Featured Product

    FCA to Delay Implementation of ESEF Requirements for Reporting

    July 22, 2020

    FCA proposed, via the consultation paper CP20/12, to postpone by one year the mandatory European Single Electronic Format (ESEF) requirements for annual financial reporting under the Transparency Directive. FCA issued this proposal in response to the COVID-19 crisis. The ESEF initiative aims to enhance the transparency of financial data disclosed by issuers whose transferable securities are admitted to trading on EU regulated markets. FCA is requesting comments until August 28, 2020.

    The consultation includes the following proposals:

    • The requirement for all issuers to publish their annual financial reports in XHTML web browser format, replacing the current PDF format, would be pushed back to financial years starting on or after January 01, 2021, for publication from January 01, 2022.
    • The requirement for issuers that prepare consolidated annual financial statements in accordance with IFRS to tag basic financial information would be pushed back to financial years starting on or after January 01, 2021, for publication from January 01, 2022.
    • The requirement for issuers that prepare IFRS consolidated annual financial statements to tag notes to the financial statements would be pushed back to financial years starting on or after January 01, 2023, for publication from January 01, 2024.

    The rules implementing the ESEF requirements are already in place. Issuers must publish their annual financial reports in the ESEF format from the start of 2021 for financial years beginning on or after January 01, 2020. To meet these requirements, issuers will need to devote potentially significant management and operational time, especially in the second half of this year. Due to the impact of COVID-19 crisis on issuers, and in line with the other recent actions of FCA to relieve burdens on issuers, the proposed changes to the ESEF application timetable will allow issuers to focus on their more immediate and significant priorities. Issuers will, however, be able to publish and file their annual financial reports voluntarily in the new ESEF if they choose to do so. 

     

    Related Links

    Comment Due Date: August 28, 2020

    Keywords: Europe, UK, Banking, Securities, Reporting, ESEF, IFRS, COVID-19, CP20/12, FCA

    Featured Experts
    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514