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|28/05/2021||ESMA81-393-98||Supervisory Briefing on Benchmark administrators’ presence in their Member States of location and outsourcing||Benchmarks, Supervisory convergence||Report||PDF
|10/03/2011||2011/11||Public statement of consultation practices||Corporate Information||Statement||PDF
|09/11/2012||2012/279||ESMA appoints new chairs to Standing Committees||Corporate Information||Statement||PDF
|23/09/2014||2014/1164||Statement by Steven Maijoor, Chair, European Securities and Markets Authority at the ECON Committee, European Parliament 23 September 2014||Corporate Information||Statement||PDF
|Dear Members of the European Parliament, Ladies and gentlemen, First of all, I would like to congratulate you on your election or re-election as a Member of the European Parliament and as a member of this important committee. Call it a “Single Capital Market” or “Capital Market Union”, the financial regulatory reform in the European Union (EU) in the last five years has made solid progress and is a decisive step towards the aim of completing the single market in financial services. This is not only a necessity to tackle failures exposed by the financial crisis, it is also a crucial part of realising the overriding objective of securing economic recovery in the EU. However, it will only reach its full potential if the single rule book is applied consistently and supervised adequately so that all stakeholders can benefit from it in daily practice. ESMA plays a key role in achieving this objective, by enhancing investor protection and by promoting stable and orderly financial markets in the EU. Since its inception three and a half years ago, ESMA has contributed to the creation of an EU single rulebook by developing technical standards and guidelines, and by assisting the European Institutions, and the European Commission in particular, in providing technical advice on such areas as: over-the-counter (OTC) derivatives, hedge funds and private equity, short selling, high frequency trading, Exchange-Traded Funds (ETFs), investment advice and financial information. In the last 12 months, ESMA finalised 22 technical standards and pieces of technical advice to the European Commission, as well as seven sets of guidelines, in order to complete the legal framework in areas such as Credit Rating Agencies, prospectuses, market infrastructures, European Social Entrepreneurship Funds and European Venture Capital Funds. We are currently translating the recently agreed MiFID II/MiFIR requirements into practically applicable rules. I will not run through all the work we have done on the single rulebook in that time as you can find an overview and some statistics in the Annex to my Statement which was distributed to you. I would like to stress that throughout the entire policy process we engage as much as possible with all relevant stakeholders – through hearings, direct meetings and consultations. We have – and will continue – to interact with many stakeholder associations representing consumers, investors and market participants - and solicit the views of ESMA’s Securities and Markets Stakeholders Group (SMSG). To mention two examples, right now we are assessing the almost 800 responses we have received to our MiFID II discussion and consultation papers and ESMA has received more than 1500 questions on the implementation of the European Market Infrastructure Regulation (EMIR). ESMA has successfully developed a regime of direct supervision at EU level. We supervise 23 credit rating agencies by conducting thematic investigations, on-site visits, analysing the information CRAs provide to the public and by monitoring the implementation of remedial action plans. In June this year, ESMA concluded its first enforcement action and issued a public notice censuring Standard & Poor’s Credit Market Services France SAS and Standard & Poor’s Credit Market Services Europe Limited (S&P) for failing to meet certain organisational requirements. EMIR brings more transparency to derivatives markets by introducing mandatory reporting to trade repositories (TRs). Since November 2013, six repositories have been registered and are now supervised by ESMA. Since reporting under EMIR went live, derivatives trade data has flowed into the repositories: as of 30 June 2014, more than 1 billion new trades have been reported to the TRs. Regulators now have access, or are in the process of establishing access, to derivatives data which should help in providing a clearer picture on the risks associated with those markets. On identifying risks to investor protection and stability, ESMA has substantially improved its data and intelligence gathering capabilities. Risks in securities markets are, for example regularly, identified and reported on in ESMA’s Trend, Risk and Vulnerabilities Report. Concerning the convergence of supervisory practices we have employed a range of instruments, including Q&As, opinions and peer reviews. Regarding peer reviews, we have strengthened our methodology, including the more frequent use of on-site visits. More generally, with the reform of financial markets moving from legislation to implementation, supervisory convergence will become a higher priority in ESMA’s activities and we will increase our resources allocated to this area. That brings me to the last topic I would like to raise, which I also brought to this Committee’s attention last year, the need for a stable budget. Today, our funding comes from a combination of the EU budget, levies on the financial market entities that we supervise directly, and the Member States’ national competent authorities. We are concerned that an increasing budget contribution from national competent authorities might pose undue difficulties to their functioning. This would run counter to the reinforcement of securities markets regulation and supervision at both EU and national level as envisaged in the regulatory reform programme. ESMA’s funding should guarantee its independence and not create potential undue influence. Therefore, we believe that the co-legislators should consider increasing the funding ESMA receives from financial market entities which require ESMA’s intervention and to increase the Union’s share in ESMA’s budget through an independent budget line directly adopted by the co-legislators. Thank you for your attention.|
|14/08/2015||2015/1261||Guidelines compliance table- Guidelines on the application of definitions C6 and C7 under MiFID I||MiFID - Secondary Markets||Compliance table|
|05/01/2016||2015/1791||Peer Review Report Compliance with SSR as regards Market Making activities||Supervisory convergence||Report||PDF
|21/12/2016||2016/1668||2016-1668 ESMA feedback statement on ESEF||Corporate Disclosure, European Single Electronic Format, Transparency||Report||PDF
|16/02/2016||2016/297||Follow-up MMF||Fund Management, Supervisory convergence||Report||PDF
|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.
|20/06/2016||2016/940||Statement by Steven Maijoor at ECON MiFID II/MiFIR Scrutiny Session, 21 June 2016||Speeches, MiFID - Secondary Markets||Statement||PDF
|25/11/2020||70-155-8842||ESMA statement on DTO Final||Brexit, MiFID - Secondary Markets||Statement||PDF
|05/02/2019||ESMA 70-155-7026||Use of UK data in ESMA databases in case of a no-deal Brexit||Brexit, MiFID - Secondary Markets, MiFID II: Transparency Calculations and DVC||Statement||PDF
|30/09/2013||ESMA/2013/1350||Annex to the Statement by Steven Maijoor, Chair of ESMA, to the ECON hearing, 30 September 2013||Corporate Information||Statement||PDF
Statement by Steven Maijoor, Chair European Securities and Markets Authority, ECON Committee, European Parliament 30 September 2013 ESMA/2013/1363
|30/09/2013||ESMA/2013/1363||Statement by Steven Maijoor, Chair European Securities and Markets Authority, ECON Committee, European Parliament 30 September 2013||Corporate Information||Statement||PDF
|Annex to the Statement by Steven Maijoor, Chair of ESMA, to the ECON hearing, 30 September 2013 ESMA/2013/1350|
|28/10/2016||ESMA/2016/1528||European common enforcement priorities for 2016 financial statements||Corporate Disclosure, Corporate Information, IFRS Supervisory Convergence||Statement||PDF
|06/05/2019||ESMA/2016/990||Report on budgetary and financial management 2015||Corporate Information, Planning reporting budget||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
|06/05/2019||ESMA02-1733218672-745||Report on budgetary and financial management 2016||Corporate Information, Planning reporting budget||Report||PDF
|06/05/2019||ESMA02-91-1958||Report on budgetary and financial management 2017||Corporate Information, Planning reporting budget||Report||PDF
|25/09/2020||ESMA02-91-2964||Report on Budgetary and Financial Management Financial Year 2019||Corporate Information, Planning reporting budget||Report||PDF