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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
07/06/2019 ESMA32-60-474 Draft RTS amending Delegated Regulation (EU) 2018/815 on the updates of the taxonomy to be used for the ESEF , Final Report PDF
6.5 MB
08/01/2019 ESMA33-128-557 Final report on draft technical standards on cooperation, exchange of information and notification between competent authorities and ESMA, the EBA and EIOPA under the Securitisation Regulation Final Report PDF
609.03 KB
13/11/2018 ESMA33-128-488 Final Report Repositories Technical Standards Final Report PDF
1.55 MB
22/08/2018 ESMA33-128-474 Final Report on Technical standards on disclosure requirements under the Securitisation Regulation Final Report PDF
3.12 MB
17/07/2018 ESMA31-62-1002 Final report on draft regulatory technical standards under the Prospectus Regulation Final Report PDF
1.46 MB
15/03/2018 JC-2018-04 Joint Committee Final Report on Big Data Final Report PDF
520.31 KB
23/07/2015 2015/1136 EEA prospectus activity in 2014 , Final Report PDF
578.07 KB
30/06/2015 2015/1057 ESMA Guidelines on Alternative Performance Measures , Final Report PDF
484.57 KB
21/05/2015 2015/856 Ann1 Investment-based crowdfunding- Insights from regulators in the EU Final Report PDF
319.65 KB
31/03/2015 2015/659 ESMA Report on Enforcement and Regulatory Activities of Accounting Enforcers in 2014 , Final Report PDF
633.7 KB
18/12/2014 2014/1560 Advice- Investment-based crowdfunding Final Report PDF
482.2 KB
Crowdfunding is a means of raising finance for projects from ‘the crowd’ often by means of an internet-based platform through which project owners ‘pitch’ their idea to potential backers, who are typically not professional investors.  It takes many forms, not all of which involve the potential for a financial return.  ESMA’s focus is on crowdfunding which involves investment, as distinct from donation, non-monetary reward or loan agreement.Crowdfunding is relatively young and business models are evolving. EU financial services rules were not designed with the industry in mind.  Within investment-based crowdfunding a range of different operational structures are used so it is not straightforward to map crowdfunding platforms’ activities to those regulated under EU legislation. Member States and NCAs have been working out how to treat crowdfunding, with some dealing with issues case-by-case, some seeking to clarify how crowdfunding fits into existing rules and others introducing specific requirements.To assist NCAs and market participants, and to promote regulatory and supervisory convergence, ESMA has assessed typical investment-based crowdfunding business models and how they could evolve, risks typically involved for project owners, investors and the platforms themselves and the likely components of an appropriate regulatory regime. ESMA then prepared a detailed analysis of how the typical business models map across to the existing EU legislation, set out in sections 1 to 6 of this document.
29/10/2014 2014/1278 Report on the equivalence of the Indian Accounting Standards , Final Report PDF
1.7 MB

This report fulfils the mandate received by the European Securities and Markets Authority (ESMA) from the European Commission (EC) in February 2014 to provide it with an update on the level of convergence of the Indian Accounting Standards (Ind-AS)1 towards International Financial Reporting Standards (IFRS) and the quality of application and enforcement of the Ind-AS, so that the EC can provide a progress report to the Council and the European Parliament (EP) in line with its obligations under Commission Regulation (EC) 1569/2007.

23/10/2014 2014/1277 ESMA Data on Prospectuses Approved and Passported – January 2014 to June 2014 , Final Report PDF
211.96 KB
The report compiles statistical data regarding the number of prospectuses approved and passported by National Competent Authorities in the period from January 2014 to June 2014 (with a quarterly disclosure).
23/10/2014 2014/1276 ESMA Data on Prospectuses Approved and Passported – January 2013 to December 2013 , Final Report PDF
285.12 KB
The report compiles statistical data regarding the number of prospectuses approved and passported by National Competent Authorities in the period from January 2013 to December 2013 (with a quarterly disclosure).
10/07/2014 2014/807 Final Report on ESMA Guidelines on enforcement of financial information , Final Report PDF
617.22 KB

The European Securities and Markets Authority (ESMA) has published its final Guidelines on the enforcement of financial information published by listed entities in the European Union (EU). The aim of the guidelines is to strengthen and promote greater supervisory convergence in existing enforcement practices amongst EU accounting enforcers. The Guidelines set out the principles to be followed by accounting enforcers throughout the enforcement process by defining the objectives, the characteristics of the enforcers, and some common elements in the enforcement process.

16/06/2014 2014/643 Review on the application of accounting requirements for business combinations in IFRS financial statements , Final Report PDF
751.04 KB

This report evaluates the consistency of application of key requirements of IFRS 3 - Business Combinations and how compliant and entity-specific IFRS 3 disclosures are in the 2012 annual IFRS financial statements of a sample of 56 issuers in the European Union (EU). It also includes other IFRS 3 issues identified as part of the enforcement experience of European national enforcers (European Enforcers) that participate in the European Enforcers Coordination Sessions (EECS).

23/05/2014 2014/551 IFRS Enforcement in Europe in 2013 , Final Report PDF
694.9 KB
01/04/2014 2014/342 Languages accepted for the purpose of the scrutiny of the Prospectus and requirements of translation of the Summary- March 2014 , Final Report PDF
194.98 KB
The document provides an overview of the languages that each national competent authority accepts when acting as home or host competent authority, as the case may be, for the purpose of the scrutiny of the prospectus. In addition the document outlines national requirements in relation to translation of summaries.
18/12/2013 2013/1943 ESMA Data on Prospectuses Approved and Passported—January 2013 to June 2013 , Final Report PDF
338.17 KB
18/11/2013 2013/1664 Review of Accounting Practices- Comparability of IFRS Financial Statements of Financial Institutions in Europe Final Report PDF
1.3 MB
This report provides an overview of accounting practices of financial institutions in Europe in selected areas related to financial instruments. It evaluates the level of comparability and quality of the disclosures in the 2012 IFRS financial statements of a sample of 39 major European financial institutions and includes recommendations to enhance the transparency of financial information through the application of the IFRS provisions. Transparent financial information plays a key role in maintaining market confidence, improving markets’ efficiency by allowing investors to identify risks in a timely manner, contributing to financial stability and is a pre-requisite in creating premises for sound economic growth. As an effect of market turbulences resulting from the financial crisis, transparency and comparability of the financial statements of financial institutions have gained increased importance for market participants. In this context, ESMA has intensified its reviewing activities, with an increased focus on the financial statements of financial institutions and together with EBA and ESRB has undertaken further initiatives to improve the level of confidence in the financial sector by asking financial institutions to provide better disclosure of financial and risk information in financial reporting. Overall ESMA found that disclosures specifically covered by requirements of IFRS 7 – Financial Instru-ments: Disclosures were generally provided and acknowledges the efforts made by financial institutions to improve the quality of their financial statements. Yet, ESMA observed a wide variability in the quality of the information provided and identified some cases where the information provided was not sufficient or not sufficiently structured to allow comparability among financial institutions. Some financial institutions provided disclosures that were not specific enough, lacked links between quantitative and narrative information, or provided disclosures that could not be reconciled to the primary financial statements. ESMA urges issuers to take a step back and consider the overall objectives of IFRS 7 against their specific circumstances when preparing disclosures. When information was provided outside financial statements (e.g. in a risk report or business review), in some cases it was unclear whether it was incorporated by reference. In general, users of financial infor-mation would benefit if information provided in different sections of the financial report were linked to each other and if information provided across these reports was consistent or major differences in bases used to provide this information were explained.