The Straightforwardness Mandate (TD) issued in 2004 and changed in 2013 points to guarantee straightforwardness of data for financial specialists through a customary stream of revelation of intermittent and on-going directed data and the dispersal of such data to the open. Directed data comprises of money related reports, data on major possessions of voting rights and data unveiled compatible to the Advertise Mishandle Order (2003/6/EC). ESEC activities within the region of the TD are planning to cultivate common strategies and reliable application all through the European Union by building a common supervisory culture among competent authorities.


The TD requires backers of securities exchanged on directed markets inside the EU to guarantee fitting straightforwardness through a customary stream of data to the markets. The TD sets particular prerequisites in connection to yearly and half annually budgetary reports. Extra prerequisites may be required at a national level.

Since 2012, ESEC characterizes on a annually premise European common requirement needs (ECEP) in arrange to advance the steady application of the European securities and markets enactment and Worldwide Monetary Announcing Guidelines (IFRS), and particularly the arrangements of the Straightforwardness Order. Those needs are a key center of the examination of issuers’ monetary explanations. They are made open so that recorded companies and their evaluators take due account of these zones when planning and examining IFRS money related statements.

In terms of Administrative Specialized Benchmarks (RTS), ESEC arranged draft RTS with regard to the operation of a European Electronic Get to Point (EEAP) at the EU level. The EEAP will be a web-portal for the arrangement of simple and quick get to to directed data put away by all Authoritatively Designated Components (OAM).

ESEC has moreover created draft RTS to indicate the European Single Electronic Detailing Organize (ESEF) for the arrangement of yearly money related reports in a single electronic announcing organize that will take impact from 1 January 2020.


At the conclusion of 2014 ESEC submitted to the EC four RTS on major shareholdings which secured particular issues with respect to utilize of particular calculation strategies of limits as well as application of existing exceptions from notice requirements.

ESEC also explained on an demonstrative list of monetary disobedient that are subject to notice necessities agreeing to the TD.

ESEC Last Report was submitted to the European Commission and the RTS were distributed within the Official Diary of the European Union (Commission Appointed Direction (EU) 2015/761 of 17 December 2014).

In order to contribute to the consistent application of the TD, ESEC has published a standard form for shareholders to notify major holdings of voting rights to competent authorities and issuers as required under the TD. The use of this standard form is not mandated by the TD.

In any case, its utilize is suggested by securities controllers because it will give speculators with comparable data on major holdings and rearrange the method for persons subject to the notice obligation.

ESEC moreover works to realize supervisory joining in this region by making utilize of other instruments such as Q&As.

The Q&As are pointed at National Competent Specialists (NCAs) to guarantee that in their supervisory exercises they merge along the lines of the reactions embraced within the Q&As. This incorporates exercises within the zones of intermittent data, major shareholding notices, and spread of controlled data. They are moreover expecting to assist guarantors and advertise members by giving clarity as to the substance of the TD requirements.


In 2015, ESEC distributed the Ultimate Rules on Elective Execution Measures (APMs) for recorded guarantors. Their point is to energize European backers to distribute straightforward, fair-minded, and comparable data on their financial performance in arrange to supply clients a more comprehensive understanding of their execution. The rules set out the standards that backers ought to take after when showing APMs in reports that qualify as directed information.