A tremendous amount of effort has driven the creation and execution of EFTG. When you consider the introduction of IFRS (International Financial Reporting Standard) in 2005, it’s a work in progress that started more than a decade ago. A lot of steps, like the EC’s Transparency Directive, the set-up of OAM (Officially Appointed Mechanisms) an official registry for the individual EU Member States and ESMA’s iXBRL mandate lead to standardization and collection of the financial data provided by companies across the European Union. EC built a powerful foundation to ensure EFTG’s effectiveness.
EFTG will deliver all this information securely, powered by blockchain technology to citizens and investors interested in accessing data about the EU capital market. The data collected by each OAM will be available on EFTG’s decentralized network, securely. Since EFTG is cloud-based, when each OAM is updated with issuer information, it will be reflected automatically on EFTG as well.