Activities of Dimitrios PAPADIMOULIS related to 2021/0378(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability
Amendments (13)
Amendment 78 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3 a) In order to enhance the promotion of sustainable finance at the heart of the financial system as a key prerequisite for achieving a just and inclusive green transition, ESAP should provide a clear synergy between the sustainable development goals (SDGs) and the European Green Deal indicators.
Amendment 86 #
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5 a) Entities submitting information to ESAP remain responsible for the accuracy, veracity, completeness and reliability of such information. A clear framework defining the liabilities to which the entities submitting information would be subject to should be established in order to ensure full compliance with the obligation to submit accurate information and provide for explicit protection for the ESAP users against any potential loss or damage arising from the use of inaccurate, incorrect or incomplete information. Such a framework would also enhance the quality of the data available on ESAP, thus contributing to its usability and reliability. As a result, ESAP would build users’ trust in its information, effectively attaining its objective of constituting a single Union- wide source of comparable and accurate information.
Amendment 101 #
Proposal for a regulation
Recital 12
Recital 12
(12) ESAP should provide users with access to information for free and without discrimination and should make it possible for those users to search, access and download the information through ESAP. However, taking into account the need to protect ESMA from an excessive financial burden in relation to costs incurred for serving the needs of intensive users, if any, ESMA should have the ability to generate revenues. Therefore, by way of derogation from the principle that information should be accessible free of charge, ESMA should be allowed to impose fees exclusively to commercial users for those specific services, including for services with high maintenance or support costs due to searches for very large volumes of information or to frequent access to ESAP. Any fees imposed should, however, not exceed the cost of the service providedbe kept to the minimum level and, in any case, not exceed the cost of the service provided. The subsequent revenues should be allocated to contributing to the overall functioning of ESAP. Retail investors, academia, social partners and civil society organisations should not be subject to any fees.
Amendment 107 #
Proposal for a regulation
Recital 15
Recital 15
(15) In order to build and maintain public trust in ESAP and to protect each entity from undue alteration of its information, ESAP should ensure data integrity and credibility of the source of the information submitted to the collection bodies. Therefore, information submitted by the entities should include a qualified electronic seal attached to the information submitted as defined in Article 3(20), of Regulation (EU) No 910/2014 of the European Parliament and of the Council29 . A specific legal entity identifier may(LEI) should be a mandatory attribute of that certificate. That seal or signature acquired by ESAP should be made available to users across the Union, ranking above any other generic identifier for the entities concerned by various Union directives and regulations, since this would facilitate not only the identification of these entities but also the accuracy, searchability, retrieval, use and interoperability of the information provided to ESAP. That seal or signature acquired by ESAP should be made available to users. In the absence of a LEI, alternative means of efficiently ensuring a unique identification of the entities concerned should be defined, such as a reference to a set of national and industry identifiers commonly used, and thus widely available in the Member States, that is published and maintained by the ECB. _________________ 29 Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC (OJ L 257, 28.8.2014, p. 73).
Amendment 111 #
Proposal for a regulation
Recital 16
Recital 16
(16) In order for the information to be comparable over time, users should have access to past information. It is therefore necessary to require ESAP to provide access to information for a reasonable period of time, to the extent compatible with other applicable provisions of Union law. For that purpose, ESMA should ensure that no personal data are made accessible for longer than necessary as provided for under Union law. In order to enable ESMA and the collection bodies to prepare the operation of ESAP, ESAP should only provide access to the information submitted as from 1 January 2024. hance the operation of ESAP, ESAP should also provide access to the information submitted before 1 January 2024, when available. Moreover, ESAP should start collecting information and historical data released prior to its establishment, regarding financial and sustainability-related data that have already been collected and published for several years before its establishment and could provide useful information to investors and authorities interested in analysing trends and developments in financial and sustainability-related data.
Amendment 116 #
Proposal for a regulation
Recital 17
Recital 17
(17) To ensure a smooth processing of the information received or drawn-up by the collection bodies and made available to ESAP, it is necessary to lay down certain requirements specifying the format and the metadata of that information and which collection bodies should collect such information. In order to ensure the quality of the information submitted to ESAP by the collection bodies, it is also necessary to define the characteristics of the automated validations to be carried out on each information reaching the collection bodies, and the characteristics of the qualified electronic seal to be attached to that information by the entities. To ensure the use and re-use of data on ESAP, a list of the designated open standard licences would need to be defined. To facilitate the searching, finding, retrieving of the data in a timely manner, the characteristics of the application programming interface and the metadata to be implemented will also need to be designed. Additional requirements as regards efficient search functions will need to be implemented such as the specific legal entity identifier, the classification of the type of information, and the categories of the size of the entities. To that purpose, the Joint Committee of the European Supervisory Authorities should develop draft implementing technical standards. Additionally, ESMA might develop draft implementing technical standards to determine the nature and extent of the specific services for which fees may be charged to commercial users and the associated fee structure. The Commission should be empowered to adopt those implementing technical standards by means of implementing acts pursuant to Article 291 TFEU and in accordance with Article 15 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council30 , No 1094/2010 of the European Parliament and of the Council31 and No 1095/2010 of the European Parliament and of the Council32 . _________________ 30 Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12). 31 Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48). 32 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
Amendment 118 #
Proposal for a regulation
Recital 17 a (new)
Recital 17 a (new)
(17 a) To ensure optimal functioning of ESAP, ESMA should establish an ESAP advisory group composed of experts and relevant stakeholders, including civil society and social partners, to advise and support ESMA in the implementation, improvement and enhancement of ESAP.
Amendment 119 #
Proposal for a regulation
Recital 17 b (new)
Recital 17 b (new)
(17 b) Proper working conditions for employees responsible for providing and managing data should be ensured in accordance with the relevant national and EU legislation.
Amendment 125 #
Proposal for a regulation
Article 1 – paragraph 2
Article 1 – paragraph 2
2. When available, ESAP shall not provide access to information submitted before 1 January 2024. ESAP shall also start collecting information and historical data released prior to its establishment, regarding financial and sustainability- related data.
Amendment 194 #
Proposal for a regulation
Article 8 – paragraph 2 – subparagraph 1
Article 8 – paragraph 2 – subparagraph 1
ESMA may, however, charge fees exclusively to commercial users for specific services that involve high maintenance or support costs due to searches for a very large volume of information or for frequently updated information. Those fees shall be kept to the minimum and, in any case, not exceed the cost incurred by ESMA for the provision of the service. The relevant revenue shall be allocated to contributing to the overall functioning of ESAP. Retail investors, academia, social partners and civil society organisations shall not be subject to fees.
Amendment 204 #
Proposal for a regulation
Article 8 – paragraph 4 – introductory part
Article 8 – paragraph 4 – introductory part
4. For the purposes of paragraph 2, second subparagraph, ESMA may develop draft implementing technical standards to determine the nature and extent of the specific services for which fees may be charged to commercial users and to determine the associated fee structure.
Amendment 216 #
Proposal for a regulation
Article 11 – paragraph 2 a (new)
Article 11 – paragraph 2 a (new)
2 a. ESMA shall establish an ESAP advisory group composed of experts and relevant stakeholders, including civil society and social partners, to advise and support ESMA in the implementation, improvement and enhancement of ESAP.
Amendment 231 #
21 a. Regulation (EU) No xxxx/xxxx on European Green Bonds