The Commission presented a report on the exercise of the power to adopt delegated acts conferred on the Commission pursuant to Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market.
Directive 2010/78/EU amended the Directive 2004/109/EC and conferred powers on the Commission to adopt delegated acts as referred to in certain Articles of Directive 2004/109/EC. These powers have been conferred on the Commission for a period of 4 years from 4 January 2011 until 3 January 2015.
This report will cover the period 4 January 2011 to 3 October 2015. Throughout the reporting period, the Commission exercised only the empowerments under Article 23(4). The following delegated acts have been adopted:
(1) Commission Delegated Regulation (EU) No 310/2012 amending Regulation (EC) No 1569/2007 establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant to Directives 2003/71/EC and 2004/109/EC of the European Parliament and of the Council.
By this delegated regulation, the Commission:
(2) Commission Delegated Regulation (EU) 2015/1605 amending Regulation (EC) No 1569/2007 establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant to Directives 2003/71/EC and 2004/109/EC of the European Parliament and of the Council.
By this delegated regulation, the Commission extended the period, for which a mechanism for the recognition of equivalence of third country's GAAP for a limited period may be applied, until 31 March 2016. Based on the mechanism set out in Regulation 1569/2007, the Commission recognised the GAAP of the Republic of India as equivalent to IFRS in the Union for a limited period of time until 31 March 2016.
It must be noted that the Commission adopted most of the implementing provisions to Directive 2004/109/EC by a Commission Directive 2007/14/EC of 8 March 2007.
In conclusion, the Commission considered that it has exercised its delegated powers correctly to ensure that the necessary provisions were in place.