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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
22/12/2015 2015/1861 Final report- Guidelines on cross-selling practices Final Report PDF
389.42 KB
22/12/2015 2015/1872 Press Release Cross Selling Guidelines Press Release PDF
156.66 KB
22/12/2015 2015/WP/2015/2 Working Paper No.2, 2015 “Monitoring systemic risk in the hedge fund sector” Final Report PDF
872.37 KB

The working paper proposes new measures for systemic risk in the hedge fund sector. These measures are based on the ability of hedge funds to influence (be influenced by) the performance trend of the entire hedge fund sector. The proposed measures display a high ability to identify periods of financial distress, are robust to modifications in the underlying econometric model and deliver an innovation in the monitoring of systemic risks in the fund industry.

22/12/2015 JC/2015/087 Compliance Table GL financial conglomerates , Reference PDF
243.83 KB
21/12/2015 2015/1900 Opinion on emergency measure by the Greek HCMC under short selling regulation Opinion PDF
61.57 KB
21/12/2015 2015/1849 Compliance table- guidelines on APMs ESMA 2015-1415 , Reference PDF
106.08 KB
18/12/2015 2015/VAC29/AD12 Vacancy notice- Head of Investors & Issuers Department (deadline: 29/01/2016) Vacancy PDF
231.77 KB
18/12/2015 2015/1887 Follow-up report on the development of the Best Practice Principles for Providers of Shareholder Voting Research and Analysis Final Report PDF
645.64 KB
18/12/2015 2015/1871 Proxy advisors take steps towards increased transparency , Press Release PDF
157.9 KB
18/12/2015 2015/1879 ESMA CRA Market Share Calculation Final Report PDF
586.38 KB
17/12/2015 2015/BS/232rev SoC November 2015 Board of Supervisors Summary of Conclusions PDF
279.1 KB
17/12/2015 2015/1886 Final report on guidelines for the assessment of knowledge and competence Final Report PDF
422.68 KB

Reasons for publication

1.            Article 25(1) of Directive 2014/65/EU (MiFID II) states that Member States shall require investment firms to ensure and demonstrate to competent authorities on request that natural persons giving investment advice or providing information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm possess the necessary knowledge and competence to fulfil their obligations under Article 24 and Article 25 .

2.            The European Securities and Markets Authority is required by Article 25(9) of MiFID II to develop – by 3 January 2016 - guidelines specifying criteria for the assessment of knowledge and competence of investment firms’ personnel. The guidelines will come into effect on 3 January 2017.

3.            In accordance with Article 16(2) of the ESMA Regulation, a consultation was launched on 23 April 2015. The Consultation Paper (CP) set out draft ESMA guidelines for the assessment of knowledge and competence of individuals in investment firms providing investment advice or information about financial instruments, investment services or ancillary services to clients on behalf of the investment firm. The consultation period closed on 10 July 2015.

4.            ESMA received 80 responses. The answers received on the CP are available on ESMA’s website unless respondents requested otherwise.

5.            As provided by Article 16 of the ESMA Regulation, ESMA also sought the advice of the Securities and Markets Stakeholder Group’s (SMSG).

6.            This paper contains summaries of responses received and feedback statements provided by ESMA. ESMA recommends that this report should be read together with the CP published on 23 April 2015 to have a complete understanding of the rationale for the guidelines. The final guidelines presented in Annex VI take into account the comments and suggestions raised by respondents.

Contents

7.            Section II briefly summarises the feedback to the CP and the main responses from ESMA.

8.            Section III contains the Annexes: Annex I provides the Summary of questions, Annex II contains the legislative mandate, Annex III reports the cost-benefit analysis, Annex IV reports the Opinion of the Securities and Markets Stakeholder Group, Annex V details the feedback on the CP, Annex VI sets out the final text of the guidelines and Annex VII describes some illustrative examples of the application of certain aspects of the guidelines.

Next Steps

9.            The final guidelines in Annex VI will be translated into the official EU languages and published on the ESMA website. The publication of the translations will trigger a two-month period during which National Competent Authorities (NCAs) must notify ESMA whether they comply or intend to comply with the guidelines.

17/12/2015 2015/1885 ESMA Briefing Note on ESEF CP Reference PDF
138.49 KB
16/12/2015 2015/1882 Risk Dashboard No. 4, 2015 Reference PDF
931.3 KB
16/12/2015 2015/MB/69 SoC 4 November meeting of the Management Board Summary of Conclusions PDF
63.93 KB
16/12/2015 2015/1877 Q&A on the Implementation of the Regulation (EU) No 463 2013 On CRA Q&A PDF
385.91 KB
15/12/2015 2015/1874 23rd version QA prospectus related issues Q&A PDF
978.49 KB
15/12/2015 2015/1873 Q&A AIFMD 15 Dec 2015 Q&A PDF
463.33 KB
14/12/2015 EBA/Op/2015/20 Report on investment firms Final Report PDF
1.2 MB
14/12/2015 2015/1867R Response Form to CP on review of Article 26 of RTS 153-2013 Consultation Report DOCX
749.43 KB

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