April 9, 2024. EFFAS, the European Federation of Financial Analysts Societies, participated in the consultation of ESMA on the European Single Access Point (ESAP) closed on 8 March 2024.
EFFAS states:

• “In the age of automation, AI and complex electronic reports from issuers, such as IFRS consolidated financial statements and future reports in accordance with the European Sustainability Reporting Standards (ESRS), it is a conceptual mistake not to establish an EU-wide standardised quality assurance system. Without such a system, the risk of producing data scrap is very high!”, Thorsten Müller, Co-Chairman of the EFFAS Capital Markets Commission
• “We at EFFAS fully support the concept of the ESAP, but without the introduction of systematic processes, we are jeopardising data quality and stability and thus jeopardising the foundation of the Capital Markets Union,” Barbara Cohen, Co-Chair of the EFFAS Capital Markets Commission

It is pleasing that the European umbrella organization EFFAS has taken over the position of the German DVFA, the association of investment professionals in Germany: Both associations are unanimously calling for an EU-wide uniform quality assurance system for ESEF financial reports and ESRS sustainability reports.

The DVFA Commission for Corporate Analysis, of which I am an expert member for digitalization issues, has developed detailed measures for such a quality assurance system. Our detailed suggestions were adopted by EFFAS in its response to ESMA on the ESAP consultation. A central element is the “EU uniform quality assurance rules engine”, which should be developed centrally under the responsibility of ESMA. Such software should be made available to the national submission authorities (OAMs) via an open source license for mandatory implementation in the submission interfaces

More information:

• EFFAS, Lack of Quality Assurance System Jeopardises Capital Markets Union, Press Statement – ESMA consultation on ESAP – 9th April 2024 

• EFFAS Reply to the ESMA Consultation on draft ITS specifying certain tasks of collection bodies and certain functionalities of the European Single Access Point, 8 March 2024

• DVFA Reply to the ESMA Consultation on draft ITS specifying certain tasks of collection bodies and certain functionalities of the European Single Access Point, 8 March 2024

• My blog post, DVFA calls for uniform EU quality assurance software for ESEF financial and ESRS sustainability reports from ESMA