European financial integration
By Malgorzata Motyl, Penteris
Information is a core issue for investors in the decision-making process. Removing obstacles for circulating and spreading information is the ground upon which the EU has decided to build the foundations for strengthening the EU single market.
Capital Markets Union
Late in 2021, the European Commission published a proposal for regulations establishing a European Single Access Point (“ESAP”). This provides centralised access to publicly available information pertaining to financial services, capital markets, and sustainability. It constitutes part of a complex action plan aimed at creating a Capital Markets Union with a free float for investment and savings across the European Union without any limitations.
Total Information Aggregation
ESAP will develop EU-wide access to information and products related to various entities that have disclosure requirements. The goal is provide free access to such information in an effcient and non-discriminatory manner for professionals such as investors, financial analysts, asset managers, and financial advisers.
The proposal does not establish any new reporting obligations but aggregates reports and information within already existing disclosure requirements set out in EU legal acts (for example, the Prospectus Regulation, Market Abuse Regulation, Taxonomy Regulation, Transparency Directive, Takeovers Directive, Shareholder Rights Directive, and Statutory Audit Directive). Non-listed SMEs will have the option of making information available voluntarily.
Possible Future Advantages
ESAP should in theory contribute to the more effcient allocation of capital across the EU thanks to greater visibility of less significant market participants. Implementation will be finalised by the end of 2024 with further stages planned for 2024- 2026. Moreover, disclosures made under the Taxonomy Regulation, Transparency Directive, and Prospectus Regulation will be accessible through the ESAP as soon as possible.
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Małgorzata Motyl focuses on compliance and regulatory issues. Her specialised know-how supplements her broad and deep experience in handling corporate matters in, amongst others, the financial, banking, and real estate sectors.
Published: Auditing, Reporting & Compliance Newsletter, No. 07, Spring 2022 l Photo: itsmejust - stock.adobe.com