Sittings · Document
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
Committee on Economic and Monetary Affairs · Rapporteur: Othmar Karas
DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION
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
(COM(2023)0593 – C90383/2023 – 2023/0363(COD))
(Ordinary legislative procedure: first reading)
The European Parliament,
– having regard to the Commission proposal to Parliament and the Council (COM(2023)0593),
– having regard to Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C90383/2023),
– having regard to Article 294(3) of the Treaty on the Functioning of the European Union,
– having regard to the opinion of the European Central Bank of …,
– having regard to the opinion of the European Economic and Social Committee of …,
– having regard to Rule 59 of its Rules of Procedure,
– having regard to the report of the Committee on Economic and Monetary Affairs (A90000/2023),
1. Adopts its position at first reading hereinafter set out;
2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;
3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.
Amendment 1
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 and disclosure 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. |
Or. en
Amendment 2
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, (EU) No 806/20147a, Regulation (EU) …/…7b of the European Parliament and of the Council, Council Regulation (EU) No 1024/20137c and Regulation (EU) 2021/523 contain a number of reporting and disclosure requirements which should be simplified, in line with the Commission’s Communication on ‘Long-term competitiveness of the EU: looking beyond 2030’8 . |
| __________________ | __________________ |
| 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). |
| 7a Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1). | |
| 7b OP: Please insert in the text the number of the Regulation contained in document 2021/0240(COD) (proposal for a Regulation establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism - COM/2021/421 final) and insert the number, date, title and OJ reference of that Regulation in the footnote. | |
| 7c Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (OJ L 287, 29.10.2013, p. 63). | |
| 8 COM(2023)168. | 8 COM(2023)168. |
Or. en
Amendment 3
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 Anti-Money Laundering Authority should regularly review the reporting and disclosure requirements and propose, where appropriate, to streamline and remove redundant, obsolete or disproportionate requirements in relevant regulatory and implementing technical standards. The European Supervisory Authorities should coordinate this work via the Joint Committee of the European Supervisory Authorities. |
Or. en
Amendment 4
Proposal for a regulation
Recital 4 a (new)
| Text proposed by the Commission | Amendment |
| (4a) A large portion of the redundant, obsolete or disproportionate reporting and disclosure requirements stem from vertical inconsistencies between Member State requirements and Union requirements (‘gold plating’), horizontal inconsistencies across sector-specific and cross-sector legislation, as well as lack of proportionality in the requirements themselves. The European Supervisory Authorities and the European Anti-Money Laundering Authority should therefore not only review regulatory and implementing technical standards, but should also provide opinions on ongoing ordinary legislative procedures and legislative acts already in force. |
Or. en
Amendment 5
Proposal for a regulation
Recital 4 b (new)
| Text proposed by the Commission | Amendment |
| (4b) Facilitating the sharing and reuse of the information collected by authorities responsible for supervision in the financial sector, 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 Commission’s 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 6
Proposal for a regulation
Recital 4 c (new)
| Text proposed by the Commission | Amendment |
| (4c) 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 7
Proposal for a regulation
Recital 5
| Text proposed by the Commission | Amendment |
| (5) To that end, where two authorities are entitled to collect certain information from financial institutions or other reporting entities, they should be able to collect it only once and share it with each other, as opposed to both collecting the same information, including where those authorities are entitled to collect the information from different reporting entities or authorities. With the same objective of improving efficiency in the collection, processing and use of information, authorities that enhance information by cleaning or enriching it should also be able to share such enhanced information. | (5) To that end, the ‘report once’ principle should be more consistently enforced in the Union. All authorities responsible for supervision in the financial sector should only request information from financial institutions or other reporting entities if they have not already reported that information to other authorities. If information has already been reported to an authority, other authorities should be able to request that information from that authority directly, as opposed to collecting the same information, thereby putting an end to so-called double reporting. With the same objective of improving efficiency in the collection, processing and use of information, authorities that enhance information by cleaning or enriching it should also be able to share such enhanced information. |
Or. en
Amendment 8
Proposal for a regulation
Recital 5 a (new)
| Text proposed by the Commission | Amendment |
| (5a) In order to facilitate the detection, monitoring, prevention and mitigation of systemic risks to financial stability, the ESRB should have access to relevant information from the ESAs and the ECB by default. In that way, systematic risks could be better detected ex ante, as opposed to ex post, due to more rigorous request and sharing procedures. |
Or. en
Amendment 9
Proposal for a regulation
Recital 6 a (new)
| Text proposed by the Commission | Amendment |
| (6a) Over the past few years, the Commission and the ESAs have made significant progress in exploring the possibilities of establishing integrated reporting systems. Such innovative reporting systems are necessary to reap the benefits of increased data sharing between the authorities responsible for supervision in the financial sector. Therefore, all authorities responsible for supervision in the financial sector in the Union should establish a Single Integrated Reporting System. That system should include a common data dictionary for coding and understanding of data, a joint repository enabling a common overview of requested and obtained data, a central data collection point for efficient data exchange as well as a single reporting point to enable entities to identify double, obsolete or redundant reporting and disclosure requirements. |
Or. en
Amendment 10
Proposal for a regulation
Recital 6 b (new)
| Text proposed by the Commission | Amendment |
| (6b) Legal obstacles in sectoral regulations make it impossible, at times, for authorities to exchange information. Therefore, those authorities should report those legal obstacles to the Commission ahead of a legislative proposal to remove those obstacles, while simultaneously respecting intellectual property rights, professional secrecy and data protection. |
Or. en
Amendment 11
Proposal for a regulation
Article 1 – paragraph 1 – point 1 a (new)
Regulation (EU) No 1092/2010
Article 15 – paragraphs 1 to 7
| Present text | Amendment |
| 1a. In Article 15, paragraphs 1 to 7 are replaced by the following: | |
| 1. The ESRB shall provide the ESAs with the information on risks necessary for the achievement of their tasks. | "1. The ESAs, the European System of Central Banks (ESCB), the Commission, the national supervisory authorities and national statistics authorities shall cooperate closely with the ESRB by sharing the information and analysis necessary for the achievement of their tasks. |
| 2. The ESAs, the European System of Central Banks (ESCB), the Commission, the national supervisory authorities and national statistics authorities shall cooperate closely with the ESRB and shall provide it with all the information necessary for the fulfilment of its tasks in accordance with Union legislation. | 2. The ESRB, the ESAs and the ECB shall coordinate their efforts to detect, monitor, prevent and mitigate systemic risks to financial stability. |
| 3. Subject to Article 36(2) of Regulation (EU) No 1093/2010, of Regulation (EU) No 1094/2010 and of Regulation (EU) No 1095/2010, the ESRB may request information from the ESAs, as a rule in summary or aggregate form such that individual financial institutions cannot be identified. | Notwithstanding other provisions on the sharing of supervisory and statistical information in the subsequent paragraphs of this Article and in other Union legislative acts, the ESAs and the ECB shall share all relevant information without undue delay after it becomes available, including supervisory and statistical information, as well as the results of their analysis of such information, with the ESRB, necessary for the achievement of its mission, objectives and tasks. |
| 4. Before requesting information in accordance with this Article, the ESRB shall first take account of the existing statistics produced, disseminated and developed by the European Statistical System and the ESCB. | For the purposes of sharing that information, the ESAs and the ECB shall use the Single Integrated Reporting System referred to in Article 15a, upon its establishment. |
| 5. If the requested information is not available or is not made available in a timely manner, the ESRB may request the information from the ESCB, the national supervisory authorities or the national statistics authorities. If the information remains unavailable, the ESRB may request it from the Member State concerned, without prejudice to the prerogatives conferred, respectively, on the Council, the Commission (Eurostat), the ECB, the Eurosystem and the ESCB in the field of statistics and data collection. | 3. Where the existing information available to the ESRB through the ESAs, the ECB and the European Statistical System is not sufficient or not available in a timely manner, the ESRB shall request the information necessary to fulfil its mandate from national central banks, national supervisory authorities and national statistical authorities, in accordance with this Article. If the information remains unavailable, the ESRB may request it from the Member State concerned, without prejudice to the prerogatives conferred, respectively, on the Council, the Commission (Eurostat), the ECB, the Eurosystem and the ESCB in the field of statistics and data collection. |
| 6. If the ESRB requests information that is not in summary or aggregate form, the reasoned request shall explain why data on the respective individual financial institution is deemed to be systemically relevant, and necessary, considering the prevailing market situation. | 4. If the ESRB requests, in accordance with paragraph 3, information that is not in summary or aggregate form, the reasoned request shall explain why data on the respective individual financial institution is deemed to be systemically relevant, and necessary, considering the prevailing market situation. |
| 7. Before each request for information which is not in summary or aggregate form, the ESRB shall duly consult the relevant European Supervisory Authority in order to ensure that the request is justified and proportionate. If the relevant European Supervisory Authority does not consider the request to be justified and proportionate, it shall, without delay, send the request back to the ESRB and ask for additional justification. After the ESRB has provided the relevant European Supervisory Authority with such additional justification, the requested information shall be transmitted to the ESRB by the addressees of the request, provided that they have legal access to the relevant information. | 5. Before each request made in accordance with paragraph 3 for information of a supervisory nature which is not in summary or aggregate form, the ESRB shall duly consult the relevant ESAs in order to ensure that the request is justified and proportionate. If the relevant ESA does not consider the request to be justified and proportionate, it shall, without delay, send the request back to the ESRB and ask for additional justification. After the ESRB has provided the relevant ESA with such additional justification, the requested information shall be transmitted to the ESRB by the addressees of the request, provided that they have legal access to the relevant information.’’ |
Or. en
(32010R1092)
Justification
In order to facilitate the detection, monitoring, prevention and mitigation of systemic risks to financial stability, the ESRB should have access to relevant information from the ESAs and the ECB by default. This way, systematic risks could be better detected ex-ante, as opposed to ex-post due to more rigorous request and sharing procedures.
Amendment 12
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 with another of the authorities referred to in paragraph 1, another member authority of the ESFS or the other authorities, on a case-by-case or regular basis, information it obtained from another of those authorities or the other authorities, when the requesting authority is entitled to obtain that information pursuant to its mission, objectives, tasks and powers or in accordance with relevant Union law. |
| For the purposes of sharing the information referred to in the first subparagraph of this paragraph, the ESRB shall use the Single Integrated Reporting System referred to in Article 15a, upon its establishment. | |
| __________________ | |
| 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
Justification
The conditions for the exchange of information should not be too restrictive. Therefore, mandates relating to the mission, objectives, tasks and powers of the ESRB are added in addition to specific mandates for reporting requirements in sector-specific legislation (i.e. "other relevant Union law").
Amendment 13
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 1092/2010
Article 15 – paragraph 8 a (new)
| Text proposed by the Commission | Amendment |
| 8a. The ESRB shall request from the other authorities information it would otherwise request from financial institutions or other competent authorities, where both of the following conditions are met: | |
| (a) it is entitled to obtain that information pursuant to its mission, objectives, tasks and powers or in accordance with relevant Union law; | |
| (b) that information has been obtained by at least one of the other authorities. | |
| For the purposes of determining whether the condition referred to in point (b) is met, the ESRB shall use the Single Integrated Reporting System referred to in Article 15a, upon its establishment. |
Or. en
Justification
As the Commission proposal foresees exchange of information between authorities only upon request from other authorities, the conditions for requesting such exchange of information need to be clarified. Point (b) therefore would imply a consistent enforcement of the "report once" principle.
Amendment 14
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 1092/2010
Article 15 – paragraph 8b (new)
| Text proposed by the Commission | Amendment |
| 8b. For the purposes of this Article and Article 15a, ‘other authorities’ means any of the following authorities: | |
| (a) the European Supervisory Authorities; | |
| (b) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1093/2010; | |
| (c) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1094/2010; | |
| (d) competent authorities, as defined in Article 4, point (3) of Regulation (EU) No 1095/2010; | |
| (e) the AMLA, as established by Regulation (EU) …/… of the European Parliament and of the Council1a; | |
| (f) authorities, as defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council1b; | |
| (g) the SSM, as defined in Article 2, point (9), of Regulation (EU) No 1024/2013; | |
| (h) the SRB; | |
| (i) national resolution authorities, as defined in Article 3, point (3), of Regulation (EU) No 806/2014. | |
| __________________ | |
| 1a OP: Please insert in the text the number of the Regulation contained in document 2021/0240(COD) (proposal for a Regulation establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism - COM/2021/421 final) and insert the number, date, title and OJ reference of that Regulation in the footnote. | |
| 1b 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
Justification
The proposal by the European Commission includes in the scope of this Amending Regulation only the ESRB, the ESAs as well as the respective competent authorities in the Member States. In order to foster exchange of information across the entire financial sector, it is necessary to widen the scope of this Amending Regulation to also include anti-money laundering authorities, resolution authorities and supervisory functions of central banks.
Amendment 15
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 1092/2010
Article 15 – paragraph 10
| Text proposed by the Commission | Amendment |
| 10. Paragraphs 8 and 9 shall also apply to information that the ESRB has received from another authority referred to in paragraph 8 and upon which the ESRB has subsequently performed quality checks or which the ESRB has otherwise processed. | 10. Paragraphs 8, 8a and 9 shall also apply to information that the ESRB has received from another authority referred to in paragraph 8 and upon which the ESRB has subsequently performed quality checks or which the ESRB has otherwise processed. |
Or. en
Justification
The reference to other authorities is adapted to align it with the increased scope of authorities.
Amendment 16
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, 8a, 9 and 10, the other authorities shall enter into memoranda of understanding to specify the modalities of the exchange of information. They shall also specify arrangements for the sharing of resources for the collection and processing of such shared data. |
Or. en
Justification
The use of MoUs will be vital to ensure a smooth process in the exchange of information. Therefore, all authorities should enter into MoU. The reference to other authorities is adapted to align it with the increased scope of authorities. The reference to other paragraphs is adapted to align it with new provisions foreseen.
Amendment 17
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) No 1092/2010
Article 15 – paragraph 12
| Text proposed by the Commission | Amendment |
| 12. Paragraphs 8, 9 and 10 shall be without prejudice to the protection of intellectual property rights and shall not prevent or restrict the exchange of information between the authorities referred to in paragraph 8 in accordance with provisions in other Union legislation. Where paragraph 8, 9 or 10 conflicts with provisions in other Union legislation that regulate the exchange of information between the authorities referred to in paragraph 8, the provisions in such other Union legislation shall prevail. | 12. Paragraphs 8 to 10 shall be without prejudice to the protection of intellectual property rights and shall not prevent or restrict the exchange of information between the other authorities in accordance with provisions in other Union legislation. Where paragraphs 8 to 10 conflict with provisions in other Union legislation that regulate the exchange of information between the other authorities, the provisions in such other Union legislation shall prevail. |
Or. en
Justification
The reference to other authorities is adapted to align it with the increased scope of authorities.
Amendment 18
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 may, upon justified request and on a case-by-case basis, share with the Commission, information that other authorities have reported to it pursuant to their obligations under Union law, in a form that does not allow the identification of individual entities and does not contain personal data. |
Or. en
Justification
The information exchange provision in paragraph 13 is not consistent with the information exchange provisions in paragraph 8. The conditions for the information exchange between authorities is dealt with in paragraph 8. The conditions for the information exchange with the Commission is dealt with in paragraph 13 and adapted to ensure a degree of autonomy in the decision to exchange such information.
Amendment 19
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 shall, by 31 December 2024, report to the Commission all legal obstacles in sectoral regulations that in any way prevent the ESRB from exchanging information with the other authorities or with other entities. | |
| On the basis of that report and taking due account of the protection of intellectual property rights, the obligations of professional secrecy and data protection, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to remove such legal obstacles in sectoral legislation to foster the exchange of information between authorities and with other entities by 30 June 2025. |
Or. en
Justification
As pointed out by management of the ESRB and the ESAs, there are still many legal obstacles in sectoral regulations that make it impossible to exchange information. Therefore, these obstacles should be reported to the Commission in order to remove these while simultaneously respecting intellectual property rights, professional secrecy and data protection.
Amendment 20
Proposal for a regulation
Article 1 – paragraph 1 – point 2 a (new)
Regulation (EU) No 1092/2010
Article 15 a (new)
| Text proposed by the Commission | Amendment |
| 2a. the following article is inserted: | |
| ‘Article 15a | |
| Establishment of a Single Integrated Reporting System | |
| 1. By 31 December 2026, the ESRB shall, together with the other authorities, establish a Single Integrated Reporting System including: | |
| (a) a common data dictionary; | |
| (b) a joint repository for reporting and disclosure requirements; | |
| (c) a central data collection point; and | |
| (d) a single reporting point for entities to identify double reporting, redundant or obsolete reporting or disclosure requirements. | |
| In close collaboration with the Commission, the establishment of the Single Integrated Reporting System shall be accompanied by an estimate of the overall financial impact. The Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to ensure the necessary financial, human and IT resources for the establishment. | |
| (Ongoing work to be considered: COM report on "Implementing dictionaries by assisted machine learning", EBA "Cost of Compliance Study" or EBA "Feasibility Study on an integrated reporting system".) |
Or. en
Justification
Building on the work by the Commission and authorities on integrated reporting systems, the authorities should be mandated to establish a Single Integrated Reporting System. This should include a data dictionary for common coding and understanding of data, a joint repository enabling a common overview of requested and obtained data, a central data collection point for efficient data exchange as well as a single reporting point to enable entities to identify double, obsolete or redundant reporting and disclosure. The financial implications need to be accounted for.
Amendment 21
Proposal for a regulation
Article 2 – paragraph 1 – point -1 (new)
Regulation (EU) No 1093/2010
Article 16a – paragraph 1 – subparagraph 2
| Amendment | |
| -1. in Article 16a(1), the following subparagraph is added: | |
| "The Authority’s opinions shall not be limited to ongoing legislative procedures. The Authority may also propose in its opinions, where appropriate, amendments to legislative acts in force, including amendments: | |
| (a) to remove redundant or obsolete reporting and disclosure requirements with respect to Union law or the national transposition of Union law by Member States; | |
| (b) to ensure consistent reporting and disclosure requirements across sector-specific, as well as cross-sector, legislation; | |
| (c) regarding the adequacy of the degree of proportionality in reporting and disclosure requirements with respect to the nature, size and complexity of the reporting entity. " |
Or. en
(32010R1093)
Justification
In order to foster a reduction of redundant or obsolete reporting and disclosure requirements, the Authority should provide opinions not only on ongoing, but also on concluded legislative procedures. These opinions could provide input on potential reduction of vertical inconsistencies in reporting and disclosure requirements ("gold plating"), horizontal inconsistencies across sector-specific as well as cross-sector legislation, as well as the adequacy of the degree of proportionality.
Amendment 22
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; |
Or. en
Justification
The common supervisory culture of the Authority should be expanded to allow for the review of unproportionate, redundant or obsolete reporting and disclosure requirements and minimise costs.
Amendment 23
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 and disclosure requirements and the degree of convergence of such requirements with the ones set out in Union law. |
Or. en
Justification
Integrating the convergence of reporting and disclosure requirements in peer reviews with the competent authorities is vital to reduce excess reporting and disclosure with respect to "gold plating" on Member State level.
Amendment 24
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 avoid the duplication of reporting and disclosure obligations, the Authority shall take account of information collected by the other authorities referred to in Article 35a(1b) and any relevant existing statistics produced and disseminated by the European Statistical System and the European System of Central Banks. |
Or. en
Justification
The reference to other authorities is adapted to align it with the increased scope of authorities.
Amendment 25
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Regulation (EU) No 1093/2010
Article 35a – 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 the other authorities, on a case-by-case or regular basis, information they obtained from financial institutions or other competent authorities, when the requesting authority is entitled to obtain that information, pursuant to its mission, objectives, tasks and powers or in accordance with relevant Union law. |
| For the purposes of sharing the information referred to in the first subparagraph of this paragraph, the Authority or competent authority shall use the Single Integrated Reporting System referred to in Article 35b, upon its establishment. | |
| __________________ | |
| 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
Justification
The conditions for the exchange of information should not be too restrictive. Therefore, mandates relating to the mission, objectives, tasks and powers of the Authority and competent authorities are added in addition to specific mandates for reporting requirements in sector-specific legislation (i.e. "other relevant Union law").
Amendment 26
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Regulation (EU) No 1093/2010
Article 35a – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
| 1a. The Authority and the competent authorities shall each be able to request from the other authorities information they would otherwise request from financial institutions or other competent authorities where both of the following conditions are met: | |
| (a) they are entitled to obtain that information pursuant to their mission, objectives, tasks and powers or in accordance with relevant Union law; | |
| (b) that information has been obtained by at least one of the other authorities. | |
| For the purposes of determining whether the condition referred to in point (b) is met, the Authority or the competent authorities shall use the Single Integrated Reporting System referred to in Article 35b, upon its establishment. |
Or. en
Justification
As the Commission proposal foresees exchange of information between authorities only upon request from other authorities, the conditions for requesting such exchange of information need to be clarified. Point (b) therefore would imply a consistent enforcement of the "report once" principle.
Amendment 27
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Regulation (EU) No 1093/2010
Article 35a – paragraph 1b (new)
| Text proposed by the Commission | Amendment |
| 1b. For the purposes of this Article, Article 35b and Article 70(3), ‘other authorities’ means any of the following authorities: | |
| (a) other European Supervisory Authorities; | |
| (b) the ESRB; | |
| (c) competent authorities, as defined in Article 4, point (2), of this Regulation; | |
| (d) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1094/2010; | |
| (e) competent authorities, as defined in Article 4, point (3) of Regulation (EU) No 1095/2010; | |
| (f) the AMLA, as established by Regulation (EU) …/… of the European Parliament and of the Council1a; | |
| (g) authorities, as defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council1b; | |
| (h) the SSM, as defined in Article 2, point (9), of Regulation (EU) No 1024/2013; | |
| (i) the SRB; | |
| (j) national resolution authorities, as defined in Article 3, point (3), of Regulation (EU) No 806/2014. | |
| 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. | |
| __________________ | |
| 1a OP: Please insert in the text the number of the Regulation contained in document 2021/0240(COD) (proposal for a Regulation establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism - COM/2021/421 final) and insert the number, date, title and OJ reference of that Regulation in the footnote. | |
| 1b 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
Justification
The proposal by the Commission includes in the scope of this Amending Regulation only the ESRB, the ESAs as well as the respective competent authorities in the Member States. In order to foster exchange of information across the entire financial sector, it is necessary to widen the scope of this Amending Regulation to also include anti-money laundering authorities, resolution authorities and supervisory functions of central banks.
Amendment 28
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Regulation (EU) No 1093/2010
Article 35a – paragraph 2
| Text proposed by the Commission | Amendment |
| 2. The request for exchange of information shall duly indicate the legal basis under Union law allowing the requesting authority to obtain the information from financial institutions or other competent authorities. The requesting authority and the sharing authority shall be subject to the obligations of professional secrecy and data protection laid down in Articles 70 and 71 and in sectoral legislation applicable to the sharing of data between the financial institution and the requesting authority as well as to the sharing of data between the financial institution and the sharing authority. The sharing authority shall inform each relevant financial institution or other competent authority about such exchange of information without undue delay. | 2. The request for exchange of information shall duly indicate the legal basis under Union law allowing the requesting authority to obtain the information from financial institutions or other competent authorities. The requesting authority and the sharing authority shall be subject to the obligations of professional secrecy and data protection laid down in Articles 70 and 71 and in sectoral legislation applicable to the sharing of data between the financial institution and the requesting authority as well as to the sharing of data between the financial institution and the sharing authority. The sharing authority shall inform each relevant financial institution about such exchange of information, provided that the information has not been anonymised, modified, aggregated or treated by any other method of disclosure control to protect confidential information, without undue delay. |
Or. en
Justification
In order to ensure that the reduction of administrative burden for companies does not result in an equal increase in the administrative burden for authorities, informing on the exchange of information should be limited to relevant financial institutions, only when the exchanged information does not cater for a degree of anonymisation.
Amendment 29
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Regulation (EU) No 1093/2010
Article 35a – paragraph 3
| Text proposed by the Commission | Amendment |
| 3. Paragraphs 1 and 2 shall also apply to information that the sharing authority has received from a financial institution or another authority referred to in paragraph 1 and upon which the sharing authority has subsequently performed quality checks or which the sharing authority has otherwise processed. | 3. Paragraphs 1, 1a and 2 shall also apply to information that the sharing authority has received from a financial institution or the other authorities and upon which the sharing authority has subsequently performed quality checks or which the sharing authority has otherwise processed. |
Or. en
Justification
The reference to other authorities is adapted to align it with the increased scope of authorities.
Amendment 30
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Regulation (EU) No 1093/2010
Article 35a – 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, 1a, 2 and 3, the other authorities shall enter into memoranda of understanding to specify the modalities of the exchange of information. They shall also specify arrangements for the sharing of resources for the collection and processing of such shared data. |
Or. en
Justification
The use of MoUs will be vital to ensure a smooth process in the exchange of information. Therefore, all authorities should enter into MoU. The reference to other authorities is adapted to align it with the increased scope of authorities. The reference to other paragraphs is adapted to align it with new provisions foreseen.
Amendment 31
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Regulation (EU) No 1093/2010
Article 35a – paragraph 5
| Text proposed by the Commission | Amendment |
| 5. Paragraphs 1 to 4 shall be without prejudice to the protection of intellectual property rights and shall not prevent or restrict the exchange of information between the authorities referred to in paragraph 1 in accordance with provisions in other Union legislation. Where the provisions in this Article conflict with provisions in other Union legislation that regulate the exchange of information between the authorities referred to in paragraph 1, the provisions in such other Union legislation shall prevail. | 5. Paragraphs 1 to 4 shall be without prejudice to the protection of intellectual property rights and shall not prevent or restrict the exchange of information between the other authorities in accordance with provisions in other Union legislation. Where the provisions in this Article conflict with provisions in other Union legislation that regulate the exchange of information between the other authorities, the provisions in such other Union legislation shall prevail. |
Or. en
Justification
The reference to other authorities is adapted to align it with the increased scope of authorities.
Amendment 32
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Regulation (EU) No 1093/2010
Article 35a – paragraph 6
| Text proposed by the Commission | Amendment |
| 6. Without prejudice to other obligations laid down in Union law for sharing information, the Authority and the competent authorities shall, upon justified request, share on a case-by-case basis, with the Commission or one of the authorities referred to in paragraph 1, information that financial institutions have reported to them pursuant to their duties under Union law. The Authority and the competent authorities shall transmit that information in a form that does not allow the identification of individual entities and does not contain personal data. | 6. Without prejudice to other obligations laid down in Union law for sharing information, the Authority and the competent authorities may, upon justified request, share on a case-by-case basis, with the Commission, information that financial institutions have reported to them pursuant to their duties under Union law, in a form that does not allow the identification of individual entities and does not contain personal data. |
Or. en
Justification
The information exchange provision in paragraph 6 is not consistent with the information exchange provisions in paragraph 1. The conditions for the information exchange between authorities is dealt with in paragraph 1. The conditions for the information exchange with the Commission is dealt with in paragraph 6 and adapted to ensure a degree of autonomy in the decision to exchange such information.
Amendment 33
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Regulation (EU) No 1093/2010
Article 35a – paragraph 7a (new)
| Text proposed by the Commission | Amendment |
| 7a. The Authority and competent authorities shall, by 31 December 2024, report to the Commission all legal obstacles in sectoral regulations that in any way prevent them from exchanging information with the other authorities or with other entities. | |
| On the basis of that report and taking due account of the protection of intellectual property rights, the obligations of professional secrecy and data protection, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to remove such legal obstacles in sectoral legislation to foster the exchange of information between authorities and with other entities by 30 June 2025. |
Or. en
Justification
As pointed out by management of the ESRB and the ESAs, there are still many legal obstacles in sectoral regulations that make it impossible to exchange information. Therefore, these obstacles should be reported to the Commission in order to remove these while simultaneously respecting intellectual property rights, professional secrecy and data protection.
Amendment 34
Proposal for a regulation
Article 2 – paragraph 1 – point 4 a (new)
Regulation (EU) No 1093/2010
Article 35 b (new)
| Text proposed by the Commission | Amendment |
| 4a. the following article is inserted: | |
| ‘Article 35b | |
| Establishment of a Single Integrated Reporting System | |
| 1. By 31 December 2026, the Authority shall, together with the other authorities, establish a Single Integrated Reporting System including: | |
| (a) a common data dictionary; | |
| (b) a joint repository for reporting and disclosure requirements; | |
| (c) a central data collection point; and | |
| (d) a single reporting point for entities to identify double reporting, redundant or obsolete reporting or disclosure requirements. | |
| In close collaboration with the Commission, the establishment of the Single Integrated Reporting System shall be accompanied by an estimate of the overall financial impact. The Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to ensure the necessary financial, human and IT resources for the establishment. | |
| (Ongoing work to be considered: COM report on "Implementing dictionaries by assisted machine learning", EBA "Cost of Compliance Study" or EBA "Feasibility Study on an integrated reporting system".) |
Or. en
Justification
Building on the work by the Commission and authorities on integrated reporting systems, the authorities should be mandated to establish a Single Integrated Reporting System. This should include a data dictionary for common coding and understanding of data, a joint repository enabling a common overview of requested and obtained data, a central data collection point for efficient data exchange as well as a single reporting point to enable entities to identify double, obsolete or redundant reporting and disclosure. The financial implications need to be accounted for.
Amendment 35
Proposal for a regulation
Article 2 – paragraph 1 – point 4 b (new)
Regulation (EU) No 1093/2010
Article 36 – paragraph 2
| Present text | Amendment |
| 4b. in Article 36, paragraph 2 is replaced by the following: | |
| 2. The Authority shall provide the ESRB with regular and timely information necessary for the achievement of its tasks. Any data necessary for the achievement of its tasks that are not in summary or aggregate form shall be provided, without delay, to the ESRB upon a reasoned request, as specified in Article 15 of Regulation (EU) No 1092/2010. The Authority, in cooperation with the ESRB, shall have in place adequate internal procedures for the transmission of confidential information, in particular information regarding individual financial institutions. | "2. The Authority, together with the European System of Central Banks (ESCB), the Commission, the national supervisory authorities and national statistics authorities, shall cooperate closely with the ESRB by sharing the information and analysis necessary for the achievement of their tasks. |
| The Authority shall, together with the ESRB and the ECB, coordinate its efforts to detect, monitor, prevent and mitigate systemic risks to financial stability. | |
| The Authority shall, in accordance with Article 15(1) to (5) of Regulation (EU) No 1092/2010, comply with the outlined data sharing provisions. | |
| The Authority, in cooperation with the ESRB, shall have in place adequate internal procedures for the transmission of confidential information, in particular information regarding individual financial institutions." |
Or. en
(32010R1093)
Justification
The Article related to the relationship with the ESRB is adapted to cater for the changes proposed in Article 15(1) to (5) in Regulation (EU) No 1092/2010.
Amendment 36
Proposal for a regulation
Article 2 – paragraph 1 – point 5
Regulation (EU) No 1093/2010
Article 54 – paragraph 2 – indent 7
| 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. en
Justification
The cross-sectoral consistency of reporting and disclosure requirements should be included in the tasks of the JC.
Amendment 37
Proposal for a regulation
Article 2 – paragraph 1 – point 6
Regulation (EU) No 1093/2010
Article 70 – paragraph 3
| Text proposed by the Commission | Amendment |
| 3. Paragraphs 1 and 2 shall not prevent the Authority from exchanging information with competent authorities, other ESAs, the ESRB and the authorities defined in Article 2, point (1), of Directive (EU) …/…12 – in accordance with this Regulation and with other Union legislation applicable to financial institutions.. | 3. Paragraphs 1 and 2 shall not prevent the Authority from exchanging information with the other authorities referred to in Article 35a(1b) – in accordance with this Regulation and with other Union legislation applicable to financial institutions. |
| __________________ | |
| 12 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). |
Or. en
Justification
The reference to other authorities is adapted to align it with the increased scope of authorities. The reference to other paragraphs is adapted to align it with new provisions foreseen.
Amendment 38
Proposal for a regulation
Article 3 – paragraph 1 – point -1 (new)
Regulation (EU) No 1094/2010
Article 16a – paragraph 1 – subparagraph 1 a (new)
| Text proposed by the Commission | Amendment |
| -1. in Article 16a(1), the following subparagraph is added: | |
| "The Authority’s opinions shall not be limited to ongoing legislative procedures. The Authority may also propose in its opinions, where appropriate, amendments to legislative acts in force, including amendments: | |
| (a) to remove redundant or obsolete reporting and disclosure requirements with respect to Union law or the national transposition of Union law by Member States; | |
| (b) to ensure consistent reporting and disclosure requirements across sector-specific, as well as cross-sector, legislation; | |
| (c) regarding the adequacy of the degree of proportionality in reporting and disclosure requirements with respect to the nature, size and complexity of the reporting entity." |
Or. en
(32010R1094)
Justification
In order to foster a reduction of redundant or obsolete reporting and disclosure requirements, the Authority should provide opinions not only on ongoing, but also on concluded legislative procedures. These opinions could provide input on potential reduction of vertical inconsistencies in reporting and disclosure requirements ("gold plating"), horizontal inconsistencies across sector-specific as well as cross-sector legislation, as well as the adequacy of the degree of proportionality.
Amendment 39
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; |
Or. en
Justification
The common supervisory culture of the Authority should be expanded to allow for the review of unproportionate, redundant or obsolete reporting and disclosure requirements and minimise costs.
Amendment 40
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 and disclosure requirements and the degree of convergence of such requirements with the ones set out in Union law. |
Or. en
Justification
Integrating the convergence of reporting and disclosure requirements in peer reviews with the competent authorities is vital to reduce excess reporting and disclosure with respect to "gold plating" on Member State level.
Amendment 41
Proposal for a regulation
Article 3 – paragraph 1 – point 3
Regulation (EU) No 1094/2010
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 avoid the duplication of reporting and disclosure obligations, the Authority shall take account of information collected by the other authorities referred to in Article 35a(1b) and any relevant existing statistics produced and disseminated by the European Statistical System and the European System of Central Banks. |
Or. en
Justification
The reference to other authorities is adapted to align it with the increased scope of authorities.
Amendment 42
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Regulation (EU) No 1094/2010
Article 35a – 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 the other authorities, on a case-by-case or regular basis, information they obtained from financial institutions or other competent authorities, when the requesting authority is entitled to obtain that information, pursuant to its mission, objectives, tasks and powers or in accordance with relevant Union law. |
| For the purposes of sharing the information referred to in the first subparagraph of this paragraph, the Authority or competent authority shall use the Single Integrated Reporting System referred to in Article 35b, upon its establishment. | |
| __________________ | |
| 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
Justification
The conditions for the exchange of information should not be too restrictive. Therefore, mandates relating to the mission, objectives, tasks and powers of the Authority and competent authorities are added in addition to specific mandates for reporting requirements in sector-specific legislation (i.e. "other relevant Union law").
Amendment 43
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Regulation (EU) No 1094/2010
Article 35a – paragraph 1a (new)
| Text proposed by the Commission | Amendment |
| 1a. The Authority and the competent authorities shall each be able to request from the other authorities information they would otherwise request from financial institutions or other competent authorities, where both of the following conditions are met: | |
| (a) they are entitled to obtain that information pursuant to their mission, objectives, tasks and powers or in accordance with relevant Union law; | |
| (b) that information has been obtained by at least one of the other authorities. | |
| For the purposes of determining whether the condition referred to in point (b) is met, the Authority or competent authority shall use the Single Integrated Reporting System referred to in Article 35b, upon its establishment. |
Or. en
Justification
As the Commission proposal foresees exchange of information between authorities only upon request from other authorities, the conditions for requesting such exchange of information need to be clarified. Point (b) therefore would imply a consistent enforcement of the "report once" principle.
Amendment 44
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Regulation (EU) No 1094/2010
Article 35a – paragraph 1b (new)
| Text proposed by the Commission | Amendment |
| 1b. For the purposes of this Article, Article 35b and Article 70(3), ‘other authorities’ means any of the following authorities: | |
| (a) other European Supervisory Authorities; | |
| (b) the ESRB; | |
| (c) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1093/2010; | |
| (d) competent authorities, as defined in Article 4, point (2), of this Regulation; | |
| (e) competent authorities, as defined in Article 4, point (3) of Regulation (EU) No 1095/2010; | |
| (f) the AMLA, as established by Regulation (EU) …/… of the European Parliament and of the Council1a; | |
| (g) authorities, as defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council1b; | |
| (h) the SSM, as defined in Article 2, point (9), of Regulation (EU) No 1024/2013; | |
| (i) the SRB; | |
| (j) national resolution authorities, as defined in Article 3, point (3), of Regulation (EU) No 806/2014. | |
| 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. | |
| __________________ | |
| 1a OP: Please insert in the text the number of the Regulation contained in document 2021/0240(COD) (proposal for a Regulation establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism - COM/2021/421 final) and insert the number, date, title and OJ reference of that Regulation in the footnote. | |
| 1b 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
Justification
The proposal by the Commission includes in the scope of this Amending Regulation only the ESRB, the ESAs as well as the respective competent authorities in the Member States. In order to foster exchange of information across the entire financial sector, it is necessary to widen the scope of this Amending Regulation to also include anti-money laundering authorities, resolution authorities and supervisory functions of central banks.
Amendment 45
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Regulation (EU) No 1094/2010
Article 35a – paragraph 2
| Text proposed by the Commission | Amendment |
| 2. The request for exchange of information shall duly indicate the legal basis under Union law allowing the requesting authority to obtain the information from financial institutions or other competent authorities. The requesting authority and the sharing authority shall be subject to the obligations of professional secrecy and data protection laid down in Articles 70 and 71 and in sectoral legislation applicable to the sharing of data between the financial institution and the requesting authority as well as to the sharing of data between the financial institution and the sharing authority. The sharing authority shall inform each relevant financial institution or other competent authority about such exchange of information without undue delay. | 2. The request for exchange of information shall duly indicate the legal basis under Union law allowing the requesting authority to obtain the information from financial institutions or other competent authorities. The requesting authority and the sharing authority shall be subject to the obligations of professional secrecy and data protection laid down in Articles 70 and 71 and in sectoral legislation applicable to the sharing of data between the financial institution and the requesting authority as well as to the sharing of data between the financial institution and the sharing authority. The sharing authority shall inform each relevant financial institution about such exchange of information, provided that the information has not been anonymised, modified, aggregated or treated by any other method of disclosure control to protect confidential information, without undue delay. |
Or. en
Justification
In order to ensure that the reduction of administrative burden for companies does not result in an equal increase in the administrative burden for authorities, informing on the exchange of information should be limited to relevant financial institutions, only when the exchanged information does not cater for a degree of anonymisation.
Amendment 46
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Regulation (EU) No 1094/2010
Article 35a – paragraph 3
| Text proposed by the Commission | Amendment |
| 3. Paragraphs 1 and 2 shall also apply to information that the sharing authority has received from a financial institution or another authority referred to in paragraph 1 and upon which the sharing authority has subsequently performed quality checks or which the sharing authority has otherwise processed. | 3. Paragraphs 1, 1a and 2 shall also apply to information that the sharing authority has received from a financial institution or the other authorities and upon which the sharing authority has subsequently performed quality checks or which the sharing authority has otherwise processed. |
Or. en
Justification
The reference to other authorities is adapted to align it with the increased scope of authorities.
Amendment 47
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Regulation (EU) No 1094/2010
Article 35a – 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 in paragraphs 1, 1a, 2 and 3, the other authorities shall enter into memoranda of understanding to specify the modalities of the exchange of information. They shall also specify arrangements for the sharing of resources for the collection and processing of such shared data. |
Or. en
Justification
The use of MoUs will be vital to ensure a smooth process in the exchange of information. Therefore, all authorities should enter into MoU. The reference to other authorities is adapted to align it with the increased scope of authorities. The reference to other paragraphs is adapted to align it with new provisions foreseen.
Amendment 48
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Regulation (EU) No 1094/2010
Article 35a, –paragraph 5
| Text proposed by the Commission | Amendment |
| 5. Paragraphs 1 to 4 shall be without prejudice to the protection of intellectual property rights and shall not prevent or restrict the exchange of information between the authorities referred to in paragraph 1 in accordance with provisions in other Union legislation. Where the provisions in this Article conflict with provisions in other Union legislation that regulate the exchange of information between the authorities referred to in paragraph 1, the provisions in such other Union legislation shall prevail. | 5. Paragraphs 1 to 4 shall be without prejudice to the protection of intellectual property rights and shall not prevent or restrict the exchange of information between the other authorities in accordance with provisions in other Union legislation. Where the provisions in this Article conflict with provisions in other Union legislation that regulate the exchange of information between the other authorities, the provisions in such other Union legislation shall prevail. |
Or. en
Justification
The reference to other authorities is adapted to align it with the increased scope of authorities.
Amendment 49
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Regulation (EU) No 1094/2010
Article 35a – paragraph 6
| Text proposed by the Commission | Amendment |
| 6. Without prejudice to other obligations laid down in Union law for sharing information, the Authority and the competent authorities shall, upon justified request, share on a case-by-case basis with the Commission or one of the authorities referred to in paragraph 1, information that financial institutions have reported to them pursuant to their duties under Union law. The Authority and the competent authorities shall transmit that information in a form that does not allow the identification of individual entities and does not contain personal data. | 6. Without prejudice to other obligations laid down in Union law for sharing information, the Authority and the competent authorities may, upon justified request, share on a case-by-case basis, with the Commission, information that financial institutions have reported to them pursuant to their duties under Union law, in a form that does not allow the identification of individual entities and does not contain personal data. |
Or. en
Justification
The information exchange provision in paragraph 6 is not consistent with the information exchange provisions in paragraph 1. The conditions for the information exchange between authorities is dealt with in paragraph 1. The conditions for the information exchange with the Commission is dealt with in paragraph 6 and adapted to ensure a degree of autonomy in the decision to exchange such information.
Amendment 50
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Regulation (EU) No 1094/2010
Article 35a – paragraph 7 a (new)
| Text proposed by the Commission | Amendment |
| 7a. The Authority and competent authorities shall, by 31 December 2024, report to the Commission all legal obstacles in sectoral regulations that in any way prevent them from exchanging information with the other authorities or with other entities. | |
| On the basis of that report and taking due account of the protection of intellectual property rights, the obligations of professional secrecy and data protection, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to remove such legal obstacles in sectoral legislation to foster the exchange of information between authorities and with other entities by 30 June 2025. |
Or. en
Justification
As pointed out by management of the ESRB and the ESAs, there are still many legal obstacles in sectoral regulations that make it impossible to exchange information. Therefore, these obstacles should be reported to the Commission in order to remove these while simultaneously respecting intellectual property rights, professional secrecy and data protection.
Amendment 51
Proposal for a regulation
Article 3 – paragraph 1 – point 4 a (new)
Regulation (EU) No 1094/2010
Article 35a a (new)
| Text proposed by the Commission | Amendment |
| 4a. the following Article is inserted: | |
| ‘Article 35aa | |
| Establishment of a Single Integrated Reporting System | |
| 1. By 31 December 2026, the Authority shall, together with the other authorities, establish a Single Integrated Reporting System including: | |
| (a) a common data dictionary; | |
| (b) a joint repository for reporting and disclosure requirements; | |
| (c) a central data collection point; and | |
| (d) a single reporting point for entities to identify double reporting, redundant or obsolete reporting or disclosure requirements. | |
| In close collaboration with the Commission, the establishment of the Single Integrated Reporting System shall be accompanied by an estimate of the overall financial impact. The Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to ensure the necessary financial, human and IT resources for the establishment.’ | |
| (Ongoing work to be considered: COM report on "Implementing dictionaries by assisted machine learning", EBA "Cost of Compliance Study" or EBA "Feasibility Study on an integrated reporting system".) |
Or. en
Justification
Building on the work by the Commission and authorities on integrated reporting systems, the authorities should be mandated to establish a Single Integrated Reporting System. This should include a data dictionary for common coding and understanding of data, a joint repository enabling a common overview of requested and obtained data, a central data collection point for efficient data exchange as well as a single reporting point to enable entities to identify double, obsolete or redundant reporting and disclosure. The financial implications need to be accounted for.
Amendment 52
Proposal for a regulation
Article 3 – paragraph 1 – point 4 b (new)
Regulation (EU) No 1094/2010
Article 36 – paragraph 2
| Present text | Amendment |
| 4b. in Article 36, paragraph 2 is replaced by the following: | |
| 2. The Authority shall provide the ESRB with regular and timely information necessary for the achievement of its tasks. Any data necessary for the achievement of its tasks that are not in summary or aggregate form shall be provided, without delay, to the ESRB upon a reasoned request, as specified in Article 15 of Regulation (EU) No 1092/2010. The Authority, in cooperation with the ESRB, shall have in place adequate internal procedures for the transmission of confidential information, in particular information regarding individual financial institutions. | "2. The Authority, together with the European System of Central Banks (ESCB), the Commission, the national supervisory authorities and national statistics authorities, shall cooperate closely with the ESRB by sharing the information and analysis necessary for the achievement of their tasks. |
| The Authority shall, together with the ESRB and the ECB, coordinate its efforts to detect, monitor, prevent and mitigate systemic risks to financial stability. | |
| The Authority shall, in accordance with Article 15(1) to (5) of Regulation (EU) No 1092/2010, comply with the outlined data sharing provisions. | |
| The Authority, in cooperation with the ESRB, shall have in place adequate internal procedures for the transmission of confidential information, in particular information regarding individual financial institutions." |
Or. en
(32010R1094)
Justification
The Article related to the relationship with the ESRB is adapted to cater for the changes proposed in Article 15(1) to (5) in Regulation (EU) No 1092/2010.
Amendment 53
Proposal for a regulation
Article 3 – paragraph 1 – point 5
Regulation (EU) No 1094/2010
Article 54 – paragraph 2 – indent 7
| 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. en
Justification
The cross-sectoral consistency of reporting and disclosure requirements should be included in the tasks of the JC.
Amendment 54
Proposal for a regulation
Article 3 – paragraph 1 – point 6
Regulation (EU) No 1094/2010
Article 70 – paragraph 3
| Text proposed by the Commission | Amendment |
| 3. Paragraphs 1 and 2 shall not prevent the Authority from exchanging information with competent authorities, other ESAs, the ESRB and the authorities defined in Article 2, point (1), of Directive (EU) …/…14 in accordance with this Regulation and with other Union legislation applicable to financial institutions.. | 3. Paragraphs 1 and 2 shall not prevent the Authority from exchanging information with the other authorities referred to in Article 35a(1b) – in accordance with this Regulation and with other Union legislation applicable to financial institutions. |
| __________________ | |
| 14 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). |
Or. en
Justification
The reference to other authorities is adapted to align it with the increased scope of authorities. The reference to other paragraphs is adapted to align it with new provisions foreseen.
Amendment 55
Proposal for a regulation
Article 4 – paragraph 1 – point -1 (new)
Regulation (EU) No 1095/2010
Article 16a – paragraph 1 – subparagraph 1 a (new)
| Text proposed by the Commission | Amendment |
| -1. in Article 16a(1), the following subparagraph is added: | |
| "The Authority’s opinions shall not be limited to ongoing legislative procedures. The Authority may also propose in its opinions, where appropriate, amendments to legislative acts in force, including amendments: | |
| (a) to remove redundant or obsolete reporting and disclosure requirements with respect to Union law or the national transposition of Union law by Member States; | |
| (b) to ensure consistent reporting and disclosure requirements across sector-specific, as well as cross-sector, legislation; | |
| (c) regarding the adequacy of the degree of proportionality in reporting and disclosure requirements with respect to the nature, size and complexity of the reporting entity." |
Or. en
(32010R1095)
Justification
In order to foster a reduction of redundant or obsolete reporting and disclosure requirements, the Authority should provide opinions not only on ongoing, but also on concluded legislative procedures. These opinions could provide input on potential reduction of vertical inconsistencies in reporting and disclosure requirements ("gold plating"), horizontal inconsistencies across sector-specific as well as cross-sector legislation, as well as the adequacy of the degree of proportionality.
Amendment 56
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; |
Or. en
Justification
The common supervisory culture of the Authority should be expanded to allow for the review of unproportionate, redundant or obsolete reporting and disclosure requirements and minimise costs.
Amendment 57
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 and disclosure requirements and the degree of convergence of such requirements with the ones set out in Union law.; |
Or. en
Justification
Integrating the convergence of reporting and disclosure requirements in peer reviews with the competent authorities is vital to reduce excess reporting and disclosure with respect to "gold plating" on Member State level.
Amendment 58
Proposal for a regulation
Article 4 – paragraph 1 – point 3
Regulation (EU) No 1095/2010
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 avoid the duplication of reporting and disclosure obligations, the Authority shall take account of information collected by the other authorities referred to in Article 35a(1b) and any relevant existing statistics produced and disseminated by the European Statistical System and the European System of Central Banks.; |
Or. en
Justification
The reference to other authorities is adapted to align it with the increased scope of authorities.
Amendment 59
Proposal for a regulation
Article 4 – paragraph 1 – point 4
Regulation (EU) No 1095/2010
Article 35a – 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 the other authorities, on a case-by-case or regular basis, information they obtained from financial institutions or other competent authorities, when the requesting authority is entitled to obtain that information, pursuant to its mission, objectives, tasks and powers or in accordance with relevant Union law. |
| For the purposes of sharing the information referred to in the first subparagraph of this paragraph, the Authority or competent authority shall use the Single Integrated Reporting System referred to in Article 35b, upon its establishment. | |
| __________________ | |
| 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
Justification
The conditions for the exchange of information should not be too restrictive. Therefore, mandates relating to the mission, objectives, tasks and powers of the Authority and competent authorities are added in addition to specific mandates for reporting requirements in sector-specific legislation (i.e. "other relevant Union law").
Amendment 60
Proposal for a regulation
Article 4 – paragraph 1 – point 4
Regulation (EU) No 1095/2010
Article 35a – paragraph 1 a (new)
| Text proposed by the Commission | Amendment |
| 1a. The Authority and the competent authorities shall each be able to request from the other authorities information they would otherwise request from financial institutions or other competent authorities, where both of the following conditions are met: | |
| (a) they are entitled to obtain that information, pursuant to their mission, objectives, tasks and powers or in accordance with relevant Union law; | |
| (b) that information has been obtained by at least one of the other authorities. | |
| For the purposes of determining whether the condition referred to in point (b) is met, the Authority or competent authority shall use the Single Integrated Reporting System referred to in Article 35b, upon its establishment. |
Or. en
Justification
As the Commission proposal foresees exchange of information between authorities only upon request from other authorities, the conditions for requesting such exchange of information need to be clarified. Point (b) therefore would imply a consistent enforcement of the "report once" principle.
Amendment 61
Proposal for a regulation
Article 4 – paragraph 1 – point 4
Regulation (EU) No 1095/2010
Article 35a – paragraph 1 b (new)
| Text proposed by the Commission | Amendment |
| 1b. For the purposes of this Article, Article 35b and Article 70(3), ‘other authorities’ means any of the following authorities: | |
| (a) other European Supervisory Authorities; | |
| (b) the ESRB; | |
| (c) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1093/2010; | |
| (d) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1094/2010; | |
| (e) competent authorities, as defined in Article 4, point (3) of this Regulation; | |
| (f) the AMLA, as established by Regulation (EU) …/… of the European Parliament and of the Council1a; | |
| (g) authorities, as defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council1b; | |
| (h) the SSM, as defined in Article 2, point (9), of Regulation (EU) No 1024/2013; | |
| (i) the SRB; | |
| (j) national resolution authorities, as defined in Article 3, point (3), of Regulation (EU) No 806/2014. | |
| 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. | |
| __________________ | |
| 1a OP: Please insert in the text the number of the Regulation contained in document 2021/0240(COD) (proposal for a Regulation establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism - COM/2021/421 final) and insert the number, date, title and OJ reference of that Regulation in the footnote. | |
| 1b 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
Justification
The proposal by the Commission includes in the scope of this Amending Regulation only the ESRB, the ESAs as well as the respective competent authorities in the Member States. In order to foster exchange of information across the entire financial sector, it is necessary to widen the scope of this Amending Regulation to also include anti-money laundering authorities, resolution authorities and supervisory functions of central banks.
Amendment 62
Proposal for a regulation
Article 4 – paragraph 1 – point 4
Regulation (EU) No 1095/2010
Article 35a – paragraph 2
| Text proposed by the Commission | Amendment |
| 2. The request for exchange of information shall duly indicate the legal basis under Union law allowing the requesting authority to obtain the information from financial institutions or other competent authorities. The requesting authority and the sharing authority shall be subject to the obligations of professional secrecy and data protection laid down in Articles 70 and 71 and in sectoral legislation applicable to the sharing of data between the financial institution and the requesting authority as well as to the sharing of data between the financial institution and the sharing authority. The sharing authority shall inform each relevant financial institution or other competent authority about such exchange of information without undue delay. | 2. The request for exchange of information shall duly indicate the legal basis under Union law allowing the requesting authority to obtain the information from financial institutions or other competent authorities. The requesting authority and the sharing authority shall be subject to the obligations of professional secrecy and data protection laid down in Articles 70 and 71 and in sectoral legislation applicable to the sharing of data between the financial institution and the requesting authority as well as to the sharing of data between the financial institution and the sharing authority. The sharing authority shall inform each relevant financial institution about such exchange of information, provided that the information has not been anonymised, modified, aggregated or treated by any other method of disclosure control to protect confidential information, without undue delay. |
Or. en
Justification
In order to ensure that the reduction of administrative burden for companies does not result in an equal increase in the administrative burden for authorities, informing on the exchange of information should be limited to relevant financial institutions, only when the exchanged information does not cater for a degree of anonymisation.
Amendment 63
Proposal for a regulation
Article 4 – paragraph 1 – point 4
Regulation (EU) No 1095/2010
Article 35a – paragraph 3
| Text proposed by the Commission | Amendment |
| 3. Paragraphs 1 and 2 shall also apply to information that the sharing authority has received from a financial institution or another authority referred to in paragraph 1 and upon which the sharing authority has subsequently performed quality checks or which the sharing authority has otherwise processed. | 3. Paragraphs 1, 1a and 2 shall also apply to information that the sharing authority has received from a financial institution or the other authorities and upon which the sharing authority has subsequently performed quality checks or which the sharing authority has otherwise processed. |
Or. en
Justification
The reference to other authorities is adapted to align it with the increased scope of authorities.
Amendment 64
Proposal for a regulation
Article 4 – paragraph 1 – point 4
Regulation (EU) No 1095/2010
Article 35a – 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, 1a, 2 and 3, the other authorities shall enter into memoranda of understanding to specify the modalities of the exchange of information. They shall also specify arrangements for the sharing of resources for the collection and processing of such shared data. |
Or. en
Justification
The use of MoUs will be vital to ensure a smooth process in the exchange of information. Therefore, all authorities should enter into MoU. The reference to other authorities is adapted to align it with the increased scope of authorities. The reference to other paragraphs is adapted to align it with new provisions foreseen.
Amendment 65
Proposal for a regulation
Article 4 – paragraph 1 – point 4
Regulation (EU) No 1095/2010
Article 35a – paragraph 5
| Text proposed by the Commission | Amendment |
| 5. Paragraphs 1 to 4 shall be without prejudice to the protection of intellectual property rights and shall not prevent or restrict the exchange of information between the authorities referred to in paragraph 1 in accordance with provisions in other Union legislation. Where the provisions in this Article conflict with provisions in other Union legislation that regulate the exchange of information between the authorities referred to in paragraph 1, the provisions in such other Union legislation shall prevail. | 5. Paragraphs 1 to 4 shall be without prejudice to the protection of intellectual property rights and shall not prevent or restrict the exchange of information between the other authorities in accordance with provisions in other Union legislation. Where the provisions in this Article conflict with provisions in other Union legislation that regulate the exchange of information between the other authorities, the provisions in such other Union legislation shall prevail. |
Or. en
Justification
The reference to other authorities is adapted to align it with the increased scope of authorities.
Amendment 66
Proposal for a regulation
Article 4 – paragraph 1 – point 4
Regulation (EU) No 1095/2010
Article 35a – paragraph 6
| Text proposed by the Commission | Amendment |
| 6. Without prejudice to other obligations laid down in Union law for sharing information, the Authority and the competent authorities shall, upon justified request, share on a case-by-case basis with the Commission or one of the authorities referred to in paragraph 1, information that financial institutions have reported to them pursuant to their duties under Union law. The Authority and the competent authorities shall transmit that information in a form that does not allow the identification of individual entities and does not contain personal data. | 6. Without prejudice to other obligations laid down in Union law for sharing information, the Authority and the competent authorities may, upon justified request, share on a case-by-case basis, with the Commission, information that financial institutions have reported to them pursuant to their duties under Union law, in a form that does not allow the identification of individual entities and does not contain personal data. |
Or. en
Justification
The information exchange provision in paragraph 6 is not consistent with the information exchange provisions in paragraph 1. The conditions for the information exchange between authorities is dealt with in paragraph 1. The conditions for the information exchange with the Commission is dealt with in paragraph 6 and adapted to ensure a degree of autonomy in the decision to exchange such information.
Amendment 67
Proposal for a regulation
Article 4 – paragraph 1 – point 4
Regulation (EU) No 1095/2010
Article 35a – paragraph 7a (new)
| Text proposed by the Commission | Amendment |
| 7a. The Authority and competent authorities shall, by 31 December 2024, report to the Commission all legal obstacles in sectoral regulations that in any way prevent them from exchanging information with the other authorities or with other entities. | |
| On the basis of that report and taking due account of the protection of intellectual property rights, the obligations of professional secrecy and data protection, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to remove such legal obstacles in sectoral legislation to foster the exchange of information between authorities and with other entities by 30 June 2025. |
Or. en
Justification
As pointed out by management of the ESRB and the ESAs, there are still many legal obstacles in sectoral regulations that make it impossible to exchange information. Therefore, these obstacles should be reported to the Commission in order to remove these while simultaneously respecting intellectual property rights, professional secrecy and data protection.
Amendment 68
Proposal for a regulation
Article 4 – paragraph 1 – point 4 a (new)
Regulation (EU) No 1095/2010
Article 35a a (new)
| Text proposed by the Commission | Amendment |
| 4a. the following Article is inserted: | |
| Article 35aa | |
| Establishment of a Single Integrated Reporting System | |
| 1. By 31 December 2026, the Authority shall, together with the other authorities, establish a Single Integrated Reporting System including: | |
| (a) a common data dictionary; | |
| (b) a joint repository for reporting and disclosure requirements; | |
| (c) a central data collection point; and | |
| (d) a single reporting point for entities to identify double reporting, redundant or obsolete reporting or disclosure requirements. | |
| In close collaboration with the Commission, the establishment of the Single Integrated Reporting System shall be accompanied by an estimate of the overall financial impact. The Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to ensure the necessary financial, human and IT resources for the establishment. | |
| (Ongoing work to be considered: COM report on "Implementing dictionaries by assisted machine learning", EBA "Cost of Compliance Study" or EBA "Feasibility Study on an integrated reporting system".) |
Or. en
Justification
Building on the work by the Commission and authorities on integrated reporting systems, the authorities should be mandated to establish a Single Integrated Reporting System. This should include a data dictionary for common coding and understanding of data, a joint repository enabling a common overview of requested and obtained data, a central data collection point for efficient data exchange as well as a single reporting point to enable entities to identify double, obsolete or redundant reporting and disclosure. The financial implications need to be accounted for.
Amendment 69
Proposal for a regulation
Article 4 – paragraph 1 – point 4 b (new)
Regulation (EU) No 1095/2010
Article 36 – paragraph 2
| Present text | Amendment |
| 4b. in Article 36, paragraph 2 is replaced by the following: | |
| 2. The Authority shall provide the ESRB with regular and timely information necessary for the achievement of its tasks. Any data necessary for the achievement of its tasks that are not in summary or aggregate form shall be provided, without delay, to the ESRB upon a reasoned request, as specified in Article 15 of Regulation (EU) No 1092/2010. The Authority, in cooperation with the ESRB, shall have in place adequate internal procedures for the transmission of confidential information, in particular information regarding individual financial market participants. | "2. The Authority, together with the European System of Central Banks (ESCB), the Commission, the national supervisory authorities and national statistics authorities, shall cooperate closely with the ESRB by sharing the information and analysis necessary for the achievement of their tasks. |
| The Authority shall, together with the ESRB and the ECB, coordinate its efforts to detect, monitor, prevent and mitigate systemic risks to financial stability. | |
| The Authority shall, in accordance with Article 15(1) to (5) of Regulation (EU) No 1092/2010, comply with the outlined data sharing provisions. | |
| The Authority, in cooperation with the ESRB, shall have in place adequate internal procedures for the transmission of confidential information, in particular information regarding individual financial market participants." |
Or. en
(32010R1095)
Justification
The Article related to the relationship with the ESRB is adapted to cater for the changes proposed in Article 15(1) to (5) in Regulation (EU) No 1092/2010.
Amendment 70
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. en
Justification
The cross-sectoral consistency of reporting and disclosure requirements should be included in the tasks of the JC.
Amendment 71
Proposal for a regulation
Article 4 – paragraph 1 – point 6
Regulation (EU) No 1095/2010
Article 70 – paragraph 3
| Text proposed by the Commission | Amendment |
| 3. Paragraphs 1 and 2 shall not prevent the Authority from exchanging information with competent authorities, other ESAs, the ESRB and the authorities defined in Article 2, point (1), of Directive (EU) …/…16 in accordance with this Regulation and with other Union legislation applicable to financial market participants. | 3. Paragraphs 1 and 2 shall not prevent the Authority from exchanging information with the other authorities referred to in Article 35a(1b) – in accordance with this Regulation and with other Union legislation applicable to financial market participants. |
| __________________ | |
| 16 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). |
Or. en
Justification
The reference to other authorities is adapted to align it with the increased scope of authorities. The reference to other paragraphs is adapted to align it with new provisions foreseen.
Amendment 72
Proposal for a regulation
Article 4 a (new)
Regulation (EU) No 806/2014
Article 34 a (new) and Article 34 b (new)
| Text proposed by the Commission | Amendment |
| Article 4a | |
| Amendments to Regulation (EU) No 806/2014 | |
| Regulation (EU) No 806/2014 is amended as follows: | |
| 1. the following Articles are inserted: | |
| ‘Article 34a | |
| Information exchange between authorities and with other entities | |
| 1. The Board shall share with the other authorities, on a case-by-case or regular basis, information they obtained from financial institutions or other competent authorities, when the requesting authority is entitled to obtain that information, pursuant to its mission, objectives, tasks and powers or in accordance with relevant Union law. | |
| 2. The Board shall request from the other authorities information it would otherwise request from financial institutions or other competent authorities, where both of the following conditions are met: | |
| (a) it is entitled to obtain that information, pursuant to its mission, objectives, tasks and powers or in accordance with relevant Union law; | |
| (b) that information has been obtained by at least one of the other authorities. | |
| For the purposes of determining whether the condition referred to in point (b) is met, the Board shall use the Single Integrated Reporting System referred to in Article 34b, upon its establishment. | |
| 3. For the purposes of this Article, ‘other authorities’ means any of the following authorities: | |
| (a) the European Supervisory Authorities; | |
| (b) the ESRB; | |
| (c) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1093/2010; | |
| (d) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1094/2010; | |
| (e) competent authorities, as defined in Article 4, point (3) of Regulation (EU) No 1095/2010; | |
| (f) the AMLA, as established by Regulation (EU) …/… of the European Parliament and of the Council1a; | |
| (g) authorities, as defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council1b; | |
| (h) the SSM, as defined in Article 2, point (9), of Regulation (EU) No 1024/2013; | |
| (i) national resolution authorities, as defined in Article 3, point (3). | |
| 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. | |
| 4. The request for exchange of information shall duly indicate the legal basis under Union law allowing the requesting authority to obtain the information from financial institutions or other competent authorities. The requesting authority and the sharing authority shall be subject to the obligations of professional secrecy and data protection laid down in Articles 88 and 89 and in sectoral legislation applicable to the sharing of data between the financial institution and the requesting authority as well as to the sharing of data between the financial institution and the sharing authority. The sharing authority shall inform each relevant financial institution about such exchange of information, provided that the information has not been anonymised, modified, aggregated or treated by any other method of disclosure control to protect confidential information, without undue delay. | |
| 5. Paragraphs 1, 2 and 4 shall also apply to information that the sharing authority has received from a financial institution or the other authorities and upon which the sharing authority has subsequently performed quality checks or which the sharing authority has otherwise processed. | |
| 6. For sharing information as referred to in paragraphs 1, 2, 4 and 5, the other authorities shall enter into memoranda of understanding to specify the modalities of the exchange of information. They shall also specify arrangements for the sharing of resources for the collection and processing of such shared data. | |
| 7. Paragraphs 1 to 6 shall be without prejudice to the protection of intellectual property rights and shall not prevent or restrict the exchange of information between the other authorities in accordance with provisions in other Union legislation. Where the provisions in this Article conflict with provisions in this Regulation or other Union legislation that regulate the exchange of information between the other authorities, the provisions in such other Union legislation shall prevail. | |
| 8. Without prejudice to other obligations laid down in Union law for sharing information, the Board may, upon justified request, share on a case-by-case basis, with the Commission, information that financial institutions have reported to them pursuant to their duties under Union law, in a form that does not allow the identification of individual entities and does not contain personal data. | |
| 9. The Board may grant access to information obtained when carrying out their duties for re-use by financial institutions, researchers and other entities with a legitimate interest in such information for research and innovation purposes, provided that the Board has ensured that all of the following has been complied with: | |
| (a) the information has been anonymised, in such a manner that the data subject or the financial institution is not or no longer identifiable; | |
| (b) the information has been modified, aggregated or treated by any other method of disclosure control to protect confidential information, including trade secrets or content covered by intellectual property rights. | |
| Information received from another authority shall only be shared with the agreement of the authority that initially obtained the information.; | |
| 10. The Board shall, by 31 December 2024, report to the Commission all legal obstacles in sectoral regulations that in any way prevent the Board from exchanging information with the other authorities or with other entities. | |
| On the basis of that report and taking due account of the protection of intellectual property rights, the obligations of professional secrecy and data protection, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to remove such legal obstacles in sectoral legislation to foster the exchange of information between authorities and with other entities by 30 June 2025. | |
| Article 34b | |
| Establishment of a Single Integrated Reporting System | |
| 1. By 31 December 2026, the Board shall, together with the other authorities, establish a Single Integrated Reporting System including: | |
| (a) a common data dictionary; | |
| (b) a joint repository for reporting and disclosure requirements; | |
| (c) a central data collection point; and | |
| (d) a single reporting point for entities to identify double reporting, redundant or obsolete reporting or disclosure requirements. | |
| 2. In close collaboration with the Commission, the establishment of the Single Integrated Reporting System shall be accompanied by an estimate of the overall financial impact. The Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to ensure the necessary financial, human and IT resources for the establishment. | |
| __________________ | |
| 1a OP: Please insert in the text the number of the Regulation contained in document 2021/0240(COD) (proposal for a Regulation establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism - COM/2021/421 final) and insert the number, date, title and OJ reference of that Regulation in the footnote. | |
| 1b 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.' | |
| (Ongoing work to be considered: COM report on "Implementing dictionaries by assisted machine learning", EBA "Cost of Compliance Study" or EBA "Feasibility Study on an integrated reporting system".) |
Or. en
Justification
The proposal by the Commission includes in the scope of this Amending Regulation only the ESRB, the ESAs as well as the respective competent authorities in the Member States. In order to foster exchange of information across the entire financial sector, it is necessary to widen the scope of this Amending Regulation to also include anti-money laundering authorities, resolution authorities and supervisory functions of central banks.
Amendment 73
Proposal for a regulation
Article 4 b (new) – paragraph 1 – point 1
Council Regulation (EU) No 1024/2013
Article 10a (new) and Article 10b (new)
| Text proposed by the Commission | Amendment |
| Article 4b | |
| Amendments to Council Regulation (EU) No 1024/2013 | |
| Council Regulation (EU) No 1024/2013 is amended as follows: | |
| 1. the following Articles are inserted: | |
| ‘Article 10a | |
| Information exchange between authorities and with other entities | |
| 1. The ECB shall share with the other authorities, on a case-by-case or regular basis, information they obtained from financial institutions or other competent authorities, when the requesting authority is entitled to obtain that information, pursuant to its mission, objectives, tasks and powers or in accordance with relevant Union law. | |
| 2. The ECB shall request from the other authorities information it would otherwise request from financial institutions or other competent authorities, when both of the following conditions are met: | |
| (a) it is entitled to obtain that information, pursuant to its mission, objectives, tasks and powers or in accordance with relevant Union law; | |
| (b) that information has been obtained by at least one of the other authorities. | |
| For the purposes of determining whether the condition referred to in point (b) is met, the ECB shall use the Single Integrated Reporting System referred to in Article 10b, upon its establishment. | |
| 3. For the purposes of this Article, ‘other authorities’ means any of the following authorities: | |
| (a) the European Supervisory Authorities; | |
| (b) the ESRB; | |
| (c) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1093/2010; | |
| (d) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1094/2010; | |
| (e) competent authorities, as defined in Article 4, point (3) of Regulation (EU) No 1095/2010; | |
| (f) the AMLA, as established by Regulation (EU) …/… of the European Parliament and of the Council1a; | |
| (g) authorities, as defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council1b; | |
| (h) national competent authorities, as defined in Article 2, point (2) of Regulation (EU) No 575/2013; | |
| (i) the SRB; | |
| (j) national resolution authorities, as defined in Article 3, point (3) Regulation (EU) No 806/2014. | |
| 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. | |
| 4. The request for exchange of information shall duly indicate the legal basis under Union law allowing the requesting authority to obtain the information from financial institutions or other competent authorities. The requesting authority and the sharing authority shall be subject to the obligations of professional secrecy laid down in Article 27, data protection and in sectoral legislation applicable to the sharing of data between the financial institution and the requesting authority as well as to the sharing of data between the financial institution and the sharing authority. The sharing authority shall inform each relevant financial institution about such exchange of information, provided that the information has not been anonymised, modified, aggregated or treated by any other method of disclosure control to protect confidential information, without undue delay. | |
| 5. Paragraphs 1, 2 and 4 shall also apply to information that the sharing authority has received from a financial institution or the other authorities and upon which the sharing authority has subsequently performed quality checks or which the sharing authority has otherwise processed. | |
| 6. For sharing information as referred to in paragraphs 1, 2, 4 and 5, the other authorities shall enter into memoranda of understanding to specify the modalities of the exchange of information. They shall also specify arrangements for the sharing of resources for the collection and processing of such shared data. | |
| 7. Paragraphs 1 to 6 shall be without prejudice to the protection of intellectual property rights and shall not prevent or restrict the exchange of information between the other authorities in accordance with provisions in other Union legislation. Where the provisions in this Article conflict with provisions in this Regulation or other Union legislation that regulate the exchange of information between the other authorities, the provisions in such other Union legislation shall prevail. | |
| 8. Without prejudice to other obligations laid down in Union law for sharing information, the ECB may, upon justified request, share on a case-by-case basis, with the Commission, information that financial institutions have reported to them pursuant to their duties under Union law, in a form that does not allow the identification of individual entities and does not contain personal data. | |
| 9. The ECB may grant access to information obtained when carrying out their duties for re-use by financial institutions, researchers and other entities with a legitimate interest in such information for research and innovation purposes, provided that the ECB has ensured that all of the following has been complied with: | |
| (a) the information has been anonymised, in such a manner that the data subject or the financial institution is not or no longer identifiable; | |
| (b) the information has been modified, aggregated or treated by any other method of disclosure control to protect confidential information, including trade secrets or content covered by intellectual property rights. | |
| Information received from another authority shall only be shared with the agreement of the authority that initially obtained the information.; | |
| 10. The ECB shall, by 31 December 2024, report to the Commission all legal obstacles in sectoral regulations that in any way prevent it from exchanging information with the other authorities or with other entities. | |
| On the basis of that report and taking due account of the protection of intellectual property rights, the obligations of professional secrecy and data protection, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to remove such legal obstacles in sectoral legislation to foster the exchange of information between authorities and with other entities by 30 June 2025. | |
| Article 10b | |
| Establishment of a Single Integrated Reporting System | |
| 1. By 31 December 2026, the ECB shall, together with the other authorities, establish a Single Integrated Reporting System including: | |
| (a) a common data dictionary; | |
| (b) a joint repository for reporting and disclosure requirements; | |
| (c) a central data collection point; and | |
| (d) a single reporting point for entities to identify double reporting, redundant or obsolete reporting or disclosure requirements. | |
| 2. In close collaboration with the Commission, the establishment of the Single Integrated Reporting System shall be accompanied by an estimate of the overall financial impact. The Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to ensure the necessary financial, human and IT resources for the establishment.' | |
| __________________ | |
| 1a OP: Please insert in the text the number of the Regulation contained in document 2021/0240(COD) (proposal for a Regulation establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism - COM/2021/421 final) and insert the number, date, title and OJ reference of that Regulation in the footnote. | |
| 1b 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. | |
| (Ongoing work to be considered: COM report on "Implementing dictionaries by assisted machine learning", EBA "Cost of Compliance Study" or EBA "Feasibility Study on an integrated reporting system".) |
Or. en
Justification
The proposal by the Commission includes in the scope of this Amending Regulation only the ESRB, the ESAs as well as the respective competent authorities in the Member States. In order to foster exchange of information across the entire financial sector, it is necessary to widen the scope of this Amending Regulation to also include anti-money laundering authorities, resolution authorities and supervisory functions of central banks.
Amendment 74
Article 4 c (new) – paragraph 1 – point 1
Regulation (EU) …/… establishing the Anti–Money Laundering Authority
Article 10 – paragraph 2 – point d (new)
| Text proposed by the Commission | Amendment |
| Article 4c | |
| Amendments to Regulation (EU) …/… establishing the Anti-Money Laundering Authority | |
| Regulation (EU) …/…1a is amended as follows: | |
| 1. in Article 10(2), the following point (d) is added: | |
| '(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. | |
| __________________ | |
| 1a OP: Please insert in the text the number of the Regulation contained in document 2021/0240(COD) (proposal for a Regulation establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism - COM/2021/421 final) and insert the number, date, title and OJ reference of that Regulation in the footnote.' |
Or. en
Justification
Mutual assistance in AML/CFT supervisory system by the Authority should be expanded to allow for the review of unproportionate, redundant or obsolete reporting and disclosure requirements and minimise costs.
Amendment 75
Proposal for a regulation
Article 4 c (new) – paragraph 1 – point 2
Regulation (EU) …/… establishing the Anti–Money Laundering Authority
Article 16 – paragraph 3 a (new)
| Text proposed by the Commission | Amendment |
| 2. in Article 16, the following paragraph is added: | |
| '3a. Before requesting information in accordance with this Article and in order to avoid the duplication of reporting and disclosure obligations, the Authority shall take account of information collected by the other authorities referred to in Article 16a(1b) and any relevant existing statistics produced and disseminated by the European Statistical System and the European System of Central Banks.' |
Or. en
Justification
This provision is added to the AMLA regulation to also reduce the duplication of reporting and disclosure requirements in AML provisions. The reference to other authorities is adapted to align it with the increased scope of authorities.
Amendment 76
Proposal for a regulation
Article 4 c (new) – paragraph 1 – point 3
Proposal for Regulation (EU) …/… establishing the Anti–Money Laundering Authority
Article 16 a (new)
| Text proposed by the Commission | Amendment |
| 3. the following Article is inserted: | |
| ‘Article 16a | |
| Information exchange between authorities and with other entities | |
| 1. The Authority and the supervisory authorities shall share with the other authorities, on a case-by-case or regular basis, information they obtained from obliged entities or other competent authorities, when the requesting authority is entitled to obtain that information, pursuant to their mission, objectives, tasks and powers or in accordance with relevant Union law. | |
| 2. The Authority and the supervisory authorities shall each be able to request from the other authorities information they would otherwise request from obliged entities or other competent authorities, where both of the following conditions are met: | |
| (a) they are entitled to obtain that information, pursuant to their mission, objectives, tasks and powers or in accordance with relevant Union law; | |
| (b) that information has been obtained by at least one of the other authorities. | |
| For the purposes of determining whether the condition referred to in point (b) is met, the Authority and the supervisory authorities shall use the Single Integrated Reporting System referred to in Article 16b, upon its establishment. | |
| 3. For the purposes of this Article and Article 16(4), ‘other authorities’ means any of the following authorities: | |
| (a) the European Supervisory Authorities; | |
| (b) the ESRB; | |
| (c) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1093/2010; | |
| (d) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1094/2010; | |
| (e) competent authorities, as defined in Article 4, point (3) of Regulation (EU) No 1095/2010; | |
| (f) authorities, as defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council16f; | |
| (g) national competent authorities, as defined in Article 2, point (2) of Regulation (EU) No 575/2013; | |
| (h) the SRB; | |
| (i) national resolution authorities, as defined in Article 3, point (3) Regulation (EU) No 806/2014. | |
| 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. | |
| 4. The request for exchange of information shall duly indicate the legal basis under Union law allowing the requesting authority to obtain the information from obliged entities or other competent authorities. The requesting authority and the sharing authority shall be subject to the obligations of professional secrecy and data protection laid down in Articles 75 and 84 and in sectoral legislation applicable to the sharing of data between the obliged entity and the requesting authority as well as to the sharing of data between the obliged entity and the sharing authority. The sharing authority shall inform each relevant obliged entity about such exchange of information, provided that the information has not been anonymised, modified, aggregated or treated by any other method of disclosure control to protect confidential information, without undue delay. | |
| 5. Paragraphs 1, 2 and 4 shall also apply to information that the sharing authority has received from an obliged entity or the other authorities and upon which the sharing authority has subsequently performed quality checks or which the sharing authority has otherwise processed. | |
| 6. For sharing information as referred to in paragraphs 1, 2, 4 and 5, the other authorities shall enter into memoranda of understanding to specify the modalities of the exchange of information. They shall also specify arrangements for the sharing of resources for the collection and processing of such shared data. | |
| 7. Paragraphs 1 to 6 shall be without prejudice to the protection of intellectual property rights and shall not prevent or restrict the exchange of information between the other authorities in accordance with provisions in other Union legislation. Where the provisions in this Article conflict with provisions in this Regulation or other Union legislation that regulate the exchange of information between the other authorities, the provisions in such other Union legislation shall prevail. | |
| 8. Without prejudice to other obligations laid down in Union law for sharing information, the Authority and the supervisory authorities may, upon justified request, share on a case-by-case basis, with the Commission, information that obliged entities have reported to them pursuant to their duties under Union law, in a form that does not allow the identification of individual entities and does not contain personal data. | |
| 9. The Authority and the supervisory authorities may grant access to information obtained when carrying out their duties for re-use by obliged entities, researchers and other entities with a legitimate interest in such information for research and innovation purposes, provided that the Authority or the supervisory authorities has ensured that all of the following has been complied with: | |
| (a) the information has been anonymised, in such a manner that the data subject or the obliged entity is not or no longer identifiable; | |
| (b) the information has been modified, aggregated or treated by any other method of disclosure control to protect confidential information, including trade secrets or content covered by intellectual property rights. | |
| Information received from another authority shall only be shared with the agreement of the authority that initially obtained the information.; | |
| 10. The Authority and the supervisory authorities shall, by 31 December 2024, report to the Commission all legal obstacles in sectoral regulations that in any way prevent them from exchanging information with the other authorities or with other entities. | |
| On the basis of that report and taking due account of the protection of intellectual property rights, the obligations of professional secrecy and data protection, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to remove such legal obstacles in sectoral legislation to foster the exchange of information between authorities and with other entities by 30 June 2025.’ | |
| __________________ | |
| 1a 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
Justification
The proposal by the Commission includes in the scope of this Amending Regulation only the ESRB, the ESAs as well as the respective competent authorities in the Member States. In order to foster exchange of information across the entire financial sector, it is necessary to widen the scope of this Amending Regulation to also include anti-money laundering authorities, resolution authorities and supervisory functions of central banks.
Amendment 77
Proposal for a regulation
Article 4 c (new) – paragraph 1 – point 4
Regulation (EU) …/… establishing the Anti–Money Laundering Authority
Article 16 b (new)
| Text proposed by the Commission | Amendment |
| 4. the following Article is inserted: | |
| 'Article 16b | |
| Establishment of a Single Integrated Reporting System | |
| 1. By 31 December 2026, the Authority and the supervisory authorities shall, together with the other authorities, establish a Single Integrated Reporting System including: | |
| (a) a common data dictionary; | |
| (b) a joint repository for reporting and disclosure requirements; | |
| (c) a central data collection point; and | |
| (d) a single reporting point for entities to identify double reporting, redundant or obsolete reporting or disclosure requirements. | |
| 2. In close collaboration with the Commission, the establishment of the Single Integrated Reporting System shall be accompanied by an estimate of the overall financial impact. The Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to ensure the necessary financial, human and IT resources for the establishment.' |
Or. en
Amendment 78
Proposal for a regulation
Article 4 c (new) – paragraph 1 – point 5
Regulation (EU) …/… establishing the Anti–Money Laundering Authority
Article 44 – paragraph 1 – subparagraph 1 a (new)
| Text proposed by the Commission | Amendment |
| 5. in Article 44(1), the following subparagraph is added: | |
| ‘The Authority’s opinions shall not be limited to ongoing legislative procedures. The Authority may also propose in its opinions, where appropriate, amendments to legislative acts in force, including amendments: | |
| (a) to remove redundant or obsolete reporting and disclosure requirements with respect to Union law or the national transposition of Union law by Member States; | |
| (b) to ensure consistent reporting and disclosure requirements across sector-specific, as well as cross-sector, legislation; | |
| (c) regarding the adequacy of the degree of proportionality in reporting and disclosure requirements with respect to the nature, size and complexity of the reporting entity.’ |
Or. en
(52021PC0421)
Justification
In order to foster a reduction of redundant or obsolete reporting and disclosure requirements, the Authority should provide opinions not only on ongoing, but also on concluded legislative procedures. These opinions could provide input on potential reduction of vertical inconsistencies in reporting and disclosure requirements ("gold plating"), horizontal inconsistencies across sector-specific as well as cross-sector legislation, as well as the adequacy of the degree of proportionality.
EXPLANATORY STATEMENT
Your Rapporteur welcomes the European Commission’s Reporting Reduction and Data Sharing proposal, amending the ESRB, ESAs und InvestEU regulations, with its objective to reduce, rationalise and simplify reporting obligations and bureaucracy without compromising the associated policy objectives. This important revision on cutting red tape in the financial sector and in the context of InvestEU, gives the opportunity to show both citizens and businesses that the European Union is always working to reduce unnecessary bureaucracy and inefficient duplication of reporting and disclosure requirements.
For your Rapporteur it was essential to invite the European Commission, the ESRB and the ESAs to share their views on the Reporting Reduction and Data Sharing Package during the first Shadows Meeting held on 5 December 2023. Their opinions, suggestions and recommendations have been duly considered in your Rapporteur’s Draft Report.
While the European Commission’s proposal goes in the right direction, your Rapporteur is convinced that further changes are necessary to significantly improve the impact of the intended effects on the entire financial sector. Against this background, your Rapporteur proposes the following amendments:
Expanding the scope to the entire financial sector
In order to foster exchange of information across the entire financial sector, your Rapporteur is of the opinion that the scope of this amending omnibus regulation should be enlarged. While the European Commission proposes to amend only the ESRB and ESAs regulations, your Rapporteur proposes to capture also anti-money laundering authorities, resolution authorities and the supervisory functions of central banks. Thereby, similar amendments are proposed to amend Council Regulation (EU) No 1024/2013, Regulation (EU) No 806/2014 as well as the Regulation establishing the Anti–Money Laundering Authority.
Introducing the “report once principle” by default
Across the financial sector in the Union, entities are often required to report similar or even identical information to various supervisors, either at Member State and EU level, or to various supervisors responsible for the supervision of different sub-sectors. Therefore, your Rapporteur is of the opinion that the “report once principle” should be more consistently enforced in the Union. While the European Commission’s proposal foresees exchange of information between authorities only “upon request” from other authorities, your Rapporteur suggests that authorities should only request information from entities, if they have not already reported this information to other authorities. If information has already been reported to an authority, other authorities should be able to request this information from that authority directly, thereby put an end to so-called “double reporting” phenomenon.
Avoiding “Gold plating”, cross-sector inconsistencies and ensuring proportionality
The exchange of information between authorities responsible for supervision in the financial sector will only have limited impact regarding the reduction of so-called “gold plating”, cross-sector inconsistencies and enhancing the degree of proportionality in reporting. While the European Commission proposes that the ESAs should review level-II measures in this respect, your Rapporteur suggests a broader mandate. In this regard, the authorities responsible for supervision in the financial sector should provide opinions not only on ongoing, but also on concluded legislative procedures on level-I. These opinions could provide input on potential reduction of these vertical inconsistencies in reporting and disclosure requirements ("gold plating"), horizontal inconsistencies across sector-specific and cross-sector legislation, as well as the adequacy of the degree of proportionality.
Establishment of a Single Integrated Reporting System
Over the past years, the European Commission and the ESAs have made significant progress in exploring the possibilities of establishing integrated reporting systems. Such innovative reporting systems are necessary to reap the benefits of more data sharing between authorities responsible for supervision in the financial sector. Therefore, in line with the mandate in Article 430 of Regulation (EU) No 575/2013, your Rapporteur mandates the respective authorities in the Union to establish a Single Integrated Reporting System by 31 December 2026. This system should include a common data dictionary for coding and understanding of data, a joint repository enabling a common overview of requested and obtained data, a central data collection point for efficient data exchange as well as a single reporting point to enable entities to identify double, obsolete or redundant reporting and disclosure requirements.
Removal of legal obstacles for data exchange
As pointed out by the ESRB and the ESAs, there are still various legal obstacles in sectoral regulations that make it impossible for these authorities to exchange information. Therefore, your Rapporteur proposes to include a mandate to all authorities responsible for supervision in the financial sector to report these legal obstacles to the European Commission by 31 December 2024. The European Commission should, by 30 June 2025, propose a legislative proposal to remove the legal obstacles while simultaneously respecting intellectual property rights, professional secrecy and data protection.