Annual reporting: what ESAP will change?

On June 29, 2022, the Council of the European Union took the decision to create a single European access point (ESAP for European Single Access Point), to gather all the regulatory and financial information of European and English companies. This decision is part of the Capital Markets Union (CMU).

Added to the new ESEF format dedicated to URDs (including an accounting taxonomy and soon an extra-financial taxonomy), and an open API, it will become the most exhaustive, comparable source of information in the world, covering a large spectrum of companies never seen before. Imagine, 29 channels from each of the European financial authorities, all converging in a single data lake where every financial analysts and comparison organizations will access!

Considering such a high potential, the Council of the European Union wants the ESAP to be implemented between 2026 and 2030. Even if the project may seem distant for some, these three years will not be inactive at all. This is the time required to build up a data history that will make it possible to visualize the evolution of the figure. A functional prototype is already existing in order to validate and run the operation (http://filings.xbrl.org). The Council will regularly review the functioning of the ESAP and create a review clause which should help ensure that the platform is adapted to the needs of users, while being technically efficient.

This proposal also aims at creating a single point of access to public information for EU companies and investment products. The Council clarified that the competent national authorities should be the bodies responsible for collecting the information that will be provided on the platform.

The ESAP aims at facilitating investors’ access to information on all European and English companies, in one single point of access. This should make it more attractive for investors, thanks to the speed of access to information. And of course, Pomdoc Pro is the perfect solution for creating, editing and conforming financial documents intended for publication in the ESAP.