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|22/07/2019||ESMA70-151-1952||2018 CCP Peer Review Report||Post Trading||Report||PDF
|04/02/2019||ESMA20-95-1105||2019 Regulatory Work Programme||Board of Supervisors, Planning reporting budget, Supervisory convergence||Report||PDF
|13/07/2020||ESMA70-151-3186||3rd EU-wide CCP Stress Test Report||CCP Directorate, Post Trading||Report||PDF
|02/02/2021||ESMA70-156-2401||Annual Report 2020- Equity Waivers and Deferrals||MiFID - Secondary Markets||Report||PDF
|16/11/2020||ESMA50-165-1362||ASR on EU derivatives markets- 2020||Post Trading, Risk Analysis & Economics - Markets Infrastructure Investors||Report||PDF
|05/11/2020||ESMA70-156-3569||CSDR Report to EC- CSD Cross-Border Services||Post Trading||Report||PDF
|05/11/2020||ESMA70-156-3729||CSDR Report to EC- Internalised Settlement||Post Trading||Report||PDF
|21/07/2020||JC 2020 66 draft||Draft Final Report following consultation on draft regulatory technical standards to amend the PRIIPs KID (NOT APPROVED)||Fund Management, Joint Committee||Report||PDF
|17/10/2019||ESMA42-111-4895||EMIR data quality peer review||Post Trading, Supervisory convergence||Report||PDF
|04/05/2020||ESAs 2020 09||EMIR RTS on various amendments to the bilateral margin requirements in view of the international framework||COVID-19, Joint Committee, Post Trading||Report||PDF
|06/04/2020||ESMA 50-165-1098||ESMA annual statistical report on performance and costs of retail investment products in the EU- 2020||Fund Management, MiFID - Investor Protection, Risk Analysis & Economics - Markets Infrastructure Investors||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.
|17/12/2020||ESMA70-151-3248||ESMA Report to the European Commission- Central Clearing Obligations for Pension Scheme Arrangements- No 2||Post Trading||Report||PDF
|04/10/2016||2016/1415||ESMA reporton on securities financing transactions and leverage in the EU||Post Trading, Risk Analysis & Economics - Markets Infrastructure Investors||Report||PDF
|02/04/2020||ESMA50-165-1107||ESMA Risk Dashboard Risk up-date||COVID-19, Risk Analysis & Economics - Markets Infrastructure Investors||Report||PDF
|02/10/2013||2013/1369||ESMA Technical advice on equivalence of Hong Kong for OTC and TR (Supplement)||Post Trading||Technical Advice||PDF
|30/01/2014||2014/123||ESMA Technical advice on equivalence of Japan for CCP II- Commodities CCPs||Post Trading||Technical Advice||PDF
ESMA delivers second set of advice on EMIR equivalence Following its technical advice published on 9 September 2013, the European Securities and Market Authority (ESMA) has published a supplement to its advice to the European Commission on the equivalence of the regulatory regime for central counterparties (CCPs) of Japan with the European Markets Infrastructure Regulation (EMIR). This supplement to the September 2013 Final report sets out ESMA’s advice to the European Commission is in respect of the equivalence between the Japanese regulatory regime for commodity CCPs and the regulatory regime for CCPs under EMIR. ESMA proposes conditional equivalence As for ESMA’s advice to the Commission in respect of Japan for CCPs which clear transactions relating to securities, currencies, interest rates, credit, weather, GDP and other indices, ESMA considers that the Japanese regulatory regime for commodity CCPs contains legal provisions and involves supervision and enforcement similar to that of EMIR. The Commission is expected to use ESMA’s technical advice to prepare possible equivalence decisions. Where it adopts such a decision, certain provisions of EMIR may be disapplied in favour of equivalent third-country rules. In particular, ESMA may recognise within the EU a CCP which is authorised outside the EU. The different pieces of advice are available on ESMA’s website.
|02/10/2013||2013/1372||ESMA Technical advice on equivalence of Singapore for TRs (Supplement)||Post Trading||Technical Advice||PDF
|02/10/2013||2013/1371||ESMA Technical advice on equivalence of South Korea for CCPs||Post Trading||Technical Advice||PDF
|30/07/2015||2015/1236||ESMA's advice to the European Parliament, the Council and the Commission on the application of the AIFMD passport to non-EU AIFMs and AIFs||Fund Management||Technical Advice||PDF
|Executive summary Reasons for publication In accordance with Articles 36 and 42 of the Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD), non-EU alternative investment fund managers (AIFMs) and non-EU alternative investment funds (AIFs) managed by EU AIFMs are subject to the national private placement regime (NPPR) of each of the Member States where the AIFs are marketed or managed. However, the AIFMD makes provision for the passport, which is currently reserved to EU AIFMs and AIFs, to be potentially extended in future. Article 67(1) of the AIFMD establishes that, by 22 July 2015, ESMA shall issue to the European Parliament, the Council and the Commission advice on the application of the passport to non-EU AIFMs and AIFs in accordance with the rules set out in Article 35 and 37 to 41 of the AIFMD. This document sets out ESMA’s advice on the application of the passport to six non-EU countries: Guernsey, Hong Kong, Jersey, Switzerland, Singapore and the United States. Contents Section 1 of the advice sets out the background to ESMA’s work, while the detailed assessment of each of the aforementioned non-EU countries is contained in section 2. Annexes 1 to 7 contain a summary of the feedback to the call for evidence that ESMA launched in November 2014. Annex 8 gives a detailed breakdown by non-EU country of the number of non-EU AIFs and non-EU AIFMs active in Member States in accordance with Articles 36 and 42 of the AIFMD. Next Steps ESMA will continue to work on its assessment of other non-EU countries not covered in this advice with a view to delivering further submissions to the European Parliament, the Council and the Commission in the coming months. For those non-EU jurisdictions with which there are currently no supervisory cooperation arrangements in place for the purposes of the AIFMD, ESMA will continue its efforts to agree a MoU with the authorities concerned.|