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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
29/01/2010 09-1176b 3L3 Report- cross-sector stock take and analysis on internal governance issues Final Report PDF
624.15 KB
19/05/2008 08-283 3rd extract from EECS’s database of enforcement decisions Final Report PDF
169.21 KB
23/12/2008 09-966 4th extract from EECS’s database of enforcement decisions Final Report PDF
210.73 KB
24/03/2009 09-252 5th extract from EECS’s database of enforcement decisions Final Report PDF
216.25 KB
26/08/2009 09-720 6th extract from EECS’s database of enforcement decisions Final Report PDF
241.6 KB
16/12/2009 09-1134 7th Extract from EECS’s Database of Enforcement Decisions Final Report PDF
293.15 KB
13/07/2010 10-834 8th Extract from EECS’s Database of Enforcement Decisions Final Report PDF
161.13 KB
25/10/2010 10-1151 9th Extract from EECS’s Database of Enforcement Decisions Final Report PDF
136.48 KB
01/08/2001 01-045fusion A "European Passeport" for issuers: An additional submission to the European Commission on the issue raised in paragraph 18 of the FESCO report of 20 December 2000 (Ref. Fesco/00-138b) Final Report PDF
223.73 KB
The last FESCO paper on a "European Passeport" for issuer, stated that in a member of areas, further work needed to be undetaken. FESCO has considered some of these issues and is now submitting for comment the following paper regarding disclosure requiremnents for products different from shares and ordinary bonds, the offer and a proposal on the content of the Pro Forma and the other financial information to be included in the propesctus. This complementary document is not intended to pre-empt any work to be undertaken by the Committee of European Securities Regulators in relation to the proposed directive on prospectuses. Rather this paper aims to complete aspects of the FESCO first paper and inform the subsequent work by the Committee. All comments received will be forwarded to the European Commission, unless respondent state otherwise.
09/08/2007 07-429 A compilation of responses by CESR Members to the European Commission's request for initial assistance on commodity and exotic derivatives and related business Final Report PDF
325.5 KB
20/12/2000 00-138b A European Passport for Issuers- Report to the European Commission Final Report PDF
355 KB
29/06/2000 00-096l A European Regime Against Market Abuse Final Report PDF
70.68 KB
23/11/2007 07-783 A proposed evolution of EU securities supervision beyond 2007 Final Report PDF
101.48 KB
23/09/2010 10-917 Activity Report on IFRS enforcement 2009 Final Report PDF
249.55 KB
28/06/2012 2012/412 Activity Report on IFRS Enforcement in the European Economic Area in 2011 Final Report PDF
345.02 KB

The European Securities and Markets Authority (ESMA) has published its Activity Report on IFRS Enforcement in the European Economic Area in 2011. The report provides an overview of the monitoring of compliance of financial information with the International Financial Reporting Standards (IFRS) and enforcement action taken in the European Economic Area (EEA) in 2011. The report is based on the activities of the European Enforcers Coordination Sessions (EECS) and of the accounting enforcers in the EEA (European enforcers).  This operates under ESMA's oversight and its main objective is to coordinate the enforcement activities of Member States in order to increase convergence amongst European enforcer's activities which should contribute to fostering investor confidence. Its main functions include coordination of enforcement activities through the exchange of views on particular accounting matters, providing feedback to the International Accounting Standards Board on issues related to the application of the IFRS and work on dedicated projects identified as key priorities. This report: provides an overview of enforcement activities in the EEA and the coordination of enforcement through EECS; presents the outcome and some tentative conclusions relating to the enforcement of IFRS; and provides a summary of EECS engagement with third country accounting enforcers. The report is based on the activities of EECS and the European enforcers during 2011 relating to: Activities undertaken or coordinated at European level; Issues brought to the attention of the standard setter; Ex-ante activities incurred as part of the preparation of the annual review process; Findings in respect of reviews conducted in 2011; Actions taken to improve the quality of future financial reporting; and Decisions and emerging issues discussed during EECS meetings in the year.

26/04/2012 2012/270 Actual use of sanctioning powers under MAD Final Report PDF
1.55 MB
The report provides a comparison of the use of administrative sanctioning powers across 29 EEA Member States for 2008-2010.  The results of the report will provide input to the legislative process on the new market abuse regime.
18/12/2014 2014/1560 Advice- Investment-based crowdfunding Final Report PDF
482.2 KB
Crowdfunding is a means of raising finance for projects from ‘the crowd’ often by means of an internet-based platform through which project owners ‘pitch’ their idea to potential backers, who are typically not professional investors.  It takes many forms, not all of which involve the potential for a financial return.  ESMA’s focus is on crowdfunding which involves investment, as distinct from donation, non-monetary reward or loan agreement.Crowdfunding is relatively young and business models are evolving. EU financial services rules were not designed with the industry in mind.  Within investment-based crowdfunding a range of different operational structures are used so it is not straightforward to map crowdfunding platforms’ activities to those regulated under EU legislation. Member States and NCAs have been working out how to treat crowdfunding, with some dealing with issues case-by-case, some seeking to clarify how crowdfunding fits into existing rules and others introducing specific requirements.To assist NCAs and market participants, and to promote regulatory and supervisory convergence, ESMA has assessed typical investment-based crowdfunding business models and how they could evolve, risks typically involved for project owners, investors and the platforms themselves and the likely components of an appropriate regulatory regime. ESMA then prepared a detailed analysis of how the typical business models map across to the existing EU legislation, set out in sections 1 to 6 of this document.
12/09/2013 2013/08/ODRG Agreed Understandings to Resolving Cross-border Conflicts, Inconsistencies, Gaps and Duplicative Requirements Final Report PDF
442.48 KB
21/06/2007 07-334b An evaluation of equivalence of supervisory powers in the EU under the Market Abuse Directive and the Prospectus Directive A report to the Financial Services Committee (FSC) Final Report PDF
231.64 KB
22/12/2009 09-1028 Annex 2 to CESR’s technical advice to the European Commission on the level 2 measures related to the format and content of KID disclosures for UCITS- Methodology for calculation of the ongoing charges figure Final Report PDF
118.39 KB