Featured Product

    ESMA Publishes Annual Report of Enforcement Activities for 2017

    April 03, 2018

    ESMA publishes its 2017 annual report that provides an overview of the enforcement and regulatory activities of ESMA and the accounting enforcers in the EU, when examining compliance of financial information provided by issuers, under IFRS, in 2017. It also provides an overview of the main activities performed at European level, quantitative information on enforcement activities in Europe, and contribution of ESMA to the development of the single rulebook in the area of corporate reporting.

    In 2017, ESMA and European Enforcers continued to engage in regular supervisory convergence activities on IFRS. Moreover, considering the new standards IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers, in October 2017, ESMA published the results of a separate fact-finding exercise on the transitional disclosures regarding these standards. ESMA also conducted a peer review on the application of its Guidelines of Enforcement of Financial Information by the national competent authorities. During 2017, national enforcers reviewed the financial statements of about 1,100 issuers (approximately 19% of issuers of securities listed on EU regulated markets), which led to action against 328 (32%) of the issuers examined. Among those, for the purpose of assessing compliance with the 2016 European Common Enforcement Priorities, EU enforcers scrutinized the financial statements of 204 listed issuers. The examinations resulted in enforcement actions against 56 issuers (27%) related to the enforcement priorities assessed. The other areas where most infringements were identified by European enforcers remained the same comparing with 2016 and 2015 and related mainly to presentation of financial statements, accounting for financial instruments, and impairment of non-financial assets.

    In 2018, the accounting enforcers will focus on the disclosure of the expected impact of the implementation of the new standards IFRS 9 Financial Instruments and IFRS 15 Revenue from Contracts with Customers in the period of their initial application. Furthermore, in light of the emphasis on transitioning to a sustainable financial system in the EU and the new requirements on the disclosure of non-financial information, ESMA will coordinate the enforcement activities related to both non-financial and corporate governance information.

     

    Related Links

    Keywords: Europe, EU, Securities, Accounting, Enforcement Activities, IFRS 9, Reporting, Supervisory Convergence, ESMA

    Featured Experts
    Related Articles
    News

    APRA Publishes Proposal to Increase Transparency of Banking Data

    APRA proposed to substantially increase the volume and breadth of data it makes publicly available on authorized deposit-taking institutions, including banks, credit unions, and building societies.

    December 05, 2019 WebPage Regulatory News
    News

    ESMA Consults on Guide to Internal Controls for Credit Rating Agencies

    ESMA launched a consultation on the guidelines on internal controls for credit rating agencies (CRAs).

    December 05, 2019 WebPage Regulatory News
    News

    EU Finalizes Directive and Prudential Rules for Investment Firms

    EU published, in the Official Journal of the European Union, the Directive (2019/2034) and Regulation (2019/2033) on the prudential requirements and supervision of investment firms.

    December 05, 2019 WebPage Regulatory News
    News

    OSFI Revises Guideline on Principles for Management of Liquidity Risk

    OSFI finalized Guideline B-6 on the principles for the management of liquidity risk.

    December 05, 2019 WebPage Regulatory News
    News

    PRA Consults on Framework to Manage Outsourcing and Third-Party Risk

    PRA published a consultation paper CP30/19 that sets out proposals to modernize the regulatory framework on outsourcing and third-party risk management.

    December 05, 2019 WebPage Regulatory News
    News

    BoE, PRA, and FCA Consult to Strengthen Operational Resilience

    BoE, PRA, and FCA published a shared policy summary and coordinated consultation papers on new requirements to strengthen operational resilience in the financial services sector.

    December 05, 2019 WebPage Regulatory News
    News

    EC Amends Rule on Mapping of External Credit Assessment Institutions

    EC published the implementing regulation (EU) 2019/2028, which amends Regulation 2016/1799, regarding the mapping tables specifying correspondence between the credit risk assessments of external credit assessment institutions (ECAIs) and the credit quality steps set out in the Capital Requirements Regulation.

    December 04, 2019 WebPage Regulatory News
    News

    EBA Issues Second Part of Advice on Implementation of Basel III in EU

    EBA published the second part of its advice on the implementation of Basel III in EU, which complements the report published on August 05, 2019.

    December 04, 2019 WebPage Regulatory News
    News

    EU Approves European Council Proposal on CCP Recovery and Resolution

    EU ambassadors approved the position of European Council on a proposed framework for clearing houses and their authorities to prepare for and deal with financial difficulties.

    December 04, 2019 WebPage Regulatory News
    News

    OSFI Releases Guideline on Foreign Bank Branch Deposit Requirements

    OSFI released the final version of Guideline A-10 on foreign bank branch deposit requirements, along with guideline impact analysis statement.

    December 04, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4268