ESMA has launched a consultation on Guidelines on the enforcement of financial information published by listed entities in the European Union (EU).
The purpose of the Guidelines is to strengthen and promote greater supervisory convergence in existing enforcement practices amongst EU national authorities and to thereby ensure the proper and rigorous enforcement of financial information disclosure practices in the EU.
The Guidelines establish the principles to be followed in the enforcement process, by defining issues such as:
- enforcement and scope;
- expected characteristics of the enforcer;
- acceptable selection techniques and other aspects of enforcement methodology;
- the types of enforcement actions that may be available to enforcers; and
- how enforcement activities are coordinated within ESMA.
The proposed Guidelines apply to all competent authorities and any other bodies from the EU undertaking enforcement responsibilities under the Transparency Directive, and IFRS Regulation.