Negotiators decided that the European Securities and Markets Authority (ESMA) would establish and operate a European single access point (ESAP) 42 months after the regulation enters into force. The negotiations led also to faster start-up of phase one of ESAP with 6 months and made the overall process more structured and predictable.

The ESAP is set to provide centralised electronic access to public information about companies, both financial and non-financial, such as on sustainability. MEPs also pushed to increase the number of Union legislative acts in scope of ESAP, making sure that information regarding crypto assets, green bonds or activities and supervision of institutions for occupational retirement provision will be easily accessible.

This in turn should make EU capital markets more efficient and SMEs more visible as well as support the green transition through sustainable finance, as investors and other key capital market participants as well as non-governmental organisations would be better informed when making decisions about investments.

It was also agreed that, in addition to the information made public because of EU law, ESAP should also make available information that any EU business has made public on a voluntary basis 72 months after the rules enter into force. Each member state should designate at least one entity to collect such information. Information provided voluntarily would have to be uniform in format and comparable in substance, value, use and reliability to that submitted on a mandatory basis. Nevertheless, it should be clearly distinguished from information submitted on a mandatory basis. Furthermore, negotiators inserted strict rules on information containing personal data and assured that they should not be stored on ESAP.

MEPs also insisted that ESAP should not create any new reporting requirements but should instead build upon existing disclosure requirements, procedures and infrastructure stemming from EU legislation. The information on ESAP should be available free of charge, except for fees charged for specific services such as downloads of large volumes of information of commercial relevance. The successful rollout and functioning of ESAP of course depends on sufficient funding, negotiators decided that under the current Multiannual Financial Framework 40% of funding should be provided from the EU budget and 60% from member states.

Finally, negotiators made changes to certain regulations and directives to align them with the new access point and thereby ensure easier access to public information crucial to increasing opportunities for small and medium business growth, visibility, and innovation, including easier access to voluntary information.