Featured Product

    EU Agencies Expect Single Data Access Point to be Available from 2027

    The European Union (EU) comprises 27 jurisdictions and this contributes to complexity in the form of the availability of disparate and inconsistent information to investors and other stakeholders. To address this challenge, the European authorities are working toward establishing a European Single Access Point (ESAP) that will provide centralized access to publicly available information of relevance to financial services, capital markets, and sustainability topics in the European Union. ESAP will also allow non-listed entities, including Small and Medium Enterprises (SMEs), to make available information on a voluntary basis. With a recent provisional agreement on the proposal for ESAP regulation, the European Union has reached a significant milestone in this direction. Another such initiative has been the implementation of machine-readable, European Single Electronic Format (ESEF) for financial reporting across Europe; this initiative was aimed to ensure consistency and comparability of reported data and also appears to have significant contributory impact in this direction.

    ESAP Overview

    The European Securities and Markets Authority (ESMA) will work to implement the ESAP, which is not expected to impose additional information reporting requirements on European companies. Rather, the ESAP proposal is part of the Capital Markets Union package and is expected to be an enabler of the European Commission Digital Finance Strategy; it is also aimed to provide easy access to reporting data such as the capital requirements reporting as well as the corporate sustainability reporting data from companies, which will support the objectives of the European Green Deal. Certain stakeholders are even comparing the ESAP with similar international projects such as the US EDGAR, the Japanese EDINET, and the Canadian SEDAR. The ESAP will be a European Union-wide platform that is expected to:

    • Improve access to financial data, especially the data on SMEs
    • Help address ESG data gaps, which are particularly challenging for SMEs
    • Increase availability of machine-readable data
    • Enable big data and artificial-intelligence-based services via increased use of structured data
    • Require harmonization and standardization of information that companies disclose publicly

    The ESAP package comprises a regulation on proposal establishing the ESAP, a proposal for a Directive amending certain existing Directives, and a proposal for a Regulation amending certain Regulations at European Union level. The ESAP platform is expected to be available from Summer of 2027, with a gradual phase-in of available data. 

    Scope and Implementation Approach

    The agreed three-phase implementation approach spans nearly four years and is aimed to ensure that European regulations and directives will, in accordance with their priority, enter into the scope of ESAP. The agreement is provisional as it still needs to be confirmed by the Council and the Parliament before it can be formally adopted. The scope and expected implementation timelines of the three phases are described below:

    • The Phase 1 scope will include information according to the European Short-Selling Regulation (236/2012), the Prospectus Regulation (2017/1129), and the Transparency Directive (2004/109/EC). This phase spans six months within ESAP being made public.
    • Six months after ESAP has been made public (48 months after entry into force of the ESAP Regulation), phase 2 will begin. The scope of phase 2 will cover, among others, information according to the Sustainable Finance Disclosure Regulation (SFDR), the Credit Rating Agencies (CRA) regulation, and the Benchmarks Regulation.
    • The final Phase 3 will include information stemming from nearly 20 additional pieces of legislation, including the Capital Requirements Regulation (CRR), the Markets in Financial Instruments Regulation (MiFIR), and the Green Bonds Regulation.

    Key Functionalities of ESAP

    Given the proposed implementation approach and timelines, the Joint Committee of the European Supervisory Authorities is mandated to submit the implementing technical standards on the functionality of ESAP to the European Commission within one year of the entry into force of the ESAP regulation. The draft implementing technical standards to specify metadata and templates for information submitted on voluntary basis shall be developed as well. Article 7 of the proposed regulation requires ESMA to ensure that ESAP provides for, at least, the following functionalities:

    • A web portal with a user-friendly interface in all the official languages of the Union to provide access to the information in the ESAP
    • An application programming interface (API) enabling easy access to the information available in the ESAP
    • A search function in all the official languages of the Union
    • An information viewer
    • A machine translation service for the information retrieved
    • A download service, including the download of large quantities of data
    • A notification service informing users of any new information available in the ESAP


    To find out more about our Regulatory Studio solutions, you can visit Banking Cloud MicrositeReporting Studio is part of the Banking Cloud suite of Software-as-a-Service solutions, designed to combine the benefits of cloud-native technology and Moody’s Analytics regulatory expertise. The solution brings together effective regulatory compliance, enhanced data management, business intelligence, and industry-leading reporting capabilities to help financial institutions reduce their regulatory burden and the total cost of compliance.


    Related Links


    Keywords: Europe, EU, Banking, Securities, Investment Firms, Basel, ESG, Capital Markets Union, Regtech, ESAP, Reporting, Disclosures, Sustainable Finance, CRR, Suptech, EC

    Featured Experts
    Related Articles

    BCBS Consults on Guidelines for Counterparty Credit Risk Management

    The Basel Committee on Banking Supervision (BCBS) is seeking comments, until August 28, 2024, on guidelines for counterparty credit risk management of banks.

    May 21, 2024 WebPage Regulatory News

    ISSB Releases Digital Sustainability Disclosures Taxonomy

    The themes of the harmonization and interoperability of sustainability disclosure standards among various jurisdictions remain at the top-of-mind for international standard-setting bodies.

    May 21, 2024 WebPage Regulatory News

    BCBS Report Studies Implications of Digitalization of Finance

    The Basel Committee on Banking Supervision (BCBS) published a report that examines the implications of the digitalization of finance for banks and supervisors.

    May 21, 2024 WebPage Regulatory News

    HKMA Publishes Hong Kong Taxonomy for Sustainable Finance

    The Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance.

    May 21, 2024 WebPage Regulatory News

    EU Taking Steps to Set Out and Enforce AI Regulations

    Many believe that the transformative power of generative artificial intelligence (GenAI) has potential to reshape the financial sector in the time to come.

    May 21, 2024 WebPage Regulatory News

    BIS Paper Outlines Vision for Future Financial System

    In a recent paper, the General Manager of Bank for International Settlements (BIS) and the Indian entrepreneur (Infosys co-founder) Nandan Nilekani have laid out a vision for the Finternet, which is proposed to be a network of multiple financial ecosystems, much like the internet.

    April 29, 2024 WebPage Regulatory News

    NGFS Outlines Options for Supervisory Review of Transition Plans

    The Network for Greening the Financial System (NGFS) recently published three reports on the use of transition plans to boost sustainable finance and manage climate-related financial risks.

    April 29, 2024 WebPage Regulatory News

    BCBS Issues Discussion Paper on Climate Scenario Analysis

    The Basel Committee on Banking Supervision (BCBS) issued a discussion paper on the use of climate scenario analysis to strengthen the management and supervision of climate-related financial risks.

    April 29, 2024 WebPage Regulatory News

    OSFI Issues Phase2 Consultation on Climate Scenario Exercise for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) recently announced a consultation on the second phase of the Standardized Climate Scenario Exercise (SCSE) for banks and other financial institutions it regulates in Canada.

    April 25, 2024 WebPage Regulatory News

    CFIT to Chair Open Finance Taskforce Announced by UK Government

    The UK government announced the formation of an industry-led Open Finance Taskforce, chaired by the Center for Finance, Innovation, and Technology (CFIT).

    April 25, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8967