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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
11/06/2013 2013/SMSG/02 Summary of conclusions of the SMSG meeting on 30-31 January 2013 Reference PDF
114.11 KB
12/06/2013 2013/SMSG/05 Agenda 18 April 2013 PDF
128.22 KB
18/07/2013 2013/998 Guidelines on the model MoU concerning consultation, cooperation and the exchange of information related to the supervision of AIFMD entities , Guidelines & Recommendations PDF
245.15 KB

ESMA finalises supervisory co-operation agreements for alternative investment funds The European Securities and Markets Authority (ESMA) has approved seven co-operation arrangements between EU securities regulators and their global counterparts with responsibility for the supervision of alternative investment funds, including hedge funds, private equity and real estate funds. ESMA’s Board of Supervisors, at its July meeting, approved Memoranda of Understanding (MoUs) with authorities from the Bahamas, Japan, Malaysia, Mexico and the United States, including the Commodity Futures Trading Commission (CFTC). ESMA has now negotiated 38 agreements on behalf of the 31 EU/EEA national competent authorities for securities markets supervision. The co-operation agreements allow for the exchange of information, cross-border on-site visits and mutual assistance in the enforcement of respective supervisory laws. ESMA had approved 31 MoUs with other non-EU regulators in May. The agreements cover third-country alternative investment fund managers (AIFMs) that market alternative investment funds (AIFs) in the EU and EU AIFMs that manage or market AIFs outside the EU. The agreements also cover co-operation in the cross-border supervision of depositaries and AIFMs’ delegates. National securities regulators in the EU, as the supervisors of AIFMs, are in the process of signing MoUs with those jurisdictions relevant to their market. The existence of co-operation arrangements between the EU and non-EU authorities is a precondition of the Alternative Investment Fund Managers Directive (AIFMD) for allowing managers from third countries access to EU markets or to perform fund management by delegation from EU managers by 22 July 2013. The co-operation arrangements are applicable from 22 July, and will enable cross-border marketing of AIFs to professional investors between jurisdictions. This is subject to the non-EU jurisdiction not being listed as a non-cooperative jurisdiction by the Financial Action Task Force and, as from the entry into force of the passport for non-EU managers, having co-operation agreements in place with EU Member States regarding the exchange of information on tax matters. The content of the ESMA MoUs follow the IOSCO Principles on Cross-Border Supervisory Co-operation of 2010, and complements the terms and conditions of the IOSCO Multilateral MoU Concerning Consultation and Co-operation and the Exchange of Information of 2002 (MMoU). ESMA had originally contacted all the authorities that have signed the IOSCO MMoU of 2002. ESMA has now approved MoUs with those 42 authorities that responded to ESMA’s call. ESMA continues to negotiate the MoU with the Chinese authority.   Memoranda of Understanding (MoUs) MoU with AFSA (Albania) MoU with ASIC (Australia) MoU with BMA (Bermuda) MoU with Canadian authorities  Accompanying letter MoU with CDVM (Morocco) MoU with CFTC (US) Accompanying letter MoU with CIMA (Cayman Islands) MoU with CMA (Kenya) MoU with CMSA (Tanzania) MoU with CNBV (Mexico) MoU with CVM (Brazil) MoU with DFSA (Dubai) MoU with FCSM (Mauritius) MoU with FINMA (Switzerland) MoU with FSA (Labuan) MoU with FSC (BVI) MoU with FSC (Guernsey) MoU with FSC (Isle of Man) MoU with FSC (Jersey) MoU with HKMA (Hong Kong) MoU with ISA (Israel) MoU with JFSA (Japan) MoU with MAFF (Japan) MoU with MAS (Singapore) MoU with METI (Japan) MoU with OCC and FED (US) MoU with OSFI (Canada) MoU with SC (Malaysia) MoU with SC (Republic of Srpska) MoU with SC (The Bahamas) MoU with SCA (UAE) MoU with SEBI (India) MoU with SEC (Montenegro) MoU with SEC (Pakistan) MoU with SEC (Thailand) MoU with SEC Macedonia (FYROM) MoU with SFC (Hong Kong) MoU with US SEC Accompanying letter   MoU with EFSA (Egypt)   MoU with FMA (New Zealand)   MoU with FSB (South Africa)   MoU with SSC (Vietnam)   MoU with FSC and FSS (South Korea)

18/07/2013 2013/992 ESMA finalises supervisory co-operation agreements for alternative investment , , Press Release PDF
167.72 KB
30/08/2013 2013/SMSG/013 SMSG contribution to the ESFS Consultation Reference PDF
409.94 KB
12/12/2013 2013/1909 ESMA appoints new Securities Markets Stakeholders Group members , Press Release PDF
108.69 KB
ESMA appoints new Securities Markets Stakeholders Group members The European Securities and Markets Authority (ESMA) has announced the composition of its Securities Markets Stakeholder Group (SMSG) following its approval by ESMA’s Board of Supervisors. These individuals will begin a term of 2½ years on 1 January 2014 and will replace the group whose mandate expires on 31 December 2013. The new SMSG will be composed of 30 individuals drawn from across 17 Member States and representing ESMA’s key stakeholder constituencies – consumer representatives (4), users of financial services (5), financial market participants (10), financial institution employees (2), small and medium sized enterprises (1) and academics (8). A number of the incoming members have previously served in the first SMSG. The SMSG was set up to facilitate consultation with key financial market stakeholders on all aspects of ESMA’s work. The SMSG provides ESMA with opinions and advice on policy workstreams and must be consulted on technical standards and guidelines and recommendations. In addition, the Stakeholder Group is expected to notify ESMA of any inconsistent application of European Union law as well as inconsistent supervisory practices in the Member States. Steven Maijoor, ESMA Chair, said: “The SMSG makes an important contribution to ESMA’s policy development, providing us with timely and valuable input on how our regulatory activities may potentially affect the different users of financial markets. “We have enjoyed a very good working relationship with the outgoing members of the SMSG who, as well as contributing their views and experience to our policymaking discussions, have been pioneers in developing the role of their group as part of the new European System of Financial Supervision. I look forward to working with the SMSG’s new members on a host of challenging issues.” The SMSG meets at least four times a year, and in addition meets twice with ESMA’s Board of Supervisors. Their advice and opinions are published on ESMA’s website.
20/12/2013 2013/SMSG/017 Advice on Consultation Paper – Draft Regulatory Technical Standards on contracts having a direct, substantial and foreseeable effect within the Un-ion and non-evasion of provisions of EMIR SMSG Advice PDF
27.43 KB
20/12/2013 2013/SMSG/018 Advice on Discussion Paper – The Clearing Obligation under EMIR SMSG Advice PDF
46.94 KB
20/12/2013 2013/SMSG/020 Response to the Consultation Paper ESMA Guidelines on enforcement of financial information SMSG Advice PDF
67.09 KB
20/12/2013 2013/SMSG/022 Summary of conclusions of the SMSG meeting on 25-26 September 2013 Reference PDF
74.17 KB
11/02/2014 2013/SMSG/012 Summary of conclusions of the SMSG meeting on 19 June 2013 Reference PDF
91.46 KB
25/02/2014 2014/225 ESMA Stakeholder Group elects Chair and Vice-Chairs , Press Release PDF
69.4 KB
ESMA Stakeholder Group elects Chair and Vice-Chairs The Securities and Markets Stakeholder Group (SMSG) of the European Securities and Markets Authority (ESMA) has elected Jesper Lau Hansen as its new Chair, and Judith Hardt and Peter De Proft, as its Vice-Chairs. The election took place at the first meeting of its new membership on 29 January 2014, following their appointment by ESMA’s Board of Supervisors in November 2013. The new Chair, Dr. Jesper Lau Hansen, is currently Professor of Company Law and Financial Markets Law at Copenhagen University and represents the academic constituency. The two Vice-Chairs, Judith Hardt, Director General, Federation of European Stock Exchanges (FESE), and Peter De Proft, Director General, European Fund and Asset Management Association (EFAMA), represent financial market participants. Dr. Jesper Lau Hansen, SMSG Chair, said: “I look forward to chairing the SMSG and, together with the Vice-Chairs, representing all securities markets stakeholders by ensuring that those who are directly affected by ESMA’s regulations have their voice heard in their preparation.” Mr. Peter De Proft, SMSG Vice-Chair said: “I am honoured to be appointed Vice Chair of this group for a second term, together with my colleague and Vice Chair, Judith Hardt and looking forward to working as a team with the Chair. “Our mandate is straightforward, but crucial. We must continue to ensure ongoing engagement with industry stakeholders. We are there to provide timely and insightful advice for ESMA and to support them in their mission of protecting investors while promoting stable and well-functioning financial markets in the European Union”. Ms. Judith Hardt, SMSG Vice-Chair said: “The securities markets stakeholder group has a strategic role to play in advising ESMA on the implementation of level 1 measures. Our priority is to help the group formulate timely and useful advice for ESMA at a critical time. I look forward to working together with the Chair and my colleague Peter De Proft.” The SMSG Chair and Vice-Chairs will serve for a period of 2½ years to coincide with the Group’s mandate.
27/03/2014 2013/SMSG/027 Summary of conclusions of the SMSG meeting on 21 November 2013 Reference PDF
148.21 KB
29/04/2014 2014/SMSG/14 SMSG reply to ESMA consultation on CRA3 Implementation SMSG Advice PDF
95.17 KB
05/05/2014 2014/SMSG/10 SMSG position paper on Crowdfunding SMSG Advice PDF
131.44 KB
06/05/2014 2014/SMSG/05 Summary of conclusions SMSG meeting 29 January 2014 Reference PDF
168.3 KB
06/05/2014 2013/SMSG/25 SMSG 2014 work programme Reference PDF
254.69 KB
04/06/2014 2014/SMSG/30 SMSG reply to ESMA consultation on draft RTS for the transparency directive SMSG Advice PDF
160.14 KB
05/06/2014 2014/608 MMoU on Cooperation Arrangements and Exchange of Information , Reference PDF
205.85 KB

The European Securities and Markets Authority (ESMA) has published the text of a new multilateral memorandum of understanding (MMoU) between EEA national competent authorities, and between national competent authorities and ESMA which entered into force on 29 May 2014. It has been signed by 33 authorities in the securities and markets area. The new MMoU was agreed in view of the increasing internationalisation, harmonisation and interdependence of financial services and markets in the European Union. It is designed to facilitate cooperation arrangements and the exchange of information between national competent authorities, and between national competent authorities and ESMA, in the application of their responsibilities under Union law relating to the securities and markets area. It also updates and replaces a previous agreement on the Exchange of Information and Surveillance of Securities Activities agreed by the members of the Committee of European Securities Regulators (formerly the Forum of European Securities Commissions) entered into by those members on 26 January 1999. List of Signatories to MMoU on Cooperation Arrangements and Exchange of Information

07/07/2014 2014/SMSG/11 SMSG reply to ESMA DP on Market Abuse Regulation SMSG Advice PDF
209.54 KB