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DEVLHON Consulting Breaks Down New Technical Standards for the European Single Access Point (ESAP)
In response to the growing demand for transparency and harmonization of financial information across Europe, the European ESAP Regulation establishes a European Single Access Point—a central, standardized platform designed to facilitate access to financial and investment data. To ensure the efficiency and security of this platform, Implementing Technical Standards (ITS) have been defined. DEVLHON Consulting analyzes the final report from the Joint Committee (JC) of the European Supervisory Authorities (ESA), outlining the responsibilities of collection bodies (CB) and the technical specifications of the ESAP.
Collection Bodies: Roles and Responsibilities
Collection bodies, or “CBs,” are the guardians of the quality and integrity of financial data intended for the ESAP. Designated by national or European organizations, CBs play a crucial role in validating and transmitting information submitted by issuing entities.
Main Tasks of CBs:
– Automatic Validations: CBs are responsible for performing automatic validations for each type of data received. This step ensures data compliance with established standards and prevents duplication across Member States.
– Open Standard License: All data made available on the ESAP must adhere to a CC0 license or its equivalent. However, some protected data, notably credit ratings, may require more restrictive licenses to limit commercial use.
– Data Formats and Metadata: To ensure maximum interoperability, the ESAP mandates standardized data formats that allow for automated extraction and reading of information. The required metadata includes key elements such as the issuing entity, legal framework, and publication dates.
CBs are also required to transmit validated data to the ESAP within a maximum of 60 minutes, ensuring speed and fluidity in the process.
The ESAP: Technical Features and Accessibility
The ESAP is designed as a unified and open platform, meeting accessibility standards and offering advanced user features.
Publication API Features:
– Data Management: The API enables bulk access to information without manual intervention, facilitating efficient system interactions. The adoption of a widely supported RESTful architecture aligns with best practices for data flow.
– Download and Visualization: Users will be able to download large volumes of data, while an integrated viewer will make financial information accessible and easy to interpret.
The ESAP will also guarantee 97% availability each month, ensuring continuous access for users.
Unique Legal Identifier (LEI) and Metadata
The Legal Entity Identifier (LEI), compliant with ISO 17442, has been chosen as the unique identifier for entities listed on the ESAP. This identifier ensures high interoperability, facilitating links between various databases and allowing for enhanced data traceability.
The metadata accompanying each piece of information enables precise categorization and easy searchability. CBs are responsible for transmitting relevant metadata, including the legal framework of the publication, the originating Member State, and references from the Global LEI Foundation (GLEIF).
Market Feedback and Adjustments
As part of a public consultation, market participants suggested adjustments to harmonize validations across CBs to minimize differences between Member States. Other proposals included greater flexibility in formats, notably to allow the inclusion of non-extractable elements, such as graphs.
In response to this feedback, Level 3 (L3) documentation will be established to detail validation procedures and support CBs in their implementation.
Timeline and Implementation
Once adopted, the ITS will provide a clear and precise framework for CBs and the ESAP to manage the centralized collection, validation, and publication of financial information. The ESAP project will proceed in three progressive phases from 2026 to 2030, allowing CBs and companies to adapt gradually to these new requirements.
Conclusion
The establishment of the European Single Access Point (ESAP), supported by the ITS, marks a strategic advancement for European capital markets. By setting rigorous standards for the collection, validation, and accessibility of information, this project aims to provide investors with a reliable and centralized financial database. By optimizing access to information and ensuring its security, the ESAP will serve as a critical tool for transparency and the effectiveness of the European single market.
