Corporate Disclosure

The European Securities and Markets Authority (ESMA) has published a Practical Guide to national rules across the European Economic Area (EEA) on major holdings notifications under the Transparency Directive to help market participants navigate the different requirements.

The Transparency Directive requires investors to notify issuers when they acquire or dispose of shares admitted to trading on regulated markets, resulting in their total voting rights crossing certain set thresholds. As a minimum harmonisation directive, the Transparency Directive allows EEA countries some discretion as to how they transpose the rules into national law. Therefore, ESMA has prepared this Practical Guide, in close cooperation with national regulators, to help market participants identify their notification obligations under national law in accordance with the Transparency Directive.

The first part of the Practical Guide contains a fact sheet for each EEA country (with the exception of Lichtenstein) setting out the national requirements in relation to notification of major holdings along with links to the relevant websites. The second part presents information on rules and practices in a series of tables, enabling market participants to compare rules across different jurisdictions.

ESMA has created the Practical Guide based on information provided by national regulators and market participants should address any queries regarding specific content directly to the relevant regulator of the country concerned.

ESMA will update the Practical Guide on an ad hoc basis, based on changes to national rules and practices.

The European Securities and Markets Authority (ESMA) has published a new Questions and Answers (Q&A) document, comprising six questions, on the implementation of its Guidelines on the Alternative Performance Measures for listed issuers.

An alternative performance measure is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework. The guidelines apply to alternative performance measures disclosed by issuers or persons responsible for drawing up a prospectus (read ESMA’s one page summary).

The purpose of this Q&A is to promote common supervisory approaches and practices in the implementation of these guidelines.

The European Securities and Markets Authority (ESMA) has issued today a call for candidates in order to renew the composition of its Consultative Working Group (CWG) which advises ESMA’s Corporate Reporting Standing Committee (CRSC).

The CRSC undertakes ESMA’s work on issues related to accounting (under International Financial Reporting Standards – IFRS), audit, periodic financial reporting, electronic reporting developments and storage of regulated information. The CRSC contributes to and monitors regulatory developments, and establishes appropriate supervisory convergence in these areas, primarily in reference to requirements under the Transparency Directive, Accounting Directive, IAS Regulation and Audit Regulation.

ESMA has established the CWG to benefit from the expertise of stakeholders who are involved in these topics. The purpose of the CWG is to provide technical assistance to ESMA in relation to the CRSC’s work, CWG members are selected for a renewable term of two years.

Interested experts are asked to send their application to ESMA, using this form, along with their CV and letter of motivation, by 6 February 2017.

The current members of the CRSC CWG are listed on ESMA’s website here.