ESAs seek input on ESAP technical standards
Seamless EU-wide business data access is a step closer with this week’s publication of the European Single Access Point (ESAP) draft implementing technical standards (ITS). ESAP aims to provide easy access to publicly available data relevant to financial services, capital markets, and sustainability.
The ITS are published by the three European Supervisory Authorities (The European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), and European Securities and Markets Authority (ESMA)) as part of the Capital Markets Union Action Plan. The proposed standards aim to enhance the effective use of financial and sustainability data centralised on the ESAP.
The ESAs invite stakeholders to share their insights on the proposals, which outline both the tasks of collection bodies and the functionalities of ESAP.
Key elements of the consultation include automated validations for submitted information, characteristics of the Qualified Electronic Seal, open standard licenses, and details of the data collection application programming interface (API). Additionally, considerations encompass metadata characteristics, time limits for information provision to ESAP, and an indicative list of acceptable formats for data extractability and machine readability.
The indicative list of proposed acceptable formats for machine readability includes XML, JSON, XBRL, and iXBRL. The consultation recommends iXBRL as the ideal format for data reported to ESAP to simultaneously address issues such as data extractability, human readability, and machine readability.
Stakeholders are urged to provide feedback by 8 March through the ESMA’s consultation page. The ESAs plan to organise a public hearing in the form of a webinar, with details forthcoming. The consultation process is pivotal in shaping the draft ITSs, which are expected to be submitted to the European Commission by September 2024. ESAP is expected to become operational by July 2026, with information publishing commencing no later than July 2027.
For a detailed understanding of the consultation paper and to contribute to shaping the future of ESAP, stakeholders can access the document here.
