11 Amendments of Daniel BUDA related to 2021/0378(COD)
Amendment 12 #
Proposal for a regulation
Recital 2
Recital 2
(2) Easy access to data is important in order for decision makers in the economy and society to make sound decisions that serve the efficient functioning of the market. Rolling out common European data spaces in certain crucial sectors, including the financial sector, would serve that purpose. The financial sector is undergoing a digital transformation, which is expected to continue in the coming years, and the Union should support that transformation, in particular by promoting data-driven finance. Furthermore, putting sustainable finance at the heart of the financial system is a key means to achieving a green transition of the economy of the Union, ensuring that no individuals or places are left behind. For the green transition to succeed through sustainable finance, it is essential that information related to the sustainability of businesses is easily accessible to investors so that they are better informed when making decisions about investments. For those purposes, public access to entities’the information of certain categories of entity, such as companies, businesses, financial institutions, financial and non- financial information needs to be improved. An efficient means to do so at Union level is to establish a centralised platform, a European single access point (“'ESAP”'), giving electronic access to all relevant information, to be made available in accordance with all EU legal provisions.
Amendment 16 #
Proposal for a regulation
Recital 3
Recital 3
(3) ESAP should provide the public with an easy centralised access to information about entities and their products that is made public in relation to financial services, capital markets and sustainability, without, however, jeopardising the commercial status of the entities concerned. ESAP should also provide access to information relevant to financial services and capital markets that is made public on a voluntary basis by any entity governed by the law of a Member State, where such entity chooses to make that information accessible on ESAP. As presented in the Digital Finance Strategy, ESAP should be established as from 2024.
Amendment 17 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) Categories of entities providing information through ESAP shall not publish confidential information that could lead to a competitive disadvantage on the EU internal market, such as know- how data or trade secrets within the meaning of Directive (EU) 2016/943 of the European Parliament and of the Council of 8 June 2016 on the protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use and disclosure.
Amendment 21 #
Proposal for a regulation
Recital 4
Recital 4
(4) The information to be made publicly accessible on ESAP should be collected by collection bodies designated for the purpose of collecting the information that the entities are under an obligation to make public. In order to ensure the efficient functioning of ESAP, the collection bodies should make the information available to ESAP in automated ways through a single application programming interface. For the information to be digitally usable, entities should make such information available in a data extractable format or, where required by Union law, in a machine- readable format. Compared to data extractable formats, machine-readable formats are file formats structured so that software applications can easily identify, recognise and extract specific data, including individual statements of fact, and their internal structure. To ensure that entities submit the information in the correct format and to address possible technical issues or additional administrative or financial matters encountered by the entities, the collection bodies should provide assistance to those entities.
Amendment 23 #
Proposal for a regulation
Recital 5
Recital 5
(5) Apart from the information in relation to financial services, capital markets and sustainability that has to be made public under Union law, investors, market participants, advisors and the public at large may have an interest in obtaining other information that an entity wants to make accessible on a voluntary basis. Small and medium-sized enterprises may want to make more information publicly accessible in order to become more visible to potential investors and thereby increase funding and diversify funding opportunities. Also, market participants may want to provide more information than that required by law or to make public the information required by national law but not available at Union level in order to complement the information provided to the public at the Union level. Any entity should therefore be allowed to make financial, sustainability- related and other relevant information accessible on ESAP, provided that it does not lead to any competitive imbalance or disadvantage on the internal market. Pursuant to the principle of data minimisation, entities should ensure that no personal data are included, except where those data constitute a necessary element of the information about their economic activities, including when the name of the entity coincides with the name of the owner. Where such information contains personal data, the entities should ensure that they can rely for such disclosure on one of the lawful grounds of processing laid down in Article 6 of Regulation (EU) 2016/679 of the European Parliament and of the Council26. _________________ 26 Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).
Amendment 26 #
Proposal for a regulation
Recital 10
Recital 10
(10) Re-using information that is available on ESAP can improve the functioning of the internal market and promote the development of new services that combine and make use of such information. It ismay therefore be necessary, where justified on grounds of a public interest objective and for a specified period, to allow re-use of the information that is available on ESAP for purposes other than the purposes for which the information was drawn up. However, the use and re-use of that information should be subject to objective, well justified, proportionate and non-discriminatory conditions. For that purpose, conditions corresponding to those laid down in open, standard licences within the meaning of Directive (EU) 2019/1024 of the European Parliament and of the Council27 should apply. The licensing terms of those standard licences should allow for data and content to be freely accessible, used, modified and shared by anyone for any purpose. ESMA should bear no liability for the use and re-use of information accessible on ESAP. The submission of information by the collection bodies should either not be subject to conditions or be subject to an open standard licence enabling the licensing terms applying for information accessible in the ESAP. _________________ 27 Directive (EU) 2019/1024 of the European Parliament and of the Council of 20 June 2019 on open data and the re-use of public sector information (OJ L 172, 26.6.2019, p. 56).
Amendment 30 #
Proposal for a regulation
Recital 18
Recital 18
(18) The objective of this Regulation is to contribute to integrating the European financial services and capital markets by providing an easy centralised access to public information about certain categories of entities and their products. Since that objective cannot be sufficiently achieved by the Member States, but can rather, by reason of its scale and effects, be better achieved at Union level, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality as set out in that Article, this Regulation does not go beyond what is necessary in order to achieve that objective,
Amendment 31 #
Proposal for a regulation
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The ESAP shall not provide access to confidential information that may lead to a competitive disadvantage on the EU internal market, such as know-how data or trade secrets within the meaning of Directive (EU) 2016/943 of the European Parliament and of the Council of 8 June 2016 on the protection of undisclosed know-how and business information (trade secrets) against their unlawful acquisition, use and disclosure.
Amendment 33 #
Proposal for a regulation
Article 3 – paragraph 1 – point d a (new)
Article 3 – paragraph 1 – point d a (new)
(da) ensure that no confidential data are included that could create a disadvantage on the EU internal market, such as know-how data or trade secrets within the meaning of Directive (EU) 2016/943.
Amendment 42 #
Proposal for a regulation
Article 5 – paragraph 2 – point b
Article 5 – paragraph 2 – point b
(b) where the information is manifestly inappropriate, abusive, or clearly outside the scope of the information referred to in Article 1(1) or in breach of Article 1 (2a).
Amendment 43 #
Proposal for a regulation
Article 5 – paragraph 4
Article 5 – paragraph 4
4. Entities shall ensure the accuracy of the information they submit to the collection bodies and comply fully with all EU legislation.