A consultation paper on draft regulatory technical standards ("RTSs") for a European Electronic Access Point ("EEAP") was published by European Securities and Market Authority ("ESMA") on 19 December 2014, as required by the amended Transparency Directive.
The directive amending the Transparency Directive provides for an EEAP – i.e., a centralised internet portal through which regulated information throughout the EU may be accessed and easily searched for. It is to be developed and maintained by ESMA and to be launched on or before 1 January 2016. Member states shall be obliged to provide access to their national storage mechanisms ("NSMs") through the EEAP.
Summary
The draft RTSs cover the following:
- A centralised search across the EU;
- Specific communication technologies to be recommended by ESMA;
- A unique identifier to be assigned to each issuer for ease and speed of reference;
- A standardised format for information; and
- A standardised method of classification for regulated information.
ESMA does not intend these changes to increase the obligations already placed on issuers and NSMs and has noted that the intention of the EEAP is not to provide a replacement for NSMs themselves.
Consultation
The consultation will close on 30 March 2015, and the deadline for the draft RTSs to be submitted to the Commission is 27 November 2015 – responses received by ESMA will be taken into account before submission.
A copy of the consultation is available at: http://www.esma.europa.eu .
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
