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ESMA Guidelines

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Guidelines on complex debt instruments and structured deposits

  • Final Report published 26 November 2015 (ESMA/2015/1783)
  • Guidelines published 4 February 2016 (ESMA/2015/1787)
  • Status: Guidelines apply from 3 January 2018

Guidelines on transaction reporting, reference data, order record keeping & clock synchronisation

  • Consultation Paper published 23 December 2015 (ESMA/2015/1909)
  • Guidelines published 10 October 2016 (ESMA/2016/1452) - Amended 7 August 2017
  • Status: Guidelines apply from 3 January 2018

Guidelines on cross-selling practices

  • Final Report published 22 December 2015 (ESMA/2015/1861)
  • Guidelines published 11 July 2016 (ESMA/2016/574)
  • Status: Guidelines apply from 3 January 2018

Guidelines for the assessment of knowledge and competence

  • Final Report published 17 December 2015 (ESMA/2015/1886)
  • Guidelines (corrigendum) published 22 March 2016 (ESMA71-1154262120-153) – Amended 3 January 2017
  • Status: Guidelines apply from 3 January 2018       

Guidelines on product governance requirements

    • Consultation paper published 5 October 2016 (ESMA/2016/1436)
    • Final Report published on 2 June 2017 (ESMA35-43-620)
    • Guidelines published 5 February 2018 (ESMA35-43-620)
    • Status: Guidelines apply from 3 January 2018 

Guidelines related to the management body of market operators and data reporting services providers

  • Consultation paper published 5 October 2016 (ESMA/2016/1437)
  • Final report published 28 September 2017 (ESMA70-154-266)
  • Guidelines published 28 September 2017 (ESMA70-154-271)
  • Status: Guidelines apply from 3 January 2018  

Guidelines on the calibration, publication and reporting of trading halts

  • Consultation paper published 6 October 2016 (ESMA/2016/1440)
  • Final report published 6 April 2017 (ESMA70-872942901-17)
  • Guidelines published 27 June 2018
  • Status: Guidelines apply from 3 January 2018 

Guidelines on the assessment of the suitability of members of the management body and key function holders under Directive 2013/36/EU and Directive 2014/65/EU

  • Consultation Paper (joint EBA/ESMA) published 28 October 2016 (EBA/CP/2016/17)
  • Final Report published 26 September 2017 (EBA/GL/2017/12/ESMA71-99-598)
  • Guidelines published 21 March 2018 (EBA/GL/2017/12) 
  • Status: Guidelines apply 30 June 2018

Guidelines on certain aspects of the MiFID II suitability requirements

Guidelines on certain aspects of the MiFID compliance function requirements

  • Guidelines published 28 September 2012 (ESMA/2012/388)
  • Status: Consultation closes 15 October 2019

ESMA Questions and Answers

  1. ESMA Q&A on Market Structures (October 2019) *UPDATED*
  2. ESMA Q&A on Investor Protection (October 2019) *UPDATED*
  3. ESMA Q&A on Transparency (October 2019) *UPDATED*
  4. ESMA Q&A on Commodities (January 2019)  *UPDATED*
  5. ESMA Q&A on MiFIR Data Reporting (October 2019)  *UPDATED*
  6. ESMA Q&A on Post-trade issues (December 2017) *UPDATED*
  7. ESMA Q&A on the Share Trading Obligation (November 2017)
  8. ESMA Q&A on temporary product intervention measures on the marketing, distribution or sale of CFDs and Binary options to retail clients (November 2018) *UPDATED*


ESMA Opinions

  • ESMA Opinion on the meaning of "traded on a trading venue" (ToTV) (22 May 2017)
  • Updated ESMA Opinion on third-country trading venues for the purposes of post-trade transparency (15 December 2017)

  • Updated ESMA Opinion on third-country trading venues for the purpose of position limits (15 December 2017)
  • Updated ESMA Opinion on Ancillary Exemption test (22 December 2017)
  • Updated ESMA Opinion on Ancillary Exemption test (updated October 2018)
  • ESMA Opinion on the treatment of packages under the trading obligation for derivatives (21 March 2018)
  • ESMA Opinion on ancillary activity – market size calculation (2 October 2018)
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