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|26/10/2010||10-1158||CESR comment letter regarding the IAASB consultation on the Exposure Draft on ISAE 3420, Assurance Reports on the Process to Compile Pro Forma Financial Information Included in a Prospectus||CESR Archive, Audit||Letter||PDF
|10/12/2010||10-1353||CESR Comment letter to the IAASB regarding the Consultation on the proposed revisions to International Standard on Auditing (ISA) 315, Identifying and Assessing the Risks of Material Misstatement through Understanding the Entity and Its Environment, and||CESR Archive, Audit||Letter||PDF
|04/01/2011||10-1541||3L3 Committees Joint Letter on the European Commission’s Green Paper on Audit: Lessons learnt from the Crisis||Joint Committee, Audit||Letter||PDF
|04/01/2011||10-1541 Annex 1||3L3 Committees Joint Letter on the European Commission’s Green Paper on Audit: Lessons learnt from the Crisis- CESR annex||Joint Committee, Audit||Letter||PDF
|04/01/2011||10-1541 Annex 2||3L3 Committees Joint Letter on the European Commission’s Green Paper on Audit: Lessons learnt from the Crisis- CEBS annex||Joint Committee, Audit||Letter||PDF
|04/01/2011||10-1541 Annex 3||3L3 Committees Joint Letter on the European Commission’s Green Paper on Audit: Lessons learnt from the Crisis- CEIOPS annex||Joint Committee, Audit||Letter||PDF
|25/10/2011||2011/353||Comment letter to the IAASB- IAASB Consultation Paper||Audit||Letter||PDF
|20/12/2012||2012/849||Letter to IAASB on Improving the Auditor's Report||Audit||Letter||PDF
|18/07/2013||2013/992||ESMA finalises supervisory co-operation agreements for alternative investment||Fund Management, Press Releases, International cooperation||Press Release||PDF
|04/12/2013||2013/1880||IAASB ED– Reporting on Audited Financial Statements||Audit||Letter||PDF
|07/04/2014||2014/363||Letter to the IAASB on its Proposed Strategy and Work Program for 2015-2019||Audit||Letter||PDF
The European Securities and Markets Authority (ESMA) considered the Consultation Paper on the IAASB’s Proposed Strategy for 2015-2019 and the Proposed Work Program for 2015-2016 (CP) and thanks you for the opportunity to contribute to the IAASB’s due process. The views expressed in this letter are made from the point of view of securities regulators with the aim to enhance investor protection and improve listed entities’ auditors’ reports.
|18/12/2015||2015/1871||Proxy advisors take steps towards increased transparency||Corporate Finance, Corporate Governance, Press Releases||Press Release||PDF
|05/02/2016||2016/247||ESMA to focus on governance, strategy, data and fees in 2016 supervision||Credit Rating Agencies, Press Releases, Trade Repositories||Press Release||PDF
The European Securities and Markets Authority (ESMA) has today published its 2016 supervisory priorities for credit rating agencies (CRAs) and trade repositories (TRs), as well as its annual report summarising the key supervisory work and actions undertaken during 2015.
2016 Supervisory Priorities
ESMA has seen a number of changes in the CRA and TR industries during 2015, with new applicants for registration in both sectors, and current authorised entities seeking to develop their businesses. This has included CRAs providing credit ratings on new asset classes or in new geographic areas, and TRs offering trade reporting services for other instrument types.
ESMA identifies its supervisory priorities on the basis of risk assessment exercises conducted throughout the year. In 2015 these identified high levels of governance and strategy risk, and operational risk in the CRA industry and high levels of risk associated with TRs’ data and systems. Therefore, in 2016 ESMA will focus its supervisory activities on:
Steven Maijoor, ESMA Chair, said:
“The credit rating and trade repository industries continue to evolve and develop. We are receiving new applications for registration and existing entities are seeking to develop their businesses by expanding into new areas. ESMA supports these developments where they contribute to the maintenance of stable and orderly financial markets.
“For this reason, in 2016 ESMA will focus its work on the quality of the services being provided by supervised entities. This means we will concentrate on issues surrounding CRA governance, strategy and ratings quality, along with data quality and access to TRs’ data with a broad focus on the fee structures and information security in both industries.”
2015 Annual Supervisory Review – CRAs and TRs
In 2015, following its risk-based approach, ESMA focused its supervisory efforts on CRAs’ governance, risk management and internal decision making and on CRAs’ business development processes. Some notable achievements were:
The key risks TR supervision focused on in 2015 related to the quality of TRs’ data, access to data held by TRs and the operation and performance of TRs’ systems. In 2015, ESMA continued working with TRs to implement the data quality action plan established in September 2014 including:
ESMA has also been monitoring National Competent Authorities’ (NCAs) access to TR data. It has entered into a number of Memoranda of Understanding (MoUs) to help third country regulatory authorities access TR data and is developing an IT system to allow NCAs to submit data queries through a centralised web portal.
|31/03/2016||2016/468||ESMA fines DTCC Derivatives Repository Limited €64,000 for data access failures||Press Releases, Trade Repositories||Press Release||PDF
ESMA fines DTCC Derivatives Repository Limited €64,000 for data access failures
The European Securities and Markets Authority (ESMA) has fined the trade repository DTCC Derivatives Repository Limited (DDRL) €64,000, and issued a public notice, for negligently failing to put in place systems capable of providing regulators with direct and immediate access to derivatives trading data. This is a key requirement under the European Markets and Infrastructure Regulation (EMIR) in order to improve transparency and facilitate the monitoring of systemic risks in derivatives markets.
This is the first time ESMA has taken enforcement action against a trade repository registered in the European Union (EU). DDRL is the largest EU registered trade repository.
ESMA found that DDRL failed to provide direct and immediate access to derivatives data from 21 March 2014 to 15 December 2014, a period of about nine months in which access delays increased from two days to 62 days after reporting and affected 2.6 billion reports. This was due to its negligence in:
DDRL’s failures caused delays to regulators accessing data, revealed systemic weaknesses in its organisation particularly its procedures, management systems or internal controls and negatively impacted the quality of the data it maintained.
|26/05/2016||2016/728||Comment letter to IAASB on Audit Quality||Audit, Corporate Disclosure||Letter||PDF
|22/06/2016||2016/989||Speech ISLA's 25th Anniversary Conference- Steven Maijoor, 22 June 2016, Vienna||Securities Financing Transactions, Speeches||Speech||PDF
|30/09/2016||2016/1411||ESMA consults on future reporting rules for securities financing transactions||Post Trading, Press Releases, Securities Financing Transactions||Press Release||PDF
The European Securities and Markets Authority (ESMA) has issued today a consultation paper on draft technical standards implementing the Securities Financing Transaction Regulation (SFTR), which aims to increase the transparency of shadow banking activities. Securities financing transactions (SFTs) are transactions where securities are used to borrow cash (or other higher investment-grade securities), or vice versa – this includes repurchase transactions, securities lending and sell/buy-back transactions.
|12/10/2016||2016/1466||Comment letter to EFRAG regarding the proposed IASB’s ED ‘Definition of a Business and Accounting for Previously Held Interests’||Audit, IAS Regulation||Letter||PDF
|12/10/2016||2016/1465||Comment letter to IASB regarding the proposed IASB’s ED ‘Definition of a Business and Accounting for Previously Held Interests’||Audit, IAS Regulation||Letter||PDF
|10/11/2016||2016-1564||ESMA prepares for new International Financial Reporting Standard 9||Audit, Corporate Disclosure, IFRS Supervisory Convergence, Press Releases||Press Release||PDF