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On 25 September 2015, ESMA published a consultation paper on draft Regulatory Technical Standards on the European Single Electronic Format, as required by the Transparency Directive.
On 25 September 2015, ESMA published a consultation paper on
draft Regulatory Technical Standards ("RTS") on the
European Single Electronic Format, as required by the Transparency
Directive.
ESMA considered that some sections of the Annual Financial
Reports ("AFR") are not suitable because, in order to
have effect and admissibility in court, the document should be in
human-readable form. ESMA proposes that the AFR should consist of a
dual data format including structured (machine-readable data with
embedded coding) and non-structured (human-readable) electronic
formats.
ESMA highlights that the adoption of a standardised taxonomy to
classify financial information would be very hard to achieve due to
the differences in accounting standards across the EU and the
problems it creates for narrative reporting.
The consultation will be open until 24 December 2015 and ESMA
must submit the draft RTS to the European Commission by 31 December
2016.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
