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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
05/10/2018 ESMA70-155-2938 Opinion on position limits on Swiss Power Base contracts Opinion PDF
350.53 KB
05/10/2018 ESMA70-155-1538 Opinion on position limits on UK Natural Gas contracts Opinion PDF
479.8 KB
20/03/2019 ESMA70-155-6438 Opinion on position limts on ICE ENDEX PSV Contracts Opinion PDF
564.18 KB
02/10/2018 ESMA70-154-884 Opinion on the ancillary activity calculations Opinion
16/07/2020 ESMA70-155-6641 Opinion on the assessment of pre-trade transparency waivers Opinion PDF
309 KB
12/01/2017 ESMA50-1215332076-23 Opinion on the impact of the exclusion of fund management companies from the scope of the MiFIR intervention powers Opinion PDF
224.29 KB
03/06/2020 ESMA70-156-112 Opinion on third-country trading venues for the purpose of position limits under MiFID II Opinion PDF
100.21 KB
03/06/2020 ESMA70-154-165 Opinion on third-country trading venues for the purpose of transparency under MiFID II / MiFIR Opinion PDF
102.28 KB
22/05/2017 ESMA70-156-117 Opinion on traded on a trading venue under MiFID II Opinion PDF
155.64 KB
13/07/2017 ESMA70-154-270 Opinion to support supervisory convergence in the area of secondary markets in the context of the United Kingdom withdrawing from the European Union , , Opinion PDF
181.69 KB
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.
30/04/2019 ESMA70-155-6353 Phelix DE Power Peak Futures position limit opinion Opinion PDF
272.08 KB
30/04/2019 ESMA70-155-5289 Phelix DEAT OTF Base Futures position limit opinion Opinion PDF
217.88 KB
30/04/2019 ESMA70-155-2935 Phelix DEAT Power Peak Futures position limit opinion Opinion PDF
252.75 KB
20/03/2019 ESMA-70-155-5287 Position limit notification for Hungarian Future Opinion PDF
537.44 KB
20/06/2019 ESMA70-155-4451 Position limit on Czech PXE Power Base contract Opinion PDF
261.58 KB
24/09/2019 ESMA70-155-2929 Position limit on EEX Italian Power Base contracts Opinion PDF
223.5 KB
24/09/2019 ESMA70-155-5827 Position limit on EEX Italian Power Peak contracts Opinion PDF
234.36 KB
20/06/2019 ESMA70-155-2941 Position limit on French Power Base contracts Opinion PDF
232.18 KB
20/06/2019 ESMA70-155-2925 Position limit on French Power Peak contracts Opinion PDF
235.2 KB