press release- ESMA defines products, counterparties and starting dates for the clearing of interest rate swaps , Press Release PDF
94.72 KB

The European Securities and Markets Authority (ESMA) has today issued final draft regulatory technical standards (RTS) for the central clearing of Interest Rate Swaps (IRS) which it is required to develop under the European Markets Infrastructure Regulation (EMIR). The RTS define those types of IRS contracts which will have to be centrally cleared, the types of counterparties covered by the obligation and the dates by which central clearing of IRS will become mandatory for them.

06/10/2014 20141002 CSDR mandates Letter PDF
43.4 KB
21/11/2014 2014/1385 ESMA letter to European Commission regarding EMIR clearing obligation Letter PDF
34.57 KB
18/12/2014 2014/1568 Press Release- Investment-based crowdfunding needs EU-wide common approach , Press Release PDF
155 KB
The European Securities and Markets Authority (ESMA) has published an Opinion along with an Advice on Investment-based crowdfunding. The Opinion clarifies the EU rules applicable to crowdfunding, while the Advice highlights issues for consideration by the EU institutions to achieve greater regulatory and supervisory convergence within the EU.The Opinion is addressed to the national competent authorities (NCA) and provides clarity on how crowdfunding business models fit within the existing EU regulatory framework. It outlines how existing EU rules are likely to apply to crowdfunding platforms, depending on the precise business model used. It also provides guidance to NCAs who may be considering how to regulate platforms operating outside the scope of the harmonised EU rules on the key risks inherent to crowdfunding and the key components of a regulatory regime to address them.The Advice, addressed to the EU institutions – Commission, Parliament and Council, highlights the concern that strong incentives currently exist for crowdfunding platforms to structure their business models to fall outside the scope of regulation and asks them to consider policy options to reduce these incentives. Avoiding regulation presents risks to investor protection and makes it harder for platforms to grow their businesses.Steven Maijoor, ESMA Chair, said: “ESMA’s aim is to enable crowdfunding to reach its potential as a source of finance, while ensuring that risks to users of crowdfunding platforms are identified and addressed in a proportionate and convergent way across the EU. “We believe that there are benefits both for investors as well as for platforms by operating inside rather than outside the regulated space. Opinion to National Competent AuthoritiesConsidering the diverse business models used within investment-based crowdfunding and depending on the precise structures used different EU legislation may apply. The Opinion sets out an analysis of how the main business models map across existing EU rules, e.g., the Markets in Financial Instruments Directive (MiFID), the Prospectus Directive, the Directive for Alternative Investment Fund Managers (AIFMD) and other financial and banking regulations. In addition, the Opinion outlines what ESMA believes should be the key components of an appropriate regulatory regime for investment-based crowdfunding activities. ESMA’s Advice to the EU InstitutionsThe Advice to the EU institutions highlights gaps and issues in the current applicable regime where policymakers could consider taking action to ensure there is a regime protecting investors while also fit for purpose for crowdfunding platforms. These gaps and issues include: the impact of the Prospects Directive thresholds; capital requirements and the use of the MiFID optional exemption; and the potential development of a specific EU crowdfunding regime, in particular for those platforms that currently operate outside of the scope of MiFID The Opinion and Advice have been prepared in collaboration with and input from the European Banking Authority (EBA) on the regulation that falls within its scope of action, i.e. the Payment Services Directive, and constitute the first output of a co-ordinated programme of work with the next expected output being a publication by EBA on lending-based crowdfunding. In line with their respective remits, ESMA has focused on investment-based crowdfunding, while EBA has focused on lending-based crowdfunding.
19/12/2014 EC 18/12/2014 Letter from European Commission- Amended draft RTS on clearing obligation for IRS Letter PDF
555.82 KB

EC 18/12/2014 annex

13/02/2015 EC-15-639 European Commission letter regarding EMIR clearing obligation on Interest Rate Swaps Letter PDF
183.74 KB
16/02/2015 2015/281 Press Release- ESMA publishes annual report and supervisory focus for CRAs and TRs , , , Press Release PDF
186.67 KB
The European Securities and Markets Authority (ESMA) has published today an annual report (Report) on its direct supervisory activities in 2014 regarding credit rating agencies (CRAs) and trade repositories (TR). The report summarises the key actions taken during 2014 and outlines ESMA’s supervisory work plans for both sectors for 2015.
18/06/2015 2015/943 ESMA letter to European Commission regarding CSRD Level 2 Measures Letter PDF
43.43 KB