EC launched a consultation on the fitness check on the EU framework for public reporting by companies. The consultation ends on July 21, 2018 and the responses received will feed into a staff working document on the fitness of the EU framework for public reporting by companies, which is to be published in 2019. This fitness check on the EU framework is one of the actions announced in the action plan on financing sustainable growth, which builds on the recommendations of the High Level Expert Group on sustainable finance.
The EC consultation is intended to gather the views of interested parties on whether the current EU information disclosure requirements are still relevant to the intended purpose. The objectives of the consultation include the following:
- Assess whether the EU public reporting framework is relevant for meeting the intended objectives; adds value at the European level; is effective, internally consistent, and coherent with other EU policies and is efficient and not unnecessarily burdensome
- Review specific aspects of the existing legislation, as required by the EU law
- Assess whether the EU public reporting framework is fit for new challenges, including those related to sustainability and digitalization.
The consultation aims to obtain feedback from providers and users of financial and non-financial information; these include financial institutions, companies, regulatory and supervisory bodies, accounting and audit firms, investors, lenders, management, employees, trade unions, government authorities, tax authorities, credit rating agencies, equity analysts, business counterparties, and any other interested party—commercial, public, academic, or non-governmental, including private individuals, standard-setting bodies, and civil society.
Comment Due Date: July 21, 2018
Keywords: Europe, EU, Banking, Securities, Insurance, Fitness Check, Reporting, EC
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