Easy access to corporate information for investors: Council agrees its position on the European Single Access Point (ESAP) - Hoofdinhoud
Today, the Council agreed its position on three proposals creating the European Single Access Point (ESAP), which is the first action in the Capital Markets Union (CMU) Action Plan. This action aims at creating a single point of access to public financial and sustainability-related information about EU companies and EU investment products.
Free, user friendly, centralised and digital access to financial and sustainability-related information made public by European companies, including small companies, will facilitate the decision-making process for a broad range of investors, including retail investors. By increasing the circulation of information, including across borders, and by increasing the digital use of that information, ESAP will further foster the integration of financial services and capital markets within the Union and help achieving the objectives of the Digital Finance Strategy.
This proposal does not impose any additional information reporting requirements on European companies, as ESAP will provide access to information already made public in application of the relevant European directives and regulations. Sustainability information will be made available early on ESAP, supporting the objectives of the European Green Deal.
In its position, the Council designs a gradual phasing in of the ESAP platform to allow for a robust implementation. Based on coherent phases this phasing-in will ensure that European regulations and directives will in accordance with their priority enter into the scope of ESAP between 2026 and 2030. This ensures that sufficient time is available to define and implement the required technical aspects of the project. The Council position also provides for a regular assessment of ESAP’s functioning and a review clause that should guarantee the adequacy of the platform to the needs of its users and its technical efficiency.
To ensure the most efficient organisation at member states level, the Council’s position also provides for maximum flexibility to organise the collection of information in member states and relies on already existing schemes, in order to limit costs of adaptation for national authorities and reporting entities.
Background
This proposal is part of the Capital Markets Union package which the Commission presented on 25 November 2021.
The Council’s position agreed today spells out the position of member states ahead of negotiations with the European Parliament.
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