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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
16/08/2011 2011/265 11th Extract from the EECS's Database of Enforcement Decisions Report PDF
329.49 KB
14/09/2011 2011/288 Call for evidence- Empty voting , , Consultation Paper PDF
81.13 KB
10/11/2011 2011/373 Consultation paper- Considerations of materiality in financial reporting , Consultation Paper PDF
170.93 KB
22/11/2011 2011/219 ESMA comment letter on the EU Commission Green Paper- The EU Corporate Governance Framework , Letter PDF
496.17 KB
22/03/2012 2012/212 Discussion Paper- An Overview of the Proxy Advisory Industry. Considerations on Possible Policy Options , Consultation Paper PDF
524.85 KB
This Discussion Paper focuses on the development of the proxy advisory industry in Europe, which mainly serves institutional investors such as asset managers, mutual funds and pension funds. Following its fact-finding work in 2011, ESMA recognises the proxy advisory industry within Europe is, or is expected to be, growing in prominence and investors are, or are expected to be, increasingly using proxy advisor services. In this paper ESMA identifies several key issues related to the proxy advisory market which may have an impact on the proper functioning of the voting process. The range of policy options that ESMA will consider, and on which it seeks further input from market participants, consists of four broad areas, including: 1.    No EU-level action at this stage 2.    Encouraging Member States and/or industry to develop standards 3.    Quasi-binding EU-level regulatory instruments 4.    Binding EU-level legislative instruments ESMA will consider these options based on the feedback it receives from market participants, and, if appropriate, will undertake further policy action, either directly or by providing an opinion to the European Commission. The reason to bring up some policy options is due to the fact that proxy advisors are currently not regulated at a pan-European level. Nevertheless, there are relevant European rules that apply to investors (e.g. for UCITS management companies when exercising voting rights). In addition, there are also well-recognised corporate governance standards that apply to issuers at a national level (based on the “comply or explain approach”) and some complements to improve standards of stewardship among investors. All feedback received from this Discussion Paper will be duly considered. ESMA expects to publish a feedback statement in Q4 of 2012 which will summarise the responses received and will state ESMA’s view on whether there is a need for policy action in this area.
14/06/2012 2012/248 Letter to the IFRS Interpretation Committee- Accouting exposure to Greek sovereign debt Letter PDF
361.61 KB
23/08/2012 2012/464 ESMA Letter to IFRS Interpretations Committee on the scope of IFRS 2 and 3 Letter PDF
203.41 KB
10/10/2012 2012/656 12th Extract from the EECS’s Database of Enforcement Report PDF
352.16 KB
11/01/2013 2013/12 Principles for Benchmarks-Setting Processes in the EU Consultation Paper PDF
259.33 KB
11/01/2013 EBA/BS/2013/001 Letter to EBF on Euribor Letter PDF
101.15 KB
15/01/2013 2013/9 Letter to IFRS IC- Elimination of intercompany profits between an issuer and its joint venture Letter PDF
228.54 KB
21/02/2013 2013/244 Letter to the IFRS regarding discontinued operations- change in disposal method Letter PDF
190.81 KB
14/03/2013 ESA/2013/007 Possible Framework for the Regulation of the Production and Use of Indices Serving as Benchmarks in Financial and other Contracts , Letter PDF
91.91 KB
04/04/2013 2013/444 13th Extract from the EECS’s Database of Enforcement Report PDF
512.42 KB
19/07/2013 2013/1013 Guidelines on enforcement of financial information , Consultation Paper PDF
540.55 KB

Responding to this paper The European Securities and Markets Authority (ESMA) is seeking comments on all matters covered in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they: respond to the question stated; indicate the specific question to which the comment relates; contain a clear rationale; and describe any alternatives ESMA should consider. Deadline ESMA will consider all comments received by 15 October 2013. All contributions should be submitted online at www.esma.europa.eu under the heading “Your input - Consultations” Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the heading “Legal Notice”. Who should read this paper All interested parties are invited to respond to this consultation paper. It will primarily be of interest to those charged with the governance of issuers preparing financial information, users of financial information, auditors, and other parties who have a particular interest in financial reporting.

29/10/2013 2013/1545 14th Extract from the EECS' database of enforcement Report PDF
355.57 KB

The European Securities and Markets Authority (ESMA) is publishing extracts from its confidential database of enforcement decisions on financial statements, with the aim of providing issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards (IFRS). European enforcers monitor and review financial statements published by issuers with securities traded on a regulated market who prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law. Publication of enforcement decisions will inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS; that is, whether the treatments are considered as being within the accepted range of those permitted by IFRS. Such publication, together with the rationale behind these decisions, will contribute to a consistent application of IFRS in the EEA.

03/12/2013 2013/1773 Agenda item request, Issues related to the application of IFRS 5 Letter PDF
188.74 KB
03/12/2013 2013/1774 Agenda item request, Classification and measurement of core inventories Letter PDF
162.52 KB
13/02/2014 2014/175 ESMA Guidelines on Alternative Performance Measures , Consultation Paper PDF
319.12 KB

Reasons for publication In October 2005, the Committee of European Securities Regulators (CESR), ESMA’s predecessor body, published a Recommendation on Alternative Performance Measures (“CESR Recommendation” CESR/05-178b). The CESR Recommendation was issued mainly in order to reinforce the objectives of Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards. Given the CESR Recommendation has now been in force for more than 8 years, ESMA has decided to review it with the objective of strengthening the principles contained in it. ESMA now plans to re-issue the principles as ESMA [draft] guidelines thus ensuring that issuers and NCAs will make every effort to com-ply with them. Contents ESMA is issuing this Consultation Paper (CP) to inform market participants about the background to its decision to revise the CESR Recommendation and seek their views on such revision. Section II “Introduction” indicates the reasons for which ESMA believes that these [draft] guidelines on APMs should be issued. Section III “Scope and purpose of the [draft] guidelines” indicates when the [draft] guidelines apply and how these [draft] guidelines interact with financial statements. Section IV “Compliance and reporting obligations” describes how issuers and NCAs should comply with the [draft] guidelines. Section V “[Draft] Guidelines on APMs (Background)” describes the rationale followed in preparing the [draft] guidelines and explanations on the principles provided, which are included in full in Annex III. ESMA would appreciate any comments and answers from stakeholders on the questions contained in the consultation paper. For your convenience, the questions are summarised in annex II. Next steps ESMA will consider the feedback it receives to this consultation in 2014 and expects to publish final guide-lines in the fourth quarter of 2014.

09/04/2014 2014/377 15th Extract from the EECS’s Database of Enforcement Report PDF
501 KB

The European Securities and Markets Authority (ESMA) is publishing extracts from its confidential database of enforcement decisions on financial statements, with the aim of providing issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards (IFRS).European enforcers monitor and review IFRS financial statements and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law. Publication of enforcement decisions will inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS; that is, whether the treatments are considered as being within the accepted range of those permitted by IFRS. Such publication, together with the rationale behind these decisions, will contribute to a consistent application of IFRS in the EEA. Decisions included in this extract were taken by national enforcers in the period from December 2012 to November 2013. ESMA publishes extracts from the database twice a year.

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