The European Commission came up with the proposal for a regulation on the establishment of European Single Access Point (ESAP) in November 2021. Member states reached the agreement on the Council’s position on 29 June 2022. The discussions in the European Parliament are still ongoing. By 31 December 2025, ESMA should ensure that ESAP provides users with a minimum set of functionalities, to be completed by 31 December 2026. ESAP should only provide access to the information submitted as from 1 January 2026.
- From 1 January 2027, the sustainability-related information, provided according to the Sustainable Finance Disclosure Regulation (SFDR), should be available in ESAP.
- From 1 January 2029, voluntary submission of information to ESAP would be available. From 31 December 2029, ESMA shall ensure that information submitted on a voluntary basis, is presented in such manner that it can be clearly distinguished from mandatory information.
- The Joint Committee of the European Supervisory Authorities shall submit the above-mentioned implementing technical standards (ITS) on the functionality of ESAP to the Commission one year after entry into force of the ESAP regulation. Draft implementing technical standards to specify metadata and templates for information submitted on voluntary basis shall be developed by 30 June 2028.
In addition, you will find below the list of directives and regulations, which will be amended to establish ESAP:
Legal act |
Amendments effective from |
|---|---|
| Regulations |
|
| Regulation (EU) 2017/1129 on the prospectus |
36 months after entry into force of ESAP regulation |
| Regulation (EU) No 236/2012 on short selling and certain aspects of credit default swaps |
1 January 2027 |
| Regulation (EU) No 596/2014 on market abuse (market abuse regulation) | 1 January 2027 |
| Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector | 1 January 2027 |
| Regulation (EC) No 1060/2009 on credit rating agencies | 1 January 2029 |
| Regulation (EU) No 345/2013 on European venture capital funds (EuVECA) | 1 January 2029 |
| Regulation (EU) No 346/2013 on European social entrepreneurship funds (EuSIF) | 1 January 2029 |
| Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms (CRR) | 1 January 2029 |
| Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) | 1 January 2029 |
| Regulation (EU) 2015/760 on European long-term investment funds (ELTIF) | 1 January 2029 |
| Regulation (EU) 2017/1131 on money market funds (MMFs) | 1 January 2029 |
| Regulation (EU) 2019/1238 on a pan-European Personal Pension Product (PEPP) | 1 January 2029 |
| Regulation (EU) 2015/2365 on transparency of securities financing transactions and of reuse | 1 January 2030 |
| Benchmarks Regulation (EU) 2016/1011 | 1 January 2030 |
| Regulation (EU) No 600/2014 on markets in financial instruments (MiFIR) | 1 January 2030 |
| Regulation (EU) 2019/2033 on the prudential requirements of investment firms | 1 January 2030 |
| Directives | |
| Transparency Directive 2004/109/EC |
36 months after entry into force of ESAP regulation |
| Directive 2007/36/EC on the exercise of certain rights of shareholders in listed companies | 1 January 2027 |
| Directive 2013/34/EU on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings | 1 January 2027 |
| Directive 2004/25/EC on takeover bids | 1 January 2029 |
| Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) | 1 January 2029 |
| Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) | 1 January 2029 |
| Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD) | 1 January 2029 |
| Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate (CRD) | 1 January 2030 |
| Directive 2013/36/EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms | 1 January 2030 |
| Directive 2014/65/EU on markets in financial instruments (MiFID) | 1 January 2030 |
| Directive (EU) 2019/2034 on the prudential supervision of investment firms | 1 January 2030 |
| Directive (EU) 2019/2162 on the issue of covered bonds and covered bond public supervision | 1 January 2030 |
Contact
Please reach out to Dr. Antonios Koumbarakis, Sofia Jaccard, Astrid Offenhammer or Lukas Vogt
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