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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
26/10/2018 ESMA32-63-503 European common enforcement priorities for 2018 annual financial reports , Statement PDF
489.61 KB
22/10/2019 ESMA32-63-791 European common enforcement priorities for 2019 annual financial reports , Statement PDF
482.56 KB
19/02/2013 2013/84 Feedback statement on the consultation regarding the role of the proxy advisory industry , Statement PDF
559.31 KB
13/03/2018 ESMA70-143-30 First meeting of the Euro Risk Free Rate Working Group – Steven Maijoor concluding remarks Statement PDF
154.5 KB
01/10/2020 ESMA70-155-10962 Impact of Brexit on the application of MiFID II/MiFIR , , Statement PDF
131.04 KB
07/10/2019 ESMA70-155-8500 Impact of no-deal Brexit on the application of MiFID II/MiFIR and the Benchmark Regulation (BMR) , , Statement PDF
140.47 KB
20/05/2020 ESMA32-63-972 Implications of the COVID-19 outbreak on the half-yearly financial reports , Statement PDF
111.97 KB
12/11/2013 2013/1642 Information on shareholder cooperation and acting in concert under the Takeover Bids Directive , Statement PDF
321.63 KB
The European Securities and Markets Authority (ESMA) has published a statement on practices governed by the Takeover Bid Directive (TBD), focused on shareholder cooperation issues relating to acting in concert and the appointment of board members. The statement contains a White List of activities that shareholders can cooperate on without the presumption of acting in concert. It also contains information on how shareholders may cooperate in order to secure board member appointments by setting out factors that national authorities may take into account when considering whether shareholders are acting in concert. The statement is in response to a request by the European Commission for clarity on these issues, following its 2012 report on the application of the TBD. It is based on information collected about the TBD’s application and common practices across the European Economic Area (EEA). The statement was prepared by the Takeover Bids Network, a permanent working group, under ESMA’s auspices, that promotes the exchange of information on practices and application of the TBD across EEA.
27/02/2020 ESMA/2014/677-REV Information on shareholder cooperation and acting in concert under the Takeover Bids Directive , Statement PDF
368.97 KB

The European Securities and Markets Authority (ESMA) has published an update to its statement on practices governed by the Takeover Bid Directive (TBD), focused on shareholder cooperation issues relating to acting in concert and the appointment of board members. The update concerns a change to the Croatian creep-in threshold and secondary threshold in Appendix B. The statement contains a White List of activities that shareholders can cooperate on without the presumption of acting in concert. It also contains information on how shareholders may cooperate in order to secure board member appointments by setting out factors that national authorities may take into account when considering whether shareholders are acting in concert.The statement is in response to a request by the European Commission for clarity on these issues, following its 2012 report on the application of the TBD. It is based on information collected about the TBD’s application and common practices across the European Economic Area (EEA). The statement was prepared by the Takeover Bids Network, a permanent working group, under ESMA’s auspices, that promotes the exchange of information on practices and application of the TBD across EEA.

10/11/2016 2016-1563 Issues for consideration in implementing IFRS 9: Financial Instruments , , Statement PDF
256.22 KB
19/03/2021 ESA 2021 12 Joint ESA QAs BM Q&A PDF
219.07 KB
24/06/2021 Joint Statement LIBOR Joint Public Statement USD LIBOR Statement PDF
300.8 KB
23/11/2018 ESMA70-151-1948 Managing risks of a no-deal Brexit in the area of central clearing , , Statement PDF
128.26 KB
14/12/2017 ESMA70-151-957 MiFID II Q&A on post-trading issues , Q&A PDF
280.02 KB
07/03/2017 ESMA50-1623096732-432 Opening remarks Financial Innovation Day Statement PDF
169.02 KB
31/07/2014 2014/944 Potential Risks Associated with Investing in Contingent Convertible Instruments , Statement PDF
106.1 KB
The European Securities and Markets Authority (ESMA) is issuing this statement to clarify to institutional investors risks from a newly emerging asset class referred to by most market participants as contingent convertibles instruments (CoCos). If they work as intended in a crisis CoCos will play an important role to inhibit risk transfer from debt holders to taxpayers. They along with standards to improve the quality and quantity of bank capital reflect a considerate response to the former regulatory capital framework. However, it is unclear as to whether investors fully consider the risks of CoCos and correctly factor those risks into their valuation. ESMA believes there are specific risks to CoCos and that investors should take those risks into consideration prior to investing in these instruments.
28/06/2017 ESMA35-36-885 Product Intervention- General Statement , Statement PDF
123.04 KB

This statement provides an update on the European Securities and Markets Authority’s (ESMA) work in relation to the sale of contracts for differences (CFDs), binary options and other speculative products to retail investors.

 

ESMA has been concerned about the provision of speculative products such as CFDs, rolling spot forex and binary options to retail investors for a considerable period of time and has conducted ongoing monitoring and supervisory convergence work in this area. In this context, ESMA has previously published a number of Q&As on CFDs and other speculative products[1] to foster supervisory convergence, having established a CFD Task Force in July 2015, and also issued a further investor warning on the sale of CFDs, binary options and other speculative products in July 2016[2].

 

However, ESMA remains concerned that these supervisory convergence tools may not be sufficiently effective to ensure that the risks to consumer protection are sufficiently controlled or reduced. ESMA is therefore discussing the possible use of its product intervention powers under Article 40 of MiFIR to address investor protection risks in relation to CFDs, rolling spot forex and binary options.

 

ESMA is in the process of discussing the possible use of its product intervention powers under Article 40 of MiFIR, the possible content of any such measures, and how they could be applied. However, ESMA can confirm that the measures being discussed for (i) CFDs and rolling spot forex and (ii) binary options include proposals that take into account a number of measures that have been adopted or publicly consulted on by EU National Competent Authorities. These measures include leverage limits, guaranteed limits on client losses, and / or restrictions on the marketing and distribution of these products.

 

In accordance with Article 40 of MiFIR, any intervention measures must be approved by the ESMA Board of Supervisors and can only come into effect from 3 January 2018 at the earliest[3].

31/03/2021 ESMA32-63-1156 Public statement Application of TD requirements following Brexit , , , Statement PDF
104.37 KB
07/03/2019 ESMA70-155-7253 Public Statement MiFIDII BMR provisions under a no deal Brexit , Statement PDF
333.6 KB
12/07/2019 ESMA70-156-1436 Public Statement MiFIR DTO , Statement PDF
116.79 KB