The Autorité des marchés financiers (AMF), France’s financial market regulator, recently announced its priorities for action for 2022. These gain particular import given that on 1 January France took over the presidency of the Council of the European Union for six months.
Timeliness is an important aspect in ensuring the utility and transparency of financial reporting – but in some cases, there may be valid reasons for companies to delay revealing inside information.
Debate on sustainability reporting in Europe continues. On 31 December, the EU Council approved the EU Taxonomy Climate Delegated Act, part of the EU Action Plan on Sustainable Finance, enabling the regulation to take effect as of 1 January this year.
The European Banking Authority (EBA) has published its annual risk assessment of the European banking system for 2021.
The European Commission has announced, in a letter to the European Parliament and the Council of the EU, that implementation of the second stage of the Sustainable Finance Disclosure Regulation (SFDR) will be pushed back to 1 January 2023.
Europe’s Single Resolution Board (SRB) recently published its ‘Operational guidance for banks on separability for transfer tools.’
Those interested in the development of European sustainability reporting standards may like to get their teeth into a detailed five-month status report outlining activities and progress to-date, recently published by the European Financial Reporting Advisory Group (EFRAG).
The European Financial Reporting Advisory Group (EFRAG) is creating a new sustainability reporting pillar within its governance structure, alongside its existing financial reporting pillar, and as part of this process is therefore seeking new EFRAG Member Organisations.
The European Commission has opened a consultation on ‘Strengthening the quality of corporate reporting and enforcement.’ Taking a holistic perspective, it aims to address shortcomings in the underlying reporting ecosystem.
Europe is setting new rules on disclosures on financial products that seek to make sustainable investments, contributing to environmental objectives.
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