REFINE YOUR SEARCH
Type of document
|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|11/03/2013||2013/279||"Regulation of systemically important financial institutions and of the shadow banking system"- speech by Steven Maijoor, Chair, at the CDU/CSU congress in Berlin||Corporate Information, Speeches||Speech||PDF
|21/12/2016||2016/1668||2016-1668 ESMA feedback statement on ESEF||Corporate Disclosure, European Single Electronic Format, Transparency||Report||PDF
|05/10/2017||ESMA20-95-619||2018 Work Programme||Corporate Information, Planning reporting budget||Report||PDF
|19/11/2019||ESMA71-319-154||Banking and the MiFID II review||MiFID - Investor Protection, MiFID - Secondary Markets, Speeches||Speech||PDF
|13/02/2019||ESMA71-319-91||Brexit – the regulatory challenges||Brexit, Fund Management, MiFID - Secondary Markets, Post Trading, Speeches, Supervisory convergence||Speech||PDF
Steven Maijoor keynote at the European Financial Forum in Dublin
|06/11/2014||2014/1339||Capital Markets Union: building competitive, efficient capital markets trusted by investors||Corporate Information, Speeches||Speech||PDF
|Steven Maijoor, ESMA Chair, spoke at the joint EU Commission/Italian Presidency Growth for Finance Conference in Brussels - " Excerpts "Following its launch by President Juncker in July 2014, the Capital Markets Union (CMU) is now a concept under construction and I am very happy to have been invited to contribute today to its development. When doing so, we should remember the clear objective from President Juncker who stated that the CMU should maximise the benefits of capital markets and non-bank financial institutions for the real economy. "Despite the many efforts of the past four decades, and the good results achieved, the EU capital market is still fragmented which limits its potential. For example, an institutional investor wanting to invest in a mid-sized company will still have a strong bias towards companies in its own Member-State. There are transactions not happening that otherwise would be beneficial both for the investor and the company because of this home bias. The reason for this stems from a complex set of barriers relating to such issues as transparency of Small and Medium-sized Entities (SMEs), differences in their governance and cross-border differences in the ownership of shares. In sum, we are only halfway there. While the EU capital market has integrated steadily in the past four decades it is not yet comparable with, for example, the US capital market. With a five year time-horizon in mind, what is needed to achieve a strong and integrated capital market to increase capital availability and to support economic growth in all 28 Member States? In my view, there are four main building blocks: (1) greater diversity in funding; (2) increasing the efficiency of capital markets; (3) strengthening and harmonisation of supervision; and (4) increasing the attractiveness of capital markets both for EU investors and for investors from outside the Union. "The CMU should be based on an accelerated integration of the capital markets of the 28 Member States. The end goal should be a CMU that is competitive, efficient and that provides a wide range of funding channels. Above all, it should be trusted by investors."|
|21/03/2018||ESMA71-99-964||CMU, Brexit and ESA review – What’s next? Steven Maijoor BVI Keynote||Fund Management, MiFID - Investor Protection, Speeches||Speech||PDF
|28/11/2019||ESMA32-67-610||EFRAG Conference 28 November 2019- IFRS and Regulation- Keynote Speech Steven Maijoor||Corporate Disclosure||Speech||PDF
|10/04/2017||ESMA32-51-382||Enforcement and Regulatory Activities of Accounting Enforcers in 2016||Corporate Disclosure||Report||PDF
The report provides an overview of the activities of the European Securities and Markets Authority (ESMA) and the accounting enforcers in the European Economic Area (EEA), hereafter ‘European enforcers’, when examining compliance of financial information provided by issuers with IFRS in 2016. It also provides an overview of the main activities performed at European level, quantitative information on enforcement activities in Europe as well as ESMA’s contribution to the development of the single rulebook in the area of financial reporting. In addition, it also outlines ESMA’s activities for 2017 in the area of corporate reporting following its Supervisory Convergence Work Programme.
|03/04/2018||ESMA32-63-424||Enforcement and Regulatory Activities of Accounting Enforcers in 2017||Corporate Disclosure, IFRS Supervisory Convergence||Report||PDF
|27/03/2019||ESMA32-63-672||Enforcement and Regulatory Activities of European Accounting Enforcers in 2018||Corporate Disclosure, IFRS Supervisory Convergence||Report||PDF
|24/05/2013||2013/603||ESAs—Achievement and Challenges, by Steven Maijoor, Chair of ESMA||Corporate Information, Speeches||Speech||PDF
ESAs – Achievement and Challenges Public Hearing on Financial Supervision in the EU 24 May 2013, Brussels Speech by Steven Maijoor, Chair
|29/03/2016||2016/410||ESMA Report on Enforcement and Regulatory Activities of Accounting Enforcers in 2015||Corporate Disclosure, IFRS Supervisory Convergence, Supervisory convergence||Report||PDF
This report provides an overview of the activities of the European Securities and Markets Authority (ESMA) and the accounting enforcers in the European Economic Area (EEA), thereafter, ‘European enforcers’, when examining compliance of financial information provided by issuers listed on regulated markets with the applicable financial reporting framework in 2015. It also provides an overview of the main activities performed at European level, quantitative information on enforcement activities in Europe as well as ESMA’s contribution to the development of the single rule book in the area of financial reporting. In addition, it also outlines ESMA’s activities for 2016 in the area of corporate reporting following its Supervisory Convergence Work Programme.
Following the implementation of the ESMA Guidelines on enforcement of financial information (hereafter the Guidelines on enforcement), ESMA and European enforcers have further strengthened supervisory convergence in the area of enforcement of financial information. The Guidelines on enforcement significantly contributed to the alignment of supervisory approaches/procedures through the use of harmonised key concepts for examinations, of a common set of enforcement priorities, of common rules for enforcement actions and of a single set of criteria for identifying accounting matters for which coordination at European level within ESMA is needed. In the last area, the number of accounting issues discussed by the enforcers before taking enforcement decisions increased significantly (65 emerging issues in 2015 vs 47 in 2014) and contributed to enhancing supervisory convergence as enforcers should take into account the outcome of these discussions when taking decisions .
In 2015 ESMA and European enforcers evaluated the level of compliance with IFRS in the areas identified as common enforcement priorities for the 2014 annual financial statements on a sample of 189 issuers. This assessment resulted in 40 enforcement actions being taken on shortcomings in the disclosures of assumptions and judgements supporting the recognition of deferred tax assets arising from tax losses, when assessing control or classifying joint arrangements.
As in previous years, ESMA together with European enforcers identified and included in their supervisory practices a set of common enforcement priorities significant for European issuers when preparing their 2015 IFRS financial statements. These priorities include the impact of the financial markets’ conditions in IFRS financial statements, presentation of the statement of cash flows and related disclosures as well as the fair value measurement of non-financial assets and related disclosures. Specific references to some of the 2014 common priorities and to the new IFRS requirements, notably on IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers are also part of these priorities.
As a response to increased concerns in the markets, ESMA issued Guidelines on Alternative Performance Measures (hereafter the Guidelines on APMs) which are aimed at contributing to the publication of transparent, unbiased and comparable information by European issuers on their financial performance. The Guidelines on APMs will apply to APMs disclosed by issuers when publishing regulated information or persons responsible for the prospectus. European enforcers had to adapt their supervisory procedures and declare their compliance to these guidelines.
Also as part of the supervisory convergence activities, ESMA issued an Opinion on the application of the IFRS requirements on the cash contributions to Deposit Guarantee Schemes (DGS) in order to address the divergence in the application and enforcement in the accounting treatment applicable to these contributions and to prevent it from becoming widespread.
ESMA published a Statement referring to principles relevant for improving the quality of disclosures as a response to concerns expressed by users on the overload, lack of completeness or relevance of the information provided in the financial statements.
Finally, European enforcers examined the interim or annual financial statements of approximately 1,200 issuers representing an average examination rate of 20% of all IFRS issuers with securities listed on regulated markets, out of which 14% related to unlimited scope examinations and 6% to focused examinations. As a result of these activities, European enforcers took actions addressing material departures against 273 issuers, representing around 25% of the selected sample. The main deficiencies were identified in the areas of financial statements presentation, impairment of non-financial assets and accounting for financial instruments.
Single Rule Book
ESMA actively participated to the accounting standard setting process by providing European enforcers’ positions on all major new standards issued by the International Accounting Standards Board (IASB) and by contributing to the discussions in the EFRAG Board and the Technical Expert Group (EFRAG TEG) meetings. Notably, ESMA provided specific input to the due process and endorsement advices on IFRS 9, in aspects related to investor protection and financial stability as well as on its interaction with IFRS 4 Insurance Contracts. In addition, ESMA also contributed to the consistent application of IFRS by engaging with the IASB and the IFRS Interpretations Committee (IFRS IC) when relevant issues were identified by enforcers and where a lack of clarity in IFRS could contribute to their divergent application.
In accordance with its mandate under the Transparency Directive, ESMA has submitted to the European Commission for endorsement the draft Regulatory Technical Standards (RTS) on the European Electronic Access Point (EEAP) and published the consultation paper on the draft RTS on European Single Electronic Format (ESEF).
ESMA published its Supervisory Convergence Work Programme which covers, among other topics, the activities of accounting enforcers. In addition to the regular activities, ESMA envisages to start carrying out peer reviews on some of the ESMA Guidelines on enforcement, to publish statements on the implementation of new major IFRS and to develop supervisory briefings to align procedures of European enforcers when monitoring and enforcing the Guidelines on APMs and disclosures in the financial statements.
|17/07/2018||ESMA32-51-522||ESMA response to the European Commission consultation on the Fitness Check on the EU Framework for public reporting by companies||Corporate Disclosure, IAS Regulation||Report||PDF
|11/01/2017||ESMA42-1643088512-2962||ESMA42-1643088512-2962 Follow-up Report to the Peer Review on Best Execution||MiFID - Investor Protection, MiFID - Secondary Markets, Supervisory convergence||Report||PDF
|04/12/2012||2012/800||ESMA’s role in markets reform- Verena Ross, ESMA Executive Director||Corporate Information, Speeches||Speech||PDF
|Verena Ross, ESMA Executive Director, delivered the keynote address at the ICI Global Trading and Market Structure Conference in London.|
|04/06/2019||ESMA71-319-120||FESE Dinner Address||Brexit, International cooperation, MiFID - Secondary Markets, Post Trading, Speeches||Speech||PDF
|28/02/2017||ESMA70-872942901-21||Final report on draft RTS on package orders for which there is a liquid market||MiFID - Secondary Markets||Report||PDF
|29/09/2017||ESMA70-156-227||Final report on draft RTS on the trading obligation for derivatives under MiFIR||MiFID - Secondary Markets||Report||PDF
|31/03/2017||ESMA/2017/70-8792942901-40||Final report on Draft RTS specifying the scope of the consolidated tape for non-equity financial instruments||MiFID - Secondary Markets||Report||PDF