Featured Product

    EC Consults on Initiative on European Single Access Point for Data

    December 18, 2020

    EC is seeking feedback, until January 15, 2021, for an initiative that would involve development of proposal for a directive/regulation for European Single Access Point, or ESAP, for financial and non-financial information publicly disclosed by companies (including financial statements and data on sustainable finance). The EC Capital Markets Union Action Plan of September 2020 proposes to improve access to such data by building a European single access point. The overall objective of the European single access point is to facilitate the flow and use of information to contribute to further integrating the European capital markets, to enable a more efficient allocation of capital across EU. EC plans a legislative proposal on this by the third quarter of 2021.

    EU legislation in the financial services area requires companies to disclose a wide range of information to the public to increase the transparency and reduce asymmetry of information between company insiders and external investors. This data may have regard, among other aspects, to an entity’s financial performance, environmental, social, or governance matters, products and services provided. The lack of an integrated financial and non-financial company data management at the EU level is detrimental in many ways. By providing investors with a user-friendly, EU-wide mechanism to access information disclosed by companies, the European single access point would foster access to capital markets, including by small and medium-size enterprises (SMEs), and promote cross-border investments. The European single access point should reduce search and processing costs for users of company information, while avoiding disproportionate administrative costs for companies that are subject to disclosure obligations. The European single access point would bring about a key missing piece of the capital markets union and enable the following objectives to be achieved:

    • Improve access to company data, including SME data, thus tackling an important barrier to SME investment. This should be seen in conjunction with actions to open data at national level, which will facilitate access to data disclosed by public bodies at national level
    • Contribute to the harmonization and standardization of formats of information that companies disclose to the public, making such information easier to find, compare, and analyze
    • Enable big data and services based on artificial intelligence and machine learning through the increased availability and use of machine-readable data.

    To achieve these objectives, the services of EC will examine more specifically the governance models for data collection and dissemination, including management and funding of the platform. The services of EC will also examine the scope of the information made available through the European single access point, the specifications to be met to make information machine-readable, and ways to remove barriers to, or improve access, use, and reuse of, this information. The European single access point has the potential to support the EU climate and environmental objectives and the sustainable finance agenda by enabling a better access to non-financial and environmental, social, and governance (ESG) information. Including sustainability-related information in the scope of the European single access point can increase the visibility and comparability of companies’ activities (including SMEs when relevant) with regard to ESG criteria and to better capture sustainability-related risks and impact, thus contributing to more and better allocation of private investment to sustainable activities and projects.

     

    Related Links 

    Comment Due Date: January 15, 2021

    Keywords: Europe, EU, Banking, Insurance, Securities, EU Single Access Point, Capital Markets Union, ESG, Sustainable Finance, ESAP, EC

    Related Articles
    News

    EBA Issues Erratum for Phase 2 Package of Reporting Framework 3.0

    EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.

    April 08, 2021 WebPage Regulatory News
    News

    MAS Amends Notice on Related Party Transactions of Banks

    MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.

    April 08, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Euro Short-Term Rate

    ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.

    April 07, 2021 WebPage Regulatory News
    News

    EBA Consults on Standards Related to FRTB-SA

    EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).

    April 07, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules Related to IRB Approach for Credit Risk

    PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.

    April 07, 2021 WebPage Regulatory News
    News

    BoE Outlines Regulatory Treatment of Recovery Loan Scheme of UK

    The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    FSB Addresses G20 on COVID Measures, TBTF Reforms, and Climate Risks

    FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.

    April 06, 2021 WebPage Regulatory News
    News

    OSFI Unwinds Temporary Increase to Covered Bond Limit for Banks

    OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.

    April 06, 2021 WebPage Regulatory News
    News

    EU Amends CRR and Securitization Regulation in Response to Pandemic

    To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).

    April 06, 2021 WebPage Regulatory News
    News

    HM Treasury Announces G7 Agreement on Green Agenda Ahead of COP26

    HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.

    April 06, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6821