Many European banks and insurance companies are failing to comply with mandatory disclosure rules relating to financial instruments, according to the Committee of European Securities Regulators (CESR).
CESR, which advises the European Commission on securities regulation, analyzed compliance with the disclosure rules in IFRS 7 – Financial Instruments: Disclosures. It found that a significant minority of listed banks and insurers, including some of Europe’s biggest players, were not releasing information that it said was “key to understanding a company’s financial position and performance.”
