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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/07/2015 2015/1136 EEA prospectus activity in 2014 , Final Report PDF
578.07 KB
21/07/2015 2015/1135 17th Extract from the EECS’s Database of Enforcement Report PDF
466.55 KB
The European Securities and Markets Authority (ESMA) is publishing extracts from its confidential database of enforcement decisions on financial statements, with the aim of providing issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards (IFRS).European enforcers monitor and review IFRS financial statements and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law.Publication of enforcement decisions will inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS; that is, whether the treatments are considered as being within the accepted range of those permitted by IFRS. Such publication, together with the rationale behind these decisions, will contribute to a consistent application of IFRS in the EEA.The decisions included in this extract were taken by national enforcers in the period from February 2013 to November 2014. ESMA will continue publishing further extracts from the database on a regular basis, with the next extract expected to be published in the second half of 2015.
30/06/2015 2015/1057 ESMA Guidelines on Alternative Performance Measures , Final Report PDF
484.57 KB
31/03/2015 2015/659 ESMA Report on Enforcement and Regulatory Activities of Accounting Enforcers in 2014 , Final Report PDF
633.7 KB
18/03/2015 2015/592 Automated Trading Guidelines- ESMA peer review among National Competent Authorities Final Report PDF
930.33 KB
25/02/2015 2015/494 Best Execution under MiFID , Final Report PDF
761.62 KB
The European Securities and Markets Authority (ESMA) has conducted a peer review on how national regulators (national competent authorities or NCAs) supervise and enforce the MiFID provisions relating to investment firms’ obligation to provide best execution, or obtain the best possible result, for their clients when executing their orders. ESMA found that the level of implementation of best execution provisions, as well as the level of convergence of supervisory practices by NCAs, is relatively low. In order to address this situation a number of improvements were identified, including: • prioritisation of best execution as a key conduct of business supervisory issue; • the allocation of sufficient resources to best execution supervision; and • a more proactive supervisory approach to monitoring compliance with best execution requirements, both desk-based and onsite inspections. The review was conducted on the basis of information provided by 29 NCAs and complemented by on-site visits to the NCAs of France, Liechtenstein, Luxembourg, Malta, Poland and Spain.
11/12/2014 2014/1485 MiFID – Conduct of Business, fair, clear and not misleading information Final Report PDF
614.16 KB
The European Securities and Markets Authority (ESMA) has conducted a peer review of how national regulators (national competent authorities or NCAs) supervise MiFID conduct of business rules on providing fair, clear and not misleading information to clients. The peer review focused on NCAs’ organisation, supervisory approaches, monitoring and complaints handling in relation to information and marketing communications under MiFID. The Report found that there was overall a high degree of compliance amongst NCAs with the good practices identified in these key areas. However, a variety of approaches were observed, leading to different intensity of supervision. A number of areas for improvement were identified. They include: • enhanced use of on-site inspections and thematic reviews; • a specific focus on conduct of business issues in firms’ risk assessments; and • greater efforts to detect failings by firms in a timely manner. The review was conducted on the basis of information provided by NCAs in a self-assessment questionnaire and complemented by on-site visits to the NCAs of Cyprus, the Czech Republic, Germany, Italy, Portugal, and the United Kingdom.
18/11/2014 2014/1373 16th Extract from the EECS's Database of Enforcement Report PDF
315.55 KB

The European Securities and Markets Authority (ESMA) is publishing extracts from its confidential database of enforcement decisions on financial statements, with the aim of providing issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards (IFRS).European enforcers monitor and review IFRS financial statements and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law.Publication of enforcement decisions will inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS; that is, whether the treatments are considered as being within the accepted range of those permitted by IFRS. Such publication, together with the rationale behind these decisions, will contribute to a consistent application of IFRS in the EEA.Decisions included in this extract were taken by national enforcers in the period from August 2012 to March 2014. ESMA will continue publishing further extracts from the database on a regular basis, with the next extract expected to be published in the first half of 2015.

23/10/2014 2014/1277 ESMA Data on Prospectuses Approved and Passported – January 2014 to June 2014 , Final Report PDF
211.96 KB
The report compiles statistical data regarding the number of prospectuses approved and passported by National Competent Authorities in the period from January 2014 to June 2014 (with a quarterly disclosure).
23/10/2014 2014/1276 ESMA Data on Prospectuses Approved and Passported – January 2013 to December 2013 , Final Report PDF
285.12 KB
The report compiles statistical data regarding the number of prospectuses approved and passported by National Competent Authorities in the period from January 2013 to December 2013 (with a quarterly disclosure).
10/07/2014 2014/807 Final Report on ESMA Guidelines on enforcement of financial information , Final Report PDF
617.22 KB

The European Securities and Markets Authority (ESMA) has published its final Guidelines on the enforcement of financial information published by listed entities in the European Union (EU). The aim of the guidelines is to strengthen and promote greater supervisory convergence in existing enforcement practices amongst EU accounting enforcers. The Guidelines set out the principles to be followed by accounting enforcers throughout the enforcement process by defining the objectives, the characteristics of the enforcers, and some common elements in the enforcement process.

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).

23/05/2014 2014/551 IFRS Enforcement in Europe in 2013 , Final Report PDF
694.9 KB
09/04/2014 2014/377 15th Extract from the EECS’s Database of Enforcement Report PDF
501 KB

The European Securities and Markets Authority (ESMA) is publishing extracts from its confidential database of enforcement decisions on financial statements, with the aim of providing issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards (IFRS).European enforcers monitor and review IFRS financial statements and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law. Publication of enforcement decisions will inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS; that is, whether the treatments are considered as being within the accepted range of those permitted by IFRS. Such publication, together with the rationale behind these decisions, will contribute to a consistent application of IFRS in the EEA. Decisions included in this extract were taken by national enforcers in the period from December 2012 to November 2013. ESMA publishes extracts from the database twice a year.

01/04/2014 2014/342 Languages accepted for the purpose of the scrutiny of the Prospectus and requirements of translation of the Summary- March 2014 , Final Report PDF
194.98 KB
The document provides an overview of the languages that each national competent authority accepts when acting as home or host competent authority, as the case may be, for the purpose of the scrutiny of the prospectus. In addition the document outlines national requirements in relation to translation of summaries.
18/12/2013 2013/1943 ESMA Data on Prospectuses Approved and Passported—January 2013 to June 2013 , Final Report PDF
338.17 KB
29/10/2013 2013/1545 14th Extract from the EECS' database of enforcement Report PDF
355.57 KB

The European Securities and Markets Authority (ESMA) is publishing extracts from its confidential database of enforcement decisions on financial statements, with the aim of providing issuers and users of financial statements with relevant information on the appropriate application of the International Financial Reporting Standards (IFRS). European enforcers monitor and review financial statements published by issuers with securities traded on a regulated market who prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) and consider whether they comply with IFRS and other applicable reporting requirements, including relevant national law. Publication of enforcement decisions will inform market participants about which accounting treatments European national enforcers may consider as complying with IFRS; that is, whether the treatments are considered as being within the accepted range of those permitted by IFRS. Such publication, together with the rationale behind these decisions, will contribute to a consistent application of IFRS in the EEA.

22/07/2013 2013/1022 IFRS Enforcement in Europe in 2012 Final Report PDF
195.1 KB
01/07/2013 2013/806 Supervisory Practices under MAD- Mapping Report , Final Report PDF
315.44 KB
ESMA's Mapping Report on Supervisory Practices under MAD sets out the situation in each Member State as regards their implementation of the various requirements of the Market Abuse Directive.
01/07/2013 2013/805 Supervisory Practices under MAD- Peer review report and Good Practices , Final Report PDF
1.17 MB
ESMA's peer review of the supervisory practices EEA national competent authorities (NCAs) covers how national authorities enforce the requirements of the Market Abuse Directive (MAD).  The Directive deals with the prevention of the dissemination of misleading information, the breach of reporting obligations and market abuse.