Cyprus lawmakers review bills on EU single access point for company data

Nicosia, Cyprus. Lawmakers on Monday began reviewing proposed legislation requiring Cyprus to participate in an EU-wide centralised platform providing public data on companies and financial institutions. Officials have prepared 12 bills to harmonise national law with an EU directive establishing the European Single Access Point (Esap).

EU public information portal

Esap will serve as an EU public portal offering easier access to publicly available information, bringing data together that is currently dispersed across issuer websites and national or EU public registers.

The regulation gives the European Securities and Markets Authority (Esma) the mandate to establish and operate the portal.

Access and investment visibility

The stated aim is to improve access to data while increasing companies’ visibility to investors. This is particularly important for small businesses in small capital markets seeking EU and international investment.

Esap will operate as a two-tier system. Information will first be collected from reporting entities by a collection body, which may be a national competent authority, another national body or a register, before being submitted to Esap for publication through the Esma-operated portal.

Information covered

The platform will include financial, non-financial and capital market-based companies, as well as large companies, SMEs, non-capital market-oriented companies and companies with a non-EU parent.

Its searchable portal will feature annual financial statements and related audit reports, as well as sustainability statements and their corresponding assurance reports. The EU directive provides for a phased rollout.

Collection bodies in Cyprus

In Cyprus, the Central Bank has been designated as the collection body for reporting financial institutions to Esap. The Securities and Exchange Commission will serve as the collection body for investment firms.