Beyond the EU, ESMA works on the equivalence of practices in non-EEA countries. 

Equivalence of IFRS and GAAP

ESMA and previsously CESR, has performed extensive work on the equivalnce of IFRS and 3rd country GAAP.  Details of the work is available on the page Equivalence of IFRS and GAAP. 


Market efficiency relies on access by issuers to the markets in a quick and cost-effective manner. With regards to third country issuers, many of whom are subject to regulatory oversight in their own jurisdictions, market efficiency is best served by ensuring that European investors receive substantially the same information as they do in relation to European issuers. ESMA has therefore carried out work on the equivalence of third country prospectuses. 

Further areas where equivalence can be established between EEA and 3rd countries will be developed in the future.