Next event: Committee decision to enter into interinstitutional negotiations confirmed by plenary (Rule 71) 2023/02/15 more...
- Committee decision to enter into interinstitutional negotiations announced in plenary (Rule 71) 2023/02/13
- Committee report tabled for plenary, 1st reading/single reading 2023/02/06
- Committee report tabled for plenary, 1st reading 2023/02/06
- Vote in committee, 1st reading 2023/01/31
- Committee decision to open interinstitutional negotiations with report adopted in committee 2023/01/31
- MELCHIOR Karen (Renew) appointed as rapporteur in JURI 2022/12/12
- Committee opinion 2022/11/30
Progress: Awaiting Parliament's position in 1st reading
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 | 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) |
Lead committee dossier:
Legal Basis:
RoP 57, TFEU 050, TFEU 053-p1, TFEU 062, TFEU 114
Legal Basis:
RoP 57, TFEU 050, TFEU 053-p1, TFEU 062, TFEU 114Subjects
Events
PURPOSE : to amend certain Directives as regards the establishment and functioning of the European single access point (ESAP).
PROPOSED ACT: Directive 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 Regulation establishing a European Single Access Point 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.
CONTENT: ESAP should provide the public with an easy centralised access to information about entities and their products in relation to financial services , capital markets and sustainability that authorities and entities are required to publish in accordance with a number of Directives in that field. This proposal amends these specific Directives in order to enable the functioning of ESAP . The overall aim of this proposal is to harmonise the disclosure requirements for the public information that should be accessible through ESAP.
Designation of collection bodies
For the functioning of ESAP, the proposal stipulates that collection bodies should be designated to collect from the entity the information in relation to financial services capital markets and sustainability. In the absence of a collection body already established under Union law, Member States should designate one to collect and store the information, and notify the European Securities and Markets Authority (ESMA) accordingly.
Where a European Supervisory Authority or a competent authority is required under Union law to draw-up and publish on its website information on the entities and their financial products in relation to financial services, capital markets and sustainability, that authority should act as a collection body. That authority should publish the information in a data extractable format, include the names and, where available, the legal entity identifier of the entity, and specify the type of information .
Disclosure, format and access to information
In order ensure that ESAP provides timely access to information that is relevant for financial services, capital markets and sustainability, entities should submit their information to a collection body at the same time as they make that information public. For information to be digitally usable, the entities should submit to the collection bodies the information in a data extractable format or, where required under Union law, in a machine-readable format .
Moreover, entities should be held responsible for the information they submit to the collection bodies. Ensuring data integrity and credibility of the source would enable to protect the entities from undue alteration of their information and build public trust in ESAP. To that purpose, documents submitted by entities to the collection bodies should be accompanied by a qualified electronic seal included by the reporting entity on the information submitted to the collection bodies where such seal is required.
Documents
- Committee report tabled for plenary, 1st reading/single reading: A9-0023/2023
- Committee report tabled for plenary, 1st reading: A9-0023/2023
- Committee opinion: PE736.462
- Amendments tabled in committee: PE738.475
- Committee draft report: PE732.818
- 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: 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)0724
- Legislative proposal published: EUR-Lex
- 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: PE732.818
- Amendments tabled in committee: PE738.475
- Committee opinion: PE736.462
- Committee report tabled for plenary, 1st reading/single reading: A9-0023/2023
Amendments | Dossier |
11 |
2021/0379(COD)
2022/10/12
JURI
11 amendments...
Amendment 14 #
Proposal for a directive Recital 1 (1) In the Capital Markets Union (CMU) Action Plan15 , the Commission proposed to improve public access to entities’ financial and non-financial information, as required by existing legislation, by building a European Single Access Point (ESAP). The Commission Digital Finance Strategy16 set out general lines on how Europe can support the digital transformation of finance in the coming years, and in particular, to promote a data- driven finance. In the Strategy for Financing the Transition to a Sustainable Economy17 , the Commission placed sustainable finance at the heart of the financial system as a key means to achieve the green transition of the EU economy, as part of the Green Deal18 . _________________ 15 Communication from the Commission to
Amendment 15 #
Proposal for a directive Recital 2 (2) ESAP is to be established in accordance with Regulation (EU) XXX/XXX of the European Parliament and of the Council [ESAP Regulation]19 in order to enable an easy access to data 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,
Amendment 16 #
Proposal for a directive Recital 2 (2) ESAP is to be established in accordance with Regulation (EU) XXX/XXX of the European Parliament and of the Council [ESAP Regulation]19 in order to enable an easy access to data 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 world is expected to undergo a digital transformation in the coming years
Amendment 17 #
Proposal for a directive Recital 3 (3) ESAP should provide the public with an easy centralised access to information about entities and their products in relation to financial services, capital markets and sustainability that authorities and entities are required to publish in accordance with a number of Directives in that field without, however, jeopardising the commercial status of that entity. In any case, any entity may submit information about its economic activities of relevance to financial services, or to capital markets or concerning sustainability to a collection body with a view to making that information accessible on ESAP in accordance with Article 3 of Regulation (EU) XXX/XXX [ESAP Regulation]
Amendment 18 #
Proposal for a directive Recital 3 a (new) (3a) Categories of entities providing information through ESAP shall not publish 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 19 #
Proposal for a directive Article 1 – paragraph 1 Directive 2002/87/EC Article 30b – paragraph 1 – point b – i a (new) (i a) where applicable, the name and the legal entity identifier of the group to which the regulated entity belongs;
Amendment 20 #
Proposal for a directive Article 1 – paragraph 1 Directive 2002/87/EC Article 30b – paragraph 1 – point b – point ii a (new) (ii a) where applicable, the name and the legal entity identifiers of all the subsidiaries of the regulated entity;
Amendment 21 #
Proposal for a directive Article 2 – paragraph 1 Directive 2004/25/EC Article 16a – paragraph 1 – subparagraph 1 1. From 1 January 2025, Member States shall ensure that, when making public an information pursuant to Article 4(2), point (c), Article 5(4), Article 6(1), Article 6(2) and Article 9(5) of this Directive, companies submit
Amendment 22 #
Proposal for a directive Article 9 – paragraph 1 Directive 2013/34/EU Article 33a – paragraph 1 – point b – point i a (new) (i a) where applicable, the name and the legal entity identifier of the group to which the regulated entity belongs;
Amendment 23 #
Proposal for a directive Article 9 – paragraph 1 Directive 2013/34/EU Article 33a – paragraph 1 – point b – point ii a (new) (ii a) where applicable, the name and the legal entity identifiers of all the subsidiaries of the undertaking;
Amendment 24 #
Proposal for a directive Article 9 – paragraph 1 Directive 2013/34/EU Article 33a – paragraph 1a (new) 1 a. From 1 January 2025, Member States shall ensure that, when making public the duly approved statements and reports pursuant to Article 40a of this Directive, the undertakings referred to in that Article submit those statements and reports to the collection body referred to in paragraph 2 of this Article in order to make that information accessible on ESAP established under Regulation (EU) XX/XXXX [ESAP Regulation] of the European Parliament and of the Council.
source: 737.254
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