Collection of evidence on undue short-term pressure from the financial sector on corporations

Collection of evidence on undue short-term pressure from the financial sector on corporations

from 24 June 2019 to 29 July 2019


The European Securities and Markets Authority (ESMA) has today published a questionnaire which aims to gather evidence on potential short-term pressures on corporations stemming from the financial sector. 

Considering the impact of short-termism forms part of ESMA’s work on sustainable finance and relates to the European Commission’s Action Plan on ‘Financing Sustainable Growth’.

ESMA invites investors, issuers, UCITS management companies, self-managed UCITS investment companies, AIFMs and the trade associations of financial market participants to respond to the questionnaire. Responses will contribute to ESMA’s analysis of potential sources of undue short-termism on corporations with an aim to identifying areas in which existing rules may contribute to mitigating undue short-termism and areas where the rules may exacerbate short-term pressures.

By December 2019, ESMA will deliver a report to the European Commission based on its findings, in line with the Commission’s request to each of the three European Supervisory Authorities (ESAs). The report will present evidence and possibly advice on potential undue short-termism. The Commission will consider ways to follow up on the report’s findings, which may include policy actions.

The questionnaire will be open for five weeks, closing on 29 July 2019. It is presented in EUSurvey, an online survey making tool. Before responding to the questions, respondents are invited to read the explanatory note on the survey on short-termism which provides background information and definitions for each section of the questionnaire as well as useful technical instructions.



Activity Institution Download
Asset Management Amundi AM
Asset Management MFA and AIMA
Asset Management Aviva Investors
Asset Management BlackRock
Asset Management BVI
Regulated markets Deutsche Börse
Others ALFI
Others European Confederation of Directors Associations
Others Portuguese Issuers Association
Others EuropeanIssuers
Others Preventable Surprises
Others Association Française de la Gestion financière
Others FFBH Asset Management
Others SASB Foundation
Others Association française des Investisseurs Institutionnels
Others French Insurance Federation
Others Schroder Investment Management Limited
Others Assogestioni
Others ICMA Asset Management and Investors Council
Others Sofia International Securities JSC
Others Austrian Federal Economic Chamber, Division Bank and Insurance
Others Independent
Others Spanish Sustainable Investment Association
Others BASF SE
Others Invesco
Others The Investment Association
Others Better Finance
Others KPMG
Others Union Investment Asset Management Holding
Others Confederation of Swedish Enterprise
Others Luxembourg Stock Exchange
Others US Chamber of Commerce, Center for Capital Markets Competitiveness
Others EFAMA
Others MEDEF
Others Eurelectric
Others Caisse des Dépôts Group
Others Moody's Investors Service
Others ICMA
Others CFA Institute
Others Nasdaq
Others Invest Europe
Others Compass Invest JSC
Others NLB Asset Management
Others ISDA
Others Dassault Systèmes
Others Norwegian Securities Dealers Association
Others International Association of Oil & Gas Producers
Others Planet Life Economy Foundation
Others Actuarial Association of Europe
Others Eumedion
Others Platinum Invest