Financial reporting constitutes the central form of reporting of stock-exchange listed companies, upon which all market participants (investors, banks, analysts and supervisory authorities) must be able to rely. Financial reporting forms the basis for drawing up of analysis reports and ratings and helps investors to reach their investment decision. The regular disclosure obligations under the Stock Exchange Act 2018 (BörseG 2018; Börsegesetz 2018) include the publication of annual financial reports (Article 124 BörseG 2018) and half-yearly financial reports (Article 125 BörseG 2018).
The obligation to publish quarterly financial reports has ceased to apply since 26 November 2015 following the transposition of the Transparency Directive 2013/50/EU into Austrian law.
Since Article 126 BörseG 2018 states that the operator of a regulated market may demand from issuers, whose securities are admitted to trading on this market, that they publish a quarterly report in the market segment with the strictest requirements, Wiener Börse amended the terms of business for the “Prime Market” market segment with effect from 26 November 2015 accordingly, and prescribes the mandatory publication of quarterly reports in this segment.
The FMA informs securities issuers, that in the future in accordance with the standards in the Transparency Directive annual financial reports for financial years starting from 01.01.2020 will be required to be published in the European Single Electronic Format (“ESEF”). Links to the draft Regulatory Technical Standards (RTS) have been made available, which at the same time also provide an overview about the planned process for the acceptance of the technical standards on the reporting format by the European Commission.