Factbox-Building the single EU securities market

(Reuters) - The European Union's executive body published draft laws on Thursday to build a deeper single market in securities for aiding recovery from COVID-19, raising funds for 'green' projects and building 'autonomy' in financial services after Brexit.

The main proposals are:

EUROPEAN SINGLE ACCESS POINT

The EU's answer to EDGAR used by companies in the United States for mandatory filings, ESAP is due to go live in 2024, and operated by the EU's securities watchdog ESMA. It will collect filings from national bodies in the bloc to give investors a free, single point of information on listed companies and EU financial products.

EUROPEAN LONG TERM INVESTMENT FUNDS

Given so few have been set up, the rules for ELTIFs, which channel funds to smaller companies, will be made more flexible to give access to retail investors and ease marketing requirements on professional investors.

MANAGING INVESTMENT FUNDS

Clarifying when a fund listed in the EU can delegate stock and bond picking to asset managers based outside the bloc in countries like Britain and the United States, a longstanding practice known as "delegation". The clarified rules will apply to alternative funds such as hedge funds and extended to EU mutual funds known as UCITs. Funds would need at least two full-time staff in the bloc to avoid becoming a "letter box" company. A majority of a fund's assets should be in the EU.