29 October 2024
The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published the Final Report on the draft implementing technical standards (ITS) regarding certain tasks of the collection bodies and functionalities of the European Single Access Point (ESAP).
The ESAP is foreseen in Level 1 legislation to be a two-tier system, where information is first submitted by entities to the “collection bodies” – Officially Appointed Mechansims, offices and agencies of the EU, national authorities, among others – and then made available by the collection bodies to the ESAP. These ITS are the first milestone for the successful establishment of a fully operational ESAP.
The requirements are designed to enable future users to be able to access and use financial and sustainability information effectively and effortlessly in a centralised ESAP platform.
Collection bodies
The ITS on the tasks of collection bodies specify detailed requirements for collection bodies, such as by when and in what format information should be made available to the ESAP, what type of validation checks should be performed on the information submitted by entities and what metadata should be included.
Functionalities of the ESAP
The ITS on the functionalities of the ESAP specify the requirements for making information easily accessible to users. These requirements define, among other things, how reporting entities should be categorised by industry and size, which identifier should be used, what types of information should be made available on the ESAP, and the characteristics of the public Application Programming Interface (API) available to data users.
Background and next steps
The set up of the ESAP will be a key contribution to establishing the Savings and Investments Union. The ESAP will facilitate access to publicly available information relevant to financial services, capital markets and sustainability.
The ESAP is expected to start collecting information in July 2026, while the publication of the information will start no later than July 2027.
The Final Report has been sent to the European Commission for adoption.