The European Securities and Markets Authority (ESMA) has found that disclosures of costs and charges under MiFID II do not always meet the quality levels required. The findings of its 2022 Common Supervisory Action (CSA) and mystery shopping exercise showed that most firms demonstrate compliance with the ex-post cost and charges requirements.
The European Banking Authority (EBA) has released its final draft of amending Implementing Technical Standards (ITS) on supervisory disclosures. These standards define the format, structure, contents list, and annual publication date for the disclosure of supervisory information by competent authorities.
The European Securities and Markets Authority (ESMA) has unveiled its new Data Strategy for 2023-2028. This strategy aims to optimise data reporting processes, promote collaboration, and ensure the effective use of data in financial markets.
The European Commission has now published, for a four week consultation period, a set of revisions to the European Sustainability Reporting Standards (ESRSs).
The Eurofiling conference reconvened at the ECB’s HQ this week, with proceedings kicked off by Ms Silke Stapel-Weber, the Director General for Statistics at the European Central Bank. Ms Stapel-Weber announced that the next step of the Integrated Reporting Framework (IReF) has been approved by the ECB’s governing council.
The European Parliament has voted in favour of significant new rules designed to reshape corporate practices and strengthen accountability for the environmental and social impacts of companies.
The European Supervisory Authorities (EBA, EIOPA, and ESMA) have released a Progress Report outlining a common understanding of greenwashing in the financial sector. Greenwashing can refer to intentionally or unintentionally offering misleading sustainability information and – unsurprisingly – the ESA’s report highlights lack of data as a cause.
The European Banking Authority (EBA) has published its final draft Implementing Technical Standards (ITS) for the benchmarking exercise in 2024.
This week the European Parliament and Council negotiators agreed on the timeline and processes for establishing the European single access point (ESAP), a common data platform that will merge digital data crucial for capital markets, financial services, and sustainable finance from across Europe.
XBRL EU urges digital for sustainability disclosures at a meeting in Rome this week. At the very successful XBRL-EU conference in Rome earlier this week, the attendees heard a range of details about the upcoming implementation of the European Sustainability Reporting Standards (or ESRSs) via the CSRD, or Corporate Sustainability Reporting Directive.