Regulation (EU) 2023/2859 establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability

Over two years after initiating original consultations in the context, the European Commission has now published a first regulation, namely Regulation (EU) 2023/2859, for the creation of a European Single Access Point (ESAP). This regulation is a first 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. The data thereby range from the Key Investor Information Document of investment funds, to financial reports of public companies – simply all data that firms must make public. The ESAP will be hosted by ESMA, the European Securities and Market Authority, as defined in the new regulation.
Specifically, this first regulation primarily defines:
(1) the general functioning of the ESAP: ESMA is required to establish and operate the ESAP by July 10, 2027. The Authority will thereby be responsible for the collection of information from collection bodies which includes EU agencies, competent authorities, or other organizations that collect information from EU entities. Please note in this context that the ESAP will NOT collect information directly from market participants. By January 9, 2030, each Member State must designate a collection body within its jurisdiction which will be responsible for the collection of the information. Furthermore, ESMA is obliged to develop a security policy for the ESAP, grant access to the ESAP, and ensure its functionality. It is worth noting in this context that the ESAP must provide – at a minimum – a user-friendly web portal, an API for easy access to information, a search function in all official languages of the Union, an information viewer, a machine translation service, a download service, and a notification service. The exact scope of the ESAP is expected to be determined by ESMA in collaboration with other regulatory bodies in the EU.
(2) the obligations of ESMA as to data format and metadata requirements: The regulation mandates ESMA to specify via corresponding technical standards clear requirements on the format and metadata of information to be submitted to the ESAP by the collection bodies. It also defines the characteristics of automated validations and the use of qualified electronic seals for ensuring the quality and authenticity of the submitted information. Furthermore, ESMA – upon consultation with the other ESAs and the collection bodies – is obliged to define the technical standards for the beforementioned API to facilitate the searching, finding, and retrieving of data in a timely manner to promote efficient access to information on the ESAP.
(3) further obligations of ESMA: The regulation further requires ESMA to ensure non-discriminatory access to information on ESAP, with certain entities having free access to information necessary for fulfilling their regulatory responsibilities and obligations. This includes diverse competent authorities, supervisory bodies, and institutions within the European Union. ESMA must also develop – again in consultation with other regulators – adequate standards for the imposition of fees to be charged for the information and services provided by the new ESAP.
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The regulation also defines the tasks of collection bodies and the responsibilities of entities, including the identification of personal data in the information submitted and the inclusion of relevant accompanying metadata. Moreover, it defines the conditions and requirements of firms that seek to make available data to the ESAP on a voluntary basis and sets out the funding model of the ESAP. Finally, and most important to financial market participants, the regulation prescribes all regulations and directives that will be covered by the requirement of data submission to the ESAP (please see the Annex to the regulation).