Legal provisions of COM(2021)723 - European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability

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dossier COM(2021)723 - European single access point providing centralised access to publicly available information of relevance to financial ...
document COM(2021)723 EN
date December 13, 2023

Contents

Article 1 - The European Single Access Point (ESAP)

1. By 31 December 2024, the European Securities and Markets Authority (ESMA) shall establish and operate a European single access point (“ESAP”) providing centralised electronic access to the following information:

(a)information to be made public pursuant to the relevant provisions in the directives and regulations listed in the Annex and pursuant to any further legally binding Union act which provides for centralised electronic access to information through ESAP;

(b)other information of relevance to financial services provided in the Union or to capital markets of the Union or concerning sustainability that entities wish to make accessible on ESAP on a voluntary basis about their economic activities in accordance with Article 3(1).

2. ESAP shall not provide access to information submitted before 1 January 2024. 

Article 2 - Definitions

For the purposes of this Regulation, the following definitions shall apply:

(1) ‘entity’ means any natural or legal person that is required to make information public pursuant to any of the legal acts referred to in Article 1(1), point (a), or any natural or legal person that submits to a collection body the information referred to in Article 1(1), point (b), on a voluntary basis in accordance with Article 3(1) for the information to be made accessible on ESAP;

(2) ‘collection body’ means any Union or national body or authority or register designated as such pursuant to any of the legal acts referred to in Article 1(1), point (a) or by the implementing technical standards referred to in Article 3(2);

(3) ‘data extractable format’ means any electronic open format as defined in Article 2, point (14), of Directive (EU) 2019/1024 that is widely used or required by law, that allows data extraction by a machine, and that is not only human-readable;

(4) ‘machine-readable format’ means a format as defined in Article 2, point (13), of Directive (EU) 2019/1024;

(5) ‘qualified electronic seal’ means a qualified electronic seal as defined in Article 3, point (27), of Regulation (EU) No 910/2014;

(6) ‘application programming interface’ (‘API’) means a set of functions, procedures, definitions and protocols for machine-to-machine communication and seamless exchange of data;

(7) ‘metadata’ means structured information that makes it easier to retrieve, use, or manage an information resource, including by describing, explaining, or locating that information resource.

Article 3 - Voluntary submission of information for accessibility on ESAP

1. Any natural or legal person 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:

(a)provide the collection body with metadata about the information submitted;

(b)provide the collection body with its legal entity identifier as specified pursuant to Article 7(4);

(c)use a data extractable format for drawing up that information;

(d)ensure that no personal data are included, except where the personal data constitute a necessary element of the information about its economic activities.

2. The Joint Committee of the European Supervisory Authorities shall develop draft implementing technical standards to specify all of the following:

(a)the metadata to be provided about the information submitted;

(b)the specific formats to be used for drawing up the information;

(c)the designation of collection bodies to which the information is submitted to.

The Joint Committee of the European Supervisory Authorities shall submit those draft implementing technical standards to the Commission by [PO: please insert three years after entry into force].

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010, (EU), Article 15 of Regulation (EU) No 1094/2010 and Article 15 of Regulation (EU) No 1095/2010.

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. This Regulation does not create a legal basis for the processing of personal data by those entities.

Article 4 - List of collection bodies

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 Uniform Resource Locator (URL) of each collection body.

ESMA shall ensure that the list referred to in the first subparagraph is kept up-to-date and shall notify the Commission of any changes to that list.

Article 5 - Tasks of the collection bodies 

1. The collection bodies shall:

(a)collect and store the information submitted by the entities;

(b)perform automated validations on the information submitted to verify that the information complies with all of the following requirements:

(i)the information has been submitted using a data extractable format or, where appropriate, the machine-readable format specified in any of the legal acts referred to in Article 1(1), point (a) pursuant to which the information is submitted or in the implementing technical standards referred to in Article 3(2), point (b); 

(ii)the metadata as specified pursuant to paragraph 6, point (d) is available and complete;

(iii)the information contains a qualified electronic seal;

(c)ensure that the use and re-use of the information provided to ESAP is either not subject to any conditions, or is subject to open standard licences that are equivalent to the licencing terms referred to in Article 9;

(d)implement the API and provide ESAP, for free and within the applicable time-limits, with the information, the metadata for that information and, where relevant, the qualified electronic seal;

(e)provide technical assistance to the entities submitting the information;

(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 5 years, unless stated otherwise in the legal acts referred to in Article 1(1), point (a).

For the purposes of point (f), the collection bodies shall take appropriate technical and organisational measures to ensure that the information is not retained or made available for longer than provided for in that point (f).

2. Collection bodies shall reject information submitted by entities in each of the following cases:

(a)where the automated validations referred to in paragraph 1, point (b), reveal that the information does not comply with the requirements laid down in that point (b);

(b)where the information is manifestly inappropriate, abusive, or clearly outside the scope of the information referred to in Article 1(1).

3. Entities may submit information referred to in Article 1(1), point (a) only once to either one of the relevant collection bodies. 

4. Entities shall ensure the accuracy of the information they submit to the collection bodies.

5. As regards the information falling under this Regulation, the collection bodies shall not exercise the right of the maker of a database, referred to in Article 7(1) of Directive 96/9/EC of the European Parliament and of the Council 33 , to prevent or restrict the re-use of the contents of the database or to restrict re-use of those contents.

6. The Joint Committee of the European Supervisory Authorities shall develop draft implementing technical standards specifying all of the following: 

(a)how the automated validations referred to in paragraph 1, point (b), are to be performed for each type of information submitted by entities;

(b) the characteristics of the qualified electronic seal referred to in paragraph 1, point (b)(iii);

(c)the open standard licences referred to in paragraph 1, point (c);

(d)the characteristics of the API to be implemented pursuant to paragraph 1, point (d), and the metadata referred to in that point;

(e)the time limits referred to in paragraph 1, point (d).

The Joint Committee shall submit those draft implementing technical standards to the Commission as regards points (b), (c) and (d) by [PO: please insert one year after entry into force] and as regards points (a) and (e) by [PO: please insert two years after entry into force].

Power is conferred to the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulations (EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010.

Article 6 - Cybersecurity

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.

Article 7 - Functionalities of ESAP

1. ESMA shall ensure that ESAP provides at least for the following functionalities:

(a)a web portal with a user-friendly interface in all the official languages of the Union to provide access to the information in ESAP;

(b)an API enabling easy access to the information in ESAP;

(c)a search function in all the official languages of the Union;

(d)an information viewer;

(e)a machine translation service for the information retrieved;

(f)a download service, including for the download of large quantities of data;

(g)a notification service informing users of any new information in ESAP.

2. ESMA shall ensure that ESAP provides for the functionalities referred to in paragraph 1, points (e) and (g) by 31 December 2025.

3. The search function referred to in paragraph 1, point (c), shall allow for a search on the basis of the following metadata:

(a)the names of the entity that submitted the information;

(b)the legal entity identifier of the entity that submitted the information;

(c)the type of information submitted by the entity that submitted the information;

(d)the year and month in which the information was submitted by the entity that submitted the information;

(e)the size of the entity that submitted the information;

(f)the source of the information submitted.

4. The Joint Committee of the European Supervisory Authorities shall develop draft implementing technical standards specifying all of the following:

(a)the characteristics of the API referred to in paragraph 1, point (b);

(b)the specific legal entity identifier referred to in paragraph 3, point (b);

(c)a classification of the types of information referred to in paragraph 3, point (c);

(d)the categories of the size of the entities referred to in paragraph 3, point (e).

The Joint Committee of the European Supervisory Authorities shall submit those draft implementing technical standards to the Commission by [PO: please insert one year after entry into force].

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1093/2010, (EU), Regulation (EU) No 1094/2010 and Regulation (EU) No 1095/2010. 

Article 8 - Access to information available on ESAP

1. ESMA shall ensure that access to ESAP is provided without discrimination.

2. ESMA shall ensure that anyone has direct and immediate access free of charge to the information available on ESAP. 

ESMA may, however, charge fees for specific services that involve searches for a very large volume of information or for frequently updated information. Those fees shall not exceed the cost incurred by ESMA for the provision of the service. 

3. Notwithstanding paragraph 2, second subparagraph, ESMA shall allow all of the following entities to have direct and immediate access to ESAP free of charge to the extent necessary for those entities to fulfil their respective responsibilities, mandates and obligations:

(a)any Union institution, agency or other Union body;

(b)any national competent authority designated by a Member State pursuant to the legal acts referred to in Article 1(1), point (a);

(c)any member of the European Statistical System as defined in Article 4 of Regulation (EC) No 223/2009 of the European Parliament and of the Council 34 ;

(d)any member of the European System of Central Banks;

(e)the resolution authorities designated under Article 3 of Directive 2014/59/EU of the European Parliament and the Council 35 .

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 and to determine the associated fee structure.

ESMA shall submit those draft implementing technical standards to the Commission.

Power is conferred on the Commission to adopt the implementing technical standards referred to in the first subparagraph in accordance with Article 15 of Regulation (EU) No 1095/2010.

Article 9 - Use and re-use of information accessible on ESAP

ESMA shall ensure that the use and re-use of the information accessible on ESAP does not infringe sui generis database rights pursuant to Article 7(1) of Directive 96/9/EC and is not subject to any conditions unless those conditions fulfil all of the following requirements:

(a)the conditions are objective and non-discriminatory;

(b)the conditions are justified on grounds of a public interest objective;

(c)the conditions correspond to 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.

Article 10 - Quality of the information

1. ESMA shall perform automated validations to verify compliance of the information submitted by the collection bodies with the requirements laid down in Article 5(1), point (b).

2. ESMA shall implement appropriate technical processes to automatically notify a collection body that the information submitted does not comply with the requirements laid down in Article 5(1), point (b).

Article 11 - Tasks of ESMA

1. ESMA shall, in close cooperation with the European Banking Authority (EBA) and the European Insurance and Occupational Pensions Authority (EIOPA):

(a)ensure that the information received by the collection bodies is made available on ESAP in a timely manner;

(b)provide service support to collection bodies;

(c)ensure that ESAP is accessible at least 95% of the time per month;

(d)consult as appropriate with the collection bodies to address common issues and common principles of conduct, and in particular to discuss:

(i)the daily management of ESAP;

(ii)the development and implementation of a quality policy and, where appropriate, of service level agreements between ESMA and the collection bodies;

(iii)the funding conditions of ESAP, including in which situations fees may be imposed and the calculation of those fees;

(iv)threats in relation with cybersecurity.

(e)monitor the implementation and functioning of ESAP as specified in Article 12, and report annually thereon to the Commission.

2. For the purposes of paragraph 1, ESMA shall consult the Securities and Markets Stakeholders Group referred to in Article 37 of Regulation (EU) No 1095/2010.

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.

Article 12 - Monitoring the implementation and functioning of ESAP

1. ESMA, in close cooperation with the EBA 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. 

2. The qualitative and quantitative indicators referred to in paragraph 1 are the following:

(a)the number of visitors and searches;

(b)the percentage of searches that lead to a view or a download;

(c)the number and percentage of machine-readable information accessible on ESAP and the number and percentage of machine-readable views and downloads;

(d)the proportion of notifications pursuant to the automated validations referred to in Article 10;

(e)any significant malfunction or incident;

(f)an assessment of the accessibility, quality, usability and timeliness of the information in ESAP;

(g)an assessment of whether ESAP meets its objectives, taking into account the evolution of its use and the information flows within the Union;

(h)an assessment of end-user satisfaction;

(i)a comparison with similar systems in third countries.

3. ESMA shall consult the Securities and Markets Stakeholder Group referred to in Article 37 of Regulation (EU) No 1095/2010 before submitting the report referred to in paragraph 1.

Article 13 - Review

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 Commission shall report to the European Parliament and to the Council on the results of this review.

Article 14 - Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

This Regulation shall be binding in its entirety and directly applicable in all Member States.