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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
11/04/2019 ESMA31-67-127 Question and answers on Transparency Directive (TD) , , , , Q&A PDF
354.59 KB
11/04/2019 ESMA31-62-780 Q&A on Prospectus Related Topics , , , , , , Q&A PDF
957.9 KB
27/03/2019 ESMA71-99-1128 EU enforcers focus on new IFRS standards and non-financial information , , Press Release PDF
137.55 KB
27/03/2019 ESMA32-63-672 Enforcement and Regulatory Activities of European Accounting Enforcers in 2018 , Report PDF
1.29 MB
26/03/2019 ESMA32-334-109 Letter to EC- Revision of the European Commission’s Non-Binding Guidelines on Non-Financial Reporting Letter PDF
420.13 KB
22/03/2019 ESMA 32-67-142 Compliance table on ESMA Guidelines on the enforcement of financial information , Compliance table PDF
204.73 KB
22/03/2019 esma32-334-93 Presentation on users needs in relation to corporate reporting Reference PDF
197.42 KB
24/01/2019 ESMA50-164-770 Links to national websites where net short positions in shares are disclosed Reference PDF
80.26 KB
09/01/2019 ESMA32-65-97 Call for expressions of interest: Consultative Working Group for ESMA’s Corporate Reporting Standing Committee Reference PDF
425.69 KB
09/01/2019 ESMA32-65-97 Application form: Consultative Working Group for ESMA’s Corporate Reporting Standing Committee Reference DOCX
38.2 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.

22/11/2018 ESMA32-63-566 Letter to IFRS IC on IAS 19 , Letter PDF
130.07 KB
31/10/2018 Net short thresholds Net short position notification thresholds for sovereign issuers Reference XLSX
27.23 KB

According to Article 7(2) of the Short Selling Regulation, ESMA has to publish a list of the thresholds applicable to the sovereign issuers for the purpose of the notification to competent authorities of significant net short position in sovereign debt.

The way these notification thresholds are defined is further specified in the Commission Delegated Regulation No 918/2012 (the “DR”). The DR specifies that initial threshold categories shall be:
1.0.1% applicable where the total amount of outstanding issued sovereign debt is between 0 and 500 billion euros;
2.0.5% applicable where the total amount of outstanding issued sovereign debt is above 500 billion euros or where there is a liquid futures market for the particular sovereign debt.

The additional incremental levels shall be set at 50% of the initial thresholds. The reporting thresholds shall be monetary amounts fixed by applying the percentage thresholds to the outstanding sovereign debt of the sovereign issuer. They will be revised and updated quarterly to reflect changes in the total amount of outstanding sovereign debt of each sovereign issuer.

In addition, the DR states that the amount of outstanding debt should be calculated using a duration adjusted approach. ESMA has published a Q&A document on how to proceed for the duration adjustment.

The table of thresholds contains the name of the sovereign issuer, the amount of outstanding debt duration adjusted, the initial threshold amount and the relevant percentage, the incremental threshold amount and the relevant percentage.

Please note that the figures of the amount of outstanding debt are duration adjusted (not nominal amounts) and are approximations provided by competent authorities.

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
19/10/2018 ESMA 32-67-510 Speech by ESMA Chair Maijoor at Banco de España – CEMFI – FSI High-Level Conference Speech PDF
288.04 KB
23/08/2018 ESMA50-164-772 Links to the national websites explaining the procedures for notifications of net short positions Reference PDF
227 KB
17/07/2018 ESMA31-62-1002 Final report on draft regulatory technical standards under the Prospectus Regulation Final Report PDF
1.46 MB
17/07/2018 ESMA32-51-541 Letter to EC- ESMA answer to Fitness Check of the EU framework on public reporting by companies , Letter PDF
153.28 KB
17/07/2018 ESMA32-51-522 ESMA response to the European Commission consultation on the Fitness Check on the EU Framework for public reporting by companies , Report PDF
625.18 KB