Yesterday, the Council agreed its position on the European single access point (ESAP) proposal, which is part of the Capital Markets Union (CMU) package. It aims to create a single point of access to public information about EU companies and EU investment products.
ESAP is expected to make it easier for European companies and financial products to attract investors, as, via the platform, investors will obtain easy and fast access to the relevant information they require to take good investment decisions.
In its position, the Council specified that the national competent authorities should be the collection bodies of the information which will be provided on the ESAP platform. This proposal will not impose any additional types of data reporting requirements on European companies, as the ESAP platform will contain already established types of data, as well as publicly available information, including:
- (consolidated) annual financial statements,
- (consolidated) management reports,
- audit reports and
- reports on payments to governments.
Well-structured metadata will make it possible to extract and compare information. The European Insurance and Occupational Pensions Authority (EIOPA) shall develop draft implementing technical standards to specify:
- the further metadata to accompany the information;
- the structuring of data in the information;
- for which information a machine-readable format is required and which machine-readable format is to be used
EIOPA will submit those draft implementing technical standards to the Commission, which will be empowered to adopt the implementing technical standards.
In its position, the Council specifies that there should be a gradual phasing in of the ESAP platform, with essential parts to become operational between 2026 and 2030.
This proposal is part of the Capital Markets Union package which the Commission presented on 25 November 2021.
The Council’s position agreed yesterday spells out the position of member states ahead of negotiations with the European Parliament.
Source: Council of the EU - Press material