March Towards ESEF – What does ESEF submission look like?
What is the European Single Access Point (ESAP)?
The European Single Access Point (ESAP) is ESMA’s (European Securities and Markets Authority) solution to providing all the financial and sustainability information in one location. This will be free information for investors, companies, governments, and public individuals all over the world. One of the primary reasons for ESMA creating this centralized database is to guarantee easier access to funding for smaller companies listed on smaller European markets. This will not change the existing reporting ESEF structure for entities. ESMA is aiming to have ESAP available by December 2024.
How does Delivery work?
It is a reporting package archive, likely a .zip, containing the extension taxonomy, the report you want to file and the auditor’s statement. Submission will go to the OAM (officially appointed mechanism) at the same time as it is made public. In the Netherlands, the OAM is the AFM (authority for the financial markets) and is filed via their portal. Submission obligations are for both the annual and half-yearly financial reporting statements. Using SemansysNext you can accomplish all the required submission requirements for ESEF filings.
What is SemansysNext?
SemansysNext is a newly developed platform that is API driven bringing the modules and their functionality towards users via a portal. This means that all the functionality available is developed as an API first and is then used within the portal. This allows full flexibility for users to either use the online portal to execute the task they want to complete or the opportunity to integrate the same functionality via APIs into existing software solutions.
SemansysNext supports all facets of digital business reporting (XBRL, inline XBRL, CSV, etc.). It simplifies creation, provides validation, renders, and delivers the digital reports in an easy and automatic way without the need for any technical expertise. If you want more depth we also offer a Taxonomy module with the ability to load and extend taxonomies and an Analysis module for delving further into the wealth of data. In addition the SemansysNext Platform has a Customer Corner section which allows users to store, manage, and create notes to share within their user group on the platform. Whether you use SemansysNext as a standalone online application with all the modules or integrate the specific APIs you require it is always the easiest and best way to complete your ESEF filing.
Stay tuned next week for our article on how Semansys is a ‘Trusted Application’ and our ESEF webinar on March 17th, 2022.
For more information please contact us at info@semansys.com. We would be happy to schedule a demo or provide more detail about any of our capabilities.