Directive (EU) 2023/2864

What it is

PURPOSE : to amend certain Directives as regards the establishment and functioning of the European single access point (ESAP). PROPOSED ACT: Directive of the European Parliament and of the Council. ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council. BACKGROUND: the establishment of a European Single Access Point (ESAP) by 2024 is a flagship action of the Capital Markets Union (CMU) Action Plan adopted by the European Commission in September 2020. ESAP will contribute to the achievement of the CMU’s objectives by providing EU-wide access to information published by entities that is relevant to capital markets, financial services and sustainable finance , i.e. mainly information about their economic activities and products. The Committee on Economic and Monetary Affairs adopted the report by Pedro SILVA PEREIRA (S&D, PT) on the proposal for a directive of the European Parliament and of the Council amending certain Directives as regards the establishment and functioning of the European single access point. The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows: Amendment to Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate Members proposed that to ensure consistency with the digital mark-up of sustainability information, ESMA should consult EFRAG on the development of draft implementing standards pertaining to the disclosure of sustainability information. If necessary, ESMA should adopt guidance for entities to ensure that the submitted metadata is relevant. Amendments 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 For the purposes of ensuring the efficient collection and administration of the regulated information submitted in accordance with the Directive, the report stated that ESMA should develop draft implementing technical standards to specify: (a) any other metadata to accompany the audit report and the assurance report on sustainability reporting; (b) the structuring of the data and the machine-readable format applicable to the information. Before developing the draft implementing technical standards, ESMA should carry out a cost-benefit analysis and assess the advantages and disadvantages of different machine-readable formats and conduct appropriate field tests. Amendment to Directive 2013/34/EU on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings Concerning the single electronic reporting format, the report stated that undertakings subject to the requirements of Directive should prepare their financial statements and management report in the electronic reporting format set out in Commission Delegated Regulation (EU) 2019/815. Parent undertakings subject to the requirements of this Directive should also…

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