FCA to Delay Implementation of ESEF Requirements for Reporting
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

Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous Article
EU Agrees on Instrument to Support Reforms for Sustainable RecoveryRelated Articles
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
EC Mandates ESAs to Propose Amendments to SFDR Technical Standards
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
EBA Examines Supervisory Practices, Issues Deposits Reporting Template
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
US Agency Publications Address Basel, Reporting, and CECL Developments
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
SEC Extends Comment Period on Climate Risk Disclosures
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
APRA Reduces Committed Liquidity Facility, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.
CMF Consults on Basel Rules, Presents Roadmap to Address Climate Risks
The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.
PRA Issues Statement on NPEs and Policy on Trading Activity Wind-Down
The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.
EBA Updates Standards for 2023 Benchmarking of Internal Approaches
The European Banking Authority (EBA) updated the implementing technical standards that specify the data collection for the 2023 supervisory benchmarking exercise in relation to the internal approaches used in market risk, credit risk, and IFRS 9 accounting.
EIOPA Responds to Stakeholder Views on Blockchain in Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.