The draft law on the implementation of certain aspects relating to the European ...

Bucharest, 29 August 2025 - The draft law on the implementation of certain aspects of the European Single Access Point (ESAP), which provides centralized access to publicly available information relevant to financial services, capital markets, and sustainability, as well as on the amendment and supplementation of certain legislative acts, was adopted yesterday by the Government.

The Financial Supervisory Authority (ASF) contributed significantly to the development of this project through an extensive and ongoing consultation process, as well as through the expertise provided by the Authority's specialists.

The draft law transposes the provisions of Directive (EU) 2023/2864 into national law and adopts measures to implement a European regulation on the creation and operation of the European Single Access Point. This draft also includes measures that respond to the recommendations made by the Organization for Economic Cooperation and Development (OECD), both in the implementation of the National Strategy on the Capital Market and in the assessment of Romania in the process of accession to the OECD.

"The approval of this project represents a firm step by Romania towards consolidating European standards in the field of financial transparency and the integration of non-bank financial markets. ESAP is not only a major European initiative, but also a benchmark for the modernization and digitization of the national financial infrastructure. Through this initiative, Romania reaffirms its commitment to aligning with international best practices and achieving the objectives set out in the OECD accession process," said Mr. Alexandru Petrescu, the ASF President.

ESAP will provide, through a single platform, easy, free, and non-discriminatory access, in all official languages of the European Union, to financial information for retail investors, professional investors, academia, consumer organizations, data analytics firms, accounting firms, credit rating agencies, and public and regulatory authorities that need such data to make informed decisions.

"The ESAP platform will bring tangible benefits to all market participants: investors will have free and rapid access to essential information, companies will be able to present their activities more transparently, and authorities will have modern monitoring tools at their disposal. It is a project that democratises access to financial data and stimulates the development of a more attractive and efficient capital market," said Mr. Gabriel-Ioan Avrămescu, the ASF First Vice-President, coordinator of the ESAP implementation process at local level for the three regulated and supervised markets.

The ESAP platform will be administered by the European Securities and Markets Authority (ESMA), in cooperation with the European Insurance and Occupational Pensions Authority (EIOPA) and the European Banking Authority (EBA), and will become fully operational in 2030. The Financial Supervisory Authority will act as the national collection body for making relevant information available to ESAP.

A first milestone in the implementation of this ambitious project is 2026, when data collection will begin (for Phase I - July 2026), followed by the publication of the first information in ESAP in 2027 (e.g., for the capital market - financial data, information on short selling, and offering prospectuses). In the coming years, much more relevant data from the financial markets will be collected and published in ESAP, and in 2030 the project will become fully operational.

The draft law approved by the Government is to be submitted to the Romanian Parliament for debate and approval.

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