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Items tagged with "Europe"

“Beautiful process” – an ESEF first for the Netherlands

As we continue to follow the news of both delays to the European Single Electronic Format (ESEF) mandate and early voluntary ESEF filings, useful as ‘dry runs’, we’re pleased to note a first from the Netherlands.

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ESAP consultation on EU data portal closing soon

f you have views on the proposed European Single Access Point, now is the time to make them known! The European Commission consultation was originally closing next week, but has now been extended by a week through 12 March 2021.

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SRB resolution tools safeguard public interest, powered by XBRL

Did you know that the EU’s Single Resolution Board (SRB) has four key resolution tools it can use if a bank is failing? These aim to maintain banks’ critical functions and financial stability at minimal cost to taxpayers.

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Official news on ESEF delays, as early filings begin

While updates have been trickling in in recent weeks, there’s now official news on the European Single Electronic Format (ESEF) mandate. The European Commission (EC) has published a list of countries that have opted for a one-year ESEF postponement due to Covid-19, pushing its start to January 2022.

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Sustainability disclosure rules for EU financial products and firms: Final Report and draft RTS on SFDR

Having taken into account stakeholder feedback received during its 2020 consultation, the EU is very close to finalising common rules for a set of sustainability disclosures to be made by financial sector participants.

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EBA kicks off 2021 EU-wide stress test exercise

How would Europe’s banks fare under seriously adverse conditions – for example if the Covid-19 pandemic is prolonged? We’re set to find out; on 29 January the European Banking Authority (EBA) launched the 2021 EU-wide stress test, and released the macroeconomic scenarios for the test.

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Green Reporting Headed Digital?

In opening remarks at the Eurofiling ESEF Digital Day yesterday, the European Commission’s Alain Deckers described the work going into the review of Europe’s Non-Financial Reporting Directive (or NFRD) which governs disclosure of ESG reporting. The key issue? The need for a single set of high quality standards. An ongoing issue that is receiving attention […]

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ESMA urges transparency on Covid-19 financial effects

With Covid-19 creating significant uncertainty amongst businesses and the economic and financial system, the need for strong transparency and clear communication has only increased. The European Securities and Markets Authority (ESMA) has underlined the importance of transparency and consistency with reporting requirements when disclosing the financial effects of Covid-19 in half-yearly financial reports. Where necessary, […]

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EBA to discover pre-pandemic position of EU Banks

These are extraordinary and uncertain times, requiring, even more so than usual, substantial and useful data to help navigate the murky waters of the post-Covid-19 economy. As such, the European Banking Authority (EBA) has launched an additional EU wide transparency exercise in order to provide a snapshot of Europe’s banks pre-pandemic. Similar to EBA’s regular […]

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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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