Regulation (EU) 2023/2869 amending certain Regulations as regards the establishment and functioning of the European single access point

The European Commission has published a another regulation, namely Regulation (EU) 2023/2869, for the creation of a European Single Access Point (ESAP). This regulation is a second one in a series of legislative measures to create and manage such access point which will permit access to diverse company data, ESG-related data, and capital markets data of firms located inside the European Union (please see EventID 24439 in this context for the first regulation).
Specifically, this second regulation modifies numerous regulations relating to different market participants to set out the following:
(1) the requirement of firms to submit the data to a collection body which will typically be the supervisory authority specified in the applicable regulations;
(2) the requirement to submit the data in a data extractable format or in a machine-readable format; and
(3) the requirement to furnish an accompanying meta-data file which provides general information on the entity submitting the data, the type of information, and an indicator as to when the data must be made publicly available.
The regulation also provides for the designation of such collection bodies to which the data will have to be sent by each of the affected market participants under the noted modified regulations. The regulation also mandates ESMA to develop technical standards as to the structure and content of the data that will have to be provided by firms under each of these regulations.
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The requirement to submit data to the ESAP is thereby established for the following financial players, among others:
– credit rating agencies;
– issuers of European green bonds;
– crypto-asset service providers and issuers;
– issuers and distributors of European long term investment funds;
– trade repositories;
– benchmark providers;
– issuers and intermediaries of pan-European Personal Pension Products;
– investment firms;
– firms subject to the Sustainable Finance Disclosure Regulation (SFDR);
– firms reporting in accordance with the short selling regulation;
– issuers and distributors of European social entrepreneurship funds;
– firms subject to the Capital Requirements Regulation (CRR);
– firms subject to the Packaged Retail and Insurance-based Investment Products Regulation (PRIIPs Regulation); and
– trading venues.