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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
17/04/2020 ESMA71-99-1313 Benchmarks MoU- 30 Mar (MAS ESMA) , , Press Release PDF
112.32 KB
27/10/2015 2015/1606 Common enforcement priorities for 2015 financial statements , Press Release PDF
138.19 KB
01/12/2020 ESMA32-67-142 Compliance table on ESMA Guidelines on the enforcement of financial information , Compliance table PDF
150.56 KB
10/11/2011 2011/373 Consultation paper- Considerations of materiality in financial reporting , Consultation Paper PDF
170.93 KB
24/09/2020 ESMA74-362-773 CP on MiFID II MiFIR review report , , , Consultation Paper PDF
688.1 KB
02/06/2016 2016/773 Discussion Paper on the Distributed Ledger Technology Applied to Securities Markets , Consultation Paper PDF
573.86 KB
05/05/2015 JC/2015/02 ESAs- main risks to EU financial market stability have intensified , , Press Release PDF
125.34 KB
The Joint Committee of the European Supervisory Authorities (ESAs) published its fifth Report on Risks and Vulnerabilities in the EU Financial System. Overall, the report found that in the past six months, risks affecting the EU financial system have not changed in substance, but have further intensified. The EU’s economic performance improved slightly in early 2015, however the financial sector in general continues to be affected by a combination of factors such as low investment demand, economic uncertainty in the Eurozone and its neighbouring countries, a global economic slow-down and a low-interest rate environment. The main risks affecting the financial system remain broadly unchanged from those identified in the report’s previous edition, but have become more entrenched. The major risks include: • Low growth, low inflation, volatile asset prices and their consequences for financial entities; • Search for yield behaviour exacerbated by potential rebounds; • Deterioration in the conduct of business; and • Increased concern about IT risks and cyber-attacks. Despite these risks, a number of ongoing policy and regulatory initiatives are contributing to improving the stability and confidence in the financial system as well as facilitating additional funding channels to the real economy. These include ongoing regulatory reforms in the securities, banking and insurance sectors such as the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR), the work on the implementation of the Capital Requirements Directive and Regulation (CRDIV/CRR), the work on the Bank Recovery and Resolution Directive (BRRD), the Deposit-Guarantee Schemes Directive (DGS) and the Solvency II Directive, as well as the European Commission’s plan for a Capital Markets Union (CMU). Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA) and the current Chairman of the Joint Committee, said: “The Joint Committee has noted some improvement in overall market conditions; however, the recovery is not yet sustained and is exposed to risks related to broad macroeconomic conditions, in particular the low interest environment and resulting search-for-yield behaviour. Additionally regulators continue to have concerns about the operational risks generated by some financial institutions’ inappropriate business conduct, as well as those risks posed by inadequate management of IT risks. “However, recent regulatory initiatives across the banking, insurance and securities sectors, such as the Comprehensive Assessment, the insurance sector stress test and Solvency II along with, the ongoing MiFID, EMIR and PRIPS reforms are contributing to improving the stability and confidence in the EU financial system." Key Risks Identified The identified risks in the Report can be divided into macro risks to the EU financial system and economy and operational risks. Macro Risks The key macro risks identified relate to: 1. Risks from weak economic growth and low inflation environment, which include: • Adverse effect that low interest rates and uncertainties about the economic recovery have had on the outlook for the financial industry; • Higher valuation and market liquidity risk has raised concerns about the outlook for financial entities’ stability in the event of reversals in interest rates and asset prices; 2. Low profitability is motivating financial institutions and other investors to search for yield, which requires increased supervisory attention to the viability of business models, related restructuring activity and adequate management of risks. However, the promotion of sound and innovative business models for market-based funding structures could help to deliver additional stimulus; and 3. Some continued doubts on the comparability and consistency of banks’ calculations of risk weighted assets. Operational Risks The key operational risks relate to: 4. Business conduct risk remains a key concern with the Report recommending that supervisors should include misconduct costs in future stress tests where appropriate, while financial institutions should strengthening product oversight and governance frameworks. Further improvements in the regulatory framework and supervisory practices to address conduct risks are also warranted. In addition, further progress needs to be made on benchmark reforms where continuity and integrity remain a source of concern even if key panels remained stable; and 5. IT operational risk and cyber risk remain of great concern and pose challenges to the the safety and integrity of financial institutions. IT risk increased due to costs pressures, outsourcing, the need for additional capacities and a mounting number of cyber-attacks. The adequate integration of IT risk into overall risk management is a key policy for mitigation.
13/10/2016 2016 IFRS Press Release ESMA and IFRS® Foundation strengthen cooperation , , Press Release PDF
213.42 KB
06/06/2013 2013/684 ESMA and the EBA publish final principles on benchmarks , , Press Release PDF
125.48 KB
11/01/2013 2013/13 ESMA and the EBA take action to strengthen Euribor and benchmark rate-setting processes , Press Release PDF
207.75 KB
12/11/2012 2012/730 ESMA announces enforcement priorities for 2012 financial statements , Press Release PDF
164.68 KB
11/11/2013 2013/1635 ESMA announces financial statements’ enforcement priorities for 2013 , , Press Release PDF
94.29 KB

The European Securities and Markets Authority (ESMA) has published its European Common Enforcement Priorities (Priorities) for 2013. These Priorities are to be used by European Economic Area (EEA) national authorities in their assessment of listed companies’ 2013 financial statements. ESMA has defined these Priorities in order to promote the consistent application of IFRS across the EEA. Listed companies and their auditors should take account of the areas set out in the Priorities when preparing and auditing the IFRS financial statements for the year ending 31 December 2013. The Priorities identified refer to the application of IFRS in relation to: • Impairment of non-financial assets; • Measurement and disclosure of post-employment benefit obligations; • Fair value measurement and disclosure; • Disclosures related to significant accounting policies, judgements and estimates; and • Measurement of financial instruments and disclosure of related risks. Steven Maijoor, ESMA Chair, said: “ESMA, in setting out these enforcement priorities for listed companies financial statements, aims to ensure that the IFRS recognition, measurement and disclosure principles are consistently applied across the EEA. “Consistent application of accounting standards is a key factor in ensuring the transparency and accuracy of the financial information which investors rely upon, and ultimately contributes to the proper functioning of Europe’s capital markets. “Finally, considering the focus on asset quality in the financial sector, listed financial institutions and their auditors should pay particular attention to properly measuring financial instruments and the accurate disclosure of related risks.” ESMA and the national competent authorities will monitor the application of the IFRS requirements outlined in the Priorities, with national authorities incorporating them into their reviews and taking corrective actions where appropriate. In addition to these Priorities, national authorities may also focus on other locally relevant areas as part of their review. Therefore, national enforcement processes may not be limited to the specific issues contained in this statement. ESMA will collect data on how European listed entities have applied the Priorities and will publish its findings on these Priorities in early 2015. It expects to publish its findings on the 2012 Priorities in early 2014.

02/06/2016 2016/743 ESMA assesses usefulness of distributed ledger technologies , , Press Release PDF
152.48 KB
19/07/2013 2013/1014 ESMA consults on accounting enforcement guidelines , Press Release PDF
540.55 KB

ESMA consults on accounting enforcement guidelines The European Securities and Markets Authority (ESMA) has launched a consultation on Guidelines on the enforcement of financial information published by listed entities in the European Union (EU). The Guidelines aim to strengthen and promote greater supervisory convergence in existing enforcement practices amongst EU national authorities, thereby ensuring the proper and rigorous enforcement of financial information disclosure practices in the EU. The Guidelines establish the principles to be followed in the enforcement process, by clearly defining: • enforcement and its scope; • expected characteristics of the enforcer; • acceptable selection techniques and other aspects of enforcement methodology; • the types of enforcement actions that may be available to enforcers; and • how enforcement activities are coordinated within ESMA. The Guidelines also propose that the coordination of European enforcers by ESMA should involve the development of coordinated views on accounting matters prior to national enforcement actions, the identification of common enforcement priorities and common responses to the accounting standard setter to ensure consistent application of the financial reporting framework. The proposed Guidelines apply to all competent authorities and any other bodies from the EU undertaking enforcement responsibilities under the Transparency Directive, and IFRS Regulation. Steven Maijoor, ESMA Chair, said: “ESMA believes that in order to achieve a proper and rigorous enforcement there is a need for a common EU approach to the enforcement of financial information disclosures. These proposed Guidelines, if applied consistently across the EU, will promote uniform application of the financial reporting standards, help avoid regulatory arbitrage by issuers and promote investor confidence in financial markets.” The closing date for responses to this consultation is 15 October 2013 and ESMA expects to publish the final guidelines in 2014.

03/04/2018 ESMA71-99-958 ESMA continues to focus on convergence in enforcement of IFRS across the EU , , Press Release PDF
154.53 KB
18/10/2018 ESMA71-99-1027 ESMA data analysis values EU derivatives market at €660 trillion with central clearing increasing significantly , Press Release PDF
238.11 KB
18/07/2013 2013/992 ESMA finalises supervisory co-operation agreements for alternative investment , , Press Release PDF
167.72 KB
19/02/2020 ESMA71-99-1284 ESMA finds continued high risks as financial markets remain highly volatile , Press Release PDF
94.61 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.

28/10/2014 2014-1293 ESMA Guidelines on enforcement of financial information , Guidelines & Recommendations PDF
405.13 KB

BG  - Преводът е предоставен от Центъра за преводи за органите на Европейския съюз.CS - Tento překlad vypracovalo Překladatelské středisko pro instituce Evropské unie.DA - Denne oversættelse er udarbejdet af Oversættelsescentret for Den Europæiske Unions Organer.DE - Die Übersetzung erfolgte durch das Übersetzungszentrum für die Einrichtungen der Europäischen Union.EL - Η παρούσα μετάφραση έγινε από το Μεταφραστικό Κέντρο των Οργάνων της Ευρωπαϊκής Ένωσης.ES - Texto traducido por el Centro de Traducción de los Órganos de la Unión Europea ET - Selle tõlke tegi Euroopa Liidu Asutuste Tõlkekeskus.FI - Euroopan unionin elinten käännöskeskus on tehnyt tämän käännöksen.FR - La présente traduction a été fournie par le Centre de traduction des organes de l’Union européenne. HR - Za prijevod se pobrinuo Prevoditeljski centar za tijela Europske unije.HU - Ezt a fordítást az Európai UnióIT - La presente traduzione è stata fornita dal Centro di traduzione degli organismi dell’Unione europea.LT - Šį tekstą išvertė Europos Sąjungos įstaigų vertimo centras.LV - Šo tulkojumu ir nodrošinājis Eiropas Savienības iestāžu Tulkošanas centrs.MT - Din it-traduzzjoni ġiet ipprovduta  miċ-Ċentru tat-Traduzzjoni għall-Korpi tal-Unjoni Ewropea.NL - Deze vertaling is verzorgd door het Vertaalbureau voor de organen van de Europese Unie.PL - Tłumaczenie wykonane przez Centrum Tłumaczeń dla Organów Unii Europejskiej.PT - Esta tradução foi fornecida pelo Centro de Tradução dos Organismos da União Europeia.RO - Această traducere a fost asigurată de Centrul de Traduceri pentru Organismele Uniunii Europene.SK - Preklad vyhotovilo Prekladateľské stredisko pre orgány Európskej únie.SL - Prevod je zagotovil Prevajalski center za organe Evropske unije.SV - Den här översättningen har utförts av Översättningscentrum för Europeiska unionens organ.

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