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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
01/03/2012 2012/140 ESMA advises European Commission on Prospectus Directive’s overhaul- Advice covers possible delegated acts , , Press Release PDF
115.14 KB
01/03/2012 2012/138 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU , Letter PDF
94.68 KB
22/03/2012 2012/212 Discussion Paper- An Overview of the Proxy Advisory Industry. Considerations on Possible Policy Options , Consultation Paper PDF
524.85 KB
This Discussion Paper focuses on the development of the proxy advisory industry in Europe, which mainly serves institutional investors such as asset managers, mutual funds and pension funds. Following its fact-finding work in 2011, ESMA recognises the proxy advisory industry within Europe is, or is expected to be, growing in prominence and investors are, or are expected to be, increasingly using proxy advisor services. In this paper ESMA identifies several key issues related to the proxy advisory market which may have an impact on the proper functioning of the voting process. The range of policy options that ESMA will consider, and on which it seeks further input from market participants, consists of four broad areas, including: 1.    No EU-level action at this stage 2.    Encouraging Member States and/or industry to develop standards 3.    Quasi-binding EU-level regulatory instruments 4.    Binding EU-level legislative instruments ESMA will consider these options based on the feedback it receives from market participants, and, if appropriate, will undertake further policy action, either directly or by providing an opinion to the European Commission. The reason to bring up some policy options is due to the fact that proxy advisors are currently not regulated at a pan-European level. Nevertheless, there are relevant European rules that apply to investors (e.g. for UCITS management companies when exercising voting rights). In addition, there are also well-recognised corporate governance standards that apply to issuers at a national level (based on the “comply or explain approach”) and some complements to improve standards of stewardship among investors. All feedback received from this Discussion Paper will be duly considered. ESMA expects to publish a feedback statement in Q4 of 2012 which will summarise the responses received and will state ESMA’s view on whether there is a need for policy action in this area.
27/03/2012 2012/224 ESMA seeks views on proxy advisors , , Press Release PDF
170.89 KB
ESMA published last Thursday a discussion paper (ESMA/2012/212) on proxy advisors active in the European Union, seeking views of stakeholders. The paper aims at giving an overview of the state and structure of the market, advisor’s methodologies, and on possible policy options. Generally, proxy advisors assist (institutional) investors and asset managers in their voting policy and strategy.  Currently, there are no rules in place on a pan-European basis regarding proxy advisors. ESMA will use the feedback received on this paper to publish a feedback statement in Q4 of 2012, which will also include ESMA’s view on whether there is a need for policy action in the area.
24/04/2012 2012/BS/29 Board of Supervisors meeting on 14 February 2012 Reference PDF
257.22 KB
20/06/2012 2012/380 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU , Consultation Paper PDF
1.49 MB
Responses to this consultation paper should be submitted online by 20 August 2012.
29/06/2012 2012/BS/46 Board of Supervisors meeting on 20 March 2012 Reference PDF
240.14 KB
29/06/2012 2012/BS/66 Board of Supervisors meeting on 17 April 2012 Reference PDF
251.54 KB
10/09/2012 2012/557 ESMA warns retail investors about the pitfalls of online investing Investor Warning PDF
476.08 KB
10/09/2012 2012/557 BG ESMA предупреждава инвеститорите на дребно за рисковете, свързани с инвестирането онлайн Investor Warning PDF
673.81 KB
ESMA предупреждава инвеститорите на дребно за рисковете, свързани с инвестирането онлайн
10/09/2012 2012/557 CZ ESMA (Evropský orgán pro cenné papíry a trhy) varuje retailové investory před nástrahami on-line investování Investor Warning PDF
520.09 KB
ESMA (Evropský orgán pro cenné papíry a trhy) varuje retailové investory před nástrahami on-line investování
10/09/2012 2012/557 DA ESMA advarer detailinvestorer om faldgruber ved onlineinvestering Investor Warning PDF
532.44 KB
ESMA advarer detailinvestorer om faldgruber ved onlineinvestering
10/09/2012 2012/557 NL De Europese Autoriteit voor effecten en markten (ESMA) waarschuwt particuliere beleggers voor de valkuilen van online beleggen Investor Warning PDF
512.32 KB
De Europese Autoriteit voor effecten en markten (ESMA) waarschuwt particuliere beleggers voor de valkuilen van online beleggen
10/09/2012 2012/557 ET Euroopa Väärtpaberiturujärelevalve hoiatab jaeinvestoreid elektroonilise investeerimise probleemide eest Investor Warning PDF
584.66 KB
Euroopa Väärtpaberiturujärelevalve hoiatab jaeinvestoreid elektroonilise investeerimise probleemide eest
10/09/2012 2012/557 FI ESMA varoittaa piensijoittajia online-sijoittamisen sudenkuopista Investor Warning PDF
751.81 KB
ESMA varoittaa piensijoittajia online-sijoittamisen sudenkuopista
10/09/2012 2012/557 FR L’Autorité européenne des marchés financiers (ESMA) met en garde les investisseurs de détail contre les pièges des placements en ligne Investor Warning PDF
578.85 KB
L’Autorité européenne des marchés financiers (ESMA) met en garde les investisseurs de détail contre les pièges des placements en ligne
10/09/2012 2012/557 DE ESMA warnt Kleinanleger vor Fallen bei Online-Investitionen Investor Warning PDF
428.89 KB
ESMA warnt Kleinanleger vor Fallen bei Online-Investitionen
10/09/2012 2012/557 EL Η ESMA (Ευρωπαϊκή Αρχή Κινητών Αξιών και Αγορών) προειδοποιεί τους μικροεπενδυτές σχετικά με τους κινδύνους των επιγραμμικών επενδύσεων Investor Warning PDF
806.62 KB
Η ESMA (Ευρωπαϊκή Αρχή Κινητών Αξιών και Αγορών) προειδοποιεί τους μικροεπενδυτές σχετικά με τους κινδύνους των επιγραμμικών επενδύσεων
10/09/2012 2012/557 HU Az Európai Értékpapírpiaci Hatóság (ESMA) az online befektetések buktatóira figyelmezteti a lakossági befektetőket Investor Warning PDF
578.5 KB
Az Európai Értékpapírpiaci Hatóság (ESMA) az online befektetések buktatóira figyelmezteti a lakossági befektetőket
10/09/2012 2012/557 IT L’ESMA mette in guardia gli investitori al dettaglio sulle insidie dell’investimento online Investor Warning PDF
380.36 KB
L’ESMA mette in guardia gli investitori al dettaglio sulle insidie dell’investimento online