On 18 July 2017, ESMA published the results of its peer review investigating how national competent authorities ("NCAs") supervise financial information as per the Guidelines on Enforcement of Financial Information. The report addresses areas where NCAs can improve their enforcement and makes recommendations to this effect, specifically:

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

The full text of the peer review is available here:

https://www.esma.europa.eu/press-news/esma-news/esma-recommends-improvements-in-financial-information-enforcement

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