Recital 5

(5)ESAP should be established with an ambitious timeframe, while taking intermediate steps to ensure its operational soundness and efficiency. In particular, sufficient time should be allocated for the technical implementation of ESAP and for the collection of information to be put in place in Member States. The development of ESAP should have an initial phase of 12 months, to grant sufficient time to Member States and the European Supervisory Authority (European Securities and Markets Authority) (ESMA) established by Regulation (EU) No 1095/2010 of the European Parliament and of the Council ⁴ to establish the IT infrastructure and test it on the basis of the collection of a limited number of information flows. Subsequently, the development of ESAP should gradually incorporate, over time, an additional number of information flows and functionalities at a pace that allows for ESAP’s sound and efficient development. The functioning of ESAP should be assessed on a regular basis over the course of its implementation and operation to allow for any adjustments to meet the needs of its users and to ensure its technical efficiency.