While EuropeanIssuers welcomes the establishment of the ESAP, its introduction is not a priority. The main focus should be kept on the initiatives helping European companies to recapitalise in the context of the COVID-19 crisis.
EuropeanIssuers responded to the European Commission’s targeted consultation
on the establishment of the European Single Access Point (ESAP) for
financial and non-financial information publicly disclosed by companies.
While EuropeanIssuers welcomes the establishment of the ESAP, its
introduction is not a priority. The main focus should be kept on the
initiatives helping European companies to recapitalise in the context of
the COVID-19 crisis. This position was highlighted in EuropeanIssuers’ position paper on the Capital Markets Union New Action Plan.
EuropeanIssuers Secretary General Florence Bindelle expressed: “The
establishment of the ESAP can be beneficial in providing better access
to financial information for investors. However, its scope and goal
should be clearly defined in order to avoid additional reporting burdens
and costs for companies.”
More particularly, EuropeanIssuers put the accent on the need to rely
upon clearly defined information, and building on existing OAMs, thus
limiting the requirements to what already now is to be filled with the
national authority. Moreover, companies should not be held liable for
any problem in the transmission of information between the national
authority and the ESAP. Furthermore, EuropeanIssuers urges to avoid that
the ESAP is used to introduce additional pieces of legislation or new
reporting formats.
Finally, EuropeanIssuers advises against the inclusion of
non-financial information in the scope of the ESAP, unless already filed
in the OAM according to national legislation (i.e., when NFI is part of
the management report). Legislation on non-financial information is
currently evolving and it is not mature enough to be streamlined.
Therefore its inclusion should follow in due course when the general
legal framework is established.
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- For EuropeanIssuers’ response to the targeted consultation on the
establishment of a European single access point for financial and
non-financial information publicly disclosed by companies, please click here.
- For EuropeanIssuers’ views on the targeted consultation on the
establishment of a European single access point for financial and
non-financial information publicly disclosed by companies, please click here.
- For EuropeanIssuers’ position paper on the European Commission’s Capital Markets Union New Action Plan, please click here.
- For this press release, please click here.
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