The Transparency Directive (Directive 2004/109/EC) was last amended in 2013 by Directive 2013/50/EU. By virtue of such amendments, issuers having their securities listed on a regulated market are required to prepare their annual financial reports in a European Single Electronic Format (“ESEF”). In this regard, in September 2015, the European Securities and Markets Authority (“ESMA”) launched a public consultation on its regulatory technical standards (“RTS”) on the ESEF, which consultation ran until January 2016.
ESMA’s Final Report containing its final draft RTS on the ESEF was published on 18 December 2017 (ESMA 32/60/204). With effect from 1 January 2020, all issuers will be required to use this new format when drawing up their annual financial reports. Accompanying these draft RTSs, ESMA has also published a reporting manual as well as in-depth instructions to issuers so as to ensure the smooth implementation of the RTSs. ESMA has now submitted this Final Report to the European Commission, which has a three month period to decide whether to endorse this technical standard.
ESMA’s press release on the final draft RTS is available here.