On Apr. 11, 2025, BEL GVT published a Royal Decree transposing Article 3 of Directive 2023/2864 amending certain directives on establishment and functioning of the ESAP.
Amendments are made to the Royal Decree of Nov. 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market to report.
ESAP Directive is an omnibus Directive which amends Directive 2004/109 on the harmonization of transparency requirements in relation to information about issuers.
All regulated information published by listed companies and measures and penalties as published by relevant supervisory authorities to the ESAP, will be organised by ESMA.
To organize transmission of information, Articles 42 and 43 of Royal Decree of Nov. 14, 2007 on obligations of issuers of financial instruments in markets, must be amended.
Amendments are also required to the Royal Decree of Aug. 21, 2008 laying down the detailed rules for certain multilateral trading facilities and aims to exclude application of provisions of Royal Decree of Nov. 14, 2007 on ESAP to companies on Alternext.
Since Alternext is not a regulated market, the information published by companies listed on that market will not have to be published on the Central Access Point (ESAP).
Consequently, this draft makes a number of amendments to the Royal Decree of Aug. 21, 2008 laying down required additional rules for certain multilateral trading facilities.
Decree provisions enter in force Jul. 10, 2026, date from which information published pursuant to the Royal Decree of Nov. 14, 2007, will have to be transmitted to ESAP.
On Mar. 24, BEL GVT issued law on companies' sustainability reporting.
BEL GVT issued royal decree on consolidated Law 2025002457 published in official gazette (OG 38456) re sustainability reporting by companies and related provisions.
Transposes certain provisions of Corporate Sustainability Reporting Directive (CSRD).
EU Directives Sustainability Reporting
In addition to CSRD Dir 2022/2464, new BEL GVT law also provides for the partial transposition of ESAP Dir 2023/2864 with regard to European Central Access Point.
BEL GVT's law also covers information on environmentally sustainable economic activities, as per European reg 2020/852 re promotion of sustainable investment.
As well as delegated reg 2021/2178, which explains the content, presentation of that information, and the methodology to be followed to meet this reporting obligation.
These provisions are referred to in the royal decree as the taxonomy legislation.
Amendments
This concerns the sustainability information that listed companies (except micro-enterprises) must publish under CSRD Directive in the form of a sustainability report.
Also, sometimes referred to as a sustainability statement, as referenced by BEL GVT.
This Royal Decree thus makes the necessary amendments to the Royal Decree of Nov. 14, 2017 to oblige listed companies (except micro-enterprises) on sustainability.
Specifically, obligation to provide sustainability information in their annual report in accordance with the CSRD Directive, and reporting standards approved by EC.
This is with regard to implementation of the CSRD Directive (ESRS standards), and the taxonomy regulations, and law provides for supervision of obligations by BEL FSMA.
Includes amendments to the royal decree of Aug. 21, 2008 laying down detailed rules for certain multilateral trading facilities (Alternext Royal Decree) on reporting.
Effectiveness
Law enters into force on Apr. 3, 2025.
Apr. 2025 Additional ESAP Law
On Apr. 11, 2025, BEL GVT published a Royal Decree transposing Article 3 of Directive 2023/2864 amending certain directives on establishment and functioning of the ESAP.
Amendments are made to the Royal Decree of Nov. 14, 2007 on the obligations of issuers of financial instruments admitted to trading on a regulated market to report.
ESAP Directive is an omnibus Directive which amends Directive 2004/109 on the harmonization of transparency requirements in relation to information about issuers.
All regulated information published by listed companies and measures and penalties as published by relevant supervisory authorities to the ESAP, will be organised by ESMA.
To organize transmission of information, Articles 42 and 43 of Royal Decree of Nov. 14, 2007 on obligations of issuers of financial instruments in markets, must be amended.
Amendments are also required to the Royal Decree of Aug. 21, 2008 laying down the detailed rules for certain multilateral trading facilities and aims to exclude application of provisions of Royal Decree of Nov. 14, 2007 on ESAP to companies on Alternext.
Since Alternext is not a regulated market, the information published by companies listed on that market will not have to be published on the Central Access Point (ESAP).
Consequently, this draft makes a number of amendments to the Royal Decree of Aug. 21, 2008 laying down required additional rules for certain multilateral trading facilities.
Decree provisions enter in force Jul. 10, 2026, date from which information published pursuant to the Royal Decree of Nov. 14, 2007, will have to be transmitted to ESAP.
Regulators
BEL FSMA; BEL GVT
Entity Types
B/D; Corp; Exch
Reference
OG 2025002893, 4/11/2025; Decree 3/29/2025; OG 38456, Law 2025002457, 3/24/2025; Decree 11/14/2007; Decree 8/21/2008; ESG; CSRD Dir 2022/2464; ESAP Dir 2023/2864; TR Reg 2020/852; Reg 2021/2178; TD Dir 2004/109; Citation: OG 38456;
