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Items tagged with "Europe"

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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ESEF for Investors

The recently implemented European Single Electronic Filing (ESEF) mandate, which will require IFRS annual reports for 2020 onward to be reported with iXBRL tagging, isn’t just crucial for compliance. ESEF will also be of significant interest to investors, as noted in a blog post on Holland Fintech this week. ESEF will have a significant effect […]

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EU establish Sustainable Investment Terms

To encourage private investment in sustainable growth the EU Council has adopted a classification system aimed at creating a common language on environmental objectives across Europe. In order to reduce greenwashing and improve investor confidence in financial products labelled as ‘sustainable’, common, clear metrics through which to discuss environmental objectives are important. An EU wide […]

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ESMA answers Alternative Performance Measures questions

With the Covid-19 fallout making unprecedented modifications to business-as-usual these past few months, the European Securities and Markets Authority (ESMA) has issued updated guidance on the application of Alternative Performance Measures (APM Guidelines) in context of the pandemic. The new Q&A highlights the main relevant principles of the APM Guidelines, which should be used when […]

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EBA Updates Remain on Track.

National economies and the global economy are relying on central banks more than perhaps they ever have, with a host of emergency funding mechanisms in place right around the world. Central banks run on data. This week the European Banking Authority (EBA) published the next update to the package of reporting rules that comprise Phase […]

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ESMA on ESG Enforcement Actions

The recent European Securities and Markets Authority (ESMA) annual report on enforcement of corporate disclosure demonstrates the increased attention paid by regulators to Environmental Social and Governance (ESG) disclosures. The report presents the 2019 activities of ESMA and European accounting enforcers when examining the compliance of financial and non-financial statements provided by European issuers. Enforcement […]

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ESMA publishes ESEF Conformance Suite

This week the European Securities and Markets Authority (ESMA) published a European Single Electronic Filing (ESEF) conformance suite to facilitate implementation of the regulations that came into effect at the start of this year. The Conformance Suite is aimed at XBRL software developers and is designed to test whether Inline XBRL software can create and […]

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