The European Commission has sent letters of formal notice to 15 EU member states, including Romania, for failing to fully transpose the European Single Access Point (ESAP) Omnibus Directive (Directive EU 2023/2864) in relation to the changes introduced in the Transparency Directive (Directive 2004/109/EC), the commission reported on Thursday.
The receiving countries are Bulgaria, Estonia, Spain, France, Croatia, Italy, Latvia, Lithuania, the Netherlands, Austria, Portugal, Poland, Romania, Slovenia and Sweden.
Sending a letter of formal notice signals the opening of infringement procedures.
The ESAP Omnibus Directive is part of the ESAP legislative package that facilitates the creation of a centralised mechanism offering easily accessible, comparable and usable public information to investors and other stakeholders. The legislative package foresees three phases of ESAP development.
The first phase will begin in July 2026 when the information published according to the Transparency Directive, as well as to Regulation (EU) 2017/1129 (Prospectus Regulation) and Regulation (EU) No 236/2012 (Short Selling Regulation) will start to be submitted to the national competent authorities for the purpose of making it available on ESAP. For that first step, member states had to transpose the changes introduced in the Transparency Directive by 10 July 2025.
The commission is therefore sending letters of formal notice to 15 EU member states, which now have two months to complete their transposition and notify their measures to the commission. In the absence of a satisfactory response, the commission may decide to issue a reasoned opinion.
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