Amending certain financial services and investment support Regulations as regards certain reporting requirements

The European Parliament approved the Council position at first reading with a view to the adoption of 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, (EU) No 806/2014, (EU) 2021/523 and (EU) 2024/1620 as regards certain reporting requirements in the fields of financial services and investment support.

The proposed regulation aims to facilitate data sharing between the European Supervisory Authorities (ESAs) and other financial sector authorities and to limit new reporting obligations. It also aims to reduce the reporting frequency for partners implementing the InvestEU programme.

The Council's position at first reading includes the following main elements:

Integrated reporting system

Within 60 months from the date of entry into force of this regulation, the European Supervisory Authorities (ESAs), through the Joint Committee and in close cooperation with the European Systemic Risk Board (ESRB), the European Central Bank (ECB), the Anti-Money Laundering Authority (AMLA), the Single Resolution Board (SRB), the competent authorities, and other relevant stakeholders, will prepare a report presenting options to enhance the efficiency of supervisory data collection in the Union.

The report will include a feasibility study assessing the impacts, costs and benefits of a cross-sectoral integrated reporting system and, based on that study, set out a roadmap for its implementation.

The report will cover (a) a common data dictionary, including a repository of reporting and disclosure requirements to ensure consistency, clarity, and data standardisation, and (b) a data space for collecting and exchanging information. The Commission will, where appropriate and necessary, submit a legislative proposal to ensure the financial, human, and IT resources required for establishing the integrated reporting system.

Permanent single contact point

The regulation requires the authorities to establish a permanent single contact point to which entities can communicate duplicative, obsolete or redundant reporting and disclosure requirements.

Scope of data sharing

This regulation includes the ESAs, the ESRB, the ECB/SSM, the AMLA and the SRB in the scope of the data sharing arrangement. The participation by national competent authorities (NCAs) shall be voluntary. The NCAs should have the opportunity, and are encouraged, to share with the Commission, in accordance with applicable rules, the information that financial institutions or other entities have reported to them in accordance with Union law.

Type of information exchanged and conditions for the exchange of information

It is intended to limit the scope of information sharing to that stemming from the application and the implementation of Union law. The requesting authority must be legally entitled under EU law to obtain that same information directly from the institution or authority. The sharing authority must promptly inform the authority or financial institution from which it obtained the information about any exchange of that information, unless the exchange occurs on a recurring or periodic basis, in which case only one notification is required. No notification is required if informing the financial institution could compromise supervisory or resolution proceedings, actions or investigations.

Authorities are encouraged to enter into memoranda of understanding to facilitate information sharing between themselves.

InvestEU Programme

The regulation changes the frequency of the reporting on the InvestEU Programme by implementing partners from biannual to annual. This should reduce the workload of the implementing partners, the financial intermediaries, SMEs and other companies.