Data has become the fundamental economic resource of the 21st century. As new concepts and dynamics emerge within the world economy, recognizing the importance of data can bring many benefits to financial institutions.
Well aware of these developments, the EU policymaker has taken decisive steps toward the digital transformation of finance. With the publication of the legislative proposal for the European Single Access Point (ESAP) at the end of November 2021, these aspirations have taken a concrete form. ESAP will require financial institutions, among other entities, to file the information relevant for a huge variety of financial and sustainability issues in order to be displayed on a central data platform. Specifically, the ESAP legislative proposal forsees the amendment of 37 legal acts, with a broad range directly affecting the financial industry. The first reporting requirements are set to apply from 2024 and will already include data on the EU taxonomy on green economic activities. Data should be transmitted in consideration of a “all in one file” principle to a collection body which in then links it to ESAP. As collection bodies are expeced to make use of machine-readable and standardized formats, ESAP will enable investors to harness gains from the key resource of today’s economy.
Once again, the outlined dynamics show, that innovative FundsXML users are able to react to obvious trends much earlier and are undoubtedly well equipped for the future. In keeping with the motto “all in one file” FundsXML is ready for the data-driven future of financial markets.