Filenews 29 January 2026 - by Eleftheria Paizanou
The Parliament is once again faced with dilemmas and suffocating timetables, which is called upon to summarily approve eleven bills that will harmonize Cypriot law with the European Directive on the establishment of the European single access point ESAP.
It is a central data space, to be implemented by the European Securities and Markets Authority, which will provide easy and digital access to comprehensive information on European Union businesses.
EU member states had to transpose the relevant Directive into national law by the 10th of the month. However, the government submitted the package of bills to the Parliament with a delay of twelve days, i.e. on the 22nd of the month, without even starting their discussion.
However, the Ministry of Finance also lists the problems that may arise from the non-timely adoption of European legislation. As pointed out, in case of delay in harmonization, the Republic of Cyprus may be exposed to serious legal repercussions. In the event that the European Commission files an appeal to the Court of Justice of the European Union, the conviction of the Republic is taken for granted, as well as the imposition of large fines and fines.
This European Directive is part of the package of measures to support the green, digital and resilient economic recovery, by enhancing the accessibility of businesses to finance. The Directive introduces a set of amendments that are necessary to ensure legal clarity and coherence in relation to the establishment and functioning of the European Single Access Point.
When the bills are put before the competent parliamentary Finance Committee, there are expected to be strong reactions, as the MPs will convey their dissatisfaction with the long delay in their submission to the Parliament. Essentially, history repeats itself, as for the umpteenth time the Parliament is "running" to bail out the state and avoid financial sanctions.
What do the bills provide?
The package of eleven pieces of legislation is estimated to reduce barriers to access to information by digital means. It also aims to promote the digital use and further utilization of information. In terms of the flow and use of information, these will contribute to the integration of financial services and capital markets, as well as to a better allocation of capital.
As a common data space, ESAP will also enable the development of new technologies and services, for example based on automation or artificial intelligence. According to the explanatory reports of the legislation, ESAP will enhance the circulation of information both within Member States and across borders and increase its digital use.
This will ensure a greater, equal and non-discriminatory visibility of market participants, as well as optional filing for investors, analysts, intermediaries, researchers or funds, regardless of their size or market size. This will create financing opportunities and contribute to better allocation and lower cost of capital, as well as to strengthening the resilience of the internal market.
With ESAP, users will save time and resources searching and processing information. In addition, ESAP will help address the growing need for sustainability-related data from companies, thereby contributing to the achievement of sustainable finance and the Green Deal objectives.
The Parliament is once again faced with dilemmas and suffocating timetables, which is called upon to summarily approve eleven bills that will harmonize Cypriot law with the European Directive on the establishment of the European single access point ESAP.
It is a central data space, to be implemented by the European Securities and Markets Authority, which will provide easy and digital access to comprehensive information on businesses in the European Union.
EU member states had to transpose the relevant Directive into national law by the 10th of the month. However, the government submitted the package of bills to the Parliament with a delay of twelve days, i.e. on the 22nd of the month, without even starting their discussion.
However, the Ministry of Finance also lists the problems that may arise from the non-timely adoption of European legislation. As pointed out, in case of delay in harmonization, the Republic of Cyprus may be exposed to serious legal repercussions. In the event that the European Commission files an appeal to the Court of Justice of the European Union, the conviction of the Republic is taken for granted, as well as the imposition of large fines and fines.
This European Directive is part of the package of measures to support the green, digital and resilient economic recovery, by enhancing the accessibility of businesses to finance. The Directive introduces a set of amendments that are necessary to ensure legal clarity and coherence in relation to the establishment and functioning of the European Single Access Point.
When the bills are put before the competent parliamentary Finance Committee, there are expected to be strong reactions, as the MPs will convey their dissatisfaction with the long delay in their submission to the Parliament. Essentially, history repeats itself, as for the umpteenth time the Parliament is "running" to bail out the state and avoid financial sanctions.
What do the bills provide?
The package of eleven pieces of legislation is estimated to reduce barriers to access to information by digital means. It also aims to promote the digital use and further utilization of information. In terms of the flow and use of information, these will contribute to the integration of financial services and capital markets, as well as to a better allocation of capital.
As a common data space, ESAP will also enable the development of new technologies and services, for example based on automation or artificial intelligence. According to the explanatory reports of the legislation, ESAP will enhance the circulation of information both within Member States and across borders and increase its digital use.
This will ensure a greater, equal and non-discriminatory visibility of market participants, as well as optional filing for investors, analysts, intermediaries, researchers or funds, regardless of their size or market size. This will create financing opportunities and contribute to better allocation and lower cost of capital, as well as to strengthening the resilience of the internal market.
With ESAP, users will save time and resources searching and processing information. In addition, ESAP will help address the growing need for sustainability-related data from companies, thereby contributing to the achievement of sustainable finance and the Green Deal objectives.
