The European Securities and Markets Authority (ESMA) has published its final guidelines on the enforcement of financial information published by listed entities in the EU. The purpose of the guidelines is to strengthen and promote greater supervisory convergence in existing enforcement practices amongst EU accounting enforcers.
The guidelines set out the principles to be followed by EU accounting enforcers throughout the enforcement process by defining the objectives, the characteristics of the enforcers, and some common elements in the enforcement process.
The guidelines will be translated into the official languages of the EU and Member State national competent authorities will then have two months from the date of the publication of the translations on ESMA’s website, to confirm to ESMA whether they comply or intend to comply with the guidelines by incorporating them into their supervisory practices.
Regarding the inclusion of multilateral trading facilities (MTFs) within the scope of the guidelines, ESMA notes that article 1 of the Transparency Directive states that its requirements only apply to the disclosure of information about issuers admitted to trading on a regulated market. As MTFs do not have regulated market status, ESMA cannot include them through these guidelines.
View Final report: ESMA guidelines on enforcement of financial information, 10 July 2014