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European single access point
SUMMARY OF:
WHAT IS THE AIM OF THE REGULATION?
- Regulation (EU) 2023/2859 aims to further integrate European Union (EU) financial services and capital markets by providing easy centralised electronic access to public information about entities1 and their products.
- The regulation does so by instructing the European Securities and Markets Authority (ESMA) to establish and operate a European single access point (ESAP) for the information by .
KEY POINTS
The access point will contain the following data, which will be collated by specific collection bodies2:
- information required by existing EU law (the Annex lists the 19 regulations and 16 directives in force) and any subsequent legally binding acts;
- information submitted voluntarily.
The regulation sets out a timetable for voluntary submissions:
- by , the relevant European supervisory authorities must draft the necessary technical standards and submit these to the European Commission;
- by , EU Member States must designate at least one collection body to receive the information;
- from , an entity may submit information, along with the appropriate metadata3, to a national collection body.
The collection bodies:
- collect, store and validate the information;
- provide the single access point with the information and metadata free of charge within time limits;
- ensure the information is available to the access point for at least 10 years or for not longer than 5 years when the information contains personal data, or it is historical information4;
- may reject information they consider to be manifestly inappropriate, abusive or outside the scope of the legislation;
ESMA:
- publishes a list of the collection bodies and keeps it up to date;
- establishes an effective and proportionate IT security policy for the access point, periodically reviewing it in light of cybersecurity trends and developments;
- checks that the access point provides the functions listed in the legislation;
- ensures access to information is non-discriminatory and that users, particularly EU and national institutions, news organisations, academia and non-governmental organisations, have direct and immediate access free of charge;
- may charge fees for specific services with high costs or downloads of large volumes of information;
- uses automated validations to verify that the information submitted by collection bodies complies with the regulation;
- cooperates closely with the European Banking Authority and the European Insurance and Occupational Pensions Authority to:
- ensure information on the access point is accessible without undue delay,
- provide service support to collection bodies,
- guarantee the access point is accessible at least 97 % of the time per month,
- consult with the collection bodies,
- monitor the access point’s work, both qualitatively and quantitatively, and report annually to the Commission, the European Parliament and the Council of the European Union.
The access point must contain at least the following functions:
- a web portal with a user-friendly interface, taking account of the needs of people with disabilities, providing information in all official EU languages;
- a single application programming interface enabling easy access to the information;
- a search function in all official EU languages allowing searches on the basis of different metadata;
- an information viewer;
- a download service, including for downloading large quantities of data;
- a machine translation service for the information retrieved (by );
- a notification service informing users of new information (by );
- presentation of information submitted voluntarily so it is easily distinguishable (by ).
The Commission:
- by , in close cooperation with ESMA, reports to the Parliament and the Council on the access point’s work and efficacy;
- may adopt delegated acts to develop parts of the regulation.
FROM WHEN DOES THE REGULATION APPLY?
It has applied since .
BACKGROUND
Easy access to reliable and clear data is important for decision makers, investors and other stakeholders in the economy and society to make sound, informed and environmentally and socially responsible investment decisions. A single access point gives companies greater visibility towards investors, opening up more finance opportunities, especially for small businesses in small capital markets. The regulation does not impose any additional reporting requirements on companies.
In its September 2020 communication, A capital markets union for people and businesses – New action plan, the Commission proposed to improve public access to entities’ financial and non-financial information by building a European single access point. The regulation is part of the capital markets union package the Commission presented in 2021.
KEY TERMS
- Entity. Any natural or legal person required to submit information under specific EU legislation, or who does so voluntarily.
- Collection body. A legally designated EU or national body, office, agency, authority or register.
- Metadata. Structured information making it easier to retrieve, use or manage information.
- Historical information. The information that was made public no earlier than 5 years before the date of application of the requirement to submit that information to the European single access point.
MAIN DOCUMENT
Regulation (EU) 2023/2859 of the European Parliament and of the Council of establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability (OJ L, 2023/2859, ).
Successive amendments to Regulation (EU) 2023/2859 have been incorporated into the original text. This consolidated version is of documentary value only.
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