ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
252
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
Prospectus X Post Trading X Board of Supervisors X Corporate Disclosure X Consultation Paper X Reference X Compliance table X
Reset all filters
Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
18/10/2013 2013/1292 ESMA’s Technical Advice to the Commission on procedural rules to impose fines on Trade Repositories Consultation Paper PDF
1.52 MB

The European Securities and Markets Authority (ESMA) is publishing this consultation paper to assist with the preparation of its Technical Advice to the European Commission on the procedural rules for imposing fines and periodic penalties on Trade Repositories. The Commission requested ESMA's advice on 29 April 2013 to assist it in formulating procedural rules by delegated act. (Annex I) The closing date for responses is 15 November 2013 and ESMA aims to provide its advice to the Commission by 31 December 2013.

07/11/2013 MARKT/G2/PSDM/bh (2013) 3663122 EC letter to ESMA on reporting of ETDs Reference PDF
430.71 KB
12/11/2013 2013/1643 Cover Note- Public statement containing information on shareholder cooperation and acting in concert under the Takeover Bids Directive (ESMA/2013/1642) , Reference PDF
145.01 KB
In accordance with its mandate to take appropriate action in the context of takeover bids as per Article 1.3 of Regulation (EU) 1095/2010 (ESMA Regulation), ESMA is releasing a public statement on shareholder cooperation and acting in concert under the Takeover Bids Directive (Directive 2004/25/EC). This statement has been prepared following the review and report by the European Commission on the application of the Takeover Bids Directive and is based on information collected about the practices and application of that Directive. The statement has been prepared in order to help shareholders identify activities in relation to which they can cooperate (insofar as those activities are available to them under national company law), without that cooperation, in and of itself, leading to a conclusion that the shareholders are acting in concert and thus being at risk of having to make a mandatory bid under the Takeover Bids Directive. These activities are presented in the statement in the form of a “White List”. The statement has been prepared by the Takeover Bids Network, a permanent working group operating under the auspices of ESMA that promotes exchange of information on practices and application of the Takeover Bids Directive across the European Economic Area, thereby strengthening a common supervisory culture. The Takeover Bids Network is a specialist group composed of the national competent authorities appointed under the Takeover Bids Directive. The competent authorities represented on the ESMA Board of Supervisors are not in all cases appointed as competent authorities within the Takeover Bids Directive. The authorities not represented on the Board of Supervisors but competent within the area of takeovers are the Austrian Takeover Commission, the Irish Takeover Panel, the Oslo Stock Exchange of Norway, the Takeover Panel of Sweden and the Takeover Panel of the United Kingdom. These five authorities have contributed to the public statement and will have regard to it in the same manner as the other members of the Takeover Bids Network when assessing whether shareholders are acting in concert under their national takeover rules.
15/11/2013 2013/BS/155 Summary of conclusions BoS meeting 24/09/13 Reference PDF
193.33 KB
19/12/2013 2013/BS/197 Summary of conclusions BoS meeting 07/11/13 Reference PDF
97.67 KB
11/02/2014 2014/BS/01 Summary of conclusions BoS meeting 17/12/13 Reference PDF
214.46 KB
13/02/2014 2014/175 ESMA Guidelines on Alternative Performance Measures , Consultation Paper PDF
319.12 KB

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.

20/03/2014 2014/299 Draft Technical Standards for the Regulation on improving securities settlement in the European Union and on central securities depositories (CSD) Consultation Paper PDF
919 KB

ESMA is calling for public feedback on possible content to draft technical standards on matters such as settlement discipline, CSD registration and requirements, including confirmation rules (acceptance or rejection of terms in good time before the intended settlement date) for trading venues and investment firms, as well as access to CSDs by other CSDs, participants and other market infrastructures. ESMA has a mandate to draft technical standards on more than 30 aspects under CSDR. ESMA will consider all comments received by 22 May 2014. A public hearing will take place on April 14th at ESMA in Paris, from 13h30 to 17h. As provided for by the ESMA Regulation, a full public consultation will be conducted on the draft technical standards before they are submitted to the European Commission (EC). Therefore, following this DP and on the basis of the relevant input received, ESMA will finalise its proposed draft technical standards, that will be included in a consultation paper. The date of publication of such a consultation paper and the commenting period will depend on the date of publication of the CSDR in the Official Journal and the final deadline for ESMA to deliver the draft RTS and ITS to the EC. Responding to this paper ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex IV. Comments are most helpful if they: indicate the specific question to which the comment relates; respond to the question stated; contain a clear rationale; and describe any alternatives ESMA should consider. ESMA will consider all comments received by 22 May 2014. All contributions should be submitted via ESMA’s website. Publication of responses All contributions received will be published following the close of the consultation period, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the heading ‘Disclaimer’. Who should read this paper All interested stakeholders are invited to respond to this discussion paper. In particular, responses are sought from CSDs, CSD users or linked entities, market infrastructures and investors.

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 , Consultation Paper PDF
883.94 KB
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
01/04/2014 2014/336 Trade Repository Supervision Work Plan 2014 Reference PDF
111.34 KB

The European Securities and Markets Authority (ESMA) is publishing a summary of its 2014 supervisory work plan in relation to trade repositories (TRs) with the aim of enhancing the transparency of its actions regarding TRs in the European Union. TRs centrally collect and maintain the records of derivative trades and play a central role in enhancing the transparency of derivative markets and reducing risks to financial stability. In November 2013, ESMA registered six TRs. The obligation for counterparties to report their derivative trades to registered TRs began on 12 February 2014. Under Titles VI and VII of Regulation EU 648/2012 (EMIR), the direct supervision of TRs has been entrusted to ESMA, who has started to supervise the six registered TRs. Supervision of TRs by ESMA is crucial to ensuring that TRs comply on an on-going basis with all EMIR requirements, thereby enabling regulators to access data and details of derivative contracts in order for them to fulfil their respective mandates.

06/05/2014 2014/BS/33 Summary of conclusions BoS meeting 06/02/14 Reference PDF
200.27 KB
28/05/2014 2014/BS/60 Summary of conclusions BoS meeting 19/03/14 Reference PDF
215.98 KB
10/07/2014 MOU IFRS ESMA IFRS Foundation and ESMA statement of protocols for cooperation on International Financial Reporting Standards Reference PDF
123.58 KB
11/07/2014 2014/799 Consultation paper Clearing Obligation no1 IRS Consultation Paper PDF
1.54 MB

With the overarching objective of reducing systemic risk, EMIR introduces the obligation to clear certain classes of OTC derivatives in central clearing houses (CCPs) that have been authorised (European CCPs) or recognised (third-country CCPs) under its framework.ESMA defined the IRS classes to be subject to central clearing following an analysis of all IRS classes which are currently offered for clearing by European CCPs. ESMA’s draft RTS propose to subject the following four classes: Basis swaps, fixed-to-float interest rate swaps, forward rate agreements and overnight index swaps on a range of currencies and maturities. The clearing obligation will take effect following a phased implementation depending on the types of counterparties.Responding to this paperThe European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the consultation paper on the clearing obligation no.1. Please use this “form to reply”Details on EMIR and the clearing obligation can be found at the following link: http://www.esma.europa.eu/page/OTC-derivatives-and-clearing-obligation

11/07/2014 2014/800 Consultation paper Clearing Obligation no2 CDS Consultation Paper PDF
1007.78 KB

With the overarching objective of reducing systemic risk, EMIR introduces the obligation to clear certain classes of OTC derivatives in central clearing houses (CCPs) that have been authorised (European CCPs) or recognised (third-country CCPs) under its framework.Following a first consultation paper on the IRS classes to be subject to central clearing, in this second paper ESMA defined the CDS classes to be subject to the clearing obligation based on the analysis of all CDS classes which are currently offered for clearing by European CCPs. ESMA’s draft RTS propose to subject the following class: untranched European index CDS, for two indices. The clearing obligation will take effect following a phased implementation depending on the types of counterparties.Responding to this paperThe European Securities and Markets Authority (ESMA) invites responses to the specific questions listed in the consultation paper on the clearing obligation no.1. Please use this “form to reply”Details on EMIR and the clearing obligation can be found at the following link: http://www.esma.europa.eu/page/OTC-derivatives-and-clearing-obligation

19/08/2014 2014/BS/89 Summary of conclusions BoS meeting 20/05/14 Reference PDF
216.84 KB
26/09/2014 2014/1186 Consultation paper on draft RTS on prospectus related issues under the Omnibus II Directive , Consultation Paper PDF
670.42 KB
ESMA invites comments on all matters in this paper and in particular on the specific questions summarised in Annex I. Comments are most helpful if they:•    respond to the question stated;•    indicate the specific question to which they relate;•    contain a clear rationale; and•    describe any alternatives ESMA should consider.ESMA will consider all comments received by 19 December 2014. All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman.Data protection                      Information on data protection can be found at www.esma.europa.eu under the heading ‘Legal Notice’.Who should read this paper This document will be of interest to all stakeholders. It would primarily be of interest to investors, issuers, offerors or persons asking for admission to trading on a regulated market, as well as to any market participant who is affected by Directive 2003/71/EC of 4 November 2003 (the Prospectus Directive) as amended by Directive 2010/73/EU and Directive 2010/78/EU and its Regulation (Commission Regulation (EC) No 809/2004) and Delegated Regulations (Commission Delegated Regulation (EC) No 486/2012, No 862/2012, No 759/2013 and No 1392/2014.
01/10/2014 2014/1200 2015 Work Programme , , Reference PDF
500.54 KB
The European Securities and Markets Authority (ESMA) has published its Work Programme for 2015. The programme sets out how ESMA intends to achieve its statutory objectives of investor protection and stable and orderly functioning markets through its operational activities of convergence, risk monitoring and analysis, the single rulebook and supervision. The projected work programme is based on a budget of €38,639,000 and a staff base of 202 people as per the budget approved by ESMA’s Board of Supervisors on 6 February 2014 and subsequently submitted to the EU institutions. At the time of drafting, the budget prepared by the European Commission and sent to the EU Council and Parliament for ESMA in 2015 is for €33,627,920 and 186 people. In order to prepare for the eventuality that ESMA will receive fewer posts than planned for in the work programme, Annex 5 contains a list of the areas of work that ESMA would be unable to accomplish in 2015 with reduced resources.
01/10/2014 2014/1185 Consultation Paper on clearing obligation under EMIR- No.3 Consultation Paper PDF
1.3 MB

Who should read this paper All interested stakeholders are invited to respond to this consultation paper. In particular, responses are sought from financial and non-financial counterparties of OTC derivatives transactions which will be subject to the clearing obligation, as well as central counterparties (CCPs). Responding to this paper The European Securities and Markets Authority (ESMA) invites responses to the questions listed in this Consultation Paper on the Clearing Obligation under EMIR (no. 3). All contributions should be submitted online at www.esma.europa.eu under the heading ‘Your input - Consultations’. Please follow the instructions given in the document ‘Reply form for the Consultation Paper on the Clearing Obligation under EMIR (no. 3) also published on the ESMA website . Comments are most helpful if they:•    respond to the question stated;•    indicate the specific question to which the comment relates;•    contain a clear rationale; and•    describe any alternatives ESMA should consider. ESMA will consider all comments received by 6 November 2014. Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominentlyindicate in your submission any part you do not wish to be publically disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the heading ‘Legal Notice’.

08/10/2014 2014/bs/125 Summary of conclusions BoS meeting 09/07/14 Reference PDF
213.74 KB