On the 25th September 2015, the European Securities and Markets Authority (ESMA) launched a public consultation on its regulatory technical standards relative to the European Single Electronic Format (ESEF).

In terms of the Transparency Directive, as duly amended, issuers listed on regulated markets are required to prepare their annual financial reports (AFR) in an ESEF as of the 1st January 2020.

ESEF seeks to facilitate submission for issuers whilst allowing accessibility, analysis and comparability for investors and regulators. Accordingly, ESMA’s said consultation paper analyses the current electronic reporting system and examines possible solutions with regard to the establishment of an ESEF.

The consultation closes on 24 December 2015.