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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/03/2011 2011/36 Public statement- Framework for third country prospectuses under Article 20 of the Prospectus Directive Prospectus, Corporate Disclosure Statement PDF
317.51 KB
23/03/2011 2011/37 Public statement- ESMA statement on Israeli laws and regulations on prospectuses Prospectus, Corporate Disclosure Statement PDF
187.46 KB
20/07/2011 2011/211 Public statement- Retrospective Adjustments to Financial Statements Following Rejection Notes Published by the IFRS Interpretations Committee Corporate Disclosure, IAS Regulation Statement PDF
29.57 KB
28/07/2011 2011/226 Public statement- ESMA Statement on disclosures related to sovereign debt to be included in IFRS financial statements Corporate Disclosure, IFRS Supervisory Convergence Statement PDF
36.9 KB
11/08/2011 2011/266 Public statement- harmonised regulatory action on short-selling in the EU Short Selling, Press Releases Statement PDF
97.39 KB
04/10/2011 2011/323 Final report- ESMA's technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Technical Advice PDF
797.56 KB
16/11/2011 2011/379 Final report- ESMA's technical advice to the European Commission on possible implementing measures of the Alternative Investment Fund Managers Directive Fund Management Technical Advice PDF
3.51 MB
25/11/2011 2011/397 Public statement on sovereign debt in IFRS financial statements Corporate Disclosure, Corporate Governance, IFRS Supervisory Convergence, Press Releases Statement PDF
189.46 KB
01/03/2012 2012/137 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Technical Advice PDF
1.32 MB		 ESMA publishes today the second part of its final advice (ESMA/2012/137) on possible delegated acts for the Prospectus Directive (PD).  The advice was submitted to the Commission on 29 February 2012.  In its advice, ESMA proposes how to use a prospectus in a retail cascade and provides input on how to review the provisions of the Prospectus Regulation concerning tax information, indices, auditor’s report on profit forecasts and estimates and audited historical financial information. Today’s advice follows a public consultation started on 13 December 2011. Overall, the technical advice aims to achieve a high level of investor protection and to increase across Europe the legal clarity and efficiency of the prospectus regime. Investment prospectuses as such are aimed to provide investors with easily accessible information on financial products so as to foster in-formed decision-making.
30/08/2012 2012/537 STATEMENT- Short Selling Regulation Update: Market Maker & Primary Dealer Exemption Notification Procedure Short Selling, Market Integrity, Press Releases Statement PDF
77.92 KB		 The European Securities and Markets Authority (ESMA) is publishing this notice to alert financial market participants to its upcoming consultation on the market making and authorised primary dealer exemption under the EU’s Short Selling Regulation (SSR) and the procedure to be followed by firms and regulators in dealing with notifications of intention to use the exemption.
01/10/2012 2012/641 ESMA approves Axesor S.A. as a credit rating agency Credit Rating Agencies, Press Releases Statement PDF
83.07 KB
04/12/2012 2012/802 Statement: Operating Principles and Areas of Exploration in the Regulation of the Cross-Border Derivatives Market Press Releases Statement PDF
131.03 KB
20/12/2012 2012/853 Treatment of Forbearance Practices in IFRS Financial Statements of Financial Institutions Corporate Disclosure, IFRS Supervisory Convergence Statement PDF
220.43 KB
09/01/2013 2012/864 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Technical Advice PDF
1.23 MB
19/02/2013 2013/84 Feedback statement on the consultation regarding the role of the proxy advisory industry Corporate Disclosure, Corporate Governance Statement PDF
559.31 KB
11/11/2013 2013/1634 European common enforcement priorities for 2013 financial statements Corporate Disclosure, IFRS Supervisory Convergence Statement PDF
152.24 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.
12/11/2013 2013/1642 Information on shareholder cooperation and acting in concert under the Takeover Bids Directive Corporate Disclosure, Corporate Governance Statement PDF
321.63 KB		 The European Securities and Markets Authority (ESMA) has published a 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 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.
27/03/2014 2014/312 Technical advice to the European Commission on the information that competent authorities should provide to ESMA pursuant to Article 67(3) of the AIFMD Fund Management Technical Advice PDF
330.79 KB		 Reasons for publication ESMA is issuing this technical advice in response to the mandate received from the European Commission on 20 December 2013 for advice on the possible content of the delegated act required by Article 67(5) of the AIFMD, concerning the information that EU competent authorities have to provide quarterly to ESMA pursuant to Article 67(3) of the Directive. This information is needed in order to allow ESMA to produce the opinion and the advice required in Article 67(1) of the AIFMD, in relation to the possible extension of the AIFMD passport to non-EU AIFs and non-EU AIFMs. Contents Section II describes the background of the proposal. Section III specifies the timing for the provision of the information to ESMA and lists the information that the competent authorities should provide quarterly to ESMA. The list of information is divided into three parts: the first refers to the information about the functioning of the passport for EU AIFMs; the second deals with the functioning of the national private placement regime for non-EU AIFs and non-EU AIFMs; and the third refers to the issues arising from the functioning of both systems. Finally, Section IV reproduces the mandate for advice issued by the European Commission. Next steps ESMA will cooperate closely with the European Commission in order to facilitate an expeditious adoption of the delegated act required by Article 67(5) of the AIFMD.
31/07/2014 2014/944 Potential Risks Associated with Investing in Contingent Convertible Instruments Warnings and publications for investors, Innovation and Products Statement PDF
106.1 KB		 The European Securities and Markets Authority (ESMA) is issuing this statement to clarify to institutional investors risks from a newly emerging asset class referred to by most market participants as contingent convertibles instruments (CoCos). If they work as intended in a crisis CoCos will play an important role to inhibit risk transfer from debt holders to taxpayers. They along with standards to improve the quality and quantity of bank capital reflect a considerate response to the former regulatory capital framework. However, it is unclear as to whether investors fully consider the risks of CoCos and correctly factor those risks into their valuation. ESMA believes there are specific risks to CoCos and that investors should take those risks into consideration prior to investing in these instruments.
28/10/2014 2014/1309 Public Statement- European common enforcement priorities for 2014 financial statements Corporate Disclosure, IFRS Supervisory Convergence Statement PDF
207.62 KB

The European Securities and Markets Authority (‘ESMA’) issues this Public Statement which defines the European common enforcement priorities in order to promote consistent application of the International Financial Reporting Standards (‘IFRS’) as indicated in the ESMA Guidelines on enforcement of financial information.As in the previous years, ESMA, together with European national enforcers, identified financial reporting topics which, listed companies and their auditors should particularly consider when preparing and auditing, respectively, the IFRS financial statements for the year ending 31 December 2014. In addition to these common priorities, national enforcers might also set additional enforcement priorities focusing on other relevant topics.ESMA, together with the European national enforcers, will pay particular attention to these common enforcement priorities as well as priorities identified in previous years, when monitoring and assessing the application of all relevant IFRS requirements. National enforcers will continue to focus on material issues in the financial statements that are relevant for an individual issuer under examination. On the basis of examinations performed, national enforcers will take corrective actions whenever material misstatements are identified. ESMA will report on findings regarding these priorities in its Report on the 2015 enforce-ment activities.

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