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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|22/03/2012||2012/212||Discussion Paper- An Overview of the Proxy Advisory Industry. Considerations on Possible Policy Options||Corporate Disclosure, Corporate Governance||Consultation Paper||PDF
|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.|
|24/02/2012||2012/122||Guidelines- Systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities||Guidelines and Technical standards, MiFID - Secondary Markets||Guidelines & Recommendations||PDF
ESMA Board of Supervisors (the BoS) has decided on the 26 September 2018 to withdraw the guidelines on “Systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities”. The guidelines were issued by ESMA, in February 2012, to ensure a common, uniform and consistent application of MiFID and MAD. The BoS decision to withdraw the guidelines is based on the subject matter being fully incorporated into MiFID II, MAR, and relevant delegated acts.
|12/01/2012||ESMA42-110-1132||Confirmation of compliance with guidelines||Guidelines and Technical standards||Guidelines & Recommendations||PDF
This document is a template destined to be used by national competent authorities to report their compliance with ESMA guidelines.
|25/11/2011||2011/397||Public statement on sovereign debt in IFRS financial statements||Corporate Disclosure, Corporate Governance, IFRS Supervisory Convergence, Press Releases||Statement||PDF
|22/11/2011||2011/219||ESMA comment letter on the EU Commission Green Paper- The EU Corporate Governance Framework||Corporate Disclosure, Corporate Governance||Letter||PDF
|14/09/2011||2011/288||Call for evidence- Empty voting||Corporate Disclosure, Corporate Governance, Transparency||Consultation Paper||PDF
|18/05/2011||2011/139||Final report- Guidelines on the application of the endorsement regime under Article 4 (3) of the Credit Rating Agencies Regulation No 1060/2009||Credit Rating Agencies, Guidelines and Technical standards||Guidelines & Recommendations||PDF
|23/03/2011||2011/81||Recommendations- ESMA update of the CESR recommendations on the consistent implementation of Commission Regulation (EC) No 809/2004 implementing the Prospectus Directive||Guidelines and Technical standards, Prospectus, Corporate Disclosure||Guidelines & Recommendations||PDF
|15/05/2009||09-219||Guidelines- MAD Level 3 – Third set of CESR guidance and information on the common operation of the Directive to the market||Guidelines and Technical standards, Market Abuse||Guidelines & Recommendations||PDF
|11/05/2005||04-505b||Market Abuse Directive- Level 3 – first set of CESR guidance and information on the common operation of the Directive||Guidelines and Technical standards, Market Abuse||Guidelines & Recommendations||PDF