The Information Challenge
The European Commission capital markets union project has
included many initiatives aimed at ensuring that investors have as
much relevant information as possible, including Directive 2014/50/EU (the
"Transparency Directive"). Nevertheless,
EU legislation does not yet provide a simple mechanism giving
access to a comprehensive range of information about European
companies, the securities they issue and the financial products
they offer. Instead, data is mostly stored in local national
databases, using different infrastructure and formats. Plans are
being implemented to try and change this situation.
European Single Electronic Format ("ESEF")
In 2013 the Transparency Directive was amended to include,
amongst other things, a requirement for issuers to prepare their
annual financial reports ("AFRs") in a
single electronic reporting format. The European Securities and
Markets Authority ("ESMA") was assigned
the responsibility to develop
