ESMA supports increasing corporate transparency through the creation of ESAP
The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has submitted its response and an accompanying letter to the European Commission’s (EC) targeted consultation on the European Single Access Point (ESAP). ESMA recommends a phased approach, which should prioritise financial and non-financial information of public companies.
Steven Maijoor, Chair, said:
“A single access point for information about companies is one of the key missing components of the Capital Markets Union. ESMA is fully supportive of the ambition to set up the ESAP as it will increase investor trust in companies across the EU and lower the costs of capital.”
“ESMA is ready to take up a central role in setting up and running the ESAP as suggested by the CMU High Level Forum and the European Parliament.”
ESMA also believes that full benefit of the ESAP can be reaped only if information included in the single database is comparable in terms of content and rendered in a structured, machine readable format. Therefore, ESMA supports an increased use of structured data formats whenever appropriate. However, in light of the complexity of the project, ESMA encourages the EC to carefully weight the scope of the ESAP versus feasibility and operability considerations.
ESMA’s position is aligned with the final recommendations of the High Level Forum on the Capital Markets Union on the ESAP and by the European Parliament Resolution on the CMU.
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