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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
28/03/2011 2011/22 Report- ESMA Data on Prospectuses Approved and Passported- July 2010 to December 2010 Prospectus, Corporate Disclosure Final Report PDF
134.79 KB
12/01/2012 2012/3 Annual report on the application of the Regulation on credit rating agencies as provided by Article 21(5) and Article 39a of the Regulation (EU) No 1060/2009 as amended by Regulation No 1095/2010 Credit Rating Agencies Final Report PDF
141.98 KB		 This is the first report under the new CRA regulation, however, please note that CESR published a report about the application of the Regulation in the EU and, in particular, on the implementation of the requirements established in Annex I of the Regulation on 6 December 2010 (CESR/10-1424), according to Article 21(4) of the Regulation which was subsequently amended by Regulation No (EC) 513/2011. At the time of publication, 16 CRA's have been registered.
22/03/2012 2012/207 ESMA’s Report on the Supervision of Credit Rating Agencies Credit Rating Agencies Final Report PDF
323.81 KB		 This report provides an overview of ESMA’s supervisory activity on Credit Rating Agencies (CRAs) registered in the European Union and summarises the results of ESMA’s first examination of the three groups of registered CRAs (Fitch Ratings, Moody's Investors Services, and Standard & Poor's Rating Services). The examination referred to in this document is the first step in an ongoing supervisory process conducted by ESMA and therefore does not represent a full scope investigation. The observations set forth in this Report refer to common issues affecting CRAs activities. As of the date of this document, ESMA has not determined whether any observation highlighted below constitutes a breach of the provisions of the Regulation. ESMA is still progressing in its assessment of the areas discussed in this Report. This Report is not based on a decision by ESMA’s Board of Supervisors; therefore it is published without prejudice to the possibility of further investigations which could lead to enforcement or supervisory actions.
11/04/2012 JC/2011/96 EBA, ESMA and EIOPA’s Report on the legal, regulatory and supervisory implementation across EU Member States in relation to the Beneficial Owners Customer Due Diligence requirements under the Third Money Laundering Directive [2005/60/EC] Joint Committee Final Report PDF
552.11 KB
11/04/2012 JC/2011/97 EBA, ESMA and EIOPA’s Report on the legal and regulatory provisions and supervisory expectations across EU Member States of Simplified Due Diligence requirements where the customers are credit and financial institutions under the Third Money Laundering Di Joint Committee Final Report PDF
476.47 KB
26/07/2012 2012/482 Review of Greek Government Bonds accounting practices Corporate Disclosure, IFRS Supervisory Convergence Final Report PDF
583.61 KB

This report includes a Review of Greek Government Bonds accounting practices in the IFRS Financial Statements for the year ended 31 December 2011.
16/08/2012 2012/525 Summary of responses on considerations of materiality in financial reporting Corporate Disclosure, IFRS Supervisory Convergence Final Report PDF
383.4 KB
25/09/2012 2012/602 ESMA Data on Prospectuses Approved and Passported- January 2011 to December 2011 Prospectus, Corporate Disclosure Final Report PDF
573.49 KB
25/09/2012 2012/603 ESMA Data on Prospectuses Approved and Passported- January 2012 to June 2012 Prospectus, Corporate Disclosure Final Report PDF
431.12 KB		 NOTE: This Report is an amended version of the Report published on 25 September 2012. The previously published Report was amended on 15 May 2013 following the discovery of factual errors in the statis-tical information in Section III.2.   Title ESMA Data on Prospectuses Approved and Passported - January 2012 to June 2012
07/12/2012 JC/2012/86 ESA report on the application of AML/CTF obligations to, and the AML/CTF supervision of e-money issuers, agents and distributors in Europe. Joint Committee Final Report PDF
476.42 KB
14/02/2013 2013/218 Considerations of materiality in financial reporting Corporate Disclosure, IFRS Supervisory Convergence Final Report PDF
446.95 KB
18/03/2013 2013/308 Annual report on the application of the Regulation on credit rating agencies- 2012 Credit Rating Agencies Final Report PDF
601.08 KB		 This is the second annual report on the application of the Credit Rating Agencies Regulation. 
12/04/2013 JC 2013-010 Joint Committee report on risks and vulnerabilities in the EU financial system, March 2013 Joint Committee Final Report PDF
694.8 KB		 The Joint Committee of the European Supervisory Authorities (Joint Committee) has published today its first Report on Risks and Vulnerabilities in the European Union’s (EU) Financial System. The European financial system faces a range of risks and challenges: 1. Risks from the weak macroeconomic outlook for the financial health of real-economy and sovereign borrowers, and consequently for financial institutions’ asset quality and profitability; 2. Risks of a prolonged period of low interest rates impacting insurers and pension funds, increasing search for yield behaviour and facilitating widespread forbearance by banks; 3. Risks of further fragmentation of the single market in financial services due to evidences of national retrenchment, home bias, reduced cross-border activity and clustering of markets; 4. Risks from increased reliance on collateral in financial transactions; 5. Risks to confidence in financial institutions balance sheet valuations and risk disclosures; and 6. Risks of loss of confidence in financial market benchmarks. These risks, although presented individually in this report, are highly interlinked and require a concerted response by policy makers both at the political level and from the European System of Financial Supervision including the European Supervisory Authorities (ESAs). Suggested policy actions to restore the confidence in the financial system are presented at the end of some described risks. The challenge facing policy makers is nothing less than to restore the confidence and trust in the financial system that has been eroded during recent years’ financial crises.
10/06/2013 2013/619 Comparison of liability regimes in Member States in relation to the Prospectus Directive Prospectus, Corporate Disclosure Final Report PDF
596.91 KB		 The European Securities and Markets Authority (ESMA) has published a report on the Comparison of liability regimes in Member States in relation to the Prospectus Directive.   This is the first report of its kind and provides a comparison of liability regimes covering the EEA – comprising the 27 EU Member States along with Iceland and Norway and is aimed at providing clarity for market participants about the different regimes in place. The report contains an overview of the different arrangements and frameworks in place in  EEA States to address administrative, criminal, civil and governmental liability, and provides clarity to market participants about the different regimes in place. The report was compiled in response to a European Commission request of January 2011 for assistance in identifying and monitoring the different regimes in EEA states.   The report does not cover how the regimes, or sanctions, are applied.    Report Comparison of liability regimes in Member States in relation to the Prospectus Directive Annex II Comparative table of responses from EEA States Annex III Individual responses from EEA States
14/06/2013 2013/741 ESMA Data on Prospectuses Approved and Passported—January 2012 to December 2012 Prospectus, Corporate Disclosure Final Report PDF
457.11 KB		 The report compiles statistical data regarding the number of prospectuses approved and passported by National Competent Authorities in the period from January 2012 to December 2012 (with a quarterly disclosure).
05/09/2013 JC 2013/050 Joint Committee report on risks and vulnerabilities in the EU financial system, August 2013 Joint Committee Final Report PDF
793.91 KB
08/10/2013 JC 2013/055 Identification of Financial Conglomerates Joint Committee Final Report PDF
268.59 KB		 The Joint Committee publishes the 2013 List of Identified Financial Conglomerates. The latest version of the list shows 75 financial conglomerates with the head of group in an EU/EEA country, one with the head of group in Australia, two with the head of the group in Switzerland, and two with the head of group in the United States.
08/10/2013 JC 2013/056 Explanation of Changes in Compilation of Data Joint Committee Final Report PDF
93.28 KB		 The Joint Committee publishes the 2013 List of Identified Financial Conglomerates. The latest version of the list shows 75 financial conglomerates with the head of group in an EU/EEA country, one with the head of group in Australia, two with the head of the group in Switzerland, and two with the head of group in the United States.
08/11/2013 JC-2013-72 Preliminary report on anti-money laundering and counter financing of terrorism Risk Based Supervision Joint Committee Final Report PDF
636.21 KB
18/11/2013 2013/1664 Review of Accounting Practices- Comparability of IFRS Financial Statements of Financial Institutions in Europe Corporate Disclosure 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.

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