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ESMA sees room for improvement in the supervision of the enforcement of financial information

The European Securities and Markets Authority (ESMA) has published the results of a review of the supervision of the enforcement of financial information (IFRS) according to the ESMA Guidelines on enforcement of financial information in the EU member states.

The report identifies that further improvements are needed in relation to:

how issuers are selected to examine their financial information; the depth of inquiries into financial statements going beyond correcting disclosure; and the financial and human resources allocated to the enforcement of financial information.

The report also notes that five of the jurisdictions – Malta, Portugal, Romania, Sweden, and UK – do not fully comply with the fifth of the final guidelines, which requires that use selection models in which all issuers are eligible to be selected for scrutiny.

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