Your one-stop-shop in the world of EU financial markets features in the August issue the second Trends, Risks and Vulnerabilities (TRV) Report of 2022. The Russian war on Ukraine against a backdrop of already-increasing inflation has profoundly impacted the risk environment of EU financial markets, with overall risks to ESMA’s remit remaining at its highest level.

In addition, ESMA provided comments to the European Financial Reporting Advisory Group on the first draft of the European Sustainability Reporting Standards, highlighting the support for a strong materiality assessment but expressing concern with the suggested ‘rebuttable presumption’ approach.

Turning to benchmarks, we published a response to the European Commission’s consultation on the regime applicable to the use of benchmarks administered in a third country. Comments relate to the functioning of the current regime and propose improvements to the regulatory and supervisory framework as well as the EU benchmark labels.

Finally, don’t overlook the annual update of the Reporting Manual on the European Single Electronic Format. This year’s highlight is the new guidance in relation to the ESEF RTS requirement to mark up the notes to the IFRS consolidated financial statement following the “block tagging” approach.

Other key publications:

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