Next event: Vote scheduled in committee 2023/01/31 more...
- Committee opinion 2023/01/12
- MELCHIOR Karen (Renew) appointed as rapporteur in JURI 2022/12/12
- Committee opinion 2022/11/30
Progress: Awaiting committee decision
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | SILVA PEREIRA Pedro ( S&D) | FITZGERALD Frances ( EPP), KELLEHER Billy ( Renew), PETER-HANSEN Kira Marie ( Verts/ALE), BECK Gunnar ( ID), NISSINEN Johan ( ECR), PAPADIMOULIS Dimitrios ( GUE/NGL) |
Committee Opinion | BUDG | ||
Committee Opinion | ITRE | ||
Committee Opinion | IMCO | ||
Committee Opinion | JURI | MELCHIOR Karen ( Renew) | Emil RADEV ( PPE), Lara WOLTERS ( S&D), Manon AUBRY ( GUE/NGL), Jorge BUXADÉ VILLALBA ( ECR) |
Committee Opinion | LIBE | RADEV Emil ( EPP) | Cornelia ERNST ( GUE/NGL), Paul TANG ( S&D), Damien CARÊME ( Verts/ALE), Assita KANKO ( ECR), Ondřej KOVAŘÍK ( RE) |
Lead committee dossier:
Legal Basis:
RoP 57, TFEU 114
Legal Basis:
RoP 57, TFEU 114Subjects
Events
PURPOSE : to amend certain Regulations as regards the establishment and functioning of the European single access point (ESAP) in particular as regards the collection of information.
PROPOSED ACT: Regulation of the European Parliament and of the Council.
ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.
BACKGROUND: the establishment of a European Single Access Point (ESAP) by 2024 is a flagship action of the Capital Markets Union (CMU) Action Plan adopted by the European Commission in September 2020. ESAP will contribute to the achievement of the CMU’s objectives by providing EU-wide access to information published by entities that is relevant to capital markets, financial services and sustainable finance , i.e. mainly information about their economic activities and products.
Information about entities’ activities and products is essential for decision-making by providers of capital. ESAP will contribute to further integrating the financial services and capital markets in the single market, to allocating capital more efficiently across the EU and promoting the development of smaller national capital markets and economies by giving them greater visibility. ESAP will also allow non-listed entities including Small and Medium-Sized enterprises (SMEs) to make available information on a voluntary basis.
The financial world is expected to undergo a digital transformation in the coming years, and the Union should support this, in particular by promoting data-driven 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 financial and non-financial information on natural or legal persons required to make information public or submitting financial and sustainability-related information about their economic activities to a collection body on a voluntary basis (‘entities’) needs to be improved. An efficient means to do so at Union level is to establish a centralised platform, ESAP, giving electronic access to all relevant information.
This proposal is part of a package comprised of: (i) a proposal for a Directive amending certain Directives and (ii) a proposal for a Regulation amending certain Regulations which aims to establish a sound and efficient ESAP platform which will cover publicly available information about financial services provided in the Union, capital markets of the Union and sustainability.
The scope of the ESAP will need to be built in a proportionate and gradual manner from 2024 to 2026, entailing a transitional scaling-up of the collection and submission of the information on its platform.
CONTENT: the aim of this proposed Regulation is to contribute to integrating the European financial services and capital markets by providing an easy centralised access to public information about entities and their products .
The proposal:
- mandates ESMA to establish, by 31 December 2024, ESAP to provide public access to the information that entities must disclose to the public, and to additional categories of information, including financial or sustainability-related information that entities decide to include on a voluntary basis in ESAP;
- sets out the conditions and requirements pursuant to which entities can, on a voluntary basis , submit information that will be made accessible through ESAP;
- requires ESMA to maintain an up-to-date list of collection bodies responsible for accepting information disclosed by entities, to publish this list on the ESAP web portal and to notify it to the Commission;
- sets out the roles and tasks of the collection bodies, including the technical standards they shall apply to validate whether information submitted by entities comply with the specifications required by this Regulation and the accompanying amendments to sectoral legislation;
- lays down the retention period for the information accessible through ESAP, which should be 10 years unless otherwise specified in the applicable EU legal act from the Annex;
- stipulates the conditions under which users will have access to the information available on ESAP, which will normally be free of charge . ESMA may charge fees to users that require very large volumes of data or frequently updated information. However, Union institutions, agencies and bodies, and a range of national bodies and competent authorities should always have direct and immediate access free of charge to ESAP to enable them to fulfil their respective responsibilities, mandates and obligations;
- specifies the tasks of ESMA, acting in close cooperation with the EBA and EIOPA, to manage ESAP;
- stipulates that the Commission shall review the functioning and effectiveness of ESAP 5 years after the entry into force of this Regulation.
Documents
- Committee opinion: PE736.586
- Committee opinion: PE736.461
- Amendments tabled in committee: PE738.474
- Committee draft report: PE732.817
- European Central Bank: opinion, guideline, report: CON/2022/0020
- European Central Bank: opinion, guideline, report: OJ C 307 12.08.2022, p. 0003
- Economic and Social Committee: opinion, report: CES6391/2021
- Document attached to the procedure: SEC(2021)0572
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2021)0344
- Document attached to the procedure: EUR-Lex
- Document attached to the procedure: SWD(2021)0345
- Legislative proposal published: COM(2021)0723
- Legislative proposal published: EUR-Lex
- Document attached to the procedure: SEC(2021)0572
- Document attached to the procedure: EUR-Lex SWD(2021)0344
- Document attached to the procedure: EUR-Lex SWD(2021)0345
- Economic and Social Committee: opinion, report: CES6391/2021
- European Central Bank: opinion, guideline, report: CON/2022/0020 OJ C 307 12.08.2022, p. 0003
- Committee draft report: PE732.817
- Amendments tabled in committee: PE738.474
- Committee opinion: PE736.461
- Committee opinion: PE736.586
Amendments | Dossier |
103 |
2021/0378(COD)
2022/10/12
JURI
53 amendments...
Amendment 12 #
Proposal for a regulation 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
Amendment 13 #
Proposal for a regulation 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 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
Amendment 14 #
Proposal for a regulation 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 and sustainable functioning of the market. Rolling out common European data spaces in 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. 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’ information 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.
Amendment 15 #
Proposal for a regulation Recital 3 (3) ESAP should provide the public with an easy centralised access to information about entities and their
Amendment 16 #
Proposal for a regulation 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) (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 18 #
Proposal for a regulation Recital 3 a (new) (3 a) ESAP should not create any new reporting requirements in terms of content, but should build upon existing disclosure requirements stemming from EU legislation as identified in the Annex. Also, it is important to avoid double reporting so as to prevent additional administrative and financial burdens for the entities, especially SMEs.
Amendment 19 #
Proposal for a regulation 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. Where possible, and subject to the decision of the relevant Member State, collection bodies designated for the purpose of collecting information that the entities are obliged to publicly disclose, should also be entrusted with collecting voluntary submissions of information. 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-
Amendment 20 #
Proposal for a regulation Recital 4 (4) The information to be made publicly accessible on ESAP should be collected by specialised collection bodies
Amendment 21 #
Proposal for a regulation 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,
Amendment 22 #
Proposal for a regulation 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. 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
Amendment 23 #
Proposal for a regulation 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-
Amendment 24 #
Proposal for a regulation 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. 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. Pursuant to the principle of data minimisation and data protection legislation, entities should ensure that no personal data are included, except where those data constitute a necessary element of the information about their economic activities
Amendment 25 #
Proposal for a regulation 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 is therefore necessary, where justified on grounds of a public interest objective, 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, 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 adhere to the FAIR principles (findable, accessible, interoperable, re-usable) and 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
Amendment 26 #
Proposal for a regulation 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
Amendment 27 #
Proposal for a regulation Recital 11 (11) The information available on ESAP should be accessible to the public in a timely manner. In that regard, the time between collecting the information and making it accessible to the public should be reasonable and, in any event, as short as technically possible. In order to ensure a uniform quality of information, the collection bodies should perform automated validations and reject invalid information. The possibility for human oversight must be guaranteed for any automated processing of data.
Amendment 28 #
Proposal for a regulation 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 for those specific services, including for services with high maintenance costs due to
Amendment 29 #
Proposal for a regulation 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
Amendment 30 #
Proposal for a regulation 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
Amendment 31 #
Proposal for a regulation 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 32 #
Proposal for a regulation Article 3 – paragraph 1 – point b (b) provide the collection body with its legal entity identifier as specified pursuant to Article 7(4), and where applicable, the legal identifier of the group it belongs to and the legal identifiers of its own subsidiaries;
Amendment 33 #
Proposal for a regulation 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 34 #
Proposal for a regulation Article 3 – paragraph 2 – introductory part 2. The Joint Committee of the European Supervisory Authorities and the European Financial Reporting Advisory Group (EFRAG) shall develop draft implementing technical standards to specify all of the following:
Amendment 35 #
Proposal for a regulation Article 3 – paragraph 2 a (new) Amendment 36 #
Proposal for a regulation Article 3 – paragraph 3 a (new) 3 a. Entities submitting information to a collection body on a voluntary basis shall act in good faith and ensure that the information is fair, accurate and is being disclosed in a clear and not misleading manner.
Amendment 37 #
Proposal for a regulation Article 3 – paragraph 3 b (new) 3 b. Information provided to a collection body on a voluntary basis shall be presented in a manner that allows users to distinguish it from information collected on a mandatory basis.
Amendment 38 #
Proposal for a regulation Article 4 – paragraph 1 ESMA, on the web portal referred to in Article 7(1), point (a), shall publish a list of the collection bodies with information about the name, address, Member State of origin and the Uniform Resource Locator (URL) of each collection body.
Amendment 39 #
Proposal for a regulation Article 5 – paragraph 1 – point b – point ii (ii) the metadata as specified pursuant to paragraph 6, point (d) is available
Amendment 40 #
Proposal for a regulation Article 5 – paragraph 1 – point f – introductory part (f) ensure that the information referred to in Article 1(1) remains available to ESAP for at least 10 years, unless stated otherwise in the legal acts referred to in Article 1(1), point (a).
Amendment 41 #
Proposal for a regulation Article 5 – paragraph 1 – point f – introductory part (f) ensure that the information referred to in Article 1(1) remains available to ESAP for at least
Amendment 42 #
Proposal for a regulation 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 4. Entities shall ensure the accuracy of the information they submit to the collection bodies and comply fully with all EU legislation.
Amendment 44 #
Proposal for a regulation Article 5 – paragraph 4 4. Entities shall ensure the quality, completeness and accuracy of the information they submit to the collection bodies.
Amendment 45 #
Proposal for a regulation Article 5 – paragraph 4 4. Entities shall ensure and be accountable for the accuracy of the information they submit to the collection bodies.
Amendment 46 #
Proposal for a regulation Article 5 – paragraph 6 a (new) 6 a. The Joint Committee of the European Supervisory Authorities shall develop procedures that aim to facilitate cooperation between collection bodies and entities, in particular regulating the submission and withdrawal of voluntary information, and including, where appropriate, relevant templates. When developing such procedures the Joint Committee shall take into consideration in particular the needs of small and medium-sized enterprises.
Amendment 47 #
Proposal for a regulation Article 7 – paragraph 3 – introductory part 3. The search function referred to in paragraph 1, point (c), shall allow for a search on the basis of at least the following metadata:
Amendment 48 #
(a a) the name of a group of undertakings;
Amendment 49 #
Proposal for a regulation Article 7 – paragraph 3 – point b a (new) (b a) the legal entity identifier of a group of undertakings;
Amendment 50 #
Proposal for a regulation Article 7 – paragraph 3 – subparagraph 1 (new) The search function shall allow users to visualise group structures of undertakings and the legal entity identifiers of each entity of a given group,
Amendment 51 #
Proposal for a regulation Article 7 – paragraph 3 a (new) 3 a. The search function referred to in paragraph 1, point (c), shall allow for a search combining two or more criteria listed in point (3)
Amendment 52 #
Proposal for a regulation Article 7 – paragraph 3 b (new) 3 b. Whenever applicable, ESAP shall enable users to compare data provided by entities on a given item, both throughout time and between entities.
Amendment 53 #
Proposal for a regulation Article 7 – paragraph 4 – point b a (new) (b a) the specific legal entity identifier of a group of undertakings referred to in paragraph 3, point (b a);
Amendment 54 #
Proposal for a regulation Article 8 – paragraph 2 – subparagraph 1 Amendment 55 #
Proposal for a regulation Article 8 – paragraph 2 – subparagraph 1 ESMA
Amendment 56 #
Proposal for a regulation Article 8 – paragraph 4 – introductory part 4. For the purposes of paragraph 2, second subparagraph, ESMA
Amendment 57 #
Proposal for a regulation Article 9 – paragraph 1 – point c (c) the conditions correspond to Creative Commons Attribution 4.0 International licensing (CC BY 4.0), in line with conditions laid down in open standard licences within the meaning of Article 2(5) of Directive (EU) 2019/1024, allowing free use, modification and sharing of that information by anyone and for any purpose.
Amendment 58 #
Proposal for a regulation Article 11 – paragraph 1 – introductory part 1. ESMA shall, in close cooperation with the European Banking Authority (EBA), the European Network of Supervisory Authorities for Corporate Sustainability Due Diligence and the European Insurance and Occupational Pensions Authority (EIOPA):
Amendment 59 #
Proposal for a regulation Article 11 – paragraph 1 – point c (c) ensure that ESAP is accessible
Amendment 60 #
Proposal for a regulation Article 12 – paragraph 1 1. ESMA, in close cooperation with the EBA, the European Network of Supervisory Authorities for Corporate Sustainability Due Diligence and EIOPA, shall monitor the functioning of ESAP based on at least the qualitative and quantitative indicators laid down in paragraph 2, and shall publish an annual report about the functioning of ESAP.
Amendment 61 #
Proposal for a regulation Article 12 – paragraph 1 a (new) 1 a. ESMA shall organise a public consultation every year for users to provide feedback on the functioning of ESAP, including suggestions to improve accessibility and readability of information for users.
Amendment 62 #
Proposal for a regulation Article 12 – paragraph 1 b (new) 1 b. ESMA shall include recommandations to improve the functioning and functionalities of ESAP in its annual report and assess the implementation of recommandations previously made.
Amendment 63 #
Proposal for a regulation Article 12 – paragraph 2 – point a (a) the number of visitors, including unique visitors and searches;
Amendment 64 #
Proposal for a regulation Article 12 – paragraph 3 a (new) 3 a. ESMA shall conduct regular ongoing consultations with relevant stakeholders from civil society and social partners on the functioning of ESAP.
source: 737.253
2022/10/19
LIBE
50 amendments...
Amendment 13 #
Proposal for a regulation Recital 2 Amendment 14 #
(2) Easy and structured access to data is important in order for decision makers in the economy and society to make sound informed, and environmentally and socially responsible investment decisions that serve the efficient functioning of the market. Rolling out common European data spaces in 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. 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’ information 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.
Amendment 15 #
Proposal for a regulation Recital 2 a (new) (2 a) As new legislative acts are currently under negotiation or at the point of completion, but are not listed in the Annex of this regulation, the Commission should be empowered to update the Annex to add newly adopted legislation related to the provision of financial services, capital markets and sustainability.
Amendment 16 #
Proposal for a regulation 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.
Amendment 17 #
Proposal for a regulation 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. 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
Amendment 18 #
Proposal for a regulation Recital 6 (6) The objective of the European Securities and Markets Authority (ESMA) is to protect the public interest by
Amendment 19 #
Proposal for a regulation 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 is therefore necessary, where justified on grounds of a public interest objective, 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, 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
Amendment 20 #
Proposal for a regulation Recital 13 (13) To promote data-driven innovation in finance, help integrate capital markets in the European Union, channel investments into sustainable activities, and bring efficiencies for consumers and businesses, ESAP should improve access to information that include personal data. ESAP should, however, only improve access to those personal data that have to be processed pursuant to Union law, or that are processed voluntarily provided that there is a lawful ground for such processing pursuant to Regulation (EU) 2016/679 of the European Parliament and of the Council. For any processing of personal data in the context of providing information via ESAP, the collection bodies, and ESMA in its capacity as operator of ESAP and when performing its role of data processor and data controller, should ensure that Regulation (EU) 2016/679 and Regulation (EU) 2018/1725 of the European Parliament and of the Council28 are complied with. As regards the publication of information concerning administrative measures and other penalties, which may also include information concerning criminal convictions and offences within the meaning of Article 10 of Regulation (EU) 2016/67928a , and Article 11 of Regulation (EU) 2018/172528b, the processing of such data should be carried out only under control of a competent official authority, or when the processing is authorised by Union law providing for appropriate safeguards for the rights and freedoms of data subjects. _________________ 28 Regulation (EU) 2018/1725 of the
Amendment 21 #
Proposal for a regulation Recital 13 (13) To promote data-driven innovation in finance, help integrate capital markets in the European Union, channel investments into sustainable activities, and bring efficiencies for consumers and businesses, ESAP should improve access to information that include personal data. ESAP should, however, only improve access to those personal data that have to be processed pursuant to Union law, or that are processed voluntarily provided that there is a lawful ground for such processing pursuant to Regulation (EU) 2016/679 of the European Parliament and of the Council. For any processing of personal data in the context of providing information via ESAP, the collection bodies, and ESMA in its capacity as
Amendment 22 #
Proposal for a regulation Recital 14 (14) The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 and delivered an opinion on
Amendment 23 #
Proposal for a regulation 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
Amendment 24 #
Proposal for a regulation Recital 16 a (new) (16 a) For the purposes of ensuring high quality and accuracy of data to be published on ESAP, ESMA should be allowed to pre-screen information provided by entities in order to validate the accuracy and format of the data provided before it is published on ESAP.
Amendment 25 #
Proposal for a regulation Article 1 – paragraph 1 – point a a (new) (a a) The Commission is empowered to adopt delegated acts to amend the Annexes in order to update the list of legislative acts at the moment any new relevant legislative act enters into force.
Amendment 26 #
Proposal for a regulation Article 1 – paragraph 2 Amendment 27 #
Proposal for a regulation Article 2 – paragraph 1 – point 2 a (new) (2 a) ‘personal data’ means personal data as defined in Article 4, point (1), of Regulation(EU) 2016/679;
Amendment 28 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) (7 a) 'personal data' means personal data as defined in Article 4 Paragraph 1 of Regulation (EU) 2016/679
Amendment 29 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) (7 a) 'personal data' means data as defined in Article 4, point 1 of Regulation (EU) 2016/279;
Amendment 30 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 a (new) (7 a) 'personal data' as referred to in Article 4 (1) of Regulation (EU) 2016/679
Amendment 31 #
Proposal for a regulation Article 2 – paragraph 1 – point 7 b (new) (7 b) 'processor' as referred to in Article 3 paragraph 12 Regulation 2018/1725
Amendment 32 #
Proposal for a regulation Article 3 – paragraph 1 – introductory part 1. Any natural or legal person acting as a market participant may submit to a collection body the information referred to in Article 1(1), point (b) to make that information accessible on ESAP. When submitting that information, the natural or legal person shall:
Amendment 33 #
Proposal for a regulation Article 3 – paragraph 1 – point c a (new) (c a) where possible, ensure that any voluntarily submitted information is submitted in the format provided in existing templates related to the relevant legislative act;
Amendment 34 #
Proposal for a regulation Article 3 – paragraph 1 – point d (d) ensure that no personal data are included, except where the personal data constitute a necessary element of the information about its economic activities
Amendment 35 #
Proposal for a regulation Article 3 – paragraph 1 – point d (d) ensure that no personal data are included, except where the personal data
Amendment 36 #
Proposal for a regulation Article 3 – paragraph 1 – point d a (new) (d a) anonymise personal data submitted to collection bodies, whenever possible.
Amendment 37 #
Proposal for a regulation Article 3 – paragraph 2 – point c a (new) (c a) standards for the automatic identification of personal data
Amendment 38 #
Proposal for a regulation Article 3 – paragraph 2 – point c b (new) (c b) the cases under which personal data can be include in voluntary submissions
Amendment 39 #
Proposal for a regulation Article 3 – paragraph 2 – subparagraph 1 The Joint Committee of the European Supervisory Authorities shall submit those draft implementing technical standards to the Commission by [PO: please insert t
Amendment 40 #
Proposal for a regulation Article 3 – paragraph 3 3. Where the information referred to in paragraph 1 contains personal data, entities shall ensure that the processing relies on one of the lawful grounds of processing listed in Article 6(1) of Regulation (EU) 2016/679 of the European Parliament and of the Council. In particular, consent cannot be considered as a legal basis to submit information containing personal. This Regulation does not create a legal basis for the processing of personal data by those entities.
Amendment 41 #
Proposal for a regulation Article 5 – paragraph 1 – point f – introductory part (f) ensure that the information referred to in Article 1(1) remains available to ESAP for at least 10 years, unless stated otherwise in the legal acts referred to in Article 1(1), point (a). Personal data in the information submitted pursuant to Article 1(1) shall not be retained and made available for longer than necessary and in any event not for longer than 5 years, unless stated otherwise in the legal acts referred to in Article 1(1), point (a).
Amendment 42 #
Proposal for a regulation Article 5 – paragraph 1 – point f – introductory part (f) ensure that the information referred to in Article 1(1) remains available to ESAP for at least 10 years, unless stated otherwise in the legal acts referred to in Article 1(1), point (a). Personal data in the information submitted pursuant to Article 1(1) shall not be retained
Amendment 43 #
Proposal for a regulation Article 5 – paragraph 1 – point f – introductory part (f) ensure that the information referred to in Article 1(1) remains available to ESAP for at least 10 years, unless stated otherwise in the legal acts referred to in Article 1(1), point (a). Personal data in the information submitted pursuant to Article 1(1) shall not be retained
Amendment 44 #
Proposal for a regulation Article 5 – paragraph 4 4. Entities shall ensure the quality, completeness, reliability, and accuracy of the information they submit to the collection bodies.
Amendment 45 #
Proposal for a regulation Article 5 – paragraph 4 a (new) Amendment 46 #
Proposal for a regulation Article 6 – paragraph 1 ESMA shall put in place an effective and proportionate IT security policy for ESAP and shall ensure appropriate levels of authenticity, availability, integrity and non- repudiation of the information made accessible on ESAP and of the protection of personal data. ESMA shall carry out periodic reviews of the IT security policy and the cybersecurity situation of ESAP in consideration of evolving European and international cybersecurity trends and latest developments.
Amendment 47 #
Proposal for a regulation Article 7 – paragraph 1 – point a (a) a web portal with a user-friendly interface taking account of special access needs of individuals with disabilities, in all the official languages of the Union to provide access to the information in ESAP;
Amendment 48 #
Proposal for a regulation Article 7 – paragraph 1 a (new) 1 a. ESMA shall put in place appropriate technical and organisational measures to avoid excessive disclosure of personal data via the download service referred to in paragraph 1, point f of this article.
Amendment 49 #
Proposal for a regulation Article 7 – paragraph 2 2. ESMA shall ensure that ESAP provides for the functionalities referred to in paragraph 1, points (e) and (g) by 31 December 2025. ESMA shall introduce appropriate technical and organisational measures to avoid excessive disclosure of personal data via the download service and the API. Additional safeguards shall be provided by ESMA where the disclosure of personal data via the download service and the API concerns personal data of a particularly sensitive nature, such as information concerning administrative measures or other penalties regarding natural persons. Such safeguards shall be specified by the Commission by way of an implementing act.
Amendment 50 #
Proposal for a regulation Article 8 – paragraph 1 1. In order to promote transparency and the smooth functioning of European capital markets, ESMA shall ensure that access to ESAP is provided without discrimination.
Amendment 51 #
Proposal for a regulation Article 8 – paragraph 3 – point e a (new) (e a) News organisations and non- governmental organisations insofar as access to the data is necessary in the performance of their work.
Amendment 52 #
Proposal for a regulation Article 8 – paragraph 4 – introductory part 4. For the purposes of paragraph 2, second subparagraph, ESMA
Amendment 53 #
Proposal for a regulation Article 9 – paragraph 1 – subparagraph 1 (new) The use and re-use of personal data accessible on ESAP shall occur in full compliance with Union legislation on data protection, and in particular respect the principles of lawfulness, fairness, transparency, purpose limitation, data minimisation, accuracy, storage limitation, integrity and confidentiality. Any processing of personal data accessible on ESAP for a purpose other than that for which the personal data have been collected may only take place in accordance with the requirements of Article 6, paragraph 4 of Regulation (EU)No 2016/679.
Amendment 54 #
Proposal for a regulation Article 9 – paragraph 1 a (new) Personal data from the European Single Access Point shall be used or re-used in line with Regulation (EU) 2016/679 and such personal data shall not be retained for longer than necessary and in any case not for longer than 5 years, unless stated otherwise in the legal acts referred to in Article 1(1), point (a).
Amendment 55 #
Proposal for a regulation Article 10 – paragraph 1 1. ESMA shall perform
Amendment 56 #
Proposal for a regulation Article 10 – paragraph 1 a (new) 1 a. ESMA shall be empowered to screen the data provided by entities in order to ensure the accuracy of the information provided. In the case of incorrect or inaccurate data, ESMA shall follow the procedure as laid out in paragraph 2 of this Article.
Amendment 57 #
Proposal for a regulation Article 11 – paragraph 1 – point e a (new) (e a) act as controller of the ESAP, holding the responsibilities outlined in Articles 24-27 of Regulation (EU) 2016/679.
Amendment 58 #
Proposal for a regulation Article 11 – paragraph 3 3. ESMA shall not store information containing personal data except for automatic, intermediate and transient processing, including storage of that information insofar as strictly necessary for the purpose of giving access to information provided by the collection bodies. ESMA shall also take appropriate technical and organisational measures to ensure that the information is not retained or made available for longer period that the one provided for in point (f) of article 5(1) of the Proposal.
Amendment 59 #
Proposal for a regulation Article 11 – paragraph 3 a (new) 3 a. ESMA shall act as the 'processor' as regards the data processed in ESAP.
Amendment 60 #
Proposal for a regulation Article 13 – paragraph 1 By [PO, please insert a date 5 years after the entry into force of this Regulation], the Commission shall review the functioning of ESAP and assess its effectiveness. The review shall be accompanied by an overview of existing data-gaps in the EU and a strategy to address them. The review shall also include an assessment of the impact of this Regulation on the market position of private data providers in the EU. The Commission shall report to the European Parliament and to the Council on the results of this review.
Amendment 61 #
Proposal for a regulation Annex I – Part A – point 21 a (new) 21 a. Regulation XXX on European green bonds
Amendment 62 #
Proposal for a regulation Annex I – Part A – point 21 b (new) source: 737.388
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