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

    BIS Paper Studies Impact of Fintech Lending on Small Businesses in US

    The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.

    September 26, 2022 WebPage Regulatory News
    News

    UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks

    The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).

    September 26, 2022 WebPage Regulatory News
    News

    EBA Launches EU-Wide Transparency Exercise in 2022

    The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.

    September 23, 2022 WebPage Regulatory News
    News

    SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks

    The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."

    September 22, 2022 WebPage Regulatory News
    News

    EC Rule Lists Advanced Economies for Market Risk Capital Calculations

    The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.

    September 21, 2022 WebPage Regulatory News
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8521