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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|13/10/2016||2016 IFRS Press Release||ESMA and IFRS® Foundation strengthen cooperation||Corporate Information, IAS Regulation, IFRS Supervisory Convergence||Press Release||PDF
|01/07/2016||2016/1066||ESMA appoints new Securities and Markets Stakeholder Group||Press Releases, Securities and Markets Stakeholder Group||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published the new list of members of its Securities and Markets Stakeholder Group (SMSG) following its approval by its Board of Supervisors. The selected individuals begin a 2½ year term on 1 July 2016 and will replace the group whose mandate expired on 30 June 2016.
The new SMSG will be composed of 30 individuals drawn from across 13 Member States and representing ESMA’s key stakeholder constituencies – financial market participants (10), employee representatives (2), consumer representatives (6), users of financial services (3), small and medium sized enterprises (2) and academics (7). The new SMSG will feature 27 new members. A number of the incoming members have served in the previous SMSG.
The SMSG was established according to ESMA’s founding regulation and facilitates consultation between ESMA and its key financial market stakeholders on its work. The SMSG provides ESMA with opinions and advice on its policy work and must be consulted on technical standards and guidelines and recommendations. Additionally, it can inform ESMA of any inconsistent application of European Union law as well as inconsistent supervisory practices in Member States.
|19/07/2016||2016/1138||ESMA advises on extension of funds passport to 12 non-EU countries||Fund Management||Press Release||PDF
|22/07/2016||2016/1161||Comment letter to the IFRS Interpretations Committee’s tentative agenda decision on IAS 32||Corporate Disclosure, IAS Regulation||Letter||PDF
|26/07/2016||2016/1164||Letter to the Commissioner Dombrovskis on MAR ITS||Market Abuse, Market Integrity||Letter||PDF
|02/02/2016||2016/138||ESMA updates on supervisory work on closet index tracking||Fund Management, Press Releases||Press Release||PDF
The European Securities and Markets Authority (ESMA) has published a Statement providing details of its work on closet index tracking funds.
Closet indexing, also known as index hugging, refers to the practice of fund managers claiming to manage portfolios actively when in reality the fund stays close to a benchmark. ESMA is concerned the practice may harm investors as they are not receiving the service or risk/return profile they expect based on the fund’s disclosure documents while potentially paying higher fees compared to those typically charged for passive management.
ESMA conducted research on a sample of 2,600 funds for the period 2012-2014 to determine whether it could find any indication of closet indexing at an EU-wide level. Quantitative metrics, such as the percentage of a UCITS’ portfolio that does not coincide with the underlying equity benchmark, indicated between 5 and 15% of UCITS equity funds could potentially be closet indexers. ESMA then reviewed the investor disclosure documents of the funds concerned, to see how they described their management strategy, and found they tended to confirm the quantitative analysis results.
|12/10/2016||2016/1465||Comment letter to IASB regarding the proposed IASB’s ED ‘Definition of a Business and Accounting for Previously Held Interests’||Audit, IAS Regulation||Letter||PDF
|12/10/2016||2016/1466||Comment letter to EFRAG regarding the proposed IASB’s ED ‘Definition of a Business and Accounting for Previously Held Interests’||Audit, IAS Regulation||Letter||PDF
|01/02/2016||2016/172||Comment Letter to IASB on ED ‘Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts’||IAS Regulation||Letter||PDF
|01/02/2016||2016/173||Comment Letter to EFRAG on ED ‘Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts’||IAS Regulation||Letter||PDF
|16/02/2016||2016/279||CL to EFRAG SPS Cash flow issues||IAS Regulation||Letter||PDF
|16/02/2016||2016/280||CL to the IASB ED Improvements IFRS Cycle||IAS Regulation||Letter||PDF
|16/02/2016||2016/281||CL to EFRAG on IASB ED Improvements IFRS Cycle||IAS Regulation||Letter||PDF
|16/02/2016||2016/282||CL to the IASB ED Amendments to IAS 40||IAS Regulation||Letter||PDF
|16/02/2016||2016/283||CL to EFRAG on IASB ED Amendments to IAS 40||IAS Regulation||Letter||PDF
|15/02/2016||2016/291||ESMA consults on implementation of the Benchmarks Regulation||Market Integrity, Press Releases, Benchmarks||Press Release||PDF
The European Securities and Markets Authority (ESMA) has today published a Discussion Paper (DP) regarding the technical implementation of the incoming Benchmarks Regulation (BR). ESMA is seeking stakeholder’s input to inform its future proposals on draft Regulatory Technical Standards (RTS) and Technical Advice (TA) to the European Commission.
Benchmarks are used in financial markets as a reference to price financial instruments and to measure performance of investment funds, as well as being an important element of many financial contracts and their integrity is critical to financial markets and to investors in particular. The BR’s objective is to improve the governance and control over the benchmark process, thereby ensuring their reliability and protecting users. The changes aim to:
Steven Maijoor, ESMA Chair, said:
“The Benchmark Regulation, once implemented, will ensure the accuracy, robustness and integrity of benchmarks and the benchmark setting process by clarifying the behaviours and standards expected of administrators and contributors. These requirements will ensure that benchmarks are produced in a transparent and reliable manner and so contribute to well-functioning and stable markets, and investor protection.
“ESMA, in preparing for its work on regulatory technical standards and technical advice, is keen to ensure that all affected stakeholders have their views heard on this important topic and we hope that all interested parties will take this opportunity to contribute.”
The DP is seeking stakeholder’s feedback in the following areas:
The exact date when the Benchmarks Regulation will enter into force is still unknown as it has not yet been published in the Official Journal of the EU.
ESMA will hold an open hearing on the DP on 29 February 2016 in Paris. It will use the responses to its DP to develop detailed implementing measures on which it will publish a follow-up consultation in Q3 2016.
|19/02/2016||2016/302||CL to IFRS PS on materiality||IAS Regulation||Letter||PDF
|19/02/2016||2016/303||CL to EFRAG IFRS PS on materiality||IAS Regulation||Letter||PDF
|18/01/2016||2016/34||ESMA CL to EFRAG on IFRS IC DI Uncertain tax positions||IAS Regulation||Letter||PDF
|18/01/2016||2016/35||ESMA CL to the IFRS IC DI Uncertain tax positions||IAS Regulation||Letter||PDF