Following the Wirecard case, ESMA proposes improvements of the Transparency Directive

ESMA recommends that the European Commission (EC) considers modifying the TD to meet four aims. One of these aims is referring to a better cooperation between authorities across the EU. Besides, ESMA proposes a better coordination and governance on a national level, which should clarify the responsibilities, reporting obligations, and roles when delegation or designation models concerning enforcement of financial information are implemented.

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.