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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
07/02/2018 ESMA42-114-540 Supervisory Convergence Work Programme 2018 Report PDF
611.01 KB
06/04/2017 ESMA33-9-158 Supervisory Briefing: A Common Approach to the CRA Regulation’s Provisions for Encouraging the use of Smaller CRAs Report PDF
687.07 KB
  1. ESMA is required to play an active role in building a common supervisory culture by promoting common supervisory approaches and practices among nationally appointed Sectoral Competent Authorities (‘SCAs’).
  1. The purpose of this supervisory briefing is to provide guidance to SCAs in relation to the application of Articles 8c and 8d of the CRA Regulation and promote a common supervisory approach and enforcement of these Articles. In this regard, the Supervisory Briefing includes the following:
  1. A Common Supervisory Approach as to which issuers and related third parties are covered by Article 8c and 8d; and,
  1. A Standard Form for documentation in accordance with article 8d.
  1. The common supervisory approach will assist SCAs as well as issuers and related third parties by clearly establishing who should be prioritised for supervision and enforcement under these Articles.
  1. The Standard Form will assist SCAs by guaranteeing standardised and consistent data across different issuers and related third parties. It will also assist issuers and related third parties by providing clarity as to how they may meet their regulatory obligations under these Articles and simplify their internal processes by removing the need to develop in-house templates for documenting compliance under Article 8d.
  1. The Supervisory Briefing will be published on ESMA’s website and on the websites of the nationally appointed SCAs.
 
03/06/2019 ESMA70-156-835 Supervisory Briefing PreTradeTransparency Non-Equity Instruments , Report PDF
148.65 KB
03/02/2017 ESMA80-1467488426-27 Supervision Annual Report 2016 and Work Programme 2017 , Report PDF
2.49 MB
18/01/2011 2011/26 Summary Report on the mapping of contingency measures Final Report PDF
93.63 KB
07/04/2016 2016/584 Suitability Peer Review- Final Report , Final Report PDF
459.35 KB
07/04/2016 2016/585 Suitability Peer Review- Annex , Final Report PDF
987.81 KB
27/03/2014 2014/332 Structured Retail Products- Good practices for product governance arrangements , Opinion PDF
203.1 KB
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.
12/12/2019 ESMA42-111-4916 STOR Peer Review Report , Final Report PDF
1.17 MB
03/04/2019 ESMA71-319-93 Steven Maijoor Keynote speech- BETTER FINANCE 10th Anniversary 2019 , , , Speech PDF
165.49 KB
10/11/2015 2015/1639 Steven Maijoor at Economic and Monetary Affairs Committee, European Parliament, Scrutiny Hearing on MiFID II , Speech PDF
158.43 KB
21/07/2017 ESMA43-318-752 Statement to European Parliament Petitions Committee Statement PDF
359.62 KB
12/07/2019 ESMA35-36-1743 Statement Product Intervention Statement PDF
104.99 KB
15/12/2017 ESMA71-99-910 Statement on preparatory work of the European Securities and Markets Authority in relation to CFDs and binary options offered to retail clients , Statement PDF
209.47 KB
30/05/2018 ESMA71-99-991 Statement of the EBA and ESMA on the treatment of retail holdings of debt financial instruments subject to the Bank Recovery and Resolution Directive , Statement PDF
926.71 KB
20/06/2016 2016/940 Statement by Steven Maijoor at ECON MiFID II/MiFIR Scrutiny Session, 21 June 2016 , Statement PDF
235.65 KB
13/06/2016 2016/945 Speech for the DSGV Kapitalmarktsymposium- Verena Ross, 10 June 2016, Berlin Speech PDF
275.69 KB
26/05/2016 2016/739 Speech Financial News 20th Anniversary Awards for Excellence- Steven Maijoor, 26 May 2016, London , Speech PDF
168.88 KB
02/12/2016 2016/1640 Speech by Verena Ross, ESMA Executive Director at the 2016 Global Capital Markets Conference , Speech PDF
281.71 KB
05/10/2017 ESMA35-42-597 Speech by Steven Maijoor on financial education and investor protection in Europe- IOSCO World Investor Week , Speech PDF
222.15 KB