What is the European Single Access Point?

Grand “Answer”:

The European Single Access Point (ESAP) is a proposed initiative aimed at providing an EU-wide access to information related to capital markets, financial services, and sustainable finance [1]. This platform will enable users to find information on activities or products offered by various entities operating within the European Union [1][2]. By consolidating this data in a single access point, ESAP seeks to enhance transparency, promote investment, and contribute to the development of a Capital Markets Union [1]. As a result, this initiative has the potential to benefit investors, financial market participants, and the broader European economy [1][3].

Source

[1]

European Single Access Point | Legislative Train Schedule

As part of the Economic and Social policy, the Commission proposed an European Single Access Point for public financial and sustainability-related information.

European ParliamentEuropean Parliament

[2]

Deal reached on ESAP to provide investor access to EU data | XBRL

XBRLEditor

[3]

ESAP: European Single Access Point

Facilitate data access with ESAP!

Société GénéraleSylvie Bonduelle

ESAP Proposal and Regulatory Compliance

Companies in the financial sector are raising significant queries about the European Single Access Point (ESAP) proposal and its intended information inclusivity. Certain disclosures, specifically those under the Short-selling Regulation (Regulation (EU) 236/2012), are considered sensitive, with firms favoring their exclusion from ESAP. A similar apprehension surrounds disclosures covered by the Packaged Retail Investment and Insurance-based Products (PRIIPs) and Undertakings for Collective Investment in Transferable Securities (UCITs). There's a common consensus suggesting that the decision about the inclusion of these disclosures should be part of the planned review of PRIIPs/UCITs rather than a separate discussion under the ESAP initiative.

In the same vein, the potential inclusion of Key Information Documents (KIDs) and Key Investor Information Documents (KIIDs) in the ESAP is seen as unwarranted. Companies maintain that any administrative sanctions or measures as per PRIIPs Regulation should be reported by the National Competent Authority (NCA) to the European Supervisory Authority (ESA), thus putting the responsibility of submission on NCAs, not the PRIIPs manufacturer. Other less-appealing reports to the general public, such as those pertaining to client order execution and top five execution venues, along with the "RTS 27" and "RTS 28" reports released under Markets in Financial Instruments Directive/Regulation (MiFID/MiFIR), are also proposed for exclusion from ESAP.

ESAP: Informations on Financial Industries

A crucial consideration in the ESAP proposal is the need to uphold existing information dissemination and storage frameworks. The ESAP initiative requires entities subject to disclosure requirements to submit information simultaneously to the relevant collection body, which could be the NCA, OAM, or European Securities and Markets Authority (ESMA), depending on the legislation. However, any deviation from the existing setup may incur additional costs for reporting entities, NCAs, and OAMs, without any clear benefits.

The ESAP proposal also hints at giving Member States flexibility in determining the collection body. The requirement for companies to submit prospectuses to ESMA, despite these already being approved by and filed with the NCA, is met with resistance. As the industry moves towards new technical requirements, such as data standardization and machine-readable formats, careful planning is imperative. Companies require sufficient time for transition to avoid errors and additional costs. Thus, open dialogue with stakeholders, cost assessments, and setting realistic timelines should be key elements in planning this transition.

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