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ESMA works on implementing EU-Transparency Directive requirements

  • ESMA (European Securities and Markets Authority) (dark gray) Image

29 Sep 2015

The European Securities and Markets Authority (ESMA) has taken steps to implement requirements that were included in the amended European Transparency Directive. The requirements aim at making submission easier for issuers and facilitating accessibility, analysis and comparability for investors and regulators.

One of the requirements of the amended Directive is that issuers listed on regulated markets in the EU must prepare their annual financial reports in a European Single Electronic Format (ESEF) from 1 January 2020. ESMA has now launched a public consultation on regulatory technical standards on the ESEF. The consultation documents are available through the press release on the ESMA website. Comments are requested by 24 December 2015.

The other requirement ESMA is currently working on is a European Electronic Access Point (EEAP). The objective of the EEAP is to provide an easy search and access tool for end-users looking for regulated information, such as annual reports, major shareholdings etc., on issuers admitted to trading on regulated markets in Europe. ESMA has now submitted corresponding regulatory technical standards to the European Commission for endorsement. It is expected that the EEAP will be made available to end-users after 1 January 2018. Please see the final report on the ESMA website for more information.

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