Directive (EU) 2023/2864 of the European Parliament amending certain Directives as regards the establishment and functioning of the European single access point

The European Commission has published a final Directive, Directive (EU) 2023/2864, as regards the creation of a European Single Access Point (ESAP). This Directive concludes 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 and EventID 24440 for the first two pieces of legislation in this context).
Specifically, this Directive modifies numerous other Directives relating to different market participants to require Member States to ensure adequate local regulations to
(1) require firms to submit the data to a collection body which will typically be the supervisory authority specified in the applicable regulations;
(2) require firms to submit the data in a data extractable format or in a machine-readable format; and
(3) require firms 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 Directive 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 and 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 Directives.
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The requirement to submit data to the ESAP is thereby established for the following financial players, among others:
– firms subject to the Financial Conglomerates Directive, including credit institutions, insurance undertakings and investment firms;
– public issuers subject to the Transparency Directive, Statutory Audit Directive, or Shareholder Rights Directive;
– UCITS and AIFs;
– insurance and reinsurance undertakings;
– financial institutions subject to the Capital Requirements Directive;
– firms falling under MiFID;
– and various others.