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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
10/09/2012 2012/557 HU Az Európai Értékpapírpiaci Hatóság (ESMA) az online befektetések buktatóira figyelmezteti a lakossági befektetőket Investor Warning PDF
578.5 KB
Az Európai Értékpapírpiaci Hatóság (ESMA) az online befektetések buktatóira figyelmezteti a lakossági befektetőket
10/09/2012 2012/557 IT L’ESMA mette in guardia gli investitori al dettaglio sulle insidie dell’investimento online Investor Warning PDF
380.36 KB
L’ESMA mette in guardia gli investitori al dettaglio sulle insidie dell’investimento online
10/09/2012 2012/557 LV EVTI brīdina mazumtirdzniecības ieguldītājus par riska faktoriem saistībā ar tiešsaistes investīcijām Investor Warning PDF
501.43 KB
EVTI brīdina mazumtirdzniecības ieguldītājus par riska faktoriem saistībā ar tiešsaistes investīcijām
10/09/2012 2012/557 LT ESMA įspėja neprofesionaliuosius investuotojus apie investavimo internetu pavojus Investor Warning PDF
592.6 KB
ESMA įspėja neprofesionaliuosius investuotojus apie investavimo internetu pavojus
10/09/2012 2012/557 MT L-ESMA twissi l-investituri bl-imnut dwar id-diffikultajiet tal-investiment onlajn Investor Warning PDF
555.6 KB
L-ESMA twissi l-investituri bl-imnut dwar id-diffikultajiet tal-investiment onlajn
10/09/2012 2012/557 PL EUNGiPW (Europejski Urząd Nadzoru Giełd i Papierów Wartościowych) ostrzega inwestorów detalicznych przed pułapkami inwestowania online Investor Warning PDF
424.04 KB
EUNGiPW (Europejski Urząd Nadzoru Giełd i Papierów Wartościowych) ostrzega inwestorów detalicznych przed pułapkami inwestowania online
10/09/2012 2012/557 PT A ESMA alerta os investidores para os riscos dos investimentos online Investor Warning PDF
336.1 KB
A ESMA alerta os investidores para os riscos dos investimentos online
10/09/2012 2012/557 RO ESMA avertizează micii investitori cu privire la capcanele investiţiilor online Investor Warning PDF
422.25 KB
ESMA avertizează micii investitori cu privire la capcanele investiţiilor online
10/09/2012 2012/557 SK ESMA varuje retailových investorov pred nástrahami online investovania Investor Warning PDF
436.28 KB
ESMA varuje retailových investorov pred nástrahami online investovania
10/09/2012 2012/557 SL Evropski organ za vrednostne papirje in trge (ESMA) opozarja male vlagatelje na pasti spletnih naložb Investor Warning PDF
407.45 KB
Evropski organ za vrednostne papirje in trge (ESMA) opozarja male vlagatelje na pasti spletnih naložb
10/09/2012 2012/557 ES ESMA advierte a los inversores por cuenta propia sobre los peligros de la inversión en línea Investor Warning PDF
403.73 KB
ESMA advierte a los inversores por cuenta propia sobre los peligros de la inversión en línea
10/09/2012 2012/557 SV Esma varnar icke-professionella investerare för fällor vid investeringar via internet Investor Warning PDF
372.31 KB
Esma varnar icke-professionella investerare för fällor vid investeringar via internet
10/10/2012 2012/656 12th Extract from the EECS’s Database of Enforcement Report PDF
352.16 KB
19/10/2012 2012/682 Guide to investing , Reference PDF
569.39 KB
12/11/2012 2012/730 ESMA announces enforcement priorities for 2012 financial statements , Press Release PDF
164.68 KB
12/11/2012 2012/725 European common enforcement priorities for 2012 financial statements Reference PDF
163.78 KB
16/11/2012 2012/752 Call for expressions of interest: Consultative Working Group for ESMA’s Financial Innovation Standing Committee Reference PDF
141.98 KB
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20/12/2012 2012/853 Treatment of Forbearance Practices in IFRS Financial Statements of Financial Institutions , Statement PDF
220.43 KB
20/12/2012 2012/854 ESMA issues statement on forbearance practices , , Press Release PDF
117.17 KB

ESMA issues statement on forbearance practicesThe European Securities and Markets Authority (ESMA) has issued a Public Statement on the Treatment of Forbearance Practices in IFRS Financial Statements of Financial Institutions.  The statement deals with the definition of forbearance practices, their impact on the impairment of financial assets and the specific disclosures relating to forbearance activities that listed financial institutions should include in their IFRS financial statements for the year ending 31 December 2012.The statement results from ESMA’s concerns that a lack of consistency amongst issuers in this area raises issues over the transparency and accuracy of their financial statements.  ESMA believes that the consistent application of IFRS principles promotes comparability among listed financial institutions’ financial statements.This forms part of broader work on forbearance practices undertaken by regulators, including the European Banking Authority (EBA) and the European Systemic Risk Board (ESRB), who are examining the issue in the context of prudential reporting and macro-economic risks respectively.Steven Maijoor, ESMA Chair said:“ESMA and national authorities have become concerned at the lack of clarity in financial issuers’ financial statements regarding their treatment of forbearance-related practices, and the potential impact this might have on issuer’s financial performance and position, with consequences for investors and markets.“We have seen the impact of an inadequate approach to forbearance and impairment in previous financial crises and our aim is to avoid a similar situation developing here in the EU.  We believe that by promoting an appropriate and consistent approach to the definition of forbearance, measurement of impairment and related disclosures, investors can be confident that issuers’ financial statements accurately reflect credit risk exposures and the credit quality of their financial assets.”“A uniformly consistent approach on this issue in the EU will contribute to the proper functioning of financial markets, the maintenance of financial stability in the European Union and improved investor protection.”Forbearance and objective evidence of impairmentForbearance occurs when the borrower is considered to be unable to meet the terms and conditions of the contract due to financial difficulties and ,based on these difficulties, it decides to modify the terms and conditions of the contract to allow the borrower sufficient ability to service the debt or refinance.  Therefore, forbearance measures constitute objective evidence of impairment under IFRS.Forbearance and asset impairmentAs forbearance measures are extended due to the financial difficulties of the borrower, ESMA expects that issuers would have  when assessing the impairment of those loans:•    identified whether a loss event has had an impact on the estimated future cash flows;•    based impairment calculations on the estimated future cash flows and not the contractual cash flows; and•    applied a heightened level of scepticism when estimating the future cash flows, as well as other parameters used. Required disclosures in the year-end IFRS financial statementsThe disclosures to be provided by financial institutions, regarding their forbearance practices in their annual IFRS financial statements, should include the following qualitative aspects:•    details of the types of forbearance practices undertaken during the reporting period;•    description of the risks related to the forbearance practices undertaken, and how these risks are managed and monitored for internal management purposes;•    accounting policies applied in respect of the forborn assets; and•     description of any changes in these aspects from the prior period.The issuers should also provide quantitative disclosures in order to enable users to evaluate the impact of forbearance measures on the credit risk profile of their loan portfolios and their financial position and performance. ESMA expects such quantitative disclosures to be included in the 2012 financial statements as far as possible, and in any event they should be implemented and reflected in 2013’s annual financial statements.Next StepsESMA, together with EU national competent authorities, will continue to monitor the level of transparency that issuers provide in their financial statements on forbearance related measures and their impact on impairment, and will consider whether further action is required.  The statement complements ESMA’s common enforcement priorities for the 2012 year-end IFRS financial statements which were published in November 2012.

15/01/2013 2013/9 Letter to IFRS IC- Elimination of intercompany profits between an issuer and its joint venture Letter PDF
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