Corporate Information

The European Securities and Markets Authority (ESMA) has appointed a new member to its Management Board to replace an outgoing member whose mandate has ended. The appointment took place at the Board of Supervisors meeting in Paris on 5 July of:

  • Giuseppe Vegas, Commissione Nazionale per le Società e la Borsa (CONSOB), Italy

The new member will serve until 30 September 2019.

The European Securities and Markets Authority (ESMA) has published its 2016 Annual Report, which sets out ESMA’s objectives, activities and key achievements during the course of 2016.

In 2016, ESMA continued to make progress in its mission of enhancing investor protection and promoting stable and orderly financial markets through its four activities of:

  • assessing risks to investors, markets and financial stability;
  • creating a single rulebook;
  • promoting supervisory convergence; and
  • supervising credit rating agencies and trade repositories.

The Report contains details about ESMA’s work under each of these activities, with a focus on the key achievements in each of those areas.

Annual Report 2016

Corrigendum - date on the letter of assurance from the Executive Director on p81 had inadvertently been dated 14 June 2017, when the letter was signed on 2 June 2017. The date has been amended accordingly

The European Securities and Markets Authority (ESMA) has published its response to the European Commission’s consultation on the operation of the European Supervisory Authorities (ESAs). The response includes recommendations that ESMA’s Board of Supervisors believe will improve the Authority’s functioning and better allow it to achieve its objectives of investor protection, and stable and orderly EU financial markets.

The response reflects ESMA’s experience over the past six years including its role in supporting the objectives of the Capital Markets Union (CMU), and the progress made on promoting and facilitating supervisory convergence across Member States, and the challenges posed by the UK’s decision to leave the EU.

 

In view of the challenges EU financial markets are facing, ESMA believes that successful European capital markets require a strengthened EU framework. In support of this, ESMA has made a number of recommendations related to its functioning and powers. The main areas covered by the proposals are:

  • International aspects of EU financial markets: equivalence assessments of third countries and the supervision and enforcement of certain third country entities;
  • Direct supervision;
  • Supervisory convergence; and
  • Access to data and reporting.

The European Securities and Markets Authority (ESMA) has published a Practical Guide to national rules across the European Economic Area (EEA) on major holdings notifications under the Transparency Directive to help market participants navigate the different requirements.

The Transparency Directive requires investors to notify issuers when they acquire or dispose of shares admitted to trading on regulated markets, resulting in their total voting rights crossing certain set thresholds. As a minimum harmonisation directive, the Transparency Directive allows EEA countries some discretion as to how they transpose the rules into national law. Therefore, ESMA has prepared this Practical Guide, in close cooperation with national regulators, to help market participants identify their notification obligations under national law in accordance with the Transparency Directive.

The first part of the Practical Guide contains a fact sheet for each EEA country (with the exception of Lichtenstein) setting out the national requirements in relation to notification of major holdings along with links to the relevant websites. The second part presents information on rules and practices in a series of tables, enabling market participants to compare rules across different jurisdictions.

ESMA has created the Practical Guide based on information provided by national regulators and market participants should address any queries regarding specific content directly to the relevant regulator of the country concerned.

ESMA will update the Practical Guide on an ad hoc basis, based on changes to national rules and practices.

The European Securities and Markets Authority (ESMA) has published a new Questions and Answers (Q&A) document, comprising six questions, on the implementation of its Guidelines on the Alternative Performance Measures for listed issuers.

An alternative performance measure is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. The guidelines apply to alternative performance measures disclosed by issuers or persons responsible for drawing up a prospectus (read ESMA’s one page summary).

The purpose of this Q&A is to promote common supervisory approaches and practices in the implementation of these guidelines.

As an open and transparent EU Authority, and in order to successfully achieve its mission, ESMA welcomes and encourages you to make your views and opinions known.

We are committed to consulting with stakeholders to ensure that ESMA produces well informed decisions and proposals which take into consideration their interests.  All stakeholders have knowledge, experience and views which can contribute to ESMA’s work, and we aim to draw on this resource.

Stakeholders also proactively engage with ESMA seeking its involvement in one to one meetings, contributions to seminars, conferences appearances and assistance with questions on the application of policy and rules. In order to facilitate this aspect of our dialogue with stakeholders, a number of tools have been put in place, detailed below:

Providing your input

  • Consultations and open hearings: ESMA consults on all technical standards, technical advice and guidelines, and may consult on other pieces of work when necessary.  All interested parties are welcome to respond to these consultations or attend open hearings at our premises.  The dates are announced on the ESMA website and publicised via social media;
  • ESMA runs a number of consultative groups made up of market participants who provide advice at early stages of the development of proposals or decisions. A general Securities and Markets Stakeholder Group advising the Board of Supervisors is complemented by area specific Consultative Working Groups advising the standing committees. In addition, ESMA will organise round tables with market participants when needed;

Contacting ESMA

  • ESMA has a general email address: info@esma.europa.eu, where queries regarding ESMA’s work can be sent;
  • In case of complaints about a supervised entity, a competent authority or to report an infringement, ESMA makes available a number of contacts;
  • ESMA publishes information and contact details of particular relevance to retail investors in the Investors corner

See who ESMA is meeting

  • The Chair and Executive Director publish their calendars, listing all external meetings and speaking engagements;
  • ESMA meets regularly with market participants and their representatives, and makes available, on a quarterly basis, the list and topics of all meetings;

Staying up to date

  • To ensure that interested parties are informed about key publications, the ESMA website provides a subscription service.  We also make available an RSS feed, and can be followed on Twitter or LinkedIn;
  • ESMA also publishes a monthly forward looking calendar with details of speaking appearances by ESMA staff, events and publications;

Speaking appearances

  • ESMA staff regularly speak at events organised in Europe and beyond. To submit a request for an ESMA speaker, please use the form available on our website.