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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
05/02/2019 ESMA 70-155-7026 Use of UK data in ESMA databases in case of a no-deal Brexit , , Statement PDF
281.69 KB
07/10/2019 ESMA70-155-7658 Use of UK data in ESMA databases and performance of MiFID II calculations in case of a no-deal Brexit on 31 October 2019 , , Statement PDF
155.54 KB
07/10/2019 ESMA90-1-167 Update on the UK’s withdrawal from the European Union- preparations for a possible no-deal Brexit scenario on 31 October 2019 , , , Statement PDF
179.84 KB
20/12/2012 2012/853 Treatment of Forbearance Practices in IFRS Financial Statements of Financial Institutions , Statement PDF
220.43 KB
25/09/2000 00-064c The regulation of Alternative Trading Systems in Europe. A paper for the EU Commission Final Report PDF
84.28 KB
Alternative Trading Systems (ATS) offer electronic securities trading facilities outside the traditional trading channels. An expert group chaired by Howard Davies, Chairman of the UK FSA, has studied the impact of such systems in depth. The group has prepared a comprehensive report identifying and assessing the benefits and risks associated with the emergence of ATS and analysing the current regulatory treatment of such systems, within Europe and elsewhere. The report proposes both a short term and a long term option for a harmonised regulatory treatment of such systems in Europe.The paper was submitted to the European Commission as FESCO"s contribution to the preparation of the forthcoming Green Paper on possible amendments to the Investment Services Directive. The Green Paper will shortly be published as a basis for consultation with Member States, the financial services industry and other interested parties. However, the FESCO paper noted that, while the Green Paper on the ISD might be the catalyst for a far-reaching review of the regulatory approach to ATS, it would not provide a short-term solution. Accordingly, FESCO proposed that the short-term solution should take the form of a set of additional regulatory requirements for ATS operating as investment firms.FESCO will be working on proposals for what those additional regulatory requirements might be over the next six months, with a view to producing a consultation paper in the first half of 2001. This consultation paper will provide an opportunity for interested parties to comment in detail on the FESCO proposals. If, however, in the meantime interested parties have any specific comments on the possible additional regulatory requirements identified in paragraph 71 of the September paper, they should make these known to the Secretariat of FESCO via the following e-mail address: fdankers@europefesco.org
17/11/2017 ESMA34-49-103 Technical advice, draft implementing technical standards and guidelines under the MMF Regulation Final Report PDF
989.54 KB
17/11/2017 ESMA33-9-207 Technical Advice on CRA Regulatory Equivalence- CRA 3 Update Final Report PDF
1.51 MB
16/08/2012 2012/525 Summary of responses on considerations of materiality in financial reporting , Final Report PDF
383.4 KB
07/04/2016 2016/584 Suitability Peer Review- Final Report , Final Report PDF
459.35 KB
07/04/2016 2016/585 Suitability Peer Review- Annex , Final Report PDF
987.81 KB
11/06/2020 ESMA70-156-3070 Statement_Access ETDs , , Statement PDF
112.54 KB
12/07/2019 ESMA35-36-1743 Statement Product Intervention Statement PDF
104.99 KB
15/12/2017 ESMA71-99-910 Statement on preparatory work of the European Securities and Markets Authority in relation to CFDs and binary options offered to retail clients , Statement PDF
209.47 KB
30/05/2018 ESMA71-99-991 Statement of the EBA and ESMA on the treatment of retail holdings of debt financial instruments subject to the Bank Recovery and Resolution Directive , Statement PDF
926.71 KB
20/06/2016 2016/940 Statement by Steven Maijoor at ECON MiFID II/MiFIR Scrutiny Session, 21 June 2016 , Statement PDF
235.65 KB
02/12/2013 2013/1775 Sovereign ratings investigation- ESMA’s assessment of governance, conflicts of interest, resourcing adequacy and confidentiality controls Final Report PDF
302.99 KB
This report summarises the findings of the European Securities and Markets Authority’s (ESMA) general investigation into sovereign credit ratings issued by Fitch Ratings, Moody’s Investors Service and Standard & Poor’s which took place between February and October 2013, as indicated in its Credit Rating Agencies (CRAs) 2013 Supervision and Policy Work Plan. In this report ESMA describes the observed deficiencies and main concerns while also identifying a number of good practices in the following areas: • the role of senior management and other non-rating functions in the rating process and the actual or potential conflicts of interest which could arise; • the actual or potential conflicts of interests generated by the involvement of sovereign analysts in research and publication activities; • confidentiality of sovereign rating information and controls in place prior to publication of ratings (including IT and access controls to confidential information); • timing of publication of sovereign ratings, including timely disclosure of rating changes; • monitoring of the adequacy and expertise of resources dedicated to sovereign ratings; • preparation of rating committees; and • definitions of roles and responsibilities among different analytical functions. ESMA’s investigation revealed shortcomings in the sovereign ratings process which could pose risks to the quality, independence and integrity of the ratings and of the rating process. As of the date of this document, ESMA has not determined whether any of the observations made in this report constitute serious indications of the possible existence of facts liable to constitute one or more infringements of the CRA Regulation.
29/05/2019 ESMA70-154-1204 Revised Public_ Statement_Trading_Obligation_Shares , Statement PDF
82.26 KB
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).

26/07/2012 2012/482 Review of Greek Government Bonds accounting practices , 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.

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.

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