On September 25, 2015, ESMA published a consultation paper on proposals for draft RTS on the European Single Electronic Format, the new format for annual financial reports, required under the Transparency Directive. The Transparency Directive requires issuers listed on regulated markets to prepare their annual financial reports in a new format from January 1, 2020. The new format aims to improve comparability and analysis for investors and regulators as well as simplify annual report submissions for issuers. The consultation paper assesses current practices and formats of annual financial reports and considers the options for harmonizing the format of reports required under the Transparency Directive. ESMA is seeking views on its proposals in order to finalize draft RTS for submission to the European Commission before the end of 2016. Comments on the consultation are due by December 24, 2015.

The consultation is available at: http://www.esma.europa.eu/consultation/ESMA-consults-European-Single-ElectronicFormat.