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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
28/03/2011 2011/22 Report- ESMA Data on Prospectuses Approved and Passported- July 2010 to December 2010 Prospectus, Corporate Disclosure Final Report PDF
134.79 KB
21/10/2011 2011/355 Report- Activity Report on IFRS Enforcement in 2010 IFRS Supervisory Convergence Final Report PDF
128.34 KB
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
08/03/2011 2011/62 10th Extract from EECS's Database of Enforcement Decisions IFRS Supervisory Convergence Final Report PDF
361.42 KB
22/03/2012 2012/207 ESMA’s Report on the Supervision of Credit Rating Agencies Credit Rating Agencies Final Report PDF
323.81 KB		 This report provides an overview of ESMA’s supervisory activity on Credit Rating Agencies (CRAs) registered in the European Union and summarises the results of ESMA’s first examination of the three groups of registered CRAs (Fitch Ratings, Moody's Investors Services, and Standard & Poor's Rating Services). The examination referred to in this document is the first step in an ongoing supervisory process conducted by ESMA and therefore does not represent a full scope investigation. The observations set forth in this Report refer to common issues affecting CRAs activities. As of the date of this document, ESMA has not determined whether any observation highlighted below constitutes a breach of the provisions of the Regulation. ESMA is still progressing in its assessment of the areas discussed in this Report. This Report is not based on a decision by ESMA’s Board of Supervisors; therefore it is published without prejudice to the possibility of further investigations which could lead to enforcement or supervisory actions.
12/01/2012 2012/3 Annual report on the application of the Regulation on credit rating agencies as provided by Article 21(5) and Article 39a of the Regulation (EU) No 1060/2009 as amended by Regulation No 1095/2010 Credit Rating Agencies Final Report PDF
141.98 KB		 This is the first report under the new CRA regulation, however, please note that CESR published a report about the application of the Regulation in the EU and, in particular, on the implementation of the requirements established in Annex I of the Regulation on 6 December 2010 (CESR/10-1424), according to Article 21(4) of the Regulation which was subsequently amended by Regulation No (EC) 513/2011. At the time of publication, 16 CRA's have been registered.
22/06/2012 2012/382 MiFID Q&A in the area of investor protection and intermediaries MiFID - Investor Protection Q&A PDF
319.78 KB
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
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.
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.
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
25/09/2012 2012/602 ESMA Data on Prospectuses Approved and Passported- January 2011 to December 2011 Prospectus, Corporate Disclosure Final Report PDF
573.49 KB
25/09/2012 2012/603 ESMA Data on Prospectuses Approved and Passported- January 2012 to June 2012 Prospectus, Corporate Disclosure Final Report PDF
431.12 KB		 NOTE: This Report is an amended version of the Report published on 25 September 2012. The previously published Report was amended on 15 May 2013 following the discovery of factual errors in the statis-tical information in Section III.2.   Title ESMA Data on Prospectuses Approved and Passported - January 2012 to June 2012
22/07/2013 2013/1022 IFRS Enforcement in Europe in 2012 IFRS Supervisory Convergence Final Report PDF
195.1 KB
02/12/2013 2013/1775 Sovereign ratings investigation- ESMA’s assessment of governance, conflicts of interest, resourcing adequacy and confidentiality controls Credit Rating Agencies Final Report PDF
302.99 KB		 This report summarises the findings of the European Securities and Markets Authority’s (ESMA) general investigation into sovereign credit ratings issued by Fitch Ratings, Moody’s Investors Service and Standard & Poor’s which took place between February and October 2013, as indicated in its Credit Rating Agencies (CRAs) 2013 Supervision and Policy Work Plan. In this report ESMA describes the observed deficiencies and main concerns while also identifying a number of good practices in the following areas: • the role of senior management and other non-rating functions in the rating process and the actual or potential conflicts of interest which could arise; • the actual or potential conflicts of interests generated by the involvement of sovereign analysts in research and publication activities; • confidentiality of sovereign rating information and controls in place prior to publication of ratings (including IT and access controls to confidential information); • timing of publication of sovereign ratings, including timely disclosure of rating changes; • monitoring of the adequacy and expertise of resources dedicated to sovereign ratings; • preparation of rating committees; and • definitions of roles and responsibilities among different analytical functions. ESMA’s investigation revealed shortcomings in the sovereign ratings process which could pose risks to the quality, independence and integrity of the ratings and of the rating process. As of the date of this document, ESMA has not determined whether any of the observations made in this report constitute serious indications of the possible existence of facts liable to constitute one or more infringements of the CRA Regulation.
18/12/2013 2013/1943 ESMA Data on Prospectuses Approved and Passported—January 2013 to June 2013 Prospectus, Corporate Disclosure Final Report PDF
338.17 KB
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
14/02/2013 2013/218 Considerations of materiality in financial reporting Corporate Disclosure, IFRS Supervisory Convergence Final Report PDF
446.95 KB
18/03/2013 2013/308 Annual report on the application of the Regulation on credit rating agencies- 2012 Credit Rating Agencies Final Report PDF
601.08 KB		 This is the second annual report on the application of the Credit Rating Agencies Regulation. 
10/06/2013 2013/619 Comparison of liability regimes in Member States in relation to the Prospectus Directive Prospectus, Corporate Disclosure Final Report PDF
596.91 KB		 The European Securities and Markets Authority (ESMA) has published a report on the Comparison of liability regimes in Member States in relation to the Prospectus Directive.   This is the first report of its kind and provides a comparison of liability regimes covering the EEA – comprising the 27 EU Member States along with Iceland and Norway and is aimed at providing clarity for market participants about the different regimes in place. The report contains an overview of the different arrangements and frameworks in place in  EEA States to address administrative, criminal, civil and governmental liability, and provides clarity to market participants about the different regimes in place. The report was compiled in response to a European Commission request of January 2011 for assistance in identifying and monitoring the different regimes in EEA states.   The report does not cover how the regimes, or sanctions, are applied.    Report Comparison of liability regimes in Member States in relation to the Prospectus Directive Annex II Comparative table of responses from EEA States Annex III Individual responses from EEA States

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