By virtue of the amended Transparency Directive Issuers listed on regulated markets are required to prepare their annual financial reports (AFR) in an European Single Electronic Format (ESEF) from 1 January 2020.
There are two objectives behind the ESEF:
- To facilitate the submission for issuers;
- To facilitate the accessibility, analysis and comparability for investors and regulators.
To this end, ESMA launched a consultation on the regulatory technical standards pertaining to the ESEF which also explores ways forward with respect to the establishment of an ESEF.