Commission publishes report on steps to make reporting in EU financial services more efficient

The European Commission published today a report on the implementation of its strategy on supervisory data in EU financial services. The report shows that the Commission is on track to rationalise supervisory reporting requirements in financial services and improve their overall consistency.

In December 2021, the Commission adopted its strategy on supervisory data in EU financial services. Its main objective is to put in place a system that delivers accurate, consistent, and timely data to supervisory authorities at EU and national level, while minimising the overall reporting burden on financial institutions. This will ultimately benefit citizens, through more efficient and agile supervision that ensures the stability of the financial system, market integrity, and investor protection. It will also help companies by reducing the reporting burden where possible.

The implementation of the strategy is a long-term project carried out in cooperation with the European Supervisory Authorities (ESAs) and other European authorities, drawing also from industry expertise.

The repost show that, among other achievements, the Commission has proposed targeted improvements in sectoral reporting frameworks, such as the banking package, the bank crisis management proposal, and the reviews of the insurance and investment funds legislation. It has also proposed mandates to the relevant ESAs on further integration of reporting in their sectors and data standardisation across them. The report also shows that progress is ongoing in data sharing, the design and governance of reporting requirements, and the application of new technologies.

These achievements contribute as well to the Commission’s wider aims to reduce administrative burden and rationalise reporting requirements, as well as develop a regulatory framework that is more suited to competitiveness and growth, as announced in its Communication on long-term competitiveness. To that end, on 17 October 2023, the Commission adopted a first set of significant proposals, including a proposal to facilitate data-sharing between financial sector authorities and reduce redundant reporting, one of the building blocks of the supervisory data strategy.

While significant progress has been made, the report shows that work should continue, starting with the finalisation of pending legislative proposals.