ESMA proposes improvements to Transparency Directive after Wirecard case

03 March 2021

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Thursday, March 4, 2021

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03 March 2021
Corporate Disclosure

Guidelines and Technical standards

Supervisory convergence

Transparency

The European Securities and Markets Authority (ESMA), the EUs securities markets regulator, has written to the European Commission (EC) with its proposals to improve the Transparency Directive (TD) following the Wirecard case.
In addition, the letter addresses some of the deficiencies encountered when conducting the ESMA Peer Reviews on the application of Guidelines on Enforcement of financial information in 2017 and in the context of the Wirecard case.
Background
In November 2020 ESMA published the results of its Peer Review which assessed the events leading to the collapse of Wirecard and the supervisory response by BaFin and the Financial Reporting Enforcement Panel.
In July 2017 ESMA published the results of its Peer Review on the application of ESMA Guidelines on enforcement of financial information.