On the proposal for a regulation of the European Parliament and of the Council 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
ECON-PR-757366
Committee on Economic and Monetary Affairs · Rapporteur: Othmar Karas
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The draft report proposes amendments to a Commission regulation that simplifies reporting and disclosure requirements in financial services and investment support. It widens the scope to more authorities, enforces the 'report once' principle, and mandates a Single Integrated Reporting System.¶¶¶
Committee position. The rapporteur proposes amendments to the Commission's proposal, expanding its scope, enforcing the 'report once' principle, and mandating a Single Integrated Reporting System.¶¶¶
Key points
- Expands the scope of the amending regulation to include anti-money laundering authorities, resolution authorities, and supervisory functions of central banks, amending Regulations (EU) No 806/2014, No 1024/2013, and the AMLA Regulation.¶¶¶
- Requires authorities to share information with other authorities on a case-by-case or regular basis, and to request information from other authorities instead of financial institutions when already reported, enforcing the 'report once' principle.¶¶¶
- Defines 'other authorities' to include ESAs, ESRB, competent authorities, AMLA, SSM, SRB, and national resolution authorities, and requires memoranda of understanding for information exchange.¶¶¶
- Mandates the establishment of a Single Integrated Reporting System by 31 December 2026, including a common data dictionary, joint repository, central data collection point, and single reporting point.¶¶¶
- Requires authorities to report legal obstacles to information exchange to the Commission by 31 December 2024, and the Commission to propose legislation to remove them by 30 June 2025.¶¶¶
- Expands the review of reporting and disclosure requirements to include disproportionate ones, and allows authorities to propose amendments to existing legislative acts to reduce inconsistencies and ensure proportionality.¶¶¶
- Requires authorities to take account of information collected by other authorities and existing statistics before requesting information, to avoid duplication.¶¶¶
- Allows authorities to share information with the Commission on a case-by-case basis, in a form that does not identify individual entities or contain personal data.¶¶¶
- Requires sharing authorities to inform relevant financial institutions about information exchange, unless the information has been anonymised or otherwise protected.¶¶¶
- Extends information sharing provisions to information that has been quality-checked or processed by the receiving authority.¶¶¶
- Amends the relationship between ESAs and ESRB to ensure cooperation and coordination in detecting systemic risks, with ESRB having access to information by default.¶¶¶
Who is affected
- Financial institutions and other reporting entities will face reduced duplicate reporting and can use a single reporting point to identify redundant requirements.¶¶¶
- European Supervisory Authorities, ESRB, ECB, AMLA, SRB, and national competent authorities will have broader information-sharing obligations and must establish integrated systems.¶¶
- The European Commission will receive reports on legal obstacles and may propose legislation to remove them, and will be involved in establishing the Single Integrated Reporting System.¶¶
Figures and deadlines
Legal basis: Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union¶