The ESAP Regulation was published in the Official Journal today, 20 December 2023.
More details on the European Single Access Point (ESAP) were set out in our November 2023 insights, following political agreement at EU level (ESAP: Platform for public information on companies and financial products to go live in 2027).
The ESAP Regulation is accompanied by an Omnibus Regulation and an Omnibus Directive, which have also been published in the Official Journal. They will amend a range of EU legislation in the areas of capital markets, financial services and sustainability to facilitate the provision of information to ESAP.
Timing:
- 10 July 2025: Member States to make the necessary changes to existing domestic transposing legislation for the Transparency Directive.
- 10 January 2026: Member States to make the necessary changes to existing domestic transposing legislation for the Accounting Directive, Alternative Investment Fund Managers Directive (AIFMD), Audit Directive, Bank Recovery and Resolution Directive (BRRD), Capital Requirements Directive (CRD), Covered Bonds Directive, Financial Conglomerates Directive, Insurance Distribution Directive (IDD), Investment Firms Directive (IFD), IORP Directive, MiFID II, Shareholder Rights Directive, Solvency II Directive, Takeovers Directive and UCITS Directive.
- 10 July 2026: The following EU directives and regulations will be brought into the ESAP framework: Prospectus Regulation, Short Selling Regulation and Transparency Directive. Note that this will involve the provision of information to ESMA in advance of the ESAP platform becoming operational.
- 10 July 2027: Deadline for ESMA to establish and operationalise ESAP.
- 10 January 2028: The following EU directives and regulations will be brought into the ESAP framework: Accounting Directive, Benchmarks Regulation, Credit Rating Agencies Regulation, EuSEFs Regulation, EuVECA Regulation, Market Abuse Regulation, Pan-European Personal Pension Product Regulation, PRIIPs KID Regulation, Sustainable Finance Disclosures Regulation and UCITS Directive.
- 10 January 2030: The following EU directives and regulations will be brought into the ESAP framework: AIFMD, Audit Directive, Audit Regulation, BRRD, CRD, Capital Requirements Regulation, Covered Bonds Directive, ELTIF Regulation, EU Green Bond Standard Regulation, Financial Conglomerates Directive, IDD, IFD, Investment Firms Regulation, IORP Directive, Markets in Crypto-Assets Regulation, MiFID II and MiFIR, Money Market Funds Regulation, Securities Financing Transactions Regulation, Shareholder Rights Directive, Solvency II Directive and Takeovers Directive.
By way of reminder, ESAP will be a 'single point of access' platform for public financial, non-financial and sustainability-related information about EU companies and financial products. In-scope information is information that is already being made public under a range of EU directives and regulations – no additional reporting requirements are being imposed on EU companies. Historical information (up to 5 years old at the time of submission to ESAP) may also be provided. Once ESAP is up and running, entities may also make additional information available via ESAP on a voluntary basis.
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.
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