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| Date | Ref. | Title | Section | Type | Download | Info | Summary | Related Documents | Translated versions |
|---|---|---|---|---|---|---|---|---|---|
| 08/03/2011 | 2011/62 | 10th Extract from EECS's Database of Enforcement Decisions | IFRS Supervisory Convergence | Final Report | PDF 361.42 KB |
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| 21/10/2011 | 2011/355 | Report- Activity Report on IFRS Enforcement in 2010 | IFRS Supervisory Convergence | Final Report | PDF 128.34 KB |
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| 10/11/2011 | 2011/372 | Final report- Review of European enforcers on the implementation of IFRS 8 | IFRS Supervisory Convergence | Final Report | PDF 584.18 KB |
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| 28/06/2012 | 2012/412 | Activity Report on IFRS Enforcement in the European Economic Area in 2011 | IFRS Supervisory Convergence | Final Report | PDF 345.02 KB |
The European Securities and Markets Authority (ESMA) has published its Activity Report on IFRS Enforcement in the European Economic Area in 2011. The report provides an overview of the monitoring of compliance of financial information with the International Financial Reporting Standards (IFRS) and enforcement action taken in the European Economic Area (EEA) in 2011. The report is based on the activities of the European Enforcers Coordination Sessions (EECS) and of the accounting enforcers in the EEA (European enforcers). This operates under ESMA's oversight and its main objective is to coordinate the enforcement activities of Member States in order to increase convergence amongst European enforcer's activities which should contribute to fostering investor confidence. Its main functions include coordination of enforcement activities through the exchange of views on particular accounting matters, providing feedback to the International Accounting Standards Board on issues related to the application of the IFRS and work on dedicated projects identified as key priorities. This report: provides an overview of enforcement activities in the EEA and the coordination of enforcement through EECS; presents the outcome and some tentative conclusions relating to the enforcement of IFRS; and provides a summary of EECS engagement with third country accounting enforcers. The report is based on the activities of EECS and the European enforcers during 2011 relating to: Activities undertaken or coordinated at European level; Issues brought to the attention of the standard setter; Ex-ante activities incurred as part of the preparation of the annual review process; Findings in respect of reviews conducted in 2011; Actions taken to improve the quality of future financial reporting; and Decisions and emerging issues discussed during EECS meetings in the year. |
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| 06/07/2012 | 2012/387 | Final report Guidelines on certain aspects of the MiFID suitability requirements | Guidelines and Technical standards, MiFID - Investor Protection | Final Report | PDF 444.15 KB |
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| 26/07/2012 | 2012/482 | Review of Greek Government Bonds accounting practices | Corporate Disclosure, IFRS Supervisory Convergence | Final Report | PDF 583.61 KB |
This report includes a Review of Greek Government Bonds accounting practices in the IFRS Financial Statements for the year ended 31 December 2011. |
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| 16/08/2012 | 2012/525 | Summary of responses on considerations of materiality in financial reporting | Corporate Disclosure, IFRS Supervisory Convergence | Final Report | PDF 383.4 KB |
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| 21/01/2013 | 2013/2 | European enforcers review of impairment of goodwill and other intangible assets in the IFRS financial statements | IFRS Supervisory Convergence | Final Report | PDF 500.65 KB |
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| 14/02/2013 | 2013/218 | Considerations of materiality in financial reporting | Corporate Disclosure, IFRS Supervisory Convergence | Final Report | PDF 446.95 KB |
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| 22/07/2013 | 2013/1022 | IFRS Enforcement in Europe in 2012 | IFRS Supervisory Convergence | Final Report | PDF 195.1 KB |
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| 23/05/2014 | 2014/551 | IFRS Enforcement in Europe in 2013 | Corporate Disclosure, IFRS Supervisory Convergence | Final Report | PDF 694.9 KB |
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| 16/06/2014 | 2014/643 | Review on the application of accounting requirements for business combinations in IFRS financial statements | Corporate Disclosure, IFRS Supervisory Convergence | Final Report | PDF 751.04 KB |
This report evaluates the consistency of application of key requirements of IFRS 3 - Business Combinations and how compliant and entity-specific IFRS 3 disclosures are in the 2012 annual IFRS financial statements of a sample of 56 issuers in the European Union (EU). It also includes other IFRS 3 issues identified as part of the enforcement experience of European national enforcers (European Enforcers) that participate in the European Enforcers Coordination Sessions (EECS). |
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| 10/07/2014 | 2014/807 | Final Report on ESMA Guidelines on enforcement of financial information | Corporate Disclosure, IFRS Supervisory Convergence | Final Report | PDF 617.22 KB |
The European Securities and Markets Authority (ESMA) has published its final Guidelines on the enforcement of financial information published by listed entities in the European Union (EU). The aim of the guidelines is to strengthen and promote greater supervisory convergence in existing enforcement practices amongst EU accounting enforcers. The Guidelines set out the principles to be followed by accounting enforcers throughout the enforcement process by defining the objectives, the characteristics of the enforcers, and some common elements in the enforcement process. |
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| 18/12/2014 | 2014/1560 | Advice- Investment-based crowdfunding | Innovation and Products | Final Report | PDF 482.2 KB |
Crowdfunding is a means of raising finance for projects from ‘the crowd’ often by means of an internet-based platform through which project owners ‘pitch’ their idea to potential backers, who are typically not professional investors. It takes many forms, not all of which involve the potential for a financial return. ESMA’s focus is on crowdfunding which involves investment, as distinct from donation, non-monetary reward or loan agreement.Crowdfunding is relatively young and business models are evolving. EU financial services rules were not designed with the industry in mind. Within investment-based crowdfunding a range of different operational structures are used so it is not straightforward to map crowdfunding platforms’ activities to those regulated under EU legislation. Member States and NCAs have been working out how to treat crowdfunding, with some dealing with issues case-by-case, some seeking to clarify how crowdfunding fits into existing rules and others introducing specific requirements.To assist NCAs and market participants, and to promote regulatory and supervisory convergence, ESMA has assessed typical investment-based crowdfunding business models and how they could evolve, risks typically involved for project owners, investors and the platforms themselves and the likely components of an appropriate regulatory regime. ESMA then prepared a detailed analysis of how the typical business models map across to the existing EU legislation, set out in sections 1 to 6 of this document. | |||
| 19/12/2014 | 2014/1569 | Technical Advice to the Commission on MiFID II and MiFIR | MiFID - Investor Protection, MiFID - Secondary Markets | Technical Advice | PDF 2.8 MB |
Reasons for publication The European Securities and Markets Authority (ESMA) received a formal request (mandate) from the European Commission (Commission) on 23 April 2014 to provide technical advice to assist the Commission on the possible content of the delegated acts required by several provisions of Markets in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation (MiFIR). The mandate focuses on technical issues which follow from MiFID II and MiFIR and is available on the European Commission website (here). ESMA was required to provide technical advice by no later than six months after the entry into force of MiFID II and MiFIR (2 July 2014). Contents This final report follows the same structure as the Consultation Paper (CP) published by ESMA on 22 May 2014 which is: (1) Introduction, (2) Investor protection, (3) Transparency, (4) Data publication, (5) Micro-structural issues, (6) Requirements applying on and to trading venues, (7) Commodity derivatives and (8) Portfolio compression. This paper also contains summaries of responses to the CP received by ESMA. The rationale of those items covered already in the CP for which no relevant changes have been introduced, is not developed again in this Final Report. ESMA recommends, therefore, to read this report together with the CP published on 22 May 2014 to have a complete vision of the rationale for ESMA’s technical advice. Next steps Delegated acts should be adopted by the Commission so that they enter into application by 30 months following the entry into force of the Directive and Regulation, taking into account the right of the European Parliament and Council to object to a delegated act within 3 months (which can be extended by a further 3 months). | |||
| 25/02/2015 | 2015/494 | Best Execution under MiFID | MiFID - Investor Protection, Supervisory convergence | Final Report | PDF 761.62 KB |
The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders. ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including: • prioritisation of best execution as a key conduct of business supervisory issue; • the allocation of sufficient resources to best execution supervision; and • a more proactive supervisory approach to monitoring compliance with best execution requirements, both desk-based and onsite inspections. The review was conducted on the basis of information provided by 29 NCAs and complemented by on-site visits to the NCAs of France, Liechtenstein, Luxembourg, Malta, Poland and Spain. | |||
| 31/03/2015 | 2015/659 | ESMA Report on Enforcement and Regulatory Activities of Accounting Enforcers in 2014 | Corporate Disclosure, IFRS Supervisory Convergence | Final Report | PDF 633.7 KB |
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| 21/05/2015 | 2015/856 Ann1 | Investment-based crowdfunding- Insights from regulators in the EU | Innovation and Products | Final Report | PDF 319.65 KB |
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| 30/06/2015 | 2015/1057 | ESMA Guidelines on Alternative Performance Measures | Corporate Disclosure, IFRS Supervisory Convergence | Final Report | PDF 484.57 KB |
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| 30/11/2015 | 2015/1783 | Final Report on complex debt instruments and structured deposits | MiFID - Investor Protection | Final Report | PDF 409.89 KB |