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|06/12/2017||ESMA71-99-669||ESMA MIFID and MAR Data Systems||Market Abuse, Market Integrity, MiFID - Secondary Markets, MiFID II: Transparency Calculations and DVC||Reference||PDF
|25/07/2012||2012/478||ESMA MiFID database- description of webservice||MiFID - Secondary Markets||Reference||PDF
|This document provides useful information for developers wanting to use the webservice provided in ESMA's MIFID databases.|
|29/03/2016||2016/410||ESMA Report on Enforcement and Regulatory Activities of Accounting Enforcers in 2015||Corporate Disclosure, IFRS Supervisory Convergence, Supervisory convergence||Report||PDF
This report provides an overview of the activities of the European Securities and Markets Authority (ESMA) and the accounting enforcers in the European Economic Area (EEA), thereafter, ‘European enforcers’, when examining compliance of financial information provided by issuers listed on regulated markets with the applicable financial reporting framework in 2015. It also provides an overview of the main activities performed at European level, quantitative information on enforcement activities in Europe as well as ESMA’s contribution to the development of the single rule book in the area of financial reporting. In addition, it also outlines ESMA’s activities for 2016 in the area of corporate reporting following its Supervisory Convergence Work Programme.
Following the implementation of the ESMA Guidelines on enforcement of financial information (hereafter the Guidelines on enforcement), ESMA and European enforcers have further strengthened supervisory convergence in the area of enforcement of financial information. The Guidelines on enforcement significantly contributed to the alignment of supervisory approaches/procedures through the use of harmonised key concepts for examinations, of a common set of enforcement priorities, of common rules for enforcement actions and of a single set of criteria for identifying accounting matters for which coordination at European level within ESMA is needed. In the last area, the number of accounting issues discussed by the enforcers before taking enforcement decisions increased significantly (65 emerging issues in 2015 vs 47 in 2014) and contributed to enhancing supervisory convergence as enforcers should take into account the outcome of these discussions when taking decisions .
In 2015 ESMA and European enforcers evaluated the level of compliance with IFRS in the areas identified as common enforcement priorities for the 2014 annual financial statements on a sample of 189 issuers. This assessment resulted in 40 enforcement actions being taken on shortcomings in the disclosures of assumptions and judgements supporting the recognition of deferred tax assets arising from tax losses, when assessing control or classifying joint arrangements.
As in previous years, ESMA together with European enforcers identified and included in their supervisory practices a set of common enforcement priorities significant for European issuers when preparing their 2015 IFRS financial statements. These priorities include the impact of the financial markets’ conditions in IFRS financial statements, presentation of the statement of cash flows and related disclosures as well as the fair value measurement of non-financial assets and related disclosures. Specific references to some of the 2014 common priorities and to the new IFRS requirements, notably on IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers are also part of these priorities.
As a response to increased concerns in the markets, ESMA issued Guidelines on Alternative Performance Measures (hereafter the Guidelines on APMs) which are aimed at contributing to the publication of transparent, unbiased and comparable information by European issuers on their financial performance. The Guidelines on APMs will apply to APMs disclosed by issuers when publishing regulated information or persons responsible for the prospectus. European enforcers had to adapt their supervisory procedures and declare their compliance to these guidelines.
Also as part of the supervisory convergence activities, ESMA issued an Opinion on the application of the IFRS requirements on the cash contributions to Deposit Guarantee Schemes (DGS) in order to address the divergence in the application and enforcement in the accounting treatment applicable to these contributions and to prevent it from becoming widespread.
ESMA published a Statement referring to principles relevant for improving the quality of disclosures as a response to concerns expressed by users on the overload, lack of completeness or relevance of the information provided in the financial statements.
Finally, European enforcers examined the interim or annual financial statements of approximately 1,200 issuers representing an average examination rate of 20% of all IFRS issuers with securities listed on regulated markets, out of which 14% related to unlimited scope examinations and 6% to focused examinations. As a result of these activities, European enforcers took actions addressing material departures against 273 issuers, representing around 25% of the selected sample. The main deficiencies were identified in the areas of financial statements presentation, impairment of non-financial assets and accounting for financial instruments.
Single Rule Book
ESMA actively participated to the accounting standard setting process by providing European enforcers’ positions on all major new standards issued by the International Accounting Standards Board (IASB) and by contributing to the discussions in the EFRAG Board and the Technical Expert Group (EFRAG TEG) meetings. Notably, ESMA provided specific input to the due process and endorsement advices on IFRS 9, in aspects related to investor protection and financial stability as well as on its interaction with IFRS 4 Insurance Contracts. In addition, ESMA also contributed to the consistent application of IFRS by engaging with the IASB and the IFRS Interpretations Committee (IFRS IC) when relevant issues were identified by enforcers and where a lack of clarity in IFRS could contribute to their divergent application.
In accordance with its mandate under the Transparency Directive, ESMA has submitted to the European Commission for endorsement the draft Regulatory Technical Standards (RTS) on the European Electronic Access Point (EEAP) and published the consultation paper on the draft RTS on European Single Electronic Format (ESEF).
ESMA published its Supervisory Convergence Work Programme which covers, among other topics, the activities of accounting enforcers. In addition to the regular activities, ESMA envisages to start carrying out peer reviews on some of the ESMA Guidelines on enforcement, to publish statements on the implementation of new major IFRS and to develop supervisory briefings to align procedures of European enforcers when monitoring and enforcing the Guidelines on APMs and disclosures in the financial statements.
|11/01/2017||ESMA42-1643088512-2962||ESMA42-1643088512-2962 Follow-up Report to the Peer Review on Best Execution||MiFID - Investor Protection, MiFID - Secondary Markets, Supervisory convergence||Report||PDF
|08/08/2018||ESMA70-151-1462||ESMA70-151-1462 Communication on clearing and trading obligation for PF||MiFID - Secondary Markets||Reference||PDF
|19/10/2017||ESMA50-165-421||EU derivatives markets ─ a first-time overview||MiFID - Secondary Markets, Post Trading, Risk Analysis & Economics - Markets Infrastructure Investors, Trade Repositories||Reference||PDF
|11/03/2019||ESMA LEI 06/03/2019||EU rules on LEI- presentation||MiFID - Secondary Markets||Reference||PDF
|12/11/2012||2012/725||European common enforcement priorities for 2012 financial statements||IFRS Supervisory Convergence||Reference||PDF
|22/12/2017||ESMA50-164-677||FAQs on MiFID II- Transitional Transparency Calculations||MiFID - Secondary Markets, MiFID II: Transparency Calculations and DVC||Reference||PDF
|28/02/2017||ESMA70-872942901-21||Final report on draft RTS on package orders for which there is a liquid market||MiFID - Secondary Markets||Report||PDF
|29/09/2017||ESMA70-156-227||Final report on draft RTS on the trading obligation for derivatives under MiFIR||MiFID - Secondary Markets||Report||PDF
|31/03/2017||ESMA/2017/70-8792942901-40||Final report on Draft RTS specifying the scope of the consolidated tape for non-equity financial instruments||MiFID - Secondary Markets||Report||PDF
|20/12/2017||ESMA65-8-5240||FIRDS Instructions on download and use of full and delta transparency results files||MiFID - Secondary Markets||Reference||PDF
|04/04/2017||ESMA658-3153||FIRDS Transparency Non-Equity conditional completeness table||MiFID - Secondary Markets||Reference||XLSX
|16/10/2017||ESMA65-8-5046||FIRDS- Instructions on access and download of full and delta reference data files||ITMG, Market Integrity, MiFID - Secondary Markets, MiFID II: Transparency Calculations and DVC||Reference||PDF
|23/12/2015||2015/1909R||form_to_reply_cp_tr_ork_cs||MiFID - Secondary Markets||Reference||DOCX
|19/07/2013||2013/1013||Guidelines on enforcement of financial information||Corporate Disclosure, IFRS Supervisory Convergence||Consultation Paper||PDF
Responding to this paper The European Securities and Markets Authority (ESMA) is seeking comments on all matters covered in this paper and in particular on the specific questions summarised in Annex 1. Comments are most helpful if they: respond to the question stated; indicate the specific question to which the comment relates; contain a clear rationale; and describe any alternatives ESMA should consider. Deadline ESMA will consider all comments received by 15 October 2013. All contributions should be submitted online at www.esma.europa.eu under the heading “Your input - Consultations” Publication of responses All contributions received will be published following the close of the consultation, unless you request otherwise. Please clearly and prominently indicate in your submission any part you do not wish to be publicly disclosed. A standard confidentiality statement in an email message will not be treated as a request for non-disclosure. A confidential response may be requested from us in accordance with ESMA’s rules on access to documents. We may consult you if we receive such a request. Any decision we make not to disclose the response is reviewable by ESMA’s Board of Appeal and the European Ombudsman. Data protection Information on data protection can be found at www.esma.europa.eu under the heading “Legal Notice”. Who should read this paper All interested parties are invited to respond to this consultation paper. It will primarily be of interest to those charged with the governance of issuers preparing financial information, users of financial information, auditors, and other parties who have a particular interest in financial reporting.
|06/10/2016||2016/1440||Guidelines on the calibration, publication and reporting of trading halts||MiFID - Secondary Markets||Consultation Paper||PDF
|23/12/2015||2015/1909||Guidelines on Transaction Reporting Reference Data Order Record Keeping and Clock Synchronisation||MiFID - Secondary Markets||Consultation Paper||PDF
The European Securities and Markets Authority's (ESMA) consultation paper seeks stakeholders’ views on the draft guidance on the application of the provisions of the ESMA RTS on transaction reporting, instrument reference data, order record keeping and clock synchronisation (RTS 22, 23, 24 and 25). This guidance complements the technical standards and will be essential for the consistent implementation of the new MiFIR rules.
Section 1 specifies individual scenarios applicable to a given transaction reporting activity. Each of the scenarios is accompanied with the precise technical formats and schema to be used to represent the specific reportable values. Section 2 specifies scenarios applicable to specific order record keeping activities. In addition to the reporting and record keeping scenarios, these sections also provide a number of other clarifications on the application of the requirements under the new technical standards which were requested by the market participants during the consultations on the MiFID II technical standards but could not be addressed in the final technical standards due to the level of detail and specificity of such requests. Section 3 provides clarifications on the application of the clock synchronisation requirements.
ESMA will consider the feedback it received to this consultation in Q2 2016 and expects to publish in the second half of 2016.
|13/10/2016||2016-IFRS||IFRS Foundation and ESMA statement of protocols for cooperation on International Financial Reporting Standards||Corporate Information, IAS Regulation, IFRS Supervisory Convergence||Reference||PDF