Today, the three European Supervisory Authorities (ESAs)—the European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), and the European Securities and Markets Authority (ESMA)—released their Final Report on the draft implementing technical standards (ITS). These standards pertain to the tasks of collection bodies and the functionalities of the upcoming European Single Access Point (ESAP), marking a key step towards creating a unified information portal.
The Two-Tier ESAP System
According to the Level 1 legislation, the ESAP will function as a two-tier system. Initially, information will be collected by designated “collection bodies,” which include Officially Appointed Mechanisms (OAMs), EU agencies, and national authorities. The information will then be made available to ESAP, enabling centralised access for users. This model aims to streamline how financial and sustainability data is collected and shared across Europe.
Key Features of the ITS
The published ITS provide comprehensive guidelines for collection bodies and specify the requirements to ensure effective information submission to the ESAP:
- Tasks for Collection Bodies: The ITS outline protocols for when and in what format information should be provided, the type of validation checks needed, and the mandatory metadata that should accompany the data. This is intended to ensure high data quality and consistency.
- ESAP Functionalities: These standards define the functional elements of the ESAP, such as categorising entities by industry and size, the use of specific identifiers, and the type of information to be made available on the platform. Additionally, the report specifies characteristics of the public API to allow data users seamless access.
Moving Forward: A Key Step in Building the Savings and Investments Union
The establishment of the ESAP is expected to be a cornerstone of the Savings and Investments Union, enhancing transparency and accessibility to financial services and sustainability information. ESAP will start gathering data from July 2026, with a full rollout of public access expected no later than July 2027.
This Final Report has now been forwarded to the European Commission for adoption, solidifying the pathway towards the ESAP’s implementation and promoting a more integrated financial market in Europe.
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