The Spanish Securities Commission (CNMV) published its annual report on the supervision of listed issuers’ 2024 annual financial reports, summarising enforcement activity and setting the main areas it will prioritise when reviewing 2025 annual accounts. The report records requests for additional information addressed to 33 entities and recommendations issued to a further 19, and reiterates expectations on consistency between financial reporting and sustainability information, transparency on the potential financial statement impacts of requirements entering into force in future years, and adherence to European guidance on Alternative Performance Measures (APMs). All filings underwent a formal compliance review, with a deeper substantive review performed on a selected set of audited financial statements. During 2025, the CNMV issued formal requests to six entities on presentation or filing issues and sought additional information from 27 issuers, mainly to expand disclosures in the annual financial report (26 entities) and to provide further information on recognition or measurement accounting policies (24 entities). Separate outreach covered APM-related clarifications or recommendations for 15 companies and European Single Electronic Format (ESEF) matters for 17 companies, and one issuer restated figures for the year ended 31 December 2023 in its 2024 annual financial report. A thematic review in 2025 examined disclosures on firm investment commitments at year-end and their implications for liquidity risk exposure, leading to additional information requests for 70% of the sampled entities that disclosed such commitments and a requirement for two entities to state explicitly whether they had asset acquisition commitments. For the next review cycle covering 2025 annual accounts, the report notes that the European Securities and Markets Authority (ESMA) and national European supervisors will focus on geopolitical risks and uncertainties, segment reporting, and common ESEF tagging errors in the cash flow statement, alongside the cross-cutting themes of financial and sustainability reporting coherence, forward-looking transparency on incoming regulation, and APM reporting. As an additional CNMV priority, supervision will also scrutinise disclosures on the judgements used to determine whether the reporting entity has significant influence, control, or joint control over an investee.

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