The ESAP Regulation (Regulation (EU) 2023/2859) was published in the Official Journal of the EU on 20 December 2023 and entered into force on 9 January 2024.
European Single Access Point (ESAP)
ESAP will be a 'single point of access' digital platform for public financial, non-financial and sustainability-related information about EU companies and financial products. ESAP will create a single location where all this data will be accessible. ESMA is required to establish and operationalise ESAP by July 2027.
In-scope information for ESAP is information that is already being made public under a range of EU directives and regulations. Under the ESAP framework, EU entities that are required to report under the in-scope EU regulations and directives will have an additional obligation to provide information to their appointed collection body. This will be done on a phased basis. In practice, this means that any in-scope information, document or report made public under EU law by an entity (including credit institutions, credit rating agencies, funds, central counterparties, central securities depositories, issuers of securities, auditors, as applicable) will have to be submitted to the collection body in a data extractable format or in a machine-readable format, where relevant, simultaneously with their publication in accordance with the relevant EU law.
The ESAP Regulation was accompanied by an Omnibus Regulation (Regulation (EU) 2023/2869) and an Omnibus Directive (Directive (EU) 2023/2864), which are also in force since 9 January 2024. They amend a range of EU legislation in the areas of capital markets, financial services and sustainability to ensure the reporting requirements in this EU legislation comes within scope of ESAP.
Department Consultation
The Irish Department of Finance (the “Department”) recently launched a consultation in relation to the exercise of national discretions regarding the transposition of the ESAP legislation into Irish law. This is a technical transposition and the majority of the provisions of ESAP will be transposed on a fully harmonised basis. However, there is one provision in the ESAP Regulation where EU member states are given discretion as to the application of this provision. The Department is also seeking views in relation to a couple of other elements of the transposition. The consultation period closes on 1 November 2024.
We are continuing to keep a close eye on developments in this area and will publish further updates as matters progress. For further information on the ESAP Regulation and the related Department consultation please get in touch with your usual Matheson contact.
This article is provided for general information purposes only and does not purport to cover every aspect of the themes and subject matter discussed, nor is it intended to provide, and does not constitute or comprise, legal or any other advice on any particular matter.