Philenews

Commission: Letter to Cyprus and 18 Member States Due to Delay in Implementing Corporate Transparency Platform

Published March 27, 2026, 14:19
Commission: Letter to Cyprus and 18 Member States Due to Delay in Implementing Corporate Transparency Platform

The European Commission has sent a warning letter to Cyprus and 18 other EU member states for failing to implement the new European Corporate Transparency Platform (ESAP). The platform aims to create a single digital access point for corporate information in the EU, enhancing transparency and cross-border capital flows. The Commission is giving a two-month deadline for compliance, otherwise it will proceed with a reasoned opinion. The delay concerns the incorporation of the relevant Directive, which requires a change in the way corporate data is submitted. The implementation of ESAP will evolve gradually, with the first phase being activated in July 2026. The platform is expected to improve the accessibility and comparability of data, and for countries like Cyprus, which rely on financial services, the operation of ESAP is considered crucial for maintaining market competitiveness and credibility. The plan is linked to the broader effort to integrate European capital markets.