European Union : Call for expressions of interest Consultative Working Group for ESMA's Corporate Reporting Standing Committee (CRSC)

Call for expressions of interest

Date: 5 January 2017 ESMA32-65-68

Consultative Working Group of ESMA's Corporate Reporting Standing Committee Background

The European Securities and Markets Authority (ESMA) is looking to newly constitute a Consultative Working Group (CWG) for the ESMA Corporate Reporting Standing Committee (CRSC) as the two-year-term of the existing CWG will expire shortly. ESMA is therefore calling for expressions of interest from stakeholders by 6 February 2017 to become a member of the CWG.

In accordance with the "Procedures for ESMA groups", the selection of CWG members is based on an open call for candidates, which is published on the ESMA website. The relevant extracts for CWGs are set out in the Appendix.

The CRSC

The CRSC undertakes ESMA's work on issues related to accounting (under International Financial Reporting Standards - IFRS), audit, periodic financial reporting, electronic reporting developments and storage of regulated information.

The remit of the CRSC mainly include contribution and/or monitoring of regulatory developments as well as establishing appropriate supervisory convergence in the areas mentioned above with reference mainly to requirements of the Transparency Directive, Accounting Directive, IAS Regulation and Audit Regulation.

Description of main CWG tasks

CWG members are expected to provide assistance on the CRSC's various work streams such as providing input on its working programme and its projects, such as the draft Regulatory technical standard on requirements introduced by the amended Transparency Directive, establishment of common enforcement priorities, application of Guidance on Alternative Performance Measures, issuance of comment letters on new IFRS, etc.

Selection criteria

This call for expressions of interest is open to relevant individuals holding the nationality of a Member State of the European Union (EU).

The CWG, which will not exceed 18 members in total, will be composed of individuals with relevant areas of expertise in the field of corporate reporting (areas covered by the CRSC).

ESMA • CS 60747 - 103 rue de Grenelle • 75345 Paris Cedex 07 • France • Tel. [phone] • www.esma.europa.eu

Whilst primarily focusing on the qualifications of the members in terms of knowledge and experience during its selection, ESMA will endeavour, to the extent possible, an appropriate geographical and gender balance, and representation of all relevant stakeholders across the EU affected by the work of the CRSC. In particular, ESMA will be seeking to ensure a balanced representation of the following types of stakeholders:

• Users of financial information;

• Retail and institutional investors;

• Issuers of securities;

• Accountants and auditors;

• Parties involved in the storage of regulated information and its use; and

• Academics.

  Assessment of eligibility will be based on the following criteria:

• A minimum of 10 years of relevant professional experience in the financial reporting activities will be required for the accountants and auditors;

• A minimum of 7 years of experience relevant to the corporate reporting field will be required for the stakeholders from the other categories.

Selection process

Applications will be accepted from natural persons only. Only the natural person selected will be admitted to the CWG. No substitution (alternates) of natural persons will be permitted throughout the full duration of the appointment, or during possible renewals.

Applicants not selected may be included on a list of experts, with the possibility of being invited to become CWG members at a later stage.

ESMA's Executive Director, in consultation with the Head of Investors and Issuers Department and the Chair of CRSC, will make the final selection of CWG members.

ESMA reserves the right to exclude at any time from the CWG those members who breach the terms of reference contained in the annex in a serious manner, particularly when it comes to a minimum level of attendance, breaches of confidentiality or misrepresentation of their status of CWG members (points 3.B.iv, 3.B.v and 6 of the Annex 1).

Place of provision of services

The CWG will meet at least two times a year and meetings are expected to take place at ESMA premises in Paris. CWG members are strongly encouraged to attend all meetings organised by ESMA. Periodic interactions through conference calls with members of the CRSC are also anticipated.

Travel expenses, compensation

As a general rule, CWG members are expected to meet their own travel expenses. A compensation for services as a CWG member is not being paid.

However, members representing consumer protection or non-governmental associations, retail investors and academics can be eligible for reimbursement of travel expenses and the payment of a daily allowance in accordance with ESMA policy.

Application procedure, closing date

Relevant stakeholders meeting the required selection criteria and wishing to apply for a position on the CWG are invited to submit, in English:

• A completed application form;

• A detailed curriculum vitae (CV). The model European CV (recommended) can be downloaded at this link:

https://europass.cedefop.europa.eu/en/documents/curriculum-vitae/templates- instructions

It is mandatory for applicants to attach a letter of motivation (maximum 2 pages). Unclear or incomplete applications shall not be considered.

Applicants are obliged to keep ESMA informed of any change in their situation or address, so that their application may be kept up to date.

Applications must be submitted by no later than 6 February 2017 (the date of receipt is taken as a proof) by email to the following email address: [e-mail]

Successful applicants will be informed in due course following the conclusion of the application process.

ESMA will publish the composition of the Group on its website.

Appendix: Extracts from ESMA's 'Procedures for ESMA groups' II. EXTERNAL CONSULTATIVE WORKING GROUPS

1. ESMA groups reporting to the Board of Supervisors may establish Consultative Working Groups (CWGs) in order to benefit from the expertise of market participants who are specialised in the specific area for which the group is responsible. The purpose of CWGs is to provide advice to the ESMA group during the course of developing a policy line in relation to specific technical matters, or to give a view on specific aspects of the proposals. The role and responsibilities of CWGs are without prejudice to those of the Securities and Markets Stakeholder Group.

2. CWG members are selected following an open call for candidates published on the ESMA website, including advice from members of the Board of Supervisors and the Standing Committee, with a final selection being made by the Executive Director in consultation with the relevant Head of Division/Unit of ESMA and the Chair of the relevant group. CWG members are appointed on a personal basis. Members of the CWG may be removed upon decision of the Executive Director in consultation with the Chair of the relevant group.

3. Terms of reference of CWGs are given in Annex 1.