Update on progress towards the European Single Access Point (ESAP)

On 25 November 2021, the European Commission adopted a legislative proposal for the establishment of a European Single Access Point (ESAP). This centralised platform will provide access to up-to-date financial, capital markets and sustainability-related data, which financial services firms and competent authorities are required to make public or submit on a voluntary basis. 

Not only will the ESAP facilitate the decision-making process by increasing the circulation of information (incl. across borders), it will also enable small companies to attract the attention of investors and cross-border sources of finance. In addition, investor requirements for sustainability reporting can be met and the objectives of the European Green Deal can be supported. Furthermore, the ESAP is a core factor for achieving the EU’s Digital Strategy and the Digital Finance Strategy.

Important amendments proposed by the European Parliament

At the end of September 2022, the European Parliament published draft reports on the ESAP package consisting of:

• The proposal for a regulation establishing ESAP;
• The proposal for the Omnibus Directive;
• The proposal for the Omnibus Regulation.

We have summarised the key takeaways for you below.

Proposed time shifts:

• The establishment of the ESAP by the European Securities and Markets Authority (ESMA) should be postponed by one year, from 31 December 2024 to 31 December 2025.
• There is also a change in the timetable regarding the availability of functionalities (machine translation service and notification service) in the ESAP, which ESMA must ensure. The draft report proposes that this assurance obligation must be fulfilled not by 31 December 2025, but by 31 December 2026.

Information disclosed on a voluntary basis:

• The draft reports provide more details on the information to be disclosed on a voluntary basis. In particular, 
  • it has been expanded to also include information related to the workplace, diversity and inclusion;
  • it might have to be disclosed as of 1 January 2027;
  • its substance and format should be of comparable value and reliability to the information for which disclosure is mandatory.
• The Member States must identify at least one collecting body to collect information submitted on a voluntary basis. It could be the same as the one collecting the information submitted on a mandatory basis. 
• The draft version of Implementing Technical Standards (ITS) should be submitted by the Joint Committee of the European Supervisory Authorities by 30 June 2025.

Costs and fees:

One further important amendment relates to fees charged for specific services. The drafts propose making it mandatory for ESMA to charge fees for services that entail high maintenance or support costs or that involve searches and downloads of large volumes of information, in particular if such information is of commercial relevance.

How can we support you?

Feel free to contact us if you’d like to gain a better understanding of how the ESAP will impact your business and how we might support you.