{"id":10651,"date":"2016-04-14T11:13:40","date_gmt":"2016-04-14T09:13:40","guid":{"rendered":"https:\/\/www.fma.gv.at\/en\/capital-markets\/disclosure-requirements\/regelpublizitaet\/"},"modified":"2024-02-28T20:51:44","modified_gmt":"2024-02-28T19:51:44","slug":"periodic-disclosure","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/capital-markets\/supervision-of-issuers\/disclosure-requirements\/periodic-disclosure\/","title":{"rendered":"Periodic Disclosure"},"content":{"rendered":"

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 periodic disclosure obligations under the Stock Exchange Act 2018<\/a> (BörseG 2018; Börsegesetz 2018) include the publication of annual financial reports (Article 124 BörseG 2018<\/a>) and half-yearly financial reports (Article 125 BörseG 2018<\/a>).<\/p>

The obligation to publish quarterly financial reports ceased to apply from 26 November 2015 following the transposition of the Transparency Directive 2013\/50\/EU<\/a> into Austrian law.<\/p>

Article 126 BörseG 2018<\/a> states that exchange operating companies may under certain circumstances demand the publication of quarterly reports by issuers in the market segment that has the strictest requirements. For further details, please consult Article 126 BörseG 2018<\/a>.<\/p>

\nInformation note on periodic reporting under the B\u00f6rseG (Format: <\/span>pdf, Size: <\/span>96,2 KB, Language: <\/span>English)<\/a>\n<\/p>

Furthermore, the FMA advises pursuant to Article 150 para. 1 in conjunction with Article 124 BörseG 2018 that the cost-benefit analysis pursuant to Article 4(7) of Directive 2013\/50\/EU is conducted by ESMA<\/abbr> .<\/p>

Mandatory publication of annual financial reports in ESEF format<\/strong><\/h3>

Pursuant to Article 150 no. 1 of the Stock Exchange Act 2018 (BörseG 2018; Börsegesetz 2018) – subject to changes in the European and Austrian legal bases at short notice – all annual financial reports pursuant to Article 124 BörseG 2018 for financial years starting on or after 1 January 2020 are required to be drawn up in the European Single Electronic Format (“ESEF”). Commission Delegated Regulation (EU) 2019\/815<\/a> of 17 December 2018 supplementing Directive 2004\/109\/EC<\/a> of the European Parliament and of the Council with regard to regulatory technical standards on the specification of a single electronic reporting format was published in the Official Journal of the European Union, L 143, on 29 May 2019. The Regulation entered into force on the twentieth day following its publication and applies to all annual financial reports with financial statements for financial years beginning on or after 01 January 2020. The Regulation stipulated that the annual financial reports are to be published in inline XBRL (iXBRL<\/abbr> ) format.<\/p>

The Regulation is directly applicable in European Union Member States and defines the electronic format in which annual financial reports pursuant to Article 124 BörseG 2018 are required to be published, in order to meet the transparency requirements under stock exchange law. It will thereby no longer suffice to publish the listed annual financial reports in .pdf format.<\/p>

In addition, the European Commission has also published a Commission Interpretative Communication on the preparation, audit and publication of the financial statements included in the annual financial reports drawn up in accordance with Commission Delegated Regulation (EU) 2019\/815 on the European Single Electronic Format (ESEF)<\/a>.<\/p>

The FMA<\/abbr> wishes to assist issuers to the best of its abilities in implementing the standards stated in the Regulation and therefore uses this opportunity to provide responses to general and current issues in relation to the application of the new rules. The following Q & As<\/abbr> are based on the “ESEF Regulation”. They do not constitute a Regulation (under national law). The Q & As<\/abbr> serve as guidance and reflect the FMA<\/abbr> ‘s legal interpretation and the FMA<\/abbr> ‘s practical recommendations for conduct. No rights and obligations beyond those stipulated in the legal provisions can be derived from these Q & As<\/abbr> .<\/p>

We would like to advise in designing the ESEF<\/abbr> annual financial reports that in addition to the rules set out in the Regulation that in any case apply, the ESMA<\/abbr> Reporting Manual (cf. also the Q & As<\/abbr> , question no. 5) as well as the general specifications for the XBRL and iXBRL formats are also to be observed. Furthermore, we would like to offer you the opportunity to address questions to the FMA<\/abbr> that you might have about the ESEF<\/abbr> as well as the legal standards for its application. We will collect your questions and will update the Q & A<\/abbr> document at appropriate intervals to include your questions and responses to them. Please address your questions to: patrick.geiger@fma.gv.at<\/a>.<\/p>

Q & As<\/abbr> on the European Single Electronic Format (ESEF<\/abbr> )<\/strong><\/h3>