The European single access point for financial and non-financial information on European entities (ESAP) enters its implementation phase

The European single access point for financial and non-financial information on European entities is one of the first concrete achievements of the September 2020 European Capital Markets Plan. The project is also part of the Commission’s digital finance strategy and of the European Green Deal. 

The publication in the Official Journal of the European Union on 20 December 2023 of the ESAP Regulation and the associated Directive and Regulation amending certain regulations (together the “ESAP legislative package”) kicks off the operational implementation of the project.

A direct and centralised access to regulatory information 

ESAP is primarily designed for investors, financial analysts and market intermediaries, such as asset managers, financial advisers and data aggregators, but may also be useful to other types of users, such as civil society, academia, supervisory authorities and other public authorities.

All information made public by regulated entities (listed companies, institutional investors, asset managers, market operators, proxy advisors, etc.) in application of the 35 European legislations identified in the ESAP legislative package will be made accessible through this platform. The scope of this information may be extended as part of the review of existing regulations, or where new regulations are adopted. 

From 10 January 2030, additional information may be submitted on a voluntary basis.

Increasing the visibility of information

ESAP is expected to provide users with access to information via an Internet portal run by ESMA that will enable them to carry out searches in all the official languages of the Union, view the information and download it (including in large volumes). ESAP’s search functionality will make it possible to search for information based on the name of the entity, the type of information sought, the size of the entity, the country of its registered office or the economic sector(s) of its activities in particular. 

ESAP will also contribute to the gradual digitisation of European regulatory information by requiring the use of formats that allow data to be extracted, and by making it possible to define obligations to deposit information in machine-readable formats for some of the centralised information.

Defining the technical characteristics of the project

The technical characteristics of the project will be defined in 2024, in particular by means of delegated acts. On 8 January 2024, the Joint Committee of European Supervisory Authorities published two draft implementing technical standards aimed at specifying some of the tasks of the collecting bodies and some of the functionalities of ESAP. The public consultation, which is open to all future contributors to, and users of, ESAP, runs until 8 March 2024.

Implementing the collection process

The functioning of the ESAP platform will be based on a network of national and European bodies responsible for collecting, storing and transmitting the information and associated metadata to ESAP. 

The implementation of the project into national law will require the designation of some of these bodies.

Gradual phasing-in of information collected and made available

The information will be collected in three phases, gradually widening the scope of the regulatory information made available in ESAP. 

The first phase of data collection will concern information relating to the Transparency Directive, the Prospectus Regulation and the Short Selling Regulation, and will begin on 10 July 2026.

Subsequent phases will begin on 10 January 2028 and 10 January 2030 and will cover the rest of the identified perimeter. A review clause, which will take place no later than 10 January 2029, will enable the European Commission, in close collaboration with ESMA and on the basis of annual reports published by the European authority, to assess the implementation, operation and effectiveness of ESAP.

The legislations in scope are listed below. 

Contributing to the design of ESAP

The Joint Committee of European Supervisory Authorities (EIOPA, EBA and ESMA), is tasked to develop draft implementing technical standards specifying several tasks of collection bodies and certain functionalities of ESAP. 

The public consultation specifically addresses the following items: 

• In relation to the tasks of the collection bodies: the automatic validations to be performed for each type of information submitted, the characteristics of the qualified electronic seal that may be required for the authentication of filings, the characteristics of the API, the metadata, the time limits for transmission and the formats acceptable as data extractable and as machine readable ; and
• In relation to ESAP functionalities: definition of metadata including the specific legal entity identifier, the classification of the types of information, the categories of the size of the entities and the characterization of industry sectors. 

Respondents to the consultation are encouraged to provide background information and qualitative and quantitative data on costs and benefits, as well as concrete redrafting proposals in particular in case they envisage any technical difficulties in implementing the proposed requirements. The feedback will used as an input for the cost-benefits analysis of the final proposal. 

This public consultation is organised in three main parts: a reminder of the legal framework and the mandate given by the ESAP Regulation (section 4), a presentation of the two draft implementing technical standards (section 5) and specific questions (section 6).

The public consultation is open to all future contributors and users of ESAP. The Joint Committee will consider the feedback received to prepare the draft implementing technical standards to be submitted to the European Commission by 10 September 2024.

Legislationsin scope