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22/10/2019 ESMA71-99-1236 EU enforcers must monitor closely new reporting standards , , Press Release PDF
150.91 KB
27/03/2019 ESMA71-99-1128 EU enforcers focus on new IFRS standards and non-financial information , , Press Release PDF
137.55 KB
04/12/2018 ESMA71-99-1069 ESMA appoints a new Securities and Markets Stakeholder Group Press Release PDF
162.11 KB
26/10/2018 ESMA71-99-1052 European enforcers to focus on new IFRSs and non-financial information in issuers’ 2018 annual reports , , Press Release PDF
264.23 KB
05/07/2018 ESMA71-99-999 SMSG Renewal July 2018 Press Release , Press Release PDF
146.18 KB
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
27/10/2017 ESMA71-99-623 Press Release on 2017 Enforcement Priorities , , , Press Release PDF
172.2 KB
10/04/2017 ESMA71-99-382 ESMA reports on EU accounting enforcement in 2016 Press Release PDF
171.38 KB

The European Securities and Markets Authority (ESMA) has published its annual report on the enforcement and regulatory activities of accounting enforcers within the European Union (EU) in 2016.

ESMA, in 2016, continued strengthening supervisory convergence in the area of financial reporting, to improve the consistency and quality across the EU. ESMA achieves this through coordinating the national enforcers’ decisions, publishing annual enforcement priorities and publishing statements on areas of focus such as the implementation of the new standards IFRS 9 and IFRS 15.

21/12/2016 2016/1682 2016-1682 Press Release on Feedback Statement on ESEF , , , Press Release PDF
225.03 KB
10/11/2016 2016-1564 ESMA prepares for new International Financial Reporting Standard 9 , , , Press Release PDF
132.26 KB
28/10/2016 ESMA/2016/1527 ESMA sets enforcement priorities for listed companies’ 2016 financial statements , , Press Release PDF
230.9 KB
01/07/2016 2016/1066 ESMA appoints new Securities and Markets Stakeholder Group , Press Release PDF
156.76 KB

The European Securities and Markets Authority (ESMA) has published the new list of members of its Securities and Markets Stakeholder Group (SMSG) following its approval by its Board of Supervisors. The selected individuals begin a 2½ year term on 1 July 2016 and will replace the group whose mandate expired on 30 June 2016.

The new SMSG will be composed of 30 individuals drawn from across 13 Member States and representing ESMA’s key stakeholder constituencies – financial market participants (10), employee representatives (2), consumer representatives (6), users of financial services (3), small and medium sized enterprises (2) and academics (7). The new SMSG will feature 27 new members. A number of the incoming members have served in the previous SMSG.

The SMSG was established according to ESMA’s founding regulation and facilitates consultation between ESMA and its key financial market stakeholders on its work. The SMSG provides ESMA with opinions and advice on its policy work and must be consulted on technical standards and guidelines and recommendations. Additionally, it can inform ESMA of any inconsistent application of European Union law as well as inconsistent supervisory practices in Member States.

29/03/2016 2016/406 ESMA publishes report on EU accounting enforcement in 2015 , , , Press Release PDF
121.47 KB

The European Securities and Markets Authority (ESMA) has published its annual report on the enforcement and regulatory activities of accounting enforcers within the European Union (EU) in 2015. ESMA continued strengthening supervisory convergence in the area of financial reporting to improve the consistency and quality across the EU, notably by issuing guidelines, publishing statements on areas of focus and coordinating enforcement decisions.

ESMA and national enforcers examined 189 listed issuers’ compliance with International Financial Reporting Standards (IFRS), across 26 countries, in the areas identified by the 2014 European Common Enforcement Priorities. The examination resulted in enforcement action against 40 (21%) issuers with regulators finding shortcomings in the disclosure of assumptions and judgements related to the:

  • recognition, measurement and disclosures of deferred tax assets arising from tax losses;
  • assessment of control over an entity in the absence of majority equity interest or majority shareholding rights; and
  • classification of joint arrangements.

National enforcers also reviewed the interim or annual financial statements of around 1,200 issuers, representing approximately 20% of issuers of securities listed on EU regulated markets, which led to action against 273 (25%) of those issuers examined. Enforcers found the main deficiencies were related to the presentation of financial statements, impairment of non-financial assets and accounting for financial instruments.

03/12/2015 2015/1835 ESMA seeks candidates for its stakeholder representative group , Press Release PDF
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30/06/2015 2015/1068 Press Release- ESMA publishes guidelines for issuers performance measures , , Press Release PDF
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31/03/2015 2015/662 Press release: ESMA sees improved transparency of issuers financial statements – more information needed on forbearance practices and impairment tests , , Press Release PDF
140.76 KB
28/10/2014 2014/1310 Press Release- ESMA sets enforcement priorities for listed companies’ financial statements , Press Release PDF
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The European Securities and Markets Authority (ESMA) has published its Public Statement on European Common Enforcement Priorities (Priorities) for 2014. These Priorities identify topics which ESMA, together with European national enforcers, see as a key focus of their examinations of listed companies’ financial statements.The common enforcement priorities encompass the following topics: Preparation and presentation of consolidated financial statements and related disclosures; Financial reporting by entities which have joint arrangements and related disclosures; and Recognition and measurement of deferred tax assets. These topics are important, as they either introduce significant changes to accounting practices following the implementation of new standards, or because the current economic environment poses particular challenges to issuers in the application of certain IFRS requirements, notably when forecasting future taxable profits in periods of low economic growth.Steven Maijoor, ESMA Chair, said: “The aim of the common enforcement priorities is to achieve a high level of harmonisation in enforcement and to contribute to consistency in the application of IFRS across the EU. “In view of the impact of new standards on financial information, ESMA believes that listed companies and their auditors should pay particular attention in the areas of consolidated financial statements, joint arrangements and valuation of deferred tax assets when preparing and auditing their 2014 IFRS financial statements.“This will contribute to ensuring the relevance and reliability of financial information provided to investors, and ultimately contributes to the proper functioning of Europe’s capital markets.”Furthermore, the Public Statement highlights two areas that should be considered in the preparation of the 2014 financial statements. ESMA and the national enforcers expect EU listed banks to provide relevant information in relation to material impacts resulting from the European Central Bank’s Comprehensive Assessment of the banking sector and on any changes in the level of regulatory capital required. In addition, ESMA considers that findings included in the 2013 ESMA Report on comparability of financial statements of financial institutions continue to be of high relevance for the 2014 annual reports.  The Public Statement also encourages listed companies to provide entity-specific disclosures, relevant to their performance and financial situation at the end of the period presented. ESMA believes that the early involvement and commitment of senior management in this respect is vital to ensure that listed companies give relevant and reliable information to investors.Application will be monitored and supervisedESMA and European national enforcers will monitor and supervise the application of the IFRS requirements outlined in the Priorities, with national authorities incorporating them into their reviews and taking corrective actions where appropriate. ESMA will collect data on how European listed entities have applied the Priorities and will publish its findings in early 2016.Notes for editors 2014/1309 ESMA Public Statement  - European common enforcement priorities for 2014 financial statements 2014/1293 ESMA Guidelines on enforcement of financial information 2013/1664 ESMA Review of Accounting Practices -  Comparability of IFRS Financial Statements of Financial Institutions in Europe ESMA is an independent EU Authority that was established on 1 January 2011 and works closely with the other European Supervisory Authorities responsible for banking (EBA), and insurance and occupational pensions (EIOPA), and the European Systemic Risk Board (ESRB). ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU).  As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU.  ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity.

21/03/2014 2014/302 ESMA consults on major shareholders disclosures , Press Release PDF
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ESMA consults on major shareholders disclosures The European Securities and Markets Authority (ESMA) has launched a consultation on draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings and the indicative list of financial instruments subject to notification requirements. The consultation runs until 30 May 2014. The revised Directive harmonises transparency requirements relating to information about issuers whose securities are admitted to trading on an EU regulated market. This harmonisation aims to enhance transparency in respect of the ownership structure of an issuer, to improve legal certainty and reduce the administrative burden for cross-border investors. The revised Transparency Directive also addresses the issue of the disclosure regime for new types of financial instruments that expose investors to an economic risk similar to when holding shares. The draft RTS support these objectives by facilitating the creation of a harmonised regime regarding the aggregation of holdings of shares and financial instruments, the calculation of notification thresholds and the exemptions from notification requirements. Steven Maijoor, ESMA Chair, said: “Transparency is essential for ensuring that markets function properly and investors are afforded adequate protection when making investment decisions. “Today’s proposals support the aims of the Transparency Directive to improve the effectiveness of the transparency regime on corporate ownership. Clarity on this issue will ensure that shareholders and potential investors are in possession of the information needed to make informed investment decisions.” Draft Regulatory Technical Standards The draft RTS on the major shareholding notifications addresses the following issues: • Method of calculation of 5% threshold exemption regarding trading books and market makers; • Calculation method regarding a basket of shares or an index; • Methods for determining the ‘delta’ for calculating voting rights; and • Exemptions regarding notification of financial instruments. The Consultation Paper also sets out the proposed content of an indicative list of financial instruments which should be subject to the notification requirements laid down in the Directive, and outlines the processes for updating that list. The input from stakeholders will help ESMA in drafting the final report and determining the content of the draft RTS. Comments to this consultation can be submitted via ESMA’s website and the deadline for submission is 30 May 2014.
25/02/2014 2014/225 ESMA Stakeholder Group elects Chair and Vice-Chairs , Press Release PDF
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ESMA Stakeholder Group elects Chair and Vice-Chairs The Securities and Markets Stakeholder Group (SMSG) of the European Securities and Markets Authority (ESMA) has elected Jesper Lau Hansen as its new Chair, and Judith Hardt and Peter De Proft, as its Vice-Chairs. The election took place at the first meeting of its new membership on 29 January 2014, following their appointment by ESMA’s Board of Supervisors in November 2013. The new Chair, Dr. Jesper Lau Hansen, is currently Professor of Company Law and Financial Markets Law at Copenhagen University and represents the academic constituency. The two Vice-Chairs, Judith Hardt, Director General, Federation of European Stock Exchanges (FESE), and Peter De Proft, Director General, European Fund and Asset Management Association (EFAMA), represent financial market participants. Dr. Jesper Lau Hansen, SMSG Chair, said: “I look forward to chairing the SMSG and, together with the Vice-Chairs, representing all securities markets stakeholders by ensuring that those who are directly affected by ESMA’s regulations have their voice heard in their preparation.” Mr. Peter De Proft, SMSG Vice-Chair said: “I am honoured to be appointed Vice Chair of this group for a second term, together with my colleague and Vice Chair, Judith Hardt and looking forward to working as a team with the Chair. “Our mandate is straightforward, but crucial. We must continue to ensure ongoing engagement with industry stakeholders. We are there to provide timely and insightful advice for ESMA and to support them in their mission of protecting investors while promoting stable and well-functioning financial markets in the European Union”. Ms. Judith Hardt, SMSG Vice-Chair said: “The securities markets stakeholder group has a strategic role to play in advising ESMA on the implementation of level 1 measures. Our priority is to help the group formulate timely and useful advice for ESMA at a critical time. I look forward to working together with the Chair and my colleague Peter De Proft.” The SMSG Chair and Vice-Chairs will serve for a period of 2½ years to coincide with the Group’s mandate.
13/02/2014 2014/174 ESMA consults on Guidelines for issuers performance measures , Press Release PDF
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The European Securities and Markets Authority (ESMA) has launched a consultation on Guidelines on Alternative Performance Measures (APMs). The aim of the guidelines is to encourage European issuers to publish transparent, unbiased and comparable information on their financial performance in order to provide users with a better understanding of their performance. Some examples of APMs include EBIT (Earnings Before Interest & Tax), EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation), free cash flow, underlying profit or net-debt. The Consultation Paper follows on from ESMA’s decision to review and replace the 2005 CESR Recommendation on APMs with Guidelines under Article 16 of the ESMA Regulation to tackle concerns about APMs used by issuers. Those relate mainly to APMs being used in such a manner as to present a confusing or optimistic picture of their performance by removing certain negative aspects, or even where this is not the case, APMs can be misleading if they are inconsistently calculated or presented. The proposed guidelines set out the principles that issuers should follow when presenting APMs, and are based on the requirements applicable to financial statements, as required by the IAS Regulation, mainly referring to their labelling, calculation, presentation and comparability.Steven Maijoor, ESMA Chair, said: “The proposed guidelines aim to improve the transparency and comparability of financial information published by issuers. APMs presented in an appropriate way may reduce information asymmetry among the users of financial statements.“These guidelines will ensure that APMs are used and presented in a coherent fashion across the EU, which will in turn contribute to restoring confidence in the accuracy and usefulness of financial information and improve investor protection.” The proposed guidelines would apply to issuers with securities traded on regulated markets and all competent authorities and other bodies in the EU that undertake enforcement activities under the Transparency Directive. The proposed guidelines are aligned with other regulations and guidance issued by securities regulators in the United States, Australia and Canada on this matter. The closing date for responses to this consultation is 14 May 2014 and ESMA expects to publish the final guidelines in the fourth quarter of 2014.