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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
20/03/2013 2013/318 Feedback Statement on proposed amendments to the ESMA update of the CESR recommendations for the consistent implementation of the Prospectuses Regulation regarding mineral companies , , CESR Document PDF
265.19 KB
20/03/2013 2013/319 The consistent implementation of Commission Regulation (EC) No 809/2004 implementing the Prospectus Directive , Guidelines & Recommendations PDF
540.48 KB

This document contains an update of the CESR recommendations.

10/06/2013 2013/619 Comparison of liability regimes in Member States in relation to the Prospectus Directive , Final Report PDF
596.91 KB
The European Securities and Markets Authority (ESMA) has published a report on the Comparison of liability regimes in Member States in relation to the Prospectus Directive.   This is the first report of its kind and provides a comparison of liability regimes covering the EEA – comprising the 27 EU Member States along with Iceland and Norway and is aimed at providing clarity for market participants about the different regimes in place. The report contains an overview of the different arrangements and frameworks in place in  EEA States to address administrative, criminal, civil and governmental liability, and provides clarity to market participants about the different regimes in place. The report was compiled in response to a European Commission request of January 2011 for assistance in identifying and monitoring the different regimes in EEA states.   The report does not cover how the regimes, or sanctions, are applied.    Report Comparison of liability regimes in Member States in relation to the Prospectus Directive Annex II Comparative table of responses from EEA States Annex III Individual responses from EEA States
10/06/2013 2013/619 Annex II Comparative table of responses from EEA States Report PDF
2.15 MB
10/06/2013 2013/619 Annex III Individual responses from EEA States Report PDF
2.63 MB
14/06/2013 2013/741 ESMA Data on Prospectuses Approved and Passported—January 2012 to December 2012 , Final Report PDF
457.11 KB
The report compiles statistical data regarding the number of prospectuses approved and passported by National Competent Authorities in the period from January 2012 to December 2012 (with a quarterly disclosure).
19/02/2013 2013/84 Feedback statement on the consultation regarding the role of the proxy advisory industry , Statement PDF
559.31 KB
04/07/2013 2013/889 ESMA Vice Chair and Management Board Election Results , Press Release PDF
93.43 KB
ESMA Vice Chair and Management Board Election Results Vice Chair Re-elected The Board of Supervisors of the European Securities and Markets Authority (ESMA) has re-elected Carlos Tavares as its Vice Chair. Mr. Tavares, who is Chairman of the Portuguese Comissão Do Mercado De Valores Mobiliários (CMVM), has completed an initial 2½ year term and will now serve a further term of 2½ years in the position. Management Board Election The terms of three members of ESMA’s Management Board expired and elections were held by the Board of Supervisors to fill the positions for a term of 2½ years. Those elected are: Kostas Botopoulos, Hellenic Capital Markets Commission (HCMC), Greece – new member; Klaus Kumpfmüller, Finanzmarktaufsicht (FMA), Austria – new member; and Martin Wheatley, Financial Conduct Authority (FCA), United Kingdom –re-elected for a second term. The outgoing members were Karl-Burkhard Caspari from the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) of Germany and Raul Malmstein of Estonia’s, Finantsinspektsioon. The Management Board, chaired by Steven Maijoor, the ESMA Chair, is responsible for ensuring that the Authority carries out its mission and performs the tasks assigned to it under the Regulation. The Management Board now consists of: Steven Maijoor, European Securities and Markets Authority (ESMA); Kostas Botopoulos, Hellenic Capital Markets Commission (HCMC), Greece; Klaus Kumpfmüller, Finanzmarktaufsicht (FMA), Austria; Jean Guill, Commission de Surveillance du Secteur Financier (CSSF), Luxembourg; Gérard Rameix, Autorité des Marchés Financiers (AMF), France; Julie Galbo, Finanstilsynet, Denmark and Martin Wheatley, Financial Conduct Authority (FCA), United Kingdom. Reference 2013/889
18/07/2013 2013/992 ESMA finalises supervisory co-operation agreements for alternative investment , , Press Release PDF
167.72 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)

04/04/2013 2013/BS/19 Summary of conclusions MB meeting 28/01/13 Reference PDF
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11/07/2013 2013/MB/37 Summary of conclusions MB meeting 13/03/13 Reference PDF
145.43 KB
27/09/2013 2013/MB/55 Summary of conclusions MB meeting 26/06/13 Reference PDF
114.71 KB
19/02/2013 2013/MB/6 Summary of conclusions MB meeting 17/12/12 Reference PDF
168.56 KB
19/12/2013 2013/MB/81 Summary of conclusions MB meeting 23/09/13 Reference PDF
82.52 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.
29/09/2014 2014/1191 ESMA Management Board Election Results , , , Press Release PDF
90.35 KB
The European Securities and Markets Authority has elected three new members to its Management Board to replace outgoing members whose term will expire in October this year. The election took place at the Board of Supervisors meeting in Rome on 25 September and the successful candidates, who will serve a term of 2½ years beginning on the 1 November 2014, are: • Cyril Roux, Central Bank of Ireland (CBI), Ireland – new member; • Gérard Rameix, Autorité des marchés financiers (AMF), France – ending first term and re-elected; and • Marek Szuszkiewicz, Komisja Nadzoru Finanswego (KNF), Poland – new member.
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.
23/10/2014 2014/1276 ESMA Data on Prospectuses Approved and Passported – January 2013 to December 2013 , Final Report PDF
285.12 KB
The report compiles statistical data regarding the number of prospectuses approved and passported by National Competent Authorities in the period from January 2013 to December 2013 (with a quarterly disclosure).
23/10/2014 2014/1277 ESMA Data on Prospectuses Approved and Passported – January 2014 to June 2014 , Final Report PDF
211.96 KB
The report compiles statistical data regarding the number of prospectuses approved and passported by National Competent Authorities in the period from January 2014 to June 2014 (with a quarterly disclosure).