Key data
| Regulation | Delegated Regulation (EU) 2026/971 — CELEX:32026R0971 |
|---|---|
| Publication | August 19, 2026 |
| Entry into force | July 10, 2026 |
| Affected parties | Issuers of securities in regulated markets, national OAMs and EU financial supervisors |
| Category | European Regulation |
| Repeals | Delegated Regulation (EU) 2016/1437 of the Commission |
| ESAP managing body | ESMA (European Securities and Markets Authority) |
| Minimum availability required | 97% monthly OAM–ESAP connection |
Issuers of securities listed on EU regulated markets have a new operational obligation that comes into play on July 10, 2026: their regulated information must flow automatically from national OAMs to the European Single Access Point (ESAP). Delegated Regulation (EU) 2026/971, published on August 19, 2026, establishes the technical rules that make this transmission possible and repeals the previous framework of Delegated Regulation (EU) 2016/1437.
ESAP is the EU's centralized platform where any investor, analyst or supervisor can consult the regulated financial information of all European issuers in a single place. ESMA is the body that manages it. This regulation defines how OAMs—the national repositories of financial information—must connect and feed that system.
What does this regulation establish?
Delegated Regulation (EU) 2026/971 completes the Directive 2004/109/EC (Transparency Directive) with the technical standards for regulation (RTS) on access to regulated information within the EU through ESAP. It is part of the changes introduced by Regulation (EU) 2023/2859 and Directive 2023/2864.
The specific obligations it establishes are as follows:
| Obligation | Detail |
|---|---|
| Connection availability | OAMs must guarantee connection with ESAP at least 97% of monthly time |
| Transmission protocols | Mandatory use of secure protocols for document transmission |
| Languages | Documents must be transmitted in all available languages in which they were deposited |
| Cost to ESMA | OAMs may not charge ESMA for information delivery or connection costs |
| Application date | Member States must guarantee sending to ESAP from July 10, 2026 |
As for the comparison with the repealed standard:
| Aspect | Regulation 2016/1437 (repealed) | Regulation 2026/971 (new) |
|---|---|---|
| Information destination | Network of interconnected national mechanisms | European Single Access Point (ESAP), managed by ESMA |
| Base regulatory framework | Directive 2004/109/EC unmodified | Directive 2004/109/EC + Regulation 2023/2859 + Directive 2023/2864 |
| Technical availability required | Not specified with specific percentage | 97% monthly minimum |
| Cost to ESMA | Not expressly regulated | Prohibited from passing costs to ESMA |
Economic and operational impact
For issuers of securities in regulated markets, the direct impact is mainly operational: it does not change what information they must publish, but how and where it flows. The burden falls on national OAMs, which must adapt their technical systems to meet the 97% availability standard and use secure protocols.
However, issuers have a direct interest in their national OAM complying: if regulated information does not reach ESAP correctly, the issuer may be left with reduced visibility to European investors and supervisors, with the reputational and regulatory risk that entails.
For national OAMs (in Spain, the CNMV manages the regulated information repository), the impact is technological investment: they must guarantee infrastructure with 97% monthly availability, implement secure protocols and assume connection costs without being able to pass them on to ESMA.
Who does it affect?
- Issuers of securities in EU regulated markets: listed companies required to publish regulated information (financial reports, significant holdings, material facts) under the Transparency Directive.
- National OAMs: the officially designated bodies in each Member State to store and distribute regulated information. In Spain, the CNMV.
- National and European financial supervisors: ESMA as manager of ESAP and national regulators who must guarantee technical compliance of their OAMs.
- Legal and compliance advisors of listed companies who must verify that their reporting chain reaches ESAP correctly.
Practical example
A Spanish company listed on the continuous market deposits its semi-annual financial report in the CNMV system (Spanish OAM). Until now, that report was accessible through the national network. From July 10, 2026, the CNMV must automatically transmit that document to ESAP in all languages in which it was deposited, using secure protocols, and maintain that connection operational at least 97% of monthly time.
If the CNMV suffers a technical interruption that drops availability below 97% in a specific month, it would be in breach of the technical requirements of Regulation 2026/971. The issuer, for its part, must verify with its OAM that the flow of information to ESAP is working correctly to prevent its regulated information from not being available on the European centralized platform.
What should companies do now?
- Identify your national OAM: Confirm which body acts as OAM in your Member State (in Spain, the CNMV) and verify that it is adapted to the requirements of Regulation 2026/971.
- Review existing reporting flows: Ensure that all regulated information documents you deposit in the OAM are being transmitted correctly to ESAP from July 10, 2026.
- Verify language coverage: Confirm that documents deposited in multiple languages are transmitted to ESAP in all those languages, as required by the standard.
- Consult with your compliance advisor: Assess whether your company has additional obligations arising from Regulation 2023/2859 or Directive 2023/2864, which are the enabling framework for this standard.
- Monitor ESAP operation: Once operational, periodically verify that your regulated information appears correctly in ESAP to detect possible transmission failures by the OAM.
Frequently asked questions
What is ESAP and what is it for?
ESAP (European Single Access Point) is the EU's centralized platform where the regulated financial information of all issuers of securities in European regulated markets is concentrated. It is managed by ESMA. Its objective is for investors, analysts and supervisors to be able to consult in a single place all regulated information of any EU issuer, without having to access each national repository separately.
When must OAMs start sending information to ESAP?
Member States must guarantee that regulated information is sent to ESAP from July 10, 2026, which is the application date of Delegated Regulation (EU) 2026/971. This date is prior to the official publication date of the regulation (August 19, 2026).
What minimum technical availability must OAMs guarantee?
Regulation 2026/971 requires that OAMs maintain connection availability with ESAP at least 97% of monthly time. They must also use secure protocols for document transmission.
Can OAMs charge ESMA for transmitting information?
No. The regulation expressly prohibits OAMs from charging ESMA for information delivery or connection costs. The costs of technical adaptation are borne entirely by national OAMs.
What regulation does Regulation 2026/971 replace?
It repeals Delegated Regulation (EU) 2016/1437 of the Commission, which established the previous technical framework for access to regulated information. The new regulation adapts that framework to the changes introduced by Regulation (EU) 2023/2859 and Directive 2023/2864.
Official source
Consult complete regulation in official source
Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://eur-lex.europa.eu/./legal-content/AUTO/?uri=CELEX:32026R0971