FAQ about OAM and ESAP
When will the Danish FSA be ready with an updated version of OAM adapted to the ESAP requirements?
The Danish FSA expects to introduce an updated version of OAM, adapted to the requirements of ESAP phase 1, at the end of September 2026.
All registered OAM users will be notified directly by email 4–6 weeks in advance.
Which submissions are covered by ESAP phase 1?
In practice, ESAP phase 1 means that certain information must be reported in accordance with EU legislation. Examples include:
- Short Selling Regulation (SSR):
Covers notifications of net short positions exceeding 0.5% of the issued share capital in the relevant company, cf. SSR Article 6(1). In addition, investment managers must submit a new notification if a position is increased or reduced and thereby reaches a new 0.1% threshold above 0.5%. - Transparency Directive (TD):
Includes periodic financial information, issuer notifications regarding major shareholders, information on home Member State, payments to authorities, number of voting rights and share capital, and changes to rights attached to securities. In addition, certain information prepared under the Market Abuse Regulation (MAR), such as “inside information” and issuers’ disclosure of “transactions by persons discharging managerial responsibilities”, also falls under the definition of “regulated information” in the Transparency Directive (TD) when published by listed companies, and is therefore included in ESAP phase 1. - Prospectus Regulation (PR):
Submission of prospectus-related documents, including base prospectuses, final terms, supplements, exemption documents, etc.
ESAP phase 2 is expected to start in January 2028, and ESAP phase 3 in January 2030, with additional directives and regulations gradually being added. The Danish FSA’s website will be updated on an ongoing basis.
Does ESAP mean that additional data must be included in OAM submissions?
ESAP requires new reference data for issuers to be included for submissions covered by ESAP. Reference data only needs to be updated once in the issuer’s user profile in OAM and will be automatically forwarded to ESAP with the submission.
Reference data includes, for example, information on industry sector, issuer size, and LEI code.
There will be no changes to login, and the platform as a whole will remain the same.
A significant change is that submitted data will be structurally validated before being forwarded to ESAP. If validation fails, the reporting entity will receive an email indicating that errors must be corrected.
Where can I find guidance on reporting under ESAP phase 1?
The OAM user guides will be updated when OAM also includes ESAP reporting.
Which file types and formats can be submitted in OAM adapted to ESAP?
ESAP requires that documents must be data-extractable. Some formats must also be machine-readable, meaning that these formats are structured so that software applications easily can identify, recognise, and extract specific data, including individual factual information and its internal structure (xBRL files).
List of file formats and reporting areas:
- Submissions under the Prospectus Regulation: PDF, XBRL, XHTML, ZIP
- Submissions under the Short Selling Regulation: no files
- Submissions under the Transparency Directive:
- Half-yearly and annual reports under Annual report: ESEF ZIP, XHTML, ZIP containing XHTML, images and text
- Other submissions: PDF, HTML, XHTML, ZIP containing XHTML, images and text
Where can I read more about ESAP?
We have provided a brief description of ESAP in this article:
European Single Access Point (ESAP) – the EU’s common portal for investors
Read more about ESAP on the EU’s website:
Transparency requirements for listed companies