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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
18/02/2014 PROC/2014/002 Logistics Outsourcing Services (Deadline for submission: 01/04/2014) CLOSED Procedure PDF
127.17 KB
Invitation Letter Tender Specifications Outsourcing Logistics Services Annex I Outsourcing Logistics Servicesproc Annex VII Questions and Answers I
27/03/2014 2014/332 Structured Retail Products- Good practices for product governance arrangements , Opinion PDF
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Legal basis 1.    Regulation (EU) No 1095/2010 (ESMA Regulation)  sets out the European Securities and Markets Authority’s (ESMA) scope of action, tasks and powers which include “enhancing customer protection”, and “foster[ing] investor protection”.  2.    In order to continue delivering on this investor protection statutory objective, ESMA is issuing this opinion on certain aspects linked to the manufacturing and distribution of structured retail products (SRP). This opinion takes into account relevant work done in this field both at European and interna-tional level.  3.    This opinion is without prejudice to the requirements for the provision of investment services and activities established in the Markets in Financial Instruments Directive (MiFID)  and its implementing measures (notably, Directive 2006/73/EC), the regulatory developments arising from the MiFID review or existing product rules that may apply to SRPs.  4.    ESMA’s competence to deliver an opinion is based on Article 29(1) (a) of the ESMA Regulation. In accordance with Article 44(1) of the ESMA Regulation, the Board of Supervisors has adopted this opinion. Background 5.    In its July 2013 report on ‘Retailisation in the EU’ , ESMA highlighted that, from a consumer protec-tion perspective, retail investors may face difficulties in understanding the drivers of risks and returns of structured products. If retail investors do not properly understand the risk and reward profile of structured products, and if the products are not properly assessed against the risk appetite of retail investors, retail investors might be exposed to unexpected losses and this might lead to complaints, reputational risks for manufacturers and distributors, and a loss of confidence in the regulatory framework and, more broadly, in financial markets. 6.    In 2013, ESMA mapped the measures adopted in the EU Member States in relation to complex products in order to identify issues and to better understand the rationale behind national initiatives (by looking at similarities and differences in the various approaches, and reviewing how complexity has been treated in the different EU Members States). 7.    As a result, ESMA has developed a broad set of non-exhaustive examples of good practices, attached as Annex 1 hereto, illustrating arrangements that firms - taking into account the nature, scale and complexity of their business - could put in place to improve their ability to deliver on investor protection regarding, in particular, (i) the complexity of the SRPs they manufacture or distribute, (ii) the nature and range of the investment services and activities undertaken in the course of that business, and (iii) the type of investors they target. These good practices should also be a helpful tool for competent authorities in carrying out their supervisory action. Opinion 8.    ESMA considers that sound product governance arrangements are fundamental for investor protec-tion purposes, and can reduce the need for product intervention actions by competent authorities. 9.    ESMA considers that, when supervising firms manufacturing or distributing an SRP, competent authorities should promote, in their supervisory approaches, the examples of good practices for firms set out in Annex 1 hereto. 10.    Although the good practices set out in Annex 1 hereto focus on structured products sold to retail investors, ESMA considers that they may also be a relevant reference for other types of financial in-struments (such as asset-backed securities, or contingent convertible bonds), as well as when financial instruments are being sold to professional clients. 11.    The exposure to risk is an intrinsic feature of investment products. The good practices set out in Annex 1 refer to product governance arrangements and do not (and cannot) aim at removing investment risk from products.
27/03/2014 2014/334 ESMA issues good practices for structured retail product governance , Press Release PDF
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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.
07/05/2014 PROC/2014/004 Recycling services and Waste Management in ESMA premises [Deadline 22 May 2014] CLOSED Procedure PDF
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Description of required services / products: Work package 1: Supply of appropriate bins dedicated to the selective sorting. Work package 2: Collection and treatment of plastic, cans, toners, cartridges and destruction of confidential documents. Work package 3: Collection and treatment /destruction of electronical and IT devices and furniture. Description of contract – contract value and duration: 60 000 Euros maximum for the implementation of 4 years Framework Contract. How to obtain the full invitation to tender: Please request the full documentation by sending an e-mail with the tender reference number to: procurement@esma.europa.eu before: 22/05/2014
31/07/2014 2014/944 Potential Risks Associated with Investing in Contingent Convertible Instruments , Statement PDF
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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.
04/08/2014 PROC/2014/05 Study outlining alternatives to external credit ratings in creditworthiness assessments CLOSED Procedure PDF
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Please request to participate in this tender by sending an e-mail with the tender reference PROC/2014/05 to:procurement@esma.europa.eu before: 12.08.2014
14/08/2014 PROC/2014/14 Security Systems and Services CLOSED Procedure PDF
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- Security Systems and Services Contract Notice - Security Systems and Services ITT Cover Letter - Security Systems and Services Tender Specifications - Security Systems and Services Annex Ia – Lot 1 Draft FWC - Security Systems and Services Annex Ib – Lot 2 Draft FWC - Security Systems and Services Annex II – Declaration of Honour - Security Systems and Services Annex IV – Lot 1 Price - Security Systems and Services Annex V – Lot 2 Price
18/11/2014 2014/1371 Call for expressions of interest: Consultative Working Group for ESMA’s Financial Innovation Standing Committee Reference PDF
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ESMA today launches a process to renew the composition of the Consultative Working Group (‘CWG’) for the Financial Innovation Standing Committee (’FISC’). ESMA is therefore calling for expressions of interest from stakeholders. Application procedure, closing date Relevant stakeholders meeting the required selection criteria and wishing to apply for a position on the CWG are invited to submit, in English: a completed application form (see separate document), and a detailed curriculum vitae (CV), preferably in the EU CV format - the link to the template for this is: http://europass.cedefop.europa.eu/europass/home/hornav/Downloads/Europas... It is optional for applicants to attach a motivation letter (2 pages maximum). Unclear or incomplete applications will not be considered. Applications must be submitted by email using the application form by no later than 31 December 2014 to the following email addresses: patrick.armstrong@esma.europa.eu and anne.chone@esma.europa.eu.
11/12/2014 2014/1485 MiFID – Conduct of Business, fair, clear and not misleading information Final Report PDF
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The European Securities and Markets Authority (ESMA) has conducted a peer review of how national regulators (national competent authorities or NCAs) supervise MiFID conduct of business rules on providing fair, clear and not misleading information to clients. The peer review focused on NCAs’ organisation, supervisory approaches, monitoring and complaints handling in relation to information and marketing communications under MiFID. The Report found that there was overall a high degree of compliance amongst NCAs with the good practices identified in these key areas. However, a variety of approaches were observed, leading to different intensity of supervision. A number of areas for improvement were identified. They include: • enhanced use of on-site inspections and thematic reviews; • a specific focus on conduct of business issues in firms’ risk assessments; and • greater efforts to detect failings by firms in a timely manner. The review was conducted on the basis of information provided by NCAs in a self-assessment questionnaire and complemented by on-site visits to the NCAs of Cyprus, the Czech Republic, Germany, Italy, Portugal, and the United Kingdom.
11/12/2014 2014/1478 ESMA reviews supervisory practices on MiFID investor information , Press Release PDF
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The European Securities and Markets Authority (ESMA) has conducted a peer review of how national regulators (national competent authorities or NCAs) supervise MiFID conduct of business rules on providing fair, clear and not misleading information to clients. The peer review focused on NCAs’ organisation, supervisory approaches, monitoring and complaints handling in relation to information and marketing communications under MiFID. The Report found that there was overall a high degree of compliance amongst NCAs with the good practices identified in these key areas. However, a variety of approaches were observed, leading to different intensity of supervision. A number of areas for improvement were identified. They include: enhanced use of on-site inspections and thematic reviews; a specific focus on conduct of business issues in firms’ risk assessments; and greater efforts to detect failings by firms in a timely manner. The review was conducted on the basis of information provided by NCAs in a self-assessment questionnaire and complemented by on-site visits to the NCAs of Cyprus, the Czech Republic, Germany, Italy, Portugal, and the United Kingdom. Steven Maijoor, ESMA Chair, said: “Providing fair, clear and not misleading information to clients is essential for investor protection and should be applied consistently throughout the EU. This review is a major step forward in ensuring that progress is being made towards convergence in this area by national regulators. “The report provides a thorough insight and analysis of national supervisory practices, facilitated by ESMA’s first on-site visits, and includes a number of recommendations which I urge national regulators to consider when reviewing their practices in this area”. Key Findings The review’s key findings covered the following areas: Ex-ante and ex-post supervision – supervisory systems are divided between ex-ante and ex-post reviews of marketing material. Within the ex-post approach there is also divergence in terms of the timeliness with which NCAs review the material following its dissemination and consider complaints made by clients of firms; Direct and indirect supervision – while some NCAs directly supervise firms’ compliance with their obligations relating to the provision of information and marketing material to clients, others rely on annual checks performed by external auditors. The latter approach may make it difficult to detect failings by firms in a timely manner due to the successive sampling process employed by auditors and then the NCA?s concerned; Complaints and Sanctions – a low level of complaints and equally low level of sanctions are reported by NCAs in the area of information and marketing to clients; and Definition of information and marketing communication - There is no precise definition of the term marketing communication in EU law: this would need to be further defined in order to build effective convergence of supervisory practices. Recommendations for future work The Report identifies a number of areas for future work by NCAs and ESMA which could promote a more coherent cross-EU application of the requirements. These include: establishing more robust structures and efficient coordination and cooperation arrangements between different supervisory units within NCAs; defining a clear set of information and marketing material to be supervised; assessing the frequency of NCAs’ monitoring of investor information and marketing; assessing the adequacy of monitoring the distribution channels used by firms including in the cross border provision of services; requiring investment firms to submit to their NCAs details of all information and marketing material to be provided including material used for cross-border business; considering the use of integrated databases to assist in supervision of information and marketing to clients; assessing the frequency and consistency of the use of sanctions by NCAs; and assessing the implementation and effectiveness of the guidelines for complaints-handling for the securities (ESMA) and banking (EBA) sectors. In addition, ESMA should continue its efforts, including the use of Opinions, in promoting the development of a level-playing field regarding the provision of information in an understandable format to clients and the quality of service to clients.
18/12/2014 2014/1378 Opinion- Investment-based crowdfunding Opinion PDF
460.92 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 this document.
18/12/2014 2014/1560 Advice- Investment-based crowdfunding Final Report PDF
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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.
18/12/2014 2014/1568 Press Release- Investment-based crowdfunding needs EU-wide common approach , Press Release PDF
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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.
27/01/2015 PROC/2015/001 Open tender for Graphic design and publication services- New version of the tender specifications available! CLOSED Procedure PDF
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-    PROC/2015/001-ITT -   PROC/2015/001–Tender Specification- This the new version of the tender specifications document. In particular, pay attention to TENDER PART 3 – Financial offer (page   11) and Annex V – Financial proposal form (page 18) -    PROC/2015/001– Annex I-Draft Framework Service Contract-    PROC/2015/001– Annex II- Declaration of Honour -    PROC/2015/001 –Annex VI-ESMA corporate design manual -    Questions and answers list n.1  -    Questions and answers list n.2  -    Questions and answers list n.3 -    Questions and answers list n.4 -    Questions and answers list n.5 -    Questions and answers list n.6 -    Questions and answers list n.7 -    Questions and answers list n.8  
25/02/2015 2015/494 Best Execution under MiFID , Final Report PDF
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The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders. ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including: • prioritisation of best execution as a key conduct of business supervisory issue; • the allocation of sufficient resources to best execution supervision; and • a more proactive supervisory approach to monitoring compliance with best execution requirements, both desk-based and onsite inspections. The review was conducted on the basis of information provided by 29 NCAs and complemented by on-site visits to the NCAs of France, Liechtenstein, Luxembourg, Malta, Poland and Spain.
25/02/2015 2015/495 ESMA publishes review on best execution supervisory practices under MiFID , , Press Release PDF
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The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders. ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including: . prioritisation of best execution as a key conduct of business supervisory issue; . the allocation of sufficient resources to best execution supervision; and . a more proactive supervisory approach to monitoring compliance with best execution requirements, both desk-based and onsite inspections. The review was conducted on the basis of information provided by 29 NCAs and complemented by on-site visits to the NCAs of France, Liechtenstein, Luxembourg, Malta, Poland and Spain.
18/03/2015 2015/592 Automated Trading Guidelines- ESMA peer review among National Competent Authorities Final Report PDF
930.33 KB
22/04/2015 2015/532 Investment using virtual currency or distributed ledger technology Consultation Paper PDF
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ESMA has been monitoring and analysing virtual currency investment over the last 6 months, to understand developments in the market, potential benefits or risks for investors, market integrity or financial stability, and to support the functioning of the EU single market. ESMA’s analysis is set out in this paper. ESMA is seeking to share its analysis in order to promote wider understanding of innovative market developments, and invites market participants and other stakeholders to submit feedback and any additional information on the following topics: Virtual currency investment products, i.e. collective investment schemes or derivatives such as options and CFDs that have virtual currencies (VCs) as an underlying or invest in VC related businesses and infrastructure; Virtual currency based assets/securities and asset transfers, i.e. financial assets such as shares, funds, etc. that are exclusively traded using virtual currency distributed ledgers (also known as block chains);and The application of the distributed ledger technology to securities/investments, whether inside or outside a virtual currency environment.
22/04/2015 PROC/2015/005 Low value negotiated tender- Journée européenne de la protection des consommateurs 2016 CLOSED Procedure PDF
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21/05/2015 2015/856 Ann1 Investment-based crowdfunding- Insights from regulators in the EU Final Report PDF
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