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Items tagged with "Disclosure"

Can financial disclosure accelerate Climate Action?

The MIT Science and Policy of Global Change Program recently brought a number of financial sector experts together to discuss best practices for mitigating climate risk through financial disclosure. A bit like the Covid-19 pandemic, scientists and economists are trying to work through different scenarios to try to understand the impact of different types of […]

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EU consults on new ESG Disclosure Standards

The European Supervisory Authorities (ESAs) have published a consultation paper seeking input on proposed environmental, social and governance (ESG) disclosure standards for certain financial services providers and products. The proposals would require the sustainability characteristics or objectives of financial market participants, advisers and products to be disclosed. EU-wide benchmarks for determining ‘sustainable’ activity would be used to […]

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SEC underlines importance of Disclosures in fight against Covid-19

“Forward Looking Statements” have a specific meaning in securities law and regulation. Academic, regulatory and market literature is filled with the pros and cons of companies providing information in their financial statements that help users understand what might impact future earnings and cashflows and that isn’t based on historical facts. If in January you had […]

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SEC requires iXBRL Reporting for BDCs

It’s great to see that the US Securities and Exchange Commission (SEC) is doubling down on its commitment to digital disclosures across a wide area. This week the SEC adopted an amendment mandating Inline XBRL reporting for closed-end investment companies. Today’s modern securities regulators need well defined, searchable, structured and digital data. The Securities Offering Reform […]

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XBRL US issues third CAFR Taxonomy

XBRL US has released for public review the third version of the demonstration Comprehensive Annual Financial Reporting (CAFR) Taxonomy. The CAFR Taxonomy demonstrates how comparable data standards are applicable to municipal government annual reports. The third version of the Taxonomy expands on the previous two versions to include seven financial statements, two footnotes, and two schedules from the […]

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The time has come for Municipal XBRL

In 2005 the US Government Finance Officers Association (GFOA) recommended governments monitor the development of standardised electronic reporting, and to apply it when it became appropriate. Since then, financial regulators around the world have harnessed a myriad of benefits by migrating to XBRL for corporate reporting. The same evolution, however, has not been extended to […]

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Turkey demonstrates Data Access

Turkey’s electronic Public Disclosure Platform (KAP) demonstrates the potential of the XBRL format for enabling enhanced business transparency and data usability. All documents requiring public disclosure in Turkey – that is, financial statements and material events – must be certified with a secure electronic signature and published on KAP. This offers everyone – including investors, […]

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Pillar 3 Disclosures Need Further Improvement

In a recent report the European Banking Authority (EBA) has noted some improved consistency in Pillar 3 prudential disclosures, although further improvements are necessary. Pillar 3 disclosures are designed to foster increased transparency and market discipline by requiring regulated firms to make a range of prudential information about banks (and insurance companies) public. However, the […]

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ESMA Commits to Stronger ESG Regulation

Earlier this month the European Securities and Markets Authority (ESMA) published its Strategy on Sustainable Finance. The strategy sets out how ESMA will place sustainability at the core of its activities by embedding Environmental, Social, and Governance (ESG) considerations into its work.

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SEC Amendments of Regulation S-K neglect Structured Data

On 30 January the US Securities and Exchange Commission (SEC) announced amendments to Regulation S-K, continuing the modernisation and simplification efforts called for by the FAST Act. The latest proposals are focused on Management’s Discussion and Analysis (MD&A), and aim to eliminate overlapping and duplicated requirements, revise requirements in light of technology (namely the availability […]

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