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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
22/10/2019 ESMA71-99-1236 EU enforcers must monitor closely new reporting standards , , Press Release PDF
150.91 KB
22/10/2019 ESMA32-63-791 European common enforcement priorities for 2019 annual financial reports , Statement PDF
482.56 KB
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
27/03/2019 ESMA71-99-1128 EU enforcers focus on new IFRS standards and non-financial information , , Press Release PDF
137.55 KB
08/01/2019 ESMA31-65-682 Information on shareholder cooperation and acting in concert under the Takeover Bids Directive , Statement PDF
544.69 KB

The European Securities and Markets Authority (ESMA) has published an update to its statement on practices governed by the Takeover Bid Directive (TBD), focused on shareholder cooperation issues relating to acting in concert and the appointment of board members. The update concerns a change to the Croatian creep-in threshold and secondary threshold in Appendix B. The statement contains a White List of activities that shareholders can cooperate on without the presumption of acting in concert. It also contains information on how shareholders may cooperate in order to secure board member appointments by setting out factors that national authorities may take into account when considering whether shareholders are acting in concert.The statement is in response to a request by the European Commission for clarity on these issues, following its 2012 report on the application of the TBD. It is based on information collected about the TBD’s application and common practices across the European Economic Area (EEA). The statement was prepared by the Takeover Bids Network, a permanent working group, under ESMA’s auspices, that promotes the exchange of information on practices and application of the TBD across EEA.

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
26/10/2018 ESMA32-63-503 European common enforcement priorities for 2018 annual financial reports , Statement PDF
489.61 KB
17/07/2018 ESMA31-62-1002 Final report on draft regulatory technical standards under the Prospectus Regulation Final Report PDF
1.46 MB
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
27/10/2017 ESMA32-63-340 Public Statement on European common enforcement priorities for 2017 IFRS financial statements , Statement PDF
287.62 KB
29/09/2017 ESMA71-99-602 ESMA appoints new chairs to Standing Committees , , , , , , , Statement PDF
143.69 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
10/11/2016 2016-1563 Issues for consideration in implementing IFRS 9: Financial Instruments , , Statement PDF
256.22 KB
28/10/2016 ESMA/2016/1528 European common enforcement priorities for 2016 financial statements , , Statement PDF
317.18 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 2016/1062 Announcement Alternative Performance Measures Guidelines in force Statement PDF
119.56 KB
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.

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