October 16 2019. The German Association of Investment Professionals (DVFA e.V.), and here the Corporate Analysis Commission, of which I am a member, commented on the German draft law for the further implementation of the Transparency Directive – amendment directive with regard to a uniform electronic format for annual financial reports – dated October 16, 2019 .

The objectives of the EU directive to improve the European capital market and the associated automation require valid data from the issuers. This cannot be achieved without technically ensuring compliance with submission and validation rules!

Excerpt from the statement of the DVFA e.V., Corporate Analysis Commission: “We therefore propose, within the framework of the law, to authorize the Federal Gazette … to issue regulations on the “technical submission and validation rules” to be complied with by issuers. § 328 HGB, according to which these “technical submission and validation rules” must be adhered to in the context of disclosure, as well as to impose on the federal pointer in § 329 HGB the right and obligation to check the ESEF data for compliance with the submission and validation rules and reject these if necessary.”

Source:

DVFA e.V., Stellungnahme zum Referentenentwurf des Bundesministeriums der Justiz und für Verbraucherschutz und des Bundesministeriums der Finanzen – Entwurf eines Gesetzes zur weiteren Umsetzung der Transparenz-richtlinie – Änderungsrichtlinie im Hinblick auf ein einheitliches elektronisches Format für Jahresfinanzberichte vom 16.10.2019