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Questions and Answers

This page contains an overview of all Q&As developed by ESMA per legislative act and instructions on submitting new questions to ESMA.


Questions received Update on publication of questions received Search Page

One of ESMA’s key objectives is ensuring a consistent application of the EU Single Rulebook for financial services. Any stakeholder or citizen can ask questions to ESMA relating to the practical application or implementation of the Single Rulebook.

Questions and Answers

Practical guidance for submitting new questions to ESMA

ESMA has put in place a tool where questions on the practical application or implementation of EU law and/or ESMA acts (such as Technical Standards and/or Guidelines) can be submitted.

Though questions can be submitted in any official language of the EU, ESMA would appreciate if your question is submitted in English, ESMA’s working language.

ESMA will focus its efforts in providing answers to questions that are of general interest for stakeholders across the EU. Questions already addressed by ESMA are available here.  

ESMA will focus on new questions that:

  1. raise a material issue with market impact and which could have a cross-border dimension within the EU Single Market;
  2. are relevant for a broad set of stakeholders; and
  3. where ESMA finds there is a need to provide guidance or clarification.

In case your question goes beyond the practical application or implementation of EU law, and would require its interpretation, ESMA will forward your question to the European Commission to answer. 

Please note that ESMA will be unable to provide answers to questions that:

  • Are unclear or incomplete;
  • Are not related to EU law within ESMA’s remit (available in ESMA’s Interactive Single Rulebook, ISRB);
  • Are not submitted in an official language of the EU;
  • Seek ESMA advice on issues which only relate to the factual circumstances of an individual submitter which would not have any relevance to other stakeholders (i.e. specific practices, business models or products);
  • Ask ESMA where to find information on a given topic within EU law and/or ESMA acts or to explain the provisions that are already clearly set out therein; and/or
  • Relate to the national transposition or implementation of EU law, unless this relates to ESMA’s guidelines or peer reviews, for which ESMA publishes compliance tables and reports.

What happens after you have submitted a new question?

ESMA aims to respond by email within two months to your question.

However, when your question is of wider relevance and raises a new policy issue ESMA will liaise with national authorities. Providing an answer might then take up to six months.

In that case, the final answer will be sent to you, and made available on ESMA’s website, or we will inform you that ESMA is not in a position to address the issue(s) raised, explaining the reasons why.

Where appropriate, ESMA may decide to merge, or group together, similar questions received from different stakeholders and provide one answer. 

Questions on which ESMA is already working

ESMA provides an overview of the questions to which an answer is currently under development in its Q&A tool.

The question appears in the tool when ESMA starts actively preparing an answer or when it has been forwarded to the European Commission (in case it requires the interpretation of EU law).

Questions already answered and their status

Though they are non-binding for market participants, answers to questions with wider relevance are being made public to help stakeholders. An overview of all Q&As per the legislative act issued by ESMA is available here. Publication of Q&As in the IT tool will commence in September 2022.

It should be noted that only the Court of Justice of the European Union can provide a definitive interpretation of EU law.

Submit a Q&A

To submit a Q&A, please fill in this form


List of Q&As

Corporate Disclosure Q&A on ESMA Guidelines on Alternative Performance Measures
  Q&A on Prospectus Related Topics
  Questions and Answers on Big Data
  Q&As on TD
Credit Rating Agencies Q&A on the Implementation of the Regulation (EU) No 462 2013 On CRA
  FAQ regarding the EU regulation on Credit Rating Agencies: Common positions agreed by CESR Members
Fund Management Q&A on AIFMD
  Questions and Answers on UCITS Directive
  Q&A on the Application of the EuSEF and EuVECA Regulations
  Questions and Answers- A Common Definition of European Money Market Funds- updated February 2012
MiFID (II) - Investor Protection Q&A on MiFID II and MiFIR Investor Protection Topics
  Q&A on Best Execution
  Questions and Answers- MiFID complex and non complex financial instruments for the purposes of the Directive’s appropriateness requirements
  Question and Answers- Understanding the definition of advice under MiFID
  Q&A relating to the provision of CFDs and other speculative products to retail investors under MiFID
  Technical Q&As on product intervention measures on CFDs and binary options
  Q&A on MiFID Investor Protection and Intermediaries
  Q&A on European crowdfunding service providers for business Regulation
Market Abuse On the Market Abuse Regulation
  Q&A Market Abuse Directive
  MAD Accepted Market Practices- Frequently Asked Questions
MiFID (II) MiFIR and Secondary Markets Q&A on MiFID II and MiFIR transparency topics
  Q&A on MiFID II commodity derivatives topics
  Q&A on MiFIR data reporting
  Q&A on MiFID II and MiFIR market structures topics
  Questions and answers on MiFID: Common positions agreed by CESR Members in the area of the Secondary Markets Standing Committee
Benchmarks Q&A on Benchmarks Regulation
Short Selling Implementation of the Regulation on short selling and certain aspects of credit default swaps
Post Trading Q&A on ESMA’s EU-wide stress tests for CCPs
  Q&A on EMIR implementation
  Q&A on CSDR
Innovation and products Questions and Answers: Investment-based crowdfunding: money laundering/terrorist financing
SFTR Q&A on SFTR Reporting
Securitisation  Q&A on the Securitisation Regulation 

Search a Q&A

You can see available Q&A on the search page