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29/09/2014 2014/1187 Draft Regulatory Technical Standards on major shareholdings and an indicative list of financial instruments subject to notification requirements under the revised Transparency Directive , Technical Standards PDF
810.07 KB
The European Securities and Markets Authority (ESMA) has published its draft Regulatory Technical Standards (RTS) under the revised Transparency Directive relating to the notification of major shareholdings.
28/10/2014 2014/1310 Press Release- ESMA sets enforcement priorities for listed companies’ financial statements , Press Release PDF
141.27 KB

The European Securities and Markets Authority (ESMA) has published its Public Statement on European Common Enforcement Priorities (Priorities) for 2014. These Priorities identify topics which ESMA, together with European national enforcers, see as a key focus of their examinations of listed companies’ financial statements.The common enforcement priorities encompass the following topics: Preparation and presentation of consolidated financial statements and related disclosures; Financial reporting by entities which have joint arrangements and related disclosures; and Recognition and measurement of deferred tax assets. These topics are important, as they either introduce significant changes to accounting practices following the implementation of new standards, or because the current economic environment poses particular challenges to issuers in the application of certain IFRS requirements, notably when forecasting future taxable profits in periods of low economic growth.Steven Maijoor, ESMA Chair, said: “The aim of the common enforcement priorities is to achieve a high level of harmonisation in enforcement and to contribute to consistency in the application of IFRS across the EU. “In view of the impact of new standards on financial information, ESMA believes that listed companies and their auditors should pay particular attention in the areas of consolidated financial statements, joint arrangements and valuation of deferred tax assets when preparing and auditing their 2014 IFRS financial statements.“This will contribute to ensuring the relevance and reliability of financial information provided to investors, and ultimately contributes to the proper functioning of Europe’s capital markets.”Furthermore, the Public Statement highlights two areas that should be considered in the preparation of the 2014 financial statements. ESMA and the national enforcers expect EU listed banks to provide relevant information in relation to material impacts resulting from the European Central Bank’s Comprehensive Assessment of the banking sector and on any changes in the level of regulatory capital required. In addition, ESMA considers that findings included in the 2013 ESMA Report on comparability of financial statements of financial institutions continue to be of high relevance for the 2014 annual reports.  The Public Statement also encourages listed companies to provide entity-specific disclosures, relevant to their performance and financial situation at the end of the period presented. ESMA believes that the early involvement and commitment of senior management in this respect is vital to ensure that listed companies give relevant and reliable information to investors.Application will be monitored and supervisedESMA and European national enforcers will monitor and supervise the application of the IFRS requirements outlined in the Priorities, with national authorities incorporating them into their reviews and taking corrective actions where appropriate. ESMA will collect data on how European listed entities have applied the Priorities and will publish its findings in early 2016.Notes for editors 2014/1309 ESMA Public Statement  - European common enforcement priorities for 2014 financial statements 2014/1293 ESMA Guidelines on enforcement of financial information 2013/1664 ESMA Review of Accounting Practices -  Comparability of IFRS Financial Statements of Financial Institutions in Europe ESMA is an independent EU Authority that was established on 1 January 2011 and works closely with the other European Supervisory Authorities responsible for banking (EBA), and insurance and occupational pensions (EIOPA), and the European Systemic Risk Board (ESRB). ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU).  As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU.  ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity.

19/12/2014 2014/1571 Final Report on draft Implementing Technical Standards on main indices and recognised exchanges under the Capital Requirements Regulation Technical Standards PDF
281.16 KB
The European Securities and Markets Authority (ESMA) has developed draft Implementing Technical Standards specifying main indices and recognised exchanges as required under Paragraph 8 of Article 197 of Regulation (EU) 575/2013 (Capital Requirements Regulation). These have now been submitted to the European Commission submitted for endorsement of the draft ITS.It has 3 months to make this decision.
19/12/2014 2014/1574 ESMA provides implementing rules for MiFID II , , Press Release PDF
110.55 KB
The European Securities and Markets Authority (ESMA) has published today its final technical advice (TA) and launches a consultation on its draft regulatory technical and implementing standards (RTS/ ITS) regarding the implementation of the Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). Both ESMA’s TA and draft RTS translate the MiFID II/MiFIR requirements into practically applicable rules for market participants and national supervisors. The new regulatory framework aims at ensuring that secondary markets are fair, transparent and safe and that investors’ interests are safeguarded when being sold investment products. Steven Maijoor, ESMA Chair, said:“Today’s implementing rules on both secondary markets and investor protection issues reflect ESMA’s desire to achieve the best outcome for market users and investors, taking into account the extensive submissions received from our stakeholders. The advice now goes to the European Commission to use in preparation of its delegated legislation, while our technical standards are open for a second round of consultation. “Once fully implemented, MiFID II will have a significant impact on the EU’s securities markets, its users and infrastructure providers. It will bring greater transparency and improve the overall functioning of markets thus strengthening investors’ trust in the financial sector.”MiFID II to include most financial instruments, trading venues and techniquesMiFID II/MiFIR introduces changes to the functioning of secondary markets, including transparency requirements for a broad range of asset classes; the obligation to trade derivatives on trading venues; requirements for algorithmic and high-frequency-trading and new supervisory tools for commodity derivatives. The key proposals stemming from ESMA’s TA/draft RTS cover the following issues: •    increased trade transparency, for non-equity instruments, in particular bonds, derivatives, structured finance products and emission allowances;•    a trading obligation for shares and a double volume cap mechanism for shares and equity-like instruments, introducing a major change to the framework for trading these instruments in the Union;•    an obligation to trade derivatives on MiFID venues (regulated markets, multilateral (MTFs) or organised trading facilities (OTFs)) only, in line with G20 requirements;•    newly introduced position limits and reporting requirements for commodity derivatives;•    rules governing high frequency trading, imposing a strict set of organisational requirements on investment firms and trading venues;•    provisions regulating access to central counterparties (CCPs), trading venues and benchmarks, designed to increase competition in the Union; and•    requirements for a consolidated tape of trading data, including rules for tape providers, reporting,  publication and sales of data.MiFID II to improve investor protection ESMA’s TA proposes that the Commission adopts a number of measures that will further the protection of investors across the EU. The main proposals relating to the improved protection of investors, especially retail, include:•    clarifications about the circumstances in which portfolio managers can receive research from third parties;•    clarifications under which circumstances inducements meet the quality enhancement requirement for the provision of advice;•    requirements for investment firms manufacturing and/or distributing financial instruments and structured deposits to have product governance arrangements in place in order to assess the robustness of their manufacture and/or distribution;•    requirements for firms to provide clients with details of all costs and charges related to their investment, including cost aggregations, the timing of disclosure (ex-ante and ex-post); information to non-retail clients; the scope of firms subject to this obligation; information on the cumulative effect of costs on the return; •    organisational requirements for firms providing investments advice on an independent basis; and•    specification of powers for ESMA and national regulators with regards to prohibiting or restricting the marketing and distribution of financial instruments. Next stepsThe TA has been finalised following extensive consultations with stakeholders and will now be sent to the European Commission. ESMA’s draft RTS/ITS, already previously consulted upon, are open for public comment until 2 March 2015. In addition, an open hearing will be held in Paris on 19 February 2015. ESMA will use the input received from the consultations to finalise its draft RTS which will be sent for endorsement to the European Commission by mid-2015, its ITS by January 2016. MiFID II/ MiFIR and its implementing measures will be applicable from 3 January 2017.
31/03/2015 2015/662 Press release: ESMA sees improved transparency of issuers financial statements – more information needed on forbearance practices and impairment tests , , Press Release PDF
140.76 KB
01/04/2015 2015/674 Press release- ESMA launches centralised data projects for MiFIR and EMIR , Press Release PDF
102.28 KB
30/06/2015 2015/1068 Press Release- ESMA publishes guidelines for issuers performance measures , , Press Release PDF
89.06 KB
01/07/2015 2015/1014 Draft RTS on prospectus related issues under the Omnibus II Directive Technical Standards PDF
949.89 KB
28/09/2015 2015-ESMA-1464 Final Report- draft RTS and ITS on MIFID II and MiFIR Technical Standards PDF
2.74 MB
28/09/2015 2015-ESMA-1464 Annex I 2015-ESMA-1464 Annex I- draft RTS and ITS on MiFID II and MiFIR Technical Standards PDF
2.85 MB
29/03/2016 2016/406 ESMA publishes report on EU accounting enforcement in 2015 , , , Press Release PDF
121.47 KB

The European Securities and Markets Authority (ESMA) has published its annual report on the enforcement and regulatory activities of accounting enforcers within the European Union (EU) in 2015. ESMA continued strengthening supervisory convergence in the area of financial reporting to improve the consistency and quality across the EU, notably by issuing guidelines, publishing statements on areas of focus and coordinating enforcement decisions.

ESMA and national enforcers examined 189 listed issuers’ compliance with International Financial Reporting Standards (IFRS), across 26 countries, in the areas identified by the 2014 European Common Enforcement Priorities. The examination resulted in enforcement action against 40 (21%) issuers with regulators finding shortcomings in the disclosure of assumptions and judgements related to the:

  • recognition, measurement and disclosures of deferred tax assets arising from tax losses;
  • assessment of control over an entity in the absence of majority equity interest or majority shareholding rights; and
  • classification of joint arrangements.

National enforcers also reviewed the interim or annual financial statements of around 1,200 issuers, representing approximately 20% of issuers of securities listed on EU regulated markets, which led to action against 273 (25%) of those issuers examined. Enforcers found the main deficiencies were related to the presentation of financial statements, impairment of non-financial assets and accounting for financial instruments.

04/04/2016 2016/566 ESMA not to exempt ETD under MiFID II , Press Release PDF
166 KB
02/05/2016 2016/566 Press release MiFID II RTS , Press Release PDF
131.33 KB
30/05/2016 2016/742 ESMA issues opinion on MiFID II standards on ancillary activities , Press Release PDF
166.35 KB
03/10/2016 2016/1425 ESMA consults on consolidated tape for non-equity products , Press Release PDF
144.25 KB

The European Securities and Markets Authority (ESMA) has issued today a consultation paper on its draft regulatory technical standards (RTS) regarding the creation of a consolidated tape for non-equity instruments which is required under the Markets in Financial Instruments Directive (MiFID II). The new MiFID II framework, which covers equity-like and non-equity instruments traded on trading venues, introduces provisions for establishing a central source of post-trade prices or consolidated tape.

ESMA, having already issued its draft RTS on an equity tape, is seeking feedback on its draft RTS for the non-equity tape. In order to create the non-equity tape, trading venues and approved publication arrangements (APAs) will send real-time post-trade data to consolidated tape providers (CTPs), who will consolidate this data in real-time and make the data available to the public.

28/10/2016 ESMA/2016/1527 ESMA sets enforcement priorities for listed companies’ 2016 financial statements , , Press Release PDF
230.9 KB
10/11/2016 2016/1570 ESMA consults on transparency rules for package orders under MiFID II Press Release PDF
147.53 KB
10/11/2016 2016-1564 ESMA prepares for new International Financial Reporting Standard 9 , , , Press Release PDF
132.26 KB
21/12/2016 2016/1682 2016-1682 Press Release on Feedback Statement on ESEF , , , Press Release PDF
225.03 KB
09/02/2017 ESMA70-872942901-3 Revised ESMA draft MiFID ITS — position reporting of commodity derivatives Technical Standards PDF
184.48 KB