ESMA’s 2024 plan: navigating digital change and sustainable finance

Posted on October 6, 2023 by Editor

The European Securities and Markets Authority (ESMA), has unveiled its ambitious work plan for 2024, with a clear focus on sustainable finance and digital transformation as top priorities.

In the coming year, ESMA is set to develop rules for sustainable finance, tackle greenwashing risks head-on, and bolster environmental risk assessment. Collaborating closely with other regulatory bodies, ESMA’s objective is to elevate the quality and consistency of data. This concerted effort aims to empower investors with dependable information, facilitating well-informed decision-making.

Furthermore, ESMA’s commitment to sustainability extends to vigilant monitoring of voluntary disclosures concerning adverse sustainability impacts. The goal is to continually enhance data quality and consistency in this domain.

As financial markets undergo rapid digitisation, regulatory authorities must adapt and innovate to ensure stability, transparency, and fairness. ESMA’s digital change strategy includes two key projects:

Firstly, ESMA is gearing up to deliver a user-friendly European Single Electronic Format (ESEF) XBRL tool for market participants in 2024 allowing users to validate data received in XBRL format and simplifying compliance. {Ed — Yup — we’ll be asking more questions about that at Data Amplified!}

Secondly, ESMA is embarking on an initiative to bring national supervisors into its Big Data Platform in 2024. This platform is designed to enhance access to supervisory data and improve its usability. By making supervisory data more accessible and user-friendly, ESMA aims to streamline regulatory oversight.

In today’s interconnected and digitally-driven financial landscape, consistent supervision is paramount. ESMA is promoting supervisory convergence among national authorities across the European Union. This entails ensuring uniform interpretation and enforcement of rules by all regulatory bodies within the EU.

To delve into the comprehensive details of ESMA’s 2024 work plan, you can read the full program here.

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