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  • News article
  • 18 December 2024
  • Directorate-General for Financial Stability, Financial Services and Capital Markets Union
  • 1 min read

Commission welcomes agreement on proposals to facilitate data-sharing and reduce reporting burden in EU financial services

The Commission welcomes the political agreement reached yesterday by the European Parliament and the Council on the proposal to facilitate data‑sharing and reduce redundant reporting in EU financial services.

The Commission welcomes the political agreement reached yesterday by the European Parliament and the Council on the proposal to facilitate data‑sharing and reduce redundant reporting in EU financial services. This was among the proposals included in the 2024 Commission work programme to reduce administrative burden for companies.

The agreed targeted amendments to the regulatory framework will facilitate the sharing of information between supervisors and avoid duplicative data requests to financial market participants. In addition, the European Supervisory Authorities (ESAs) will be required to deliver on their important work on integrated reporting. They will need to regularly review reporting requirements, remove any redundant and obsolete ones, and keep the reporting burden to a minimum. The amendments will also foster the re‑use of data for research and innovation purposes.

Within the same initiative, and as proposed by the Commission, the co‑legislators also agreed to reduce the frequency of the reporting on the InvestEU programme. This will reduce the burden for implementing partners and, consequently, for micro‑enterprises, SMEs and other companies and financial intermediaries who report to them.

Maria Luís Albuquerque, Commissioner for Financial Services and the Savings and Investments Union, said: “The agreement will bring us closer to a system where data is reported once and then shared and reused as much as possible. I am pleased that the Council and Parliament have agreed with the core of our proposal, but I regret that some amendments have reduced its ambition, by keeping national authorities outside the scope. We need to go further and deliver more burden reduction, not only at EU level but also within Member States. The Commission will continue to assess the potential for further improvements in data‑sharing between all supervisory authorities in order to avoid duplicative reporting”.

Strategy on supervisory data in EU financial services

Questions and answers on the proposal

Supervisory data collection