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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
01/10/2013 2013/606 DA Aflønningspolitik og-praksis (MiFID) , Guidelines & Recommendations PDF
357.25 KB
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.
09/01/2019 ESMA50-157-1391 Advice on Initial Coin Offerings and Crypto-Assets Report PDF
882.48 KB
13/07/2020 ESMA70-151-3186 3rd EU-wide CCP Stress Test Report , Report PDF
5.94 MB
02/10/2020 ESMA20-95-1273 2021 Annual Work Programme , , , Report PDF
608.58 KB
04/02/2019 ESMA20-95-1105 2019 Regulatory Work Programme , , Report PDF
308.68 KB
05/10/2017 ESMA20-95-619 2018 Work Programme , Report PDF
533.61 KB
22/07/2019 ESMA70-151-1952 2018 CCP Peer Review Report Report PDF
694.38 KB

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