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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
01/07/2013 2013/852 ESMA review finds good compliance with EU market abuse rules , , Press Release PDF
132.09 KB
The European Securities and Markets Authority (ESMA) has published a peer review of the supervisory practices EEA national competent authorities (NCAs) apply in enforcing the requirements of the Market Abuse Directive (MAD).  The Directive deals with the prevention of the dissemination of misleading information, the breach of reporting obligations and market abuse.  
02/10/2013 2013/1394 BWF/ICMA Capital Markets Conference, Key note address by ESMA Chair, Steven Maijoor Speech PDF
84.71 KB
17/10/2013 2013/1486 International coordination of the regulation and supervision of OTC derivatives markets- American Bar Association, Fall Conference 2013, London- Steven Maijoor, ESMA Chair Speech PDF
182.66 KB
05/11/2013 2013/1582 ESMA–Issues and Priorities, EFAMA Management Forum, Brussels- Steven Maijoor ESMA Chair Speech PDF
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ESMA – Issues and Priorities EFAMA Management Forum, Brussels Steven Maijoor, European Securities and Markets Authority Chair
11/11/2013 2013/1637 Keynote Speech at Financial Reporting Outlook (Ernst & Young) Conference, London , Speech PDF
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Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA), delivered the keynote speech at the Ernst & Young Financial Reporting Outlook Conference in London.

25/11/2013 2013/1709 Review Panel Methodology Reference PDF
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25/02/2014 2014/224 Liquidity and new financial market regulation, European Market Liquidity Conference (AFME), London- Verena Ross, Executive Director Speech PDF
216.6 KB
28/03/2014 2014/337 Keynote speech at EuroFinUse Conference on the Better Finance Manifesto, Steven Maijoor ESMA Chair Speech PDF
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How to restore European household’s confidence in long term savings and investments Steven Maijoor, Chair of ESMA EuroFinUse Conference on The Better Finance Manifesto, Brussels Excerpt “Allow me to begin my thoughts by summarising the current situation of the European financial sector: The effects of the financial crisis and the subsequent EU sovereign debt problems still linger on. There are: expectations for further bank deleveraging, a reluctance in the private sector towards raising capital on equity and debt markets, and only slowly receding doubts among investors about the stability of financial markets. But the situation is improving: The progress on implementing the post-crisis regulatory reform agenda as well as addressing the sovereign-bank nexus are vital building blocks for fostering confidence in the markets. In addition, the recent economic stabilization – reflected by an expected growth rate of 1.5% for 2014 in the EU – is already starting to lift the spirits of entrepreneurs and their appetite to engage in additional investment. This newly revived appetite requires new funding, either intermediated by banks or from securities markets. As our banking systems are going through an important phase of transformation, markets and policy makers increasingly look to securities markets for fresh impulses. And I very much concur that we need to explore what funding opportunities we can develop through capital market financing.”
05/06/2014 2014/607 Keynote Speech- Steven Maijoor, ESMA Chair at ICMA Annual Conference, Berlin Speech PDF
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Steven Maijoor, ESMA Chair, today delivered the keynote address at the International Capital Markets Association Annual General Meeting and Conference in Berlin. In the course of his speech he outlined the key elements needed to ensure the success of the EU's regulatory reform agenda: (excerpt) "1.    The EU single rule book for financial markets needs to be implemented and supervised. Implementing measures like technical standards are needed to ensure that the legislation works in practice and the rules need to be subject to credible supervision; and 2.    Supervisory convergence between the 28 EU member states is needed to ensure that the single rule book also results in a truly single EU financial market. Differences in supervision, and regulatory competition, will undermine the achievement of the objectives of stability and investor protection." While he specifically focused on the issues of financial inducements under MiFID II and collateral liquidity.
10/06/2014 2014/619 Keynote Speech- Steven Maijoor, ESMA Chair, at IBA Conference on the Globalisation of Investment Funds, Paris Speech PDF
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Steven Maijoor, ESMA Chair, delivered a keynote address to the International Bar Association's 25th Annual Conference on the Globalisation ofInvestment Funds in Paris. His speech focused on concentrated on potential financial stability risks linked to the phenomenon of "too big to fail" and the fund management industry and also on policy developments affecting the fund management industry. Excerpt "Addressing potential systemic risks in asset management will be an important part of our work going forward. As we develop our insights into the risks in the industry, it is clear that asset management has a specific profile that sets it apart from banking and other financial activities. This implies that the lens through which we see stability risks in banking and insurance, might not be the right one for asset management. Our proposal in this debate, therefore, is that in addition to looking at individual institutions, we must include in our analysis the very different types of activities of the asset management sector and their interdependence with systemic risks in the wider financial market."
15/10/2014 2014/1265 Keynote Speech- Steven Maijoor, ESMA Chair, at La Nueva Financiera Regulacion, Madrid Speech PDF
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Steven Maijoor, ESMA Chair, delivered a keynote speech at CNMV Conference La Nueva Financiera Regulacion in Madrid. His speech focused on the ESAs role in financial consumer protection:Exerpt "The three European Supervisory Authorities (ESAs) – the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA) – work on improving consumer protection by contributing to a higher degree of regulatory and supervisory convergence across EU financial markets and securing cross-border coordination. We do this primarily by enhancing investor protection when creating the single rulebook for EU financial markets, but also by more direct measures such as issuing EU-wide investor warnings.Indeed, ESMA plays a key role in the completion of EU financial markets legislation developed by the European Commission, the European Parliament and the Council of the European Union. Two legislative acts are currently high on our agenda in this respect – and I guess also high on the agenda of many people in the audience here today – that I must speak about them: PRIIPs and the MiFID review."
05/11/2014 2014/1333 Asset management – The regulatory challenges ahead- Steven Maijoor at EFAMA Investment Management Forum Speech PDF
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Steven Maijoor, ESMA Chair, delivered the keynote speech at EFAMA's Investment Management Forum in Brussels. His speech focused on the regulatory challenges ahead for the asset management sector. "It is very good to be back again at this important event. Before coming here today I had the chance to surf the EFAMA website and it struck me that your website is as overrun as ESMA’s website is with the many well-known European acronyms that have become part of our standard vocabulary in financial markets. This observation also made it clear to me that the topics that keep both our organisations busy are very similar. Given the current activities of ESMA, you probably expect me to structure my contribution according to these acronyms and inform you on all of our current regulatory work that is relevant for the asset management sector. However, I would like to start first with an economic perspective on asset management, but let me assure you that later in my contribution I will not disappoint you and will refer to AIFMD, MIFID, UCITS and PRIIPs."
06/11/2014 2014/1339 Capital Markets Union: building competitive, efficient capital markets trusted by investors , Speech PDF
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Steven Maijoor, ESMA Chair, spoke at the joint EU Commission/Italian Presidency Growth for Finance Conference in Brussels - " Excerpts "Following its launch by President Juncker in July 2014, the Capital Markets Union (CMU) is now a concept under construction and I am very happy to have been invited to contribute today to its development. When doing so, we should remember the clear objective from President Juncker who stated that the CMU should maximise the benefits of capital markets and non-bank financial institutions for the real economy. "Despite the many efforts of the past four decades, and the good results achieved, the EU capital market is still fragmented which limits its potential. For example, an institutional investor wanting to invest in a mid-sized company will still have a strong bias towards companies in its own Member-State. There are transactions not happening that otherwise would be beneficial both for the investor and the company because of this home bias. The reason for this stems from a complex set of barriers relating to such issues as transparency of Small and Medium-sized Entities (SMEs), differences in their governance and cross-border differences in the ownership of shares. In sum, we are only halfway there. While the EU capital market has integrated steadily in the past four decades it is not yet comparable with, for example, the US capital market. With a five year time-horizon in mind, what is needed to achieve a strong and integrated capital market to increase capital availability and to support economic growth in all 28 Member States? In my view, there are four main building blocks: (1) greater diversity in funding; (2) increasing the efficiency of capital markets; (3) strengthening and harmonisation of supervision; and (4) increasing the attractiveness of capital markets both for EU investors and for investors from outside the Union. "The CMU should be based on an accelerated integration of the capital markets of the 28 Member States. The end goal should be a CMU that is competitive, efficient and that provides a wide range of funding channels. Above all, it should be trusted by investors."
19/11/2014 2014/1382 Regulatory measures to prevent another crisis- speech by Steven Maijoor , Speech PDF
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Steven Maijoor, Chair of ESMA, gave the keynote speech at the "Regulatory measures to prevent another crisis?" event organised by the CFA Institute in Brussels, Belgium.
27/11/2014 2014/1434 Henri Sijthoff Prijs 2014- keynote speech by Steven Maijoor Speech PDF
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Steven Maijoor delivered the key note speech of the 2014 Henri Sijthoff award in Amsterdam. In his speech Mr Maijoor focuses on how the adoption of International Financial Reporting Standards (IFRS) for the consolidated financial statements of companies listed on EU regulated markets since 2005 has contributed to the quality of financial reporting and to the development of the EU Single Market. Looking ahead, Mr Maijoor focuses on three challenges the need for companies to provide investors with clear and consistent information and to continue the efforts towards global adoption whilst regretting that there is limited prospect for broad adoption by the United States of America (USA) and Japan, two countries playing an important role in regulating international financial markets. Thirdly, Mr Maijoor emphasises that the consistent application of IFRS is essential within a Single Market; this can be achieved through equipping national supervisory authorities with sufficient and similar tools to detect and remedy non-compliance with IFRS principles but also the need for a new instrument that would allow to intervene when a national authority would diverge from the views of its EU peers.  
09/12/2014 2014/1474 Investor Protection and an integrated EU Capital Market- Steven Maijoor address to DSW/Better Finance for All Conference Speech PDF
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Steven Maijoor spoke at the DSW/Better Finance for All International Investors Conference in Wiesbaden on 9 December. His speech focused on two closely interlinked topics, namely the enhancement of the level of protection offered to investors and the accelerated harmonisation and integration of EU capital markets.
11/12/2014 2014/1485 MiFID – Conduct of Business, fair, clear and not misleading information Final Report PDF
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The European Securities and Markets Authority (ESMA) has conducted a peer review of how national regulators (national competent authorities or NCAs) supervise MiFID conduct of business rules on providing fair, clear and not misleading information to clients. The peer review focused on NCAs’ organisation, supervisory approaches, monitoring and complaints handling in relation to information and marketing communications under MiFID. The Report found that there was overall a high degree of compliance amongst NCAs with the good practices identified in these key areas. However, a variety of approaches were observed, leading to different intensity of supervision. A number of areas for improvement were identified. They include: • enhanced use of on-site inspections and thematic reviews; • a specific focus on conduct of business issues in firms’ risk assessments; and • greater efforts to detect failings by firms in a timely manner. The review was conducted on the basis of information provided by NCAs in a self-assessment questionnaire and complemented by on-site visits to the NCAs of Cyprus, the Czech Republic, Germany, Italy, Portugal, and the United Kingdom.
11/12/2014 2014/1478 ESMA reviews supervisory practices on MiFID investor information , Press Release PDF
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The European Securities and Markets Authority (ESMA) has conducted a peer review of how national regulators (national competent authorities or NCAs) supervise MiFID conduct of business rules on providing fair, clear and not misleading information to clients. The peer review focused on NCAs’ organisation, supervisory approaches, monitoring and complaints handling in relation to information and marketing communications under MiFID. The Report found that there was overall a high degree of compliance amongst NCAs with the good practices identified in these key areas. However, a variety of approaches were observed, leading to different intensity of supervision. A number of areas for improvement were identified. They include: enhanced use of on-site inspections and thematic reviews; a specific focus on conduct of business issues in firms’ risk assessments; and greater efforts to detect failings by firms in a timely manner. The review was conducted on the basis of information provided by NCAs in a self-assessment questionnaire and complemented by on-site visits to the NCAs of Cyprus, the Czech Republic, Germany, Italy, Portugal, and the United Kingdom. Steven Maijoor, ESMA Chair, said: “Providing fair, clear and not misleading information to clients is essential for investor protection and should be applied consistently throughout the EU. This review is a major step forward in ensuring that progress is being made towards convergence in this area by national regulators. “The report provides a thorough insight and analysis of national supervisory practices, facilitated by ESMA’s first on-site visits, and includes a number of recommendations which I urge national regulators to consider when reviewing their practices in this area”. Key Findings The review’s key findings covered the following areas: Ex-ante and ex-post supervision – supervisory systems are divided between ex-ante and ex-post reviews of marketing material. Within the ex-post approach there is also divergence in terms of the timeliness with which NCAs review the material following its dissemination and consider complaints made by clients of firms; Direct and indirect supervision – while some NCAs directly supervise firms’ compliance with their obligations relating to the provision of information and marketing material to clients, others rely on annual checks performed by external auditors. The latter approach may make it difficult to detect failings by firms in a timely manner due to the successive sampling process employed by auditors and then the NCA?s concerned; Complaints and Sanctions – a low level of complaints and equally low level of sanctions are reported by NCAs in the area of information and marketing to clients; and Definition of information and marketing communication - There is no precise definition of the term marketing communication in EU law: this would need to be further defined in order to build effective convergence of supervisory practices. Recommendations for future work The Report identifies a number of areas for future work by NCAs and ESMA which could promote a more coherent cross-EU application of the requirements. These include: establishing more robust structures and efficient coordination and cooperation arrangements between different supervisory units within NCAs; defining a clear set of information and marketing material to be supervised; assessing the frequency of NCAs’ monitoring of investor information and marketing; assessing the adequacy of monitoring the distribution channels used by firms including in the cross border provision of services; requiring investment firms to submit to their NCAs details of all information and marketing material to be provided including material used for cross-border business; considering the use of integrated databases to assist in supervision of information and marketing to clients; assessing the frequency and consistency of the use of sanctions by NCAs; and assessing the implementation and effectiveness of the guidelines for complaints-handling for the securities (ESMA) and banking (EBA) sectors. In addition, ESMA should continue its efforts, including the use of Opinions, in promoting the development of a level-playing field regarding the provision of information in an understandable format to clients and the quality of service to clients.
12/12/2014 2014/1434 EN Henri Sijthoff Prijs 2014- keynote speech by Steven Maijoor Speech PDF
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Steven Maijoor delivered the key note speech of the 2014 Henri Sijthoff award in Amsterdam. This is the translation of the speech. In his speech Mr Maijoor focuses on how the adoption of International Financial Reporting Standards (IFRS) for the consolidated financial statements of companies listed on EU regulated markets since 2005 has contributed to the quality of financial reporting and to the development of the EU Single Market. Looking ahead, Mr Maijoor focuses on three challenges the need for companies to provide investors with clear and consistent information and to continue the efforts towards global adoption whilst regretting that there is limited prospect for broad adoption by the United States of America (USA) and Japan, two countries playing an important role in regulating international financial markets. Thirdly, Mr Maijoor emphasises that the consistent application of IFRS is essential within a Single Market; this can be achieved through equipping national supervisory authorities with sufficient and similar tools to detect and remedy non-compliance with IFRS principles but also the need for a new instrument that would allow to intervene when a national authority would diverge from the views of its EU peers.
18/12/2014 2014/1575 Keynote Address to ICI Global Trading and Market Structure Conference, London- Verena Ross Speech PDF
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Verena Ross, ESMA Executive Director, addressed the ICI GLobal Trading and Market Structure Conference in London on 9 December 2014 on the topics of MiFID II and trade reporting issues.