Regulation (EU) 2023/2859 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability

What it is

PURPOSE : to amend certain Regulations as regards the establishment and functioning of the European single access point (ESAP) in particular as regards the collection of information. PROPOSED ACT: Regulation 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 regulation of the European Parliament and of the Council establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability). 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: Members proposed to extend by one year the start date for the new European single access point. Therefore, by 31 December 2025, the European Securities and Markets Authority (ESMA) should establish and operate a European single access point (ESAP) providing centralised electronic access to information made public pursuant to the relevant provisions in the directives and regulations listed in the Annex and pursuant to any further legally binding Union act which provides for centralised electronic access to information through ESAP as well as other information of relevance to financial services provided in the Union or to capital markets of the Union or concerning sustainability and workplace diversity and inclusion that entities wish to make accessible on ESAP on a voluntary basis about their economic activities. If available, ESAP should provide access to information submitted before 1 January 2025. Voluntary submission of information for accessibility on ESAP The report stipulated that from 1 January 2027, any entity may submit to a collection body the abovementioned information to make that information accessible on ESAP upon its establishment. Each Member State should designate at least one collection body for the collection of information submitted on a voluntary basis. The substance and format of that information should be of comparable value and reliability to that referred to above. When submitting that information, the entity should: - provide the collection body with a minimum level of metadata about the information submitted, including metadata specifying the voluntary nature of the submission of such information; - provide the collection body with its legal entity identifier; - use at least a data extractable format for…

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