EU Rule Amends Requirement for European Single Electronic Format
EU published Regulation 2021/337, which amends the Transparency Directive (2004/109/EC), regarding the use of the single electronic reporting format for annual financial reports. The single electronic reporting format has been specified in the European Single Electronic Format, or ESEF, Regulation (2019/815). For financial years beginning on or after January 01, 2020, all annual financial reports shall be prepared in a single electronic reporting format, provided that a cost-benefit analysis has been undertaken by ESMA. However, a member state may allow issuers to apply that reporting requirement for financial years beginning on or after January 01, 2021. To exercise that option, the member state must notify EC of its intention to allow such a delay by March 19, 2021 and that its intention is duly justified. Regulation 2021/337 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
Regulation 2021/337 also amends the Prospectus Regulation (2017/1129) regarding the EU Recovery prospectus and targeted adjustments for financial intermediaries. The amendments in Regulation 2021/337 aim to facilitate recovery from the COVID-19 crisis.
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Comment Due Date: March 18, 2021
Keyword: Europe, EU, Banking, Securities, COVID-19, Reporting, ESEF Regulation, Implementation Timeline, ESMA, European Council, European Parliament
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