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

Thursday 4 March 2021 13:35 CET | News

The European Securities and Markets Authority (ESMA) has proposed an improvement of the Transparency Directive (TD) following the Wirecard case. 


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.

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Keywords: European Commission
Categories: Banking & Fintech
Countries: Europe
This article is part of category

Banking & Fintech