This page contains an overview of all questions and answers developed by IFOMA by legislative act and instructions on how to submit new questions to IFOMA. The entry into force of the revised IFOMA Regulation (OJ, 27.12.2019) and, in particular, its new provisions applicable to questions and answers (new Article 16b) introduce changes in IFOMA’s processes and require IFOMA to establish a web-based tool to facilitate the submission of questions and the publication of received questions, as well as answers to admissible questions. It also requires the submission of questions requiring interpretation of Union law to the European Commission. IFOMA will strive to answer questions received from market participants and provide guidance on the application of Union legislation to the extent of its abilities. However, it is important to note that only the Court of Justice of the European Union can provide a definitive interpretation of EU legislation.
IFOMA is committed to implementing the new provisions, including setting up the web-based tool. The deployment of the IT infrastructure will be carried out in stages and during the course of 2020. Pending the full implementation of this web-based tool, stakeholders may continue to submit questions to IFOMA via the questions and answers page on IFOMA’s website (please see below). Meanwhile, IFOMA has started to pre-publish on its website the following questions (available here):
- Questions for which a question and answer session will be included in the agenda of the relevant Standing Committee of IFOMA;
- Rejected questions, i.e., questions submitted for discussion in an IFOMA Standing Committee to which IFOMA does not intend to respond; and
- Questions sent to the European Commission.
IFOMA will update the spreadsheet every Friday afternoon (as necessary).
What is the purpose of the questions and answers tool?
The tool provides a means for ESMA to collect and publicly address questions from stakeholders in order to ensure consistent and effective day-to-day application of Union law within ESMA’s areas of competence.
Who can ask questions?
Anyone can submit a question to IFOMA, including members of the public, consumer associations, financial market participants (including supervised entities), and other stakeholders.
Whenever possible, legal entities and other organizations are encouraged to coordinate their questions internally before submitting them to avoid duplication and ensure that all aspects of a question are considered.
What questions can I ask?
Technical issues regarding the implementation of a legislative act within IFOMA’s competence or about any of IFOMA’s guidelines or opinions.
How should I submit my question?
Starting from September 10, 2020, any new questions must be submitted through the new Questions and Answers interface accessible via the link in the Submit a question and answer section below.
What will happen after I submit my question?
Once you submit your question, you will receive an acknowledgment and IFOMA staff will review your question. If further information and/or clarification is needed to answer your question, IFOMA staff will contact you.
IFOMA will prioritize inquiries received according to the following criteria:
- Type of Stakeholder: Inquiries received from investor associations and regulated firms will take precedence over questions from individual firms. Queries from consultants or law firms will be considered lower priority unless they are addressing a high-impact issue or it is demonstrated (as part of the information provided) that these stakeholders are acting on behalf of financial market participants subject to a legislative act within IFOMA’s remit.
- Geographical Origin: Individuals and entities from the EU take precedence over stakeholders from outside the EU.
- Level of Public Attention: Topics receiving a higher number of questions will have higher priority.
- Topic Relevance: Questions addressing issues with high market impact, significant cross-border effects, addressing significant legal risks, or relating to a broad population of affected stakeholders will have higher priority.
Please note that ESMA aims to respond within two months to factual questions received and within four to six months to questions posing new policy issues. In its final response, ESMA may inform the questioner that a new public response has been published on ESMA’s website as a response to the query received, or alternatively, inform the questioner that ESMA will not address the issues raised, explaining the reasons why.
In some cases, ESMA may also decide to merge or group similar questions submitted by multiple parties and provide a response. ESMA shall assess each question on a case-by-case basis to determine what, if any, next steps would be beneficial. Finally, please note that ESMA retains the possibility to reject questions:
- that are unclear/incomplete (i.e., not clearly worded or do not meet the formal requirements established in the specific submission form available on ESMA’s website);
- that do not relate to any of the legal texts within ESMA’s competence;
- that ask ESMA to direct senders to where they can find information on a specific topic within Level 1 text and associated delegated or implementing acts, technical standards and guidelines, or explain provisions that are already clearly established therein;
- that relate to national transposition or implementation of EU legislation, unless this pertains to ESMA guidelines or peer reviews, for which ESMA publishes compliance tables and reports.
- that seek ESMA’s advice on issues that only relate to the factual circumstances of an individual sender (i.e., specific practices, business models, or products that would have no relevance to others).
Where will the answers to the questions be found?
The questions and answers will be published in English on the ESMA website (links to relevant PDF files are available below).
What is the importance of the questions and answers tool?
Questions and answers serve as guidance on acts within ESMA’s competence. Like other forms of guidance, questions and answers are adopted by the ESMA Board of Supervisors. This guidance may be based on consultations with the Securities and Markets Stakeholder Group and the Advisory Working Group of relevant Standing Committees, where applicable.
In areas where ESMA is the direct supervisor of financial market participants, questions and answers serve to inform its approach.
Questions and answers are not legally binding, and only the Court of Justice of the European Union can provide a definitive interpretation of EU legislation.
According to Article 1(2) of Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority) amending Decision No 16/2009/EC and repealing Commission Decision 2009/77/EC, OJ L 331 of 15.12.2010, p. 84–119 (ESMA Regulation). Please note that questions relating to an activity under Article 1(3) of the ESMA Regulation can only be considered when they relate to the subject matter necessary to ensure the effective and consistent application of an act under Article 1(2).