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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
05/06/2015 2015/911 ESMA Submission to IFRS IC on Application of IAS 12 Letter PDF
29.66 KB
30/06/2015 2015/1057 ESMA Guidelines on Alternative Performance Measures , Final Report PDF
484.57 KB
30/06/2015 2015/1068 Press Release- ESMA publishes guidelines for issuers performance measures , , Press Release PDF
89.06 KB
01/07/2015 2015/1005 Questions and Answers: Investment-based crowdfunding: money laundering/terrorist financing Q&A PDF
157.73 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.
18/08/2015 2015/1258 ESMA submission to IFRS IC on IAS 20 Letter PDF
79.26 KB
25/09/2015 2015/1462 ESMA opinion on accounting for Deposit Guarantee Scheme , Opinion PDF
127.91 KB
27/10/2015 2015/1607 Improve quality of disclosures in financial statements , Press Release PDF
86.43 KB
27/10/2015 2015/1609 Public Statement- Improving Disclosures , Statement PDF
169.77 KB
27/10/2015 2015/1608 Public Statement- ECEP 2015 , Statement PDF
210.15 KB
27/10/2015 2015/1606 Common enforcement priorities for 2015 financial statements , Press Release PDF
138.19 KB
29/10/2015 2015/1615 Steven Maijoor speech at ECN , Speech PDF
261.75 KB
25/11/2015 2015/1776 18th Extract from the EECS's Database of Enforcement Report PDF
405.97 KB
07/01/2016 2015-12-16 OECD OECD A Blundell-Wignall speech for ESMA FI Day Reference PDF
502.52 KB
07/01/2016 2015/1912 Opening Speech by J Servais, President of FSMA Speech PDF
162.44 KB
07/01/2016 2015/1913 ESMA FI Day- Panel outlines Reference PDF
161.27 KB
07/01/2016 2015/1914 Agenda for ESMA FI Day Reference PDF
170.52 KB
07/01/2016 2015/1915 Closing Speech by V Ross, ESMA FI Day Speech PDF
100.54 KB
15/02/2016 2016/288 Discussion Paper Benchmarks Regulation , Consultation Paper PDF
1017.02 KB
15/02/2016 2016/291 ESMA consults on implementation of the Benchmarks Regulation , , Press Release PDF
118.88 KB

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:

  • improve the quality of the input data and methodologies used by benchmark administrators;
  • ensure that benchmark contributors provide adequate data and are subject to proper controls; and
  • ensure the supervision and viability of critical benchmarks.

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:

  • definition of benchmarks;
  • requirements for the benchmark oversight function;
  • requirements for the benchmark input data;
  • governance and control requirements for supervised benchmark contributors;
  • authorisation and registration of an administrator; and
  • transparency requirements regarding the benchmark methodology.

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.

Next steps

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.