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

    BIS and Central Banks Experiment with GenAI to Assess Climate Risks

    A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe

    March 20, 2024 WebPage Regulatory News

    Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures

    Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.

    March 18, 2024 WebPage Regulatory News

    Singapore to Mandate Climate Disclosures from FY2025

    Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies

    March 18, 2024 WebPage Regulatory News

    SEC Finalizes Climate-Related Disclosures Rule

    The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.

    March 07, 2024 WebPage Regulatory News

    EBA Proposes Standards Related to Standardized Credit Risk Approach

    The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU

    March 05, 2024 WebPage Regulatory News

    US Regulators Release Stress Test Scenarios for Banks

    The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).

    February 28, 2024 WebPage Regulatory News

    Asian Governments Aim for Interoperability in AI Governance Frameworks

    The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.

    February 28, 2024 WebPage Regulatory News

    EBA Proposes Operational Risk Standards Under Final Basel III Package

    The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.

    February 26, 2024 WebPage Regulatory News

    EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS

    The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.

    February 23, 2024 WebPage Regulatory News

    ECB to Expand Climate Change Work in 2024-2025

    Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.

    February 23, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8957