Sittings · Document

Draft report (COM(2023)0593 – C90383/2023 – 2023/0363(COD)) 2024-01-10

Amending Regulations (EU) No 1092/2010, (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/2010 and (EU) 2021/523 as regards certain reporting requirements in the fields of financial services and investment support

Committee on Economic and Monetary Affairs

Amendment 79

Alfred Sant

Proposal for a regulation

Recital 1

Text proposed by the Commission	Amendment
(1) Reporting requirements play a key role in ensuring proper monitoring and correct enforcement of legislation. However, it is important to streamline those requirements, in order to ensure that they fulfil their intended purpose and to limit the administrative burden.	(1) Reporting requirements play a key role in ensuring proper monitoring and correct enforcement of legislation. However, it is important to streamline those requirements, in order to ensure that they fulfil their intended purpose and avoid undue duplication, not least for the regulatory and supervisory authorities of the smaller financial jurisdictions.

Or. en

Amendment 80

Laurence Sailliet

Proposal for a regulation

Recital 1 a (new)

Text proposed by the Commission	Amendment
	(1a) Reporting and disclosure requirements can also impose disproportionate burdens on interested parties, and can be particularly burdensome for small and medium-sized enterprises or micro-enterprises;

Or. en

Amendment 81

Alfred Sant

Proposal for a regulation

Recital 2

Text proposed by the Commission	Amendment
(2) Streamlining reporting obligations and reducing administrative burdens is therefore a priority, including as regards reporting requirements in the financial sector and as regards the frequency of reporting related to the InvestEU Programme established under Regulation (EU) 2021/523 of the European Parliament and of the Council3 .	(2) Streamlining reporting obligations without undermining the policy objectives is therefore a priority, including as regards reporting requirements in the financial sector and as regards the frequency of reporting related to the InvestEU Programme established under Regulation (EU) 2021/523 of the European Parliament and of the Council3 .
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3 Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 2021 establishing the InvestEU Programme and amending Regulation (EU) 2015/1017 (OJ L 107, 26.3.2021, p. 30).	3 Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 2021 establishing the InvestEU Programme and amending Regulation (EU) 2015/1017 (OJ L 107, 26.3.2021, p. 30).

Or. en

Amendment 82

Laurence Sailliet

Proposal for a regulation

Recital 2

Text proposed by the Commission	Amendment
(2) Streamlining reporting obligations and reducing administrative burdens is therefore a priority, including as regards reporting requirements in the financial sector and as regards the frequency of reporting related to the InvestEU Programme established under Regulation (EU) 2021/523 of the European Parliament and of the Council3 .	(2) Streamlining reporting obligations and reducing administrative burdens are a priority, including as regards reporting requirements in the financial sector and as regards the frequency of reporting related to the InvestEU Programme established under Regulation (EU) 2021/523 of the European Parliament and of the Council3 .
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3 Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 2021 establishing the InvestEU Programme and amending Regulation (EU) 2015/1017 (OJ L 107, 26.3.2021, p. 30).	3 Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 2021 establishing the InvestEU Programme and amending Regulation (EU) 2015/1017 (OJ L 107, 26.3.2021, p. 30).

Or. en

Amendment 83

Alfred Sant

Proposal for a regulation

Recital 3

Text proposed by the Commission	Amendment
(3) Regulations (EU) No 1092/20104 , (EU) No 1093/20105 , (EU) No 1094/20106 , (EU) No 1095/20107 of the European Parliament and of the Council and Regulation (EU) 2021/523 contain a number of reporting requirements which should be simplified, in line with the Commission’s Communication on ‘Long-term competitiveness of the EU: looking beyond 2030’8 .	(3) Regulations (EU) No 1092/20104 , (EU) No 1093/20105 , (EU) No 1094/20106 , (EU) No 1095/20107 of the European Parliament and of the Council and Regulation (EU) 2021/523 contain a number of reporting requirements which should be simplified. This is a qualitative, not a quantitative exercise.
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4 Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (OJ L 331, 15.12.2010, p. 1).	4 Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (OJ L 331, 15.12.2010, p. 1).
5 Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12).	5 Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12).
6 Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48).	6 Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48).
7 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).	7 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
8 COM(2023)168.

Or. en

Amendment 84

Alfred Sant

Proposal for a regulation

Recital 3 a (new)

Text proposed by the Commission	Amendment
	(3a) This exercise is not meant to undermine any of the EU policy achievements and, in particular, acknowledges the growing demand of data needed to fulfil the objectives of the legislative files pertaining to the sustainable finance agenda. Yet, consistency and standardization across legal frameworks, across jurisdictions and over time can make requirements more workable without affecting the actual content of the reporting standards.

Or. en

Amendment 85

Alfred Sant

Proposal for a regulation

Recital 3 b (new)

Text proposed by the Commission	Amendment
	(3b) Divergences of data between Member States should also be analysed in a qualitative way. In particular, some EU legislations are by virtue of their legal base meant to provide partial or minimum harmonisation. Furthermore, some reporting standards are voluntary or follow an opt-in regime. Also, Member States may develop best practices or be frontrunners in reporting requirements, as long as they adhere the requirements in Union legislation.

Or. en

Amendment 86

Alfred Sant

Proposal for a regulation

Recital 4

Text proposed by the Commission	Amendment
(4) Financial institutions and other entities active on financial markets are required to report a wide range of information to enable Union and national authorities overseeing the financial system to monitor risks, ensure financial stability and market integrity, and protect investors and consumers of financial services in the Union. The European Supervisory Authorities should regularly review the reporting requirements and propose, where appropriate, to streamline and remove redundant or obsolete requirements. They should coordinate this work via the Joint Committee of the European Supervisory Authorities. Facilitating the sharing and reuse of the information collected by authorities, while safeguarding data protection, professional secrecy and intellectual property, should reduce the burden on reporting entities and on authorities by avoiding duplicative requests, in line with the Strategy on supervisory data in EU financial services. Information sharing should also contribute to better coordination of supervisory activities and supervisory convergence.	(4) Financial institutions and other entities active on financial markets are required to report a wide range of information to enable Union and national authorities overseeing the financial system to monitor risks, ensure financial stability and market integrity, and protect investors and consumers of financial services in the Union. The European Supervisory Authorities should regularly review the reporting requirements and propose, where appropriate, to streamline and remove redundant or obsolete requirements. Indeed such work should be carried out on a standing basis, especially by peer reviews for which as necessary, more human and material resources should be allocated in order to ensure that duplication, redundancies and obsolete requirements are cleared out earliest and with the utmost speed. ESAs should coordinate this work via the Joint Committee of the European Supervisory Authorities. Facilitating the sharing and reuse of the information collected by authorities, while safeguarding data protection, professional secrecy and intellectual property, should reduce the burden on reporting entities and on authorities by avoiding duplicative requests, in line with the Strategy on supervisory data in EU financial services. Information sharing should also contribute to better coordination of supervisory activities and supervisory convergence.

Or. en

Amendment 87

Laurence Sailliet

Proposal for a regulation

Recital 4

Text proposed by the Commission	Amendment
(4) Financial institutions and other entities active on financial markets are required to report a wide range of information to enable Union and national authorities overseeing the financial system to monitor risks, ensure financial stability and market integrity, and protect investors and consumers of financial services in the Union. The European Supervisory Authorities should regularly review the reporting requirements and propose, where appropriate, to streamline and remove redundant or obsolete requirements. They should coordinate this work via the Joint Committee of the European Supervisory Authorities. Facilitating the sharing and reuse of the information collected by authorities, while safeguarding data protection, professional secrecy and intellectual property, should reduce the burden on reporting entities and on authorities by avoiding duplicative requests, in line with the Strategy on supervisory data in EU financial services. Information sharing should also contribute to better coordination of supervisory activities and supervisory convergence.	(4) Financial institutions and other entities active on financial markets are required to report a wide range of information to enable Union and national authorities overseeing the financial system to monitor risks, ensure financial stability and market integrity, and protect investors and consumers of financial services in the Union. The European Supervisory Authorities and the European authority for countering money laundering and terrorist financing (AMLA) should regularly review the reporting and disclosure requirements and propose, where appropriate, to streamline and remove redundant, obsolete or disproportionate requirements. They should coordinate this work via the Joint Committee of the European Supervisory Authorities. They should make it easier to share and reuse the information collected by the authorities, while safeguarding data protection, professional secrecy and intellectual property, and reducing the burden on reporting entities and on authorities by avoiding duplicative requests, in line with the Strategy on supervisory data in EU financial services. Information sharing should also contribute to better coordination of supervisory activities and supervisory convergence.

Or. en

Amendment 88

Laurence Sailliet

Proposal for a regulation

Recital 4 a (new)

Text proposed by the Commission	Amendment
	(4a) In order to foster the exchange of information across the entire financial sector, all authorities responsible for supervision in the financial sector, including the ESRB, the ESAs, the AMLA, the SSM, the SRB, as well as all respective competent, supervisory and resolution authorities in the Member States, should be included in the scope of this amending Regulation.

Or. en

Amendment 89

Alfred Sant

Proposal for a regulation

Recital 5 a (new)

Text proposed by the Commission	Amendment
	(5a) The European Supervisory Authorities should assess policy options to further integrate the reporting processes from a procedural and content perspective. The Authority should duly assess opportunities arising from increasing the use of digital technology promoting effective and efficient formats embracing metrics, methods, and parameters, which will foster the competitiveness of the insurance, reinsurance and occupational retirement sectors.

Or. en

Amendment 90

Alfred Sant

Proposal for a regulation

Recital 6 a (new)

Text proposed by the Commission	Amendment
	(6a) Some data points that are needed by financial institutions from companies to comply with their reporting obligations, are still not reflected in the EU reporting framework and need to be added. Therefore, on top of the need to address redundant, duplicative or obsolete reporting requirements, regulatory gaps should be considered. This also makes it important to ensure consistency between financial and non-financial reporting requirements.

Or. en

Amendment 91

Alfred Sant

Proposal for a regulation

Recital 6 b (new)

Text proposed by the Commission	Amendment
	(6b) Where relevant, financial institutions should be able to rely on a sequential approach, meaning that they may refer to information which has already been published by companies in their value chain.

Or. en

Amendment 92

Alfred Sant

Proposal for a regulation

Recital 8

Text proposed by the Commission	Amendment
(8) Innovation cycles in the financial sector are accelerating, becoming more open and increasingly collaborative. To that end, authorities should be able to share information with financial institutions, researchers, and other entities for the purposes of research and innovation beyond the initial purpose for which the information was collected. The sharing of such information held by authorities should enhance its utility by expanding the information available for financial sector research and provide more opportunities to test products and business models as well as greater collaboration between various financial market participants, including fintech, start-ups and incumbent financial institutions. The re-use of data shared by competent authority is governed by the general framework for the re-use of data set out in Chapter II of Regulation (EU) 2022/868 of the European Parliament and of the Council9 . However, considering the sensitive nature of the data received for supervision purposes by the authorities in the financial sector, specific mandatory conditions should be introduced for the re-use of this data, including the anonymisation of personal and non-personal data which would not allow the identification of individual financial institutions and the protection of confidential information.	(8) Innovation cycles in the financial sector are accelerating, becoming more open and increasingly collaborative. To that end, authorities should be able to share information with financial institutions, researchers, and other entities for the purposes of research and innovation beyond the initial purpose for which the information was collected. The sharing of such information held by authorities should enhance its utility by expanding the information available for financial sector research and provide more opportunities to test products and business models as well as greater collaboration between various financial market participants, including fintech, start-ups and incumbent financial institutions. The re-use of data shared by competent authority is governed by the general framework for the re-use of data set out in Chapter II of Regulation (EU) 2022/868 of the European Parliament and of the Council9 . However, considering the sensitive nature of the data received for supervision purposes by the authorities in the financial sector, specific mandatory conditions should be introduced for the re-use of this data, including the anonymization of personal and non-personal data which would not allow the identification of individual financial institutions and the protection of confidential information. It follows that all procedures and steps in the collection, standardisation, anonymization, storage and sharing of data will continually be kept subject to the latest cyber security measures prescribed under Union law.
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9 Regulation (EU) 2022/868 of the European Parliament and of the Council of 30 May 2022 on European data governance and amending Regulation (EU) 2018/1724 (Data Governance Act) (OJ L 152, 3.6.2022, p. 1).	9 Regulation (EU) 2022/868 of the European Parliament and of the Council of 30 May 2022 on European data governance and amending Regulation (EU) 2018/1724 (Data Governance Act) (OJ L 152, 3.6.2022, p. 1).

Or. en

Amendment 93

Alfred Sant

Proposal for a regulation

Article 1 – paragraph 1 – point 2

Regulation (EU) No 1092/2010

Article 15 – paragraph 8

Text proposed by the Commission	Amendment
8. The ESRB shall share, on a case-by-case or regular basis, information it obtained from another authority referred to in paragraph 2 or another member authority of the ESFS in carrying out its duties, when requested by another of those authorities, or another competent authority as defined in Article 4, point (2), of Regulation (EU) No 1093/2010, in Article 4, point (2), of Regulation (EU) No 1094/2010, or in Article 4, point (3) of Regulation (EU) No 1095/2010, or the authorities defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council10 , provided that the requesting authority has the power to obtain that same information from financial institutions or other competent authorities pursuant to Union law.	8. The ESRB shall share, on a case-by-case or regular basis, information it obtained from another authority referred to in paragraph 2 or another member authority of the ESFS in carrying out its duties, when requested by another of those authorities, or another competent authority as defined in Article 4, point (2), of Regulation (EU) No 1093/2010, in Article 4, point (2), of Regulation (EU) No 1094/2010, or in Article 4, point (3) of Regulation (EU) No 1095/2010, or the authorities defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council10 , or the SSM as defined in Article 2, point (9), of Regulation (EU) No 1024/2013, or the SRB provided that the requesting authority has the power to obtain that same information from financial institutions or other competent authorities pursuant to Union law.
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10 OP : please insert in the text the number of the Directive contained in document 2021/0250(COD) (proposal for 6th Anti-Money Laundering Directive – COM/2021/423 final) and insert the number, date, title and OJ reference of that Directive in the footnote.	10 OP : please insert in the text the number of the Directive contained in document 2021/0250(COD) (proposal for 6th Anti-Money Laundering Directive – COM/2021/423 final) and insert the number, date, title and OJ reference of that Directive in the footnote.

Or. en

Amendment 94

Alfred Sant

Proposal for a regulation

Article 1 – paragraph 1 – point 2

Regulation (EU) No 1092/2010

Article 15 – paragraph 11

Text proposed by the Commission	Amendment
11. For sharing information as referred to in paragraphs 8, 9 and 10, the authorities referred to in paragraph 8 may enter into memoranda of understanding to specify the modalities of the exchange of information. They may also specify arrangements for the sharing of resources for the collection and processing of such shared data.	11. For sharing information as referred to in paragraphs 8, 9 and 10, the authorities referred to in paragraph 8 may enter into memoranda of understanding to specify the modalities of the exchange of information. They may also specify arrangements for the sharing of resources for the collection and processing of such shared data. The memoranda of understanding shall by agreement between all the authorities concerned follow a standardised format, tailored when necessary to the special operating conditions that might apply to specific authorities.

Or. en

Amendment 95

Denis Nesci

Proposal for a regulation

Article 1 – paragraph 1 – point 2

Regulation (EU) No 1092/2010

Article 15 – paragraph 11

Text proposed by the Commission	Amendment
11. For sharing information as referred to in paragraphs 8, 9 and 10, the authorities referred to in paragraph 8 may enter into memoranda of understanding to specify the modalities of the exchange of information. They may also specify arrangements for the sharing of resources for the collection and processing of such shared data.	11. For sharing information as referred to in paragraphs 8, 9 and 10, the authorities referred to in paragraph 8 may enter into memoranda of understanding to specify the modalities of the exchange of information. They may also specify arrangements for the sharing of resources for the collection and processing of such shared data, provided that they comply with the applicable rules on data protection, intellectual property and professional secrecy.

Or. it

Amendment 96

Alfred Sant

Proposal for a regulation

Article 1 – paragraph 1 – point 2

Regulation (EU) No 1092/2010

Article 15 – paragraph 13

Text proposed by the Commission	Amendment
13. Without prejudice to other obligations laid down in Union law for sharing information, the ESRB shall, upon justified request and on a case-by-case basis, share with the Commission or one of the authorities referred to in paragraph 8 information that other authorities have reported to it pursuant to their obligations under Union law. The ESRB shall transmit that information in a form that does not allow the identification of individual entities and does not contain personal data.	13. Without prejudice to other obligations laid down in Union law for sharing information, the ESRB shall, upon justified request and on a case-by-case basis, share with the Commission or one of the authorities referred to in paragraph 8 information that other authorities have reported to it pursuant to their obligations under Union law. The ESRB shall transmit that information in a form that does not allow the identification of individual entities and does not contain personal data. The authorities which have submitted such information shall be duly informed of the sharing that has taken place.

Or. en

Amendment 97

Denis Nesci

Proposal for a regulation

Article 1 – paragraph 1 – point 2

Regulation (EU) No 1092/2010

Article15 – paragraph 14 – point c (new)

Text proposed by the Commission	Amendment
	(c) those concerned have demonstrated that they are have the requisite technical means in that they possess instruments capable of fully ensuring the protection of privacy and confidentiality,

Or. it

Amendment 98

Alfred Sant

Proposal for a regulation

Article 1 – paragraph 1 – point 2

Regulation (EU) No 1092/2010

Article 15 – paragraph 14 – subparagraph 2

Text proposed by the Commission	Amendment
Information received from another authority shall only be shared with the agreement of the authority that initially obtained the information.	Information received from another authority shall only be shared on this basis with the agreement of the authority that initially obtained the information.

Or. en

Amendment 99

Denis Nesci

Proposal for a regulation

Article 1 – paragraph 1 – point 2

Regulation (EU) No 1092/2010

Article 14 a (new)

Text proposed by the Commission	Amendment
	14a. The ESRB shall, by 31 December 2024, report to the Commission all legal obstacles in sector-specific legislation preventing the ESRB from exchanging information with other authorities or bodies in any way. On the basis of that report and taking due account of the protection of intellectual property rights, professional secrecy obligations and data protection, the Commission shall, where appropriate, submit a legislative proposal to the European Parliament and the Council with a view to removing such legal obstacles in sector-specific legislation and facilitating the exchange of information between authorities and with other bodies.

Or. it

Amendment 100

Alfred Sant

Proposal for a regulation

Article 1 – paragraph 1 – point 2

Regulation (EU) No 1092/2010

Article 15 – paragraph 14 a (new)

Text proposed by the Commission	Amendment
	14a. The ESRB is encouraged to draw up a report to the Commission with obstacles to data sharing. The report may also include non-material, obsolete, duplicative or otherwise irrelevant reporting requirements.

Or. en

Amendment 101

Othmar Karas

Proposal for a regulation

Article 2 – paragraph 1 – point 1

Regulation (EU) No 1093/2010

Article 29 – paragraph 1 – point d

Text proposed by the Commission	Amendment
(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove redundant or obsolete reporting requirements and minimise costs;;	(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove disproportionate, redundant or obsolete reporting and disclosure requirements and minimise costs, while maintaining the usability and quality of the data;

Or. en

Justification

In order to ensure that the requirement of minimising costs is not detached from other objectives of data collection and data sharing, the requirement should also include "maintaining the usability and quality of the data".

Amendment 102

Alfred Sant

Proposal for a regulation

Article 2 – paragraph 1 – point 1

Regulation (EU) No 1093/2010

Article 29 – paragraph 1 – point d

Text proposed by the Commission	Amendment
(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove redundant or obsolete reporting requirements and minimise costs;;	(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to address regulatory gaps, remove redundant, duplicative or obsolete reporting requirements, standardise such requirements and minimise costs;;

Or. en

Amendment 103

Denis Nesci

Proposal for a regulation

Article 2 – paragraph 1 – point 1

Regulation (EU) No 1093/2010

Article 29 – paragraph 1 – point d

Text proposed by the Commission	Amendment
(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove redundant or obsolete reporting requirements and minimise costs;’;	(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove redundant, disproportionate or obsolete reporting requirements and minimise costs while maintaining the usability and quality of data.

Or. it

Amendment 104

Laurence Sailliet

Proposal for a regulation

Article 2 – paragraph 1 – point 1

Regulation (EU) No 1093/2010

Article 29 – paragraph 1 – point d

Text proposed by the Commission	Amendment
(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove redundant or obsolete reporting requirements and minimise costs;;	(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove redundant, obsolete and disproportionate reporting and disclosure requirements to minimise costs;;

Or. en

Amendment 105

Alfred Sant

Proposal for a regulation

Article 2 – paragraph 1 – point 2

Regulation (EU) No 1093/2010

Article 30 – paragraph 3 – point e

Text proposed by the Commission	Amendment
(e) the effectiveness of national reporting requirements and the degree of convergence of such requirements with the ones set out in Union law.;	(e) the effectiveness of national reporting requirements and the degree of convergence of such requirements with the ones set out in Union law while taking into account the specific characteristics of national financial jurisdictions .;

Or. en

Amendment 106

Denis Nesci

Proposal for a regulation

Article 2 – paragraph 1 – point 2

Regulation (EU) No 1093/2010

Article 30 – paragraph 3 – point e

Text proposed by the Commission	Amendment
(e) the effectiveness of national reporting requirements and the degree of convergence of such requirements with the ones set out in Union law.’;	(e) the effectiveness of national reporting requirements and the degree of convergence and suitability of such requirements with the ones set out in Union law.’;

Or. it

Amendment 107

Alfred Sant

Proposal for a regulation

Article 2 – paragraph 1 – point 3

Regulation EU (No) 1093/2010

Article 35 – paragraph 4

Text proposed by the Commission	Amendment
4. Before requesting information in accordance with this Article and in order to avoid the duplication of reporting obligations, the Authority shall take account of information collected by other authorities referred to in Article 35a(1) and any relevant existing statistics produced and disseminated by the European Statistical System and the European System of Central Banks.;	4. Before requesting information in accordance with this Article and in order to ensure no duplication of reporting obligations, the Authority shall take account of information collected by other authorities referred to in Article 35a(1) and any relevant existing statistics produced and disseminated by the European Statistical System and the European System of Central Banks.;

Or. en

Amendment 108

Alfred Sant

Proposal for a regulation

Article 2 – paragraph 1 – point 4

Regulation (EU) No 1093/2010

Article 35 a – paragraph 1

Text proposed by the Commission	Amendment
1. The Authority and the competent authorities shall share with other authorities, on a case-by-case or regular basis, information they obtained from financial institutions or other competent authorities in carrying out their duties, when requested by the other European Supervisory Authorities, the ESRB or competent authorities as defined in Article 4, point (2), of this Regulation, in Article 4, point (2), of Regulation (EU) No 1094/2010 or in Article 4, point (3) of Regulation (EU) No 1095/2010, or the authorities defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council11 , provided that the authority requesting that information is, pursuant to Union law, entitled to obtain that same information from financial institutions or other competent authorities. For the purposes of this Article, ‘financial institution’ means a ‘financial institution’ as defined in Article 2, point (a), of Regulation (EU) No 1092/2010.	1. The Authority and the competent authorities shall share with other authorities, on a case-by-case or regular basis, information they obtained from financial institutions or other competent authorities in carrying out their duties, when requested by the other European Supervisory Authorities, the ESRB or competent authorities as defined in Article 4, point (2), of this Regulation, in Article 4, point (2), of Regulation (EU) No 1094/2010 or in Article 4, point (3) of Regulation (EU) No 1095/2010, or the authorities defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council11, or the SSM as defined in Article 2, point (9), of Regulation (EU) No 1024/2013, or the SRB, provided that the authority requesting that information is, pursuant to Union law, entitled to obtain that same information from financial institutions or other competent authorities. For the purposes of this Article, ‘financial institution’ means a ‘financial institution’ as defined in Article 2, point (a), of Regulation (EU) No 1092/2010.
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11 OP: Please insert in the text the number of the Directive contained in document 2021/0250(COD) (proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final) and insert the number, date, title and OJ reference of that Directive in the footnote.	11 OP: Please insert in the text the number of the Directive contained in document 2021/0250(COD) (proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final) and insert the number, date, title and OJ reference of that Directive in the footnote.

Or. en

Amendment 109

Alfred Sant

Proposal for a regulation

Article 2 – paragraph 1 – point 4

Regulation (EU) No 1093/2010

Article 35 a – paragraph 4

Text proposed by the Commission	Amendment
4. For sharing information as referred to in paragraphs 1, 2 and 3, the authorities referred to in paragraph 1 may enter into memoranda of understanding to specify the modalities of the exchange of information. They may also specify arrangements for the sharing of resources for the collection and processing of such shared data.	4. For sharing information as referred to in paragraphs 1, 2 and 3, the authorities referred to in paragraph 1 may enter into memoranda of understanding to specify the modalities of the exchange of information. They may also specify arrangements for the sharing of resources for the collection and processing of such shared data. The memoranda of understanding shall by agreement between all the authorities concerned follow a standardised format, tailored when necessary to the special operating conditions that might apply to specific authorities.

Or. en

Amendment 110

Alfred Sant

Proposal for a regulation

Article 2 – paragraph 1 – point 4

Regulation (EU) No 1093/2010

Article 35 a – paragraph 7 – subparagraph 2

Text proposed by the Commission	Amendment
Information received from another authority shall only be shared with the agreement of the authority that initially obtained the information.;	Information received from another authority shall only be shared on this basis with the agreement of the authority that initially obtained the information.;

Or. en

Amendment 111

Alfred Sant

Proposal for a regulation

Article 2 – paragraph 1 – point 4

Regulation EU (No) 1093/2010

Article 35 a – paragraph 7 a (new)

Text proposed by the Commission	Amendment
	7a. The Authority may draw up a report to the Commission with obstacles to data sharing. The report may also include non-material, obsolete, duplicative or otherwise irrelevant reporting requirements, and suggestions to ensure consistency between reporting requirements of financial and non-financial companies.

Or. en

Amendment 112

Denis Nesci

Proposal for a regulation

Article 2 – paragraph 1 – point 5

Regulation (EU) No 1093/2010

Article 54 – paragraph 2 – indent 9

Text proposed by the Commission	Amendment
– reporting requirements and the collection of information from financial institutions.;	– reporting and disclosure requirements and the collection of information from financial institutions.;

Or. it

Amendment 113

Erik Poulsen

Proposal for a regulation

Article 2 - paragraph 1 – point 6 a (new)

Regulation (EU) No 1093/2010

Article 80 a

Present text	Amendment
	(6a) the following Article is inserted:
	"Article 80a The Authority shall, by 31 June 2025, report to the Commission on the appropriateness of the following legislation:
	– Regulation 2019/2088 (SFDR)
	– Regulation 575/2013(CRR)
	– Regulation 596/2014 (MAR)
	More specifically, the Authority shall, where relevant, assess whether the above-mentioned legislation conforms with the following principles:
	– Whether the data required of the financial institution for the use by the competent authority is strictly necessary for supervisory purposes
	– Whether the data required of the financial institution for the use by the competent authority respects the principle of proportionality as regards the size and nature of the activities of the financial institution
	– Whether the same data is requested by different legislations and whether this data is communicated uniformly to the competent authority
	– Whether the cumulative impact of the reporting requirements is strictly necessary for consumer protection
	For the purpose of this report, the Authority shall take due account of input from relevant stakeholders.
	On the basis of that report, the Commission shall, by 31 December 2025, submit to the Parliament and the Council a legislative proposal to reduce excessive reporting requirements"

Or. en

(32010R1093)

Amendment 114

Othmar Karas

Proposal for a regulation

Article 3 – paragraph 1 – point 1

Regulation (EU) No 1094/2010

Article 29 – paragraph 1 – point d

Text proposed by the Commission	Amendment
(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove redundant or obsolete reporting requirements and minimise costs;;	(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove disproportionate, redundant or obsolete reporting and disclosure requirements and minimise costs, while maintaining the usability and quality of the data;

Or. en

Justification

Amendment 115

Alfred Sant

Proposal for a regulation

Article 3 – paragraph 1 – point 1

Regulation (EU) No 1094/2010

Article 29 – paragraph 1 – point d

Text proposed by the Commission	Amendment
(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove redundant or obsolete reporting requirements and minimise costs;;	(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to address regulatory gaps, remove redundant, duplicative or obsolete reporting requirements, standardise such requirements and minimise costs;;

Or. en

Amendment 116

Alfred Sant

Proposal for a regulation

Article 3 – paragraph 1 – point 2

Regulation (EU) No 1094/2010

Article 30 – paragraph 3 – point e

Text proposed by the Commission	Amendment
(e) the effectiveness of national reporting requirements and the degree of convergence of such requirements with the ones set out in Union law.;	(e) the effectiveness of national reporting requirements and the degree of convergence of such requirements with the ones set out in Union law, while taking into account the specific characteristics of national insurance markets and jurisdictions.;

Or. en

Amendment 117

Alfred Sant

Proposal for a regulation

Article 3 – paragraph 1 – point 4

Regulation (EU) No 1094/2010

Article 35 a – paragraph 1

Text proposed by the Commission	Amendment
1. The Authority and the competent authorities shall share with other authorities, on a case-by-case or regular basis, information they obtained from financial institutions or other competent authorities in carrying out their duties, when requested by the other European Supervisory Authorities, the ESRB or competent authorities as defined in Article 4, point (2) of this Regulation, in Article 4, point (2), of Regulation (EU) No 1093/2010 or in Article 4, point (3), of Regulation (EU) No 1095/2010, or the authorities defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council13 , provided that the authority requesting the information is, pursuant to Union law, entitled to obtain that same information from financial institutions or other competent authorities. For the purposes of this Article, ‘financial institution’ means a ‘financial institution’ as defined in Article 2, point (a), of Regulation (EU) No 1092/2010.	1. The Authority and the competent authorities shall share with other authorities, on a case-by-case or regular basis, information they obtained from financial institutions or other competent authorities in carrying out their duties, when requested by the other European Supervisory Authorities, the ESRB or competent authorities as defined in Article 4, point (2) of this Regulation, in Article 4, point (2), of Regulation (EU) No 1093/2010 or in Article 4, point (3), of Regulation (EU) No 1095/2010, or the authorities defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council13 or the SSM as defined in Article 2, point (9), of Regulation (EU) No 1024/2013, or the SRB provided that the authority requesting the information is, pursuant to Union law, entitled to obtain that same information from financial institutions or other competent authorities. For the purposes of this Article, ‘financial institution’ means a ‘financial institution’ as defined in Article 2, point (a), of Regulation (EU) No 1092/2010.
__________________	__________________
13 OP: Please insert in the text the number of the Directive contained in document 2021/0250(COD) (proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final) and insert the number, date, title and OJ reference of that Directive in the footnote.	13 OP: Please insert in the text the number of the Directive contained in document 2021/0250(COD) (proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final) and insert the number, date, title and OJ reference of that Directive in the footnote.

Or. en

Amendment 118

Alfred Sant

Proposal for a regulation

Article 3 – paragraph 1 – point 4

Regulation (EU) No 1094/2010

Article 35 a – paragraph 4

Text proposed by the Commission	Amendment
4. For sharing information as referred to paragraphs 1, 2 and 3, the authorities referred to in paragraph 1 may enter into memoranda of understanding to specify the modalities of the exchange of information. They may also specify arrangements for the sharing of resources for the collection and processing of such shared data.	4. For sharing information as referred to paragraphs 1, 2 and 3, the authorities referred to in paragraph 1 may enter into memoranda of understanding to specify the modalities of the exchange of information. They may also specify arrangements for the sharing of resources for the collection and processing of such shared data. The memoranda of understanding shall by agreement between all the authorities concerned follow a standardised format, tailored when necessary to the special operating conditions that might apply to specific authorities.

Or. en

Amendment 119

Alfred Sant

Proposal for a regulation

Article 3 – paragraph 1 – point 4

Regulation (EU) No 1094/2010

Article 35 a – paragraph 7 – subparagraph 2

Text proposed by the Commission	Amendment
Information received from another authority shall only be shared with the agreement of the authority that initially obtained the information. ;	Information received from another authority shall only be shared on this basis with the agreement of the authority that initially obtained the information. ;

Or. en

Amendment 120

Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 4

Regulation (EU) No 1094/2010

Article 35 a – paragraph 7 a (new)

Text proposed by the Commission	Amendment
	7a. The Authority and the competent authorities shall, by 31 December 2024, report to the Commission all legal obstacles in sector-specific legislation that prevent them from exchanging information with other authorities or bodies in any way. On the basis of that report and taking due account of the protection of intellectual property rights, professional secrecy obligations and data protection, the Commission shall, where appropriate, submit by 30 June 2025 a legislative proposal to the European Parliament and the Council with a view to removing such legal obstacles in sector-specific legislation and facilitating the exchange of information between authorities and with other bodies.

Or. it

Amendment 121

Alfred Sant

Proposal for a regulation

Article 3 – paragraph 1 – point 4

Regulation (EU) No 1094/2010

Article 35 a – paragraph 7 a (new)

Text proposed by the Commission	Amendment
	7a. The Authority may draw up a report to the Commission with obstacles to data sharing. The report may also include non-material, obsolete, duplicative or otherwise irrelevant reporting requirements, and suggestions to ensure consistency between reporting requirements of financial and non-financial companies.

Or. en

Amendment 122

Denis Nesci

Proposal for a regulation

Article 3 – paragraph 1 – point 5

Regulation (EU) No 1094/2010

Article 54 – paragraph 2 – indent 9 a

Text proposed by the Commission	Amendment
– reporting requirements and the collection of information from financial institutions.;	– reporting and disclosure requirements and the collection of information from financial institutions.;

Or. it

Amendment 123

Erik Poulsen

Proposal for a regulation

Article 3 – paragraph 1 – point 6 a (new)

Regulation (EU) No 1094/2010

Article 80 a new

Present text	Amendment
	(6a) the following Article is inserted: :
Article 16	"Article 80a The Authority shall, by 31 June 2025, report to the Commission on the appropriateness of the following legislation:
	– Directive 2009/138 (Solvency II)
	– Directive 2022/2464 (CSRD)
	– Regulation 2019/2088 (SFDR)
	– Regulation 2020/852 (Taxonomy Regulation)
	– Directive 2000/31 (E-Commerce Directive)
	– Regulation 2016/679 (GDPR)
	– Regulation 1286/2014 (PRIIPS)
	– Directive 2016/97 (IDD)
	– Directive 2002/87 ( Financial Conglomerates Directive)
	More specifically, the Authority shall, where relevant, assess whether the above-mentioned legislation conforms with the following principles:
	– Whether the data required of the financial institution for the use by the competent authority is strictly necessary for supervisory purposes
	– Whether the data required of the financial institution for the use by the competent authority respects the principle of proportionality as regards the size and nature of the activities of the financial institution
	– Whether the same data is requested by different legislations and whether this data is communicated uniformly to the competent authority
	– Whether the cumulative impact of the reporting requirements is strictly necessary for consumer protection
	For the purpose of this report, the Authority shall take due account of input from relevant stakeholders.
	On the basis of that report, the Commission shall, by 31 December 2025, submit to the Parliament and the Council a legislative proposal to reduce excessive reporting requirements"

Or. en

(02010R1094)

Amendment 124

Othmar Karas

Proposal for a regulation

Article 4 – paragraph 1 – point 1

Regulation (EU) No 1095/2010

Article 29 – paragraph 1 – point d

Text proposed by the Commission	Amendment
(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove redundant or obsolete reporting requirements and minimise costs;;	(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove disproportionate, redundant or obsolete reporting and disclosure requirements and minimise costs, while maintaining the usability and quality of the data;

Or. en

Justification

Amendment 125

Alfred Sant

Proposal for a regulation

Article 4 – paragraph 1 – point 1

Regulation (EU) No 1095/2010

Article 29 – paragraph 1 – point d

Text proposed by the Commission	Amendment
(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove redundant or obsolete reporting requirements and minimise costs;;	(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to address regulatory gaps, remove redundant, duplicative or obsolete reporting requirements, standardise such requirements and minimise costs;;

Or. en

Amendment 126

Denis Nesci

Proposal for a regulation

Article 4 – paragraph 1 – point 1

Regulation (EU) No 1095/2010

Article 29 – paragraph 1 – point d

Text proposed by the Commission	Amendment
(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove redundant or obsolete reporting requirements and minimise costs;’;	(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to remove redundant, disproportionate or obsolete reporting requirements and minimise costs while maintaining the usability and quality of data.

Or. it

Amendment 127

Alfred Sant

Proposal for a regulation

Article 4 – paragraph 1 – point 2

Regulation (EU) No 1095/2010

Article 30 – paragraph 3 – point e

Text proposed by the Commission	Amendment
(e) the effectiveness of national reporting requirements and the degree of convergence of such requirements with the ones set out in Union law.;	(e) the effectiveness of national reporting requirements and the degree of convergence of such requirements with the ones set out in Union law, while not unnecessary limiting the discretion for national best practices in line with point (c) of this paragraph.;

Or. en

Amendment 128

Alfred Sant

Proposal for a regulation

Article 4 – paragraph 1 – point 4

Regulation (EU) No 1095/2010

Article 35 a – paragraph 1

Text proposed by the Commission	Amendment
1. The Authority and the competent authorities shall share with other authorities, on a case-by-case or regular basis, information they obtained from financial institutions or other competent authorities in carrying out their duties, when requested by the other European Supervisory Authorities, the ESRB or competent authorities as defined in Article 4, point (3) of this Regulation, in Article 4, point (2), of Regulation (EU) No 1093/2010 or in Article 4, point (2), of Regulation (EU) No 1094/2010, or the authorities defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council15 , provided that the authority requesting that information is, pursuant to Union law, entitled to obtain that same information from financial institutions or other competent authorities. For the purposes of this Article, ‘financial institution’ means a ‘financial institution’ as defined in Article 2, point (a), of Regulation (EU) No 1092/2010.	1. The Authority and the competent authorities shall share with other authorities, on a case-by-case or regular basis, information they obtained from financial institutions or other competent authorities in carrying out their duties, when requested by the other European Supervisory Authorities, the ESRB or competent authorities as defined in Article 4, point (3) of this Regulation, in Article 4, point (2), of Regulation (EU) No 1093/2010 or in Article 4, point (2), of Regulation (EU) No 1094/2010, or the authorities defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council15, or the SSM as defined in Article 2, point (9), of Regulation (EU) No 1024/2013, or the SRB provided that the authority requesting that information is, pursuant to Union law, entitled to obtain that same information from financial institutions or other competent authorities. For the purposes of this Article, ‘financial institution’ means a ‘financial institution’ as defined in Article 2, point (a), of Regulation (EU) No 1092/2010.
__________________	__________________
15 OP: Please insert in the text the number of the Directive contained in document 2021/0250(COD) (proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final) and insert the number, date, title and OJ reference of that Directive in the footnote.	15 OP: Please insert in the text the number of the Directive contained in document 2021/0250(COD) (proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final) and insert the number, date, title and OJ reference of that Directive in the footnote.

Or. en

Amendment 129

Alfred Sant

Proposal for a regulation

Article 4 – paragraph 1 – point 4

Regulation (EU) No 1095/2010

Article 35 a – paragraph 4

Text proposed by the Commission	Amendment
4. For sharing information as referred to in paragraphs 1, 2 and 3, the authorities referred to in paragraph 1 may enter into memoranda of understanding to specify the modalities of the exchange of information. They may also specify arrangements for the sharing of resources for the collection and processing of such shared data.	4. For sharing information as referred to in paragraphs 1, 2 and 3, the authorities referred to in paragraph 1 may enter into memoranda of understanding to specify the modalities of the exchange of information. They may also specify arrangements for the sharing of resources for the collection and processing of such shared data. The memoranda of understanding shall by agreement between all the authorities concerned follow a standardised format, tailored when necessary to the special operating conditions that might apply to specific authorities.

Or. en

Amendment 130

Alfred Sant

Proposal for a regulation

Article 4 – paragraph 1 – point 4

Regulation (EU) No 1095/2010

Article 35 a – paragraph 7 – subparagraph 2

Text proposed by the Commission	Amendment
Information received from another authority shall only be shared with the agreement of the authority that initially obtained the information.;	Information received from another authority shall only be shared on this basis with the agreement of the authority that initially obtained the information.;

Or. en

Amendment 131

Denis Nesci

Proposal for a regulation

Article 4 – paragraph 1 – point 4

Regulation (EU) No 1095/2010

Article 35 a – paragraph 7 a (new)

Text proposed by the Commission	Amendment
	7a. The Authority and the competent authorities shall, by 31 December 2024, report to the Commission all legal obstacles in sector-specific legislation that prevent them from exchanging information with other authorities or bodies in any way. On the basis of that report and taking due account of the protection of intellectual property rights, professional secrecy obligations and data protection, the Commission shall, where appropriate, submit by 30 June 2025 a legislative proposal to the European Parliament and the Council with a view to removing such legal obstacles in sector-specific legislation and facilitating the exchange of information between authorities and with other bodies.

Or. it

Amendment 132

Alfred Sant

Proposal for a regulation

Article 4 – paragraph 1 – point 4

Regulation (EU) No 1095/2010

Article 35 a – paragraph 7 a (new)

Text proposed by the Commission	Amendment
	7a. The Authority may draw up a report to the Commission with obstacles to data sharing. The report may also include non-material, obsolete, duplicative or otherwise irrelevant reporting requirements, and suggestions to ensure consistency between reporting requirements of financial and non-financial companies.

Or. en

Amendment 133

Denis Nesci

Proposal for a regulation

Article 4 – paragraph 1 – point 4 a (new)

Regulation (EU) No 1095/2010

Article 35 a – paragraph 7 a

Text proposed by the Commission	Amendment
	7a. The Authority and the competent authorities shall, by 31 December 2024, report to the Commission all legal obstacles in sector-specific legislation that prevent them from exchanging information with other authorities or bodies in any way. On the basis of that report and taking due account of the protection of intellectual property rights, professional secrecy obligations and data protection, the Commission shall, where appropriate, submit by 30 June 2025 a legislative proposal to the European Parliament and the Council with a view to removing such legal obstacles in sector-specific legislation and facilitating the exchange of information between authorities and with other bodies.

Or. it

Amendment 134

Denis Nesci

Proposal for a regulation

Article 4 – paragraph 1 – point 5

Regulation (EU) No 1095/2010

Article 54 – paragraph 2 – indent 9

Text proposed by the Commission	Amendment
– reporting requirements and the collection of information from financial market participants.;	– reporting and disclosure requirements and the collection of information from financial market participants.;

Or. it

Amendment 135

Othmar Karas

Proposal for a regulation

Article 5 – paragraph -1 (new)

Regulation (EU) No 2021/523

Article 8 – paragraph 6 – introductory part

Present text	Amendment
	-1 In Article 8(6), the introductory part , is replaced by the following
The Commission shall develop sustainability guidance that, in accordance with Union environmental and social objectives and standards and, taking appropriate account of the principle of ‘do no significant harm’ allows for:	"The Commission shall develop sustainability guidance that, in accordance with Union environmental and social objectives and standards and, taking appropriate account of the ‘do no significant harm’ principle as well as differences in the types of infrastructure projects, allows for:"

Or. en

(32021R0523)

Justification

This amendment aims to introduce proportionality in the Commission's sustainability guidance by clarifying that the types of infrastructure projects should be taken into consideration, without altering the underlying conditions.

Amendment 136

Erik Poulsen

Proposal for a regulation

Article 5 – paragraph -1 (new)

Regulation (EU) No 2021/523

Article 8 – paragraph 6 – introductory part

Present text	Amendment
	-1. In Article 8(6), the introductory part is replaced by the following:
The Commission shall develop sustainability guidance that, in accordance with Union environmental and social objectives and standards and, taking appropriate account of the principle of ‘do no significant harm’ allows for:	The Commission shall develop sustainability guidance that, in accordance with Union environmental and social objectives and standards and, taking appropriate account of the principle of ‘do no significant harm’ and considering differences between various types of infrastructure projects allows for:

Or. en

(32021R0523)

Amendment 137

Fabio Massimo Castaldo

Proposal for a regulation

Article 5 – paragraph -1 (new)

Regulation (EU) No 2021/523

Article 8 – paragraph 6 – introductory part

Present Text	Amendment
	-1. In Article 8(6), the introductory part is replaced by the following:
The Commission shall develop sustainability guidance that, in accordance with Union environmental and social objectives and standards and, taking appropriate account of the principle of ‘do no significant harm’ allows for:	‘The Commission shall develop sustainability guidance that, in accordance with Union environmental and social objectives and standards, taking appropriate account of the principle of ‘do no significant harm’, and considering differences between various types of infrastructure projects allows for:’

Or. en

Amendment 138

Alfred Sant

Proposal for a regulation

Article 5 – paragraph 1 – point -1 (new)

Regulation (EU) No 2021/523

Article 8 – paragraph 6

Present Text	Amendment
The Commission shall develop sustainability guidance that, in accordance with Union environmental and social objectives and standards and, taking appropriate account of the principle of ‘do no significant harm’ allows for:	-1. Article 8(6) the introductory part is replaced by the following: ‘The Commission shall develop sustainability guidance that, in accordance with Union environmental and social objectives and standards, taking appropriate account of the principle of ‘do no significant harm’, and considering differences between various types of infrastructure projects, allows for:’

Or. en

Amendment 139

Denis Nesci

Proposal for a regulation

Article 5 – paragraph -1 (new)

Regulation (EU) No 2021/523

Article 8 – paragraph 6 – introductory part

Present text	Amendment
The Commission shall develop sustainability guidance that, in accordance with Union environmental and social objectives and standards and, taking appropriate account of the principle of ‘do no significant harm’ allows for:	The Commission shall develop sustainability guidance that, in accordance with Union environmental and social objectives and standards and, taking appropriate account of the principle of ‘do no significant harm’ and considering the differences between the various types of infrastructure projects, allows for:

Or. it

(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32021R0523&from=GA)

Amendment 140

Othmar Karas

Proposal for a regulation

Article 5 – paragraph -1 a (new)

Regulation (EU) No 2021/523

Article 13 – paragraph 7 – subparagraph 2

Present text	Amendment
	-1a. In Article 13(7), subparagraph 2, is replaced by the following:
Contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) under the EU guarantee referred to in the first subparagraph of Article 4(2) shall be signed at the latest one year after the approval of the relevant financing or investment operation by the implementing partner. In other cases, contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) shall be signed by 31 December 2028.	Contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) under the EU guarantee referred to in the first subparagraph of Article 4(2) shall be signed by 31 August 2026. In other cases, contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) shall be signed by 31 December 2028.

Or. en

(32021R0523)

Justification

This amendment extends the signature deadline related to the EU guarantee, as the current deadline resulted in unwarranted frontloading of the implementation for Implementing Partners. Given current project timelines, this newly proposed deadline would allow for a more orderly implementation to finalise contracting of already approved transactions.

Amendment 141

Erik Poulsen

Proposal for a regulation

Article 5 – paragraph -1 a (new)

Regulation (EU) No 2021/523

Article 13 – paragraph 7 – subparagraph 2

Present text	Amendment
	1a. In Article 13(7), subparagraph 2, is replaced by the following:
Contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) under the EU guarantee referred to in the first subparagraph of Article 4(2) shall be signed at the latest one year after the approval of the relevant financing or investment operation by the implementing partner. In other cases, contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) shall be signed by 31 December 2028.	Contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) under the EU guarantee referred to in the first subparagraph of Article 4(2) shall be signed at the latest by 31 August 2026. In other cases, contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) shall be signed by 31 December 2028.

Or. en

(32021R0523)

Justification

This amendment addresses an EIB concern related to forced frontloading of InvestEU projects funded by NGEU.

Amendment 142

Fabio Massimo Castaldo

Proposal for a regulation

Article 5 – paragraph -1 a (new)

Regulation (EU) No 2021/523

Article 13 – paragraph 7 – subparagraph 2

Present Text	Amendment
	-1a. In Article 13(7), subparagraph 2, is replaced by the following:
Contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) under the EU guarantee referred to in the first subparagraph of Article 4(2) shall be signed at the latest one year after the approval of the relevant financing or investment operation by the implementing partner. In other cases, contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) shall be signed by 31 December 2028.	Contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) under the EU guarantee referred to in the first subparagraph of Article 4(2) shall be signed at the latest by 31 August 2026. In other cases, contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) shall be signed by 31 December 2028.

Or. en

Amendment 143

Denis Nesci

Proposal for a regulation

Article 5 – paragraph -1 a (new)

Regulation (EU) No 2021/523

Article 13 – paragraph 7 – subparagraph 2

Present text	Amendment
Contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) under the EU guarantee referred to in the first subparagraph of Article 4(2) shall be signed at the latest one year after the approval of the relevant financing or investment operation by the implementing partner. In other cases, contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) shall be signed by 31 December 2028.	Contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) in connection with EU guarantee referred to in the first subparagraph of Article 4(2) shall be signed by 31 August 2026 at the latest. In other cases, contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) shall be signed by 31 December 2028.

Or. it

(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32021R0523&from=GA)

Amendment 144

Othmar Karas

Proposal for a regulation

Article 5 – paragraph -1 b (new)

Regulation (EU) No 2021/523

Article 17 – paragraph 2 – point (h)

Present text	Amendment
	-1b. In Article 17(2), point h is replaced by the following:
(h) financial and operational reporting and monitoring of the financing and investment operations under the EU guarantee;	(h) financial and operational reporting and monitoring of the financing and investment operations under the EU guarantee, ensuring proportionality in reporting and monitoring requirements as well as minimising their costs, without undermining the respective InvestEU objectives;

Or. en

(32021R0523)

Justification

This amendment aims to introduce proportionate financial and operational reporting and monitoring requirements in the guarantee agreement, without undermining the respective InvestEU objectives.

Amendment 145

Fabio Massimo Castaldo

Proposal for a regulation

Article 5 – paragraph -1 b (new)

Regulation (EU) No 2021/523

Article 17 – paragraph 2 – point (h)

Present Text	Amendment
	-1b. In Article 17(2), point h is replaced by the following:
(h) financial and operational reporting and monitoring of the financing and investment operations under the EU guarantee;	(h) financial and operational reporting and monitoring of the financing and investment operations under the EU guarantee, ensuring that reporting requirements are proportionate and allow to achieve InvestEU objectives, while minimising costs for all stakeholders and final beneficiaries, in line with the Union’s objective of reducing administrative burden;’

Or. en

Amendment 146

Alfred Sant

Proposal for a regulation

Article 5 – paragraph -1 b (new)

Regulation (EU) No 2021/523

Article 17 – paragraph 2 – point (h)

Present text	Amendment
	-1b. In Article 17(2), point h of is replaced by the following:
(h) financial and operational reporting and monitoring of the financing and investment operations under the EU guarantee;	(h) financial and operational reporting and monitoring of the financing and investment operations under the EU guarantee, ensuring that reporting requirements are proportionate while minimising costs for all stakeholders and final beneficiaries.’

Or. en

Amendment 147

Denis Nesci

Proposal for a regulation

Article 5 – paragraph -1 b (new)

Regulation (EU) No 2021/523

Article 17 – paragraph 2 – point (h)

Present text	Amendment
(h) financial and operational reporting and monitoring of the financing and investment operations under the EU guarantee;	‘(h) financial and operational reporting and monitoring of the financing and investment operations under the EU guarantee ensuring that reporting requirements are proportionate and enable the achievement of InvestEU’s objectives while minimising costs for all stakeholders and final beneficiaries, in line with the Union’s objective to reduce administrative burdens;’

Or. it

(https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32021R0523&from=GA)

Amendment 148

Alfred Sant

Proposal for a regulation

Article 5 – paragraph 1 – point 1

Regulation (EU) No 2021/523

Article 28 – paragraph 4

Text proposed by the Commission	Amendment
4. Once a year, each implementing partner shall submit a report to the Commission on the financing and investment operations covered by this Regulation, broken down by EU compartment and Member State compartment, as appropriate. Each implementing partner shall also submit information on the Member State compartment to the Member State whose compartment it implements. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and with the key performance indicators laid down in Annex III to this Regulation. The report shall also include operational, statistical, financial and accounting data on each financing or investment operation and an estimation of expected cash flows, at the level of compartment, policy window and the InvestEU Fund. The report from the EIB Group and, where appropriate, from other implementing partners, shall also include information on barriers to investment encountered when carrying out financing and investment operations covered by this Regulation. The reports shall contain the information the implementing partners have to provide under point (a) of Article 155(1) of the Financial Regulation.	4. Once a year, each implementing partner shall submit a report to the Commission on the financing and investment operations covered by this Regulation, broken down by EU compartment and Member State compartment, as appropriate. Each implementing partner shall also submit information on the Member State compartment to the Member State whose compartment it implements. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and with the key performance indicators laid down in Annex III to this Regulation. The report shall also include operational, statistical, financial and accounting data, including the results of any available audits on each financing or investment operation and an estimation of expected cash flows, at the level of compartment, policy window and the InvestEU Fund. The report from the EIB Group and, where appropriate, from other implementing partners, shall also include information on barriers to investment encountered when carrying out financing and investment operations covered by this Regulation. The reports shall contain the information the implementing partners have to provide under point (a) of Article 155(1) of the Financial Regulation.

Or. en