Regulation (EU) 2023/2869

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 amending certain Regulations as regards the establishment and operation of the European Single Access Point (ESAP). 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: The purpose of this Regulation is to harmonise the publication obligations of public information that should be accessible through ESAP. A number of regulations in the field of financial services, capital markets and sustainability need to be amended in order to enable the functioning of ESAP. To allow ESAP to operate in a sound and efficient manner, the increase in information collection and submission should be gradual. Members made changes to the relevant regulations, in particular as regards the dates by which information on the European Single Access Point (ESAP) must be made available. - facilitating access to public information is crucial to increase opportunities for small and medium-sized enterprises' growth, visibility and innovation, including easier access to information provided on a voluntary basis; - ESAP should provide the public with an easy centralised access to information about entities and their products in relation to financial services, capital markets and sustainability that entities and authorities are required to publish in accordance with a number of Directives and Regulations in that field in accordance with a file-once principle and without entailing any additional reporting requirements beyond those specified by law; - collection bodies should make the information available to ESAP in automated ways and without undue delay, drawing to the extent possible upon the existing collection procedures and infrastructures in place, at Union and national level, for the transmission of information from collection bodies to ESMA; - as regards implementing technical standards concerning sustainability information, the Joint Committee of the European Supervisory Authorities should consult the European Financial Reporting Advisory Group (EFRAG) on the development of those draft…

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