Details
- Publication date
- 15 December 2021 (Last updated on: 29 February 2024)
- Author
- Directorate-General for Financial Stability, Financial Services and Capital Markets Union
Description
On 15 December 2021, the Commission adopted the strategy on supervisory data in EU financial services. The Commission’s strategy builds upon the conclusions of the comprehensive fitness check of EU supervisory reporting requirements in financial sector legislation.
The objective of the strategy is to modernise EU supervisory reporting and put in place a system that delivers accurate, consistent, and timely data to supervisory authorities at EU and national level, while minimising the aggregate reporting burden for all relevant parties.
The strategy contributes directly to the implementation of the European data strategy and the digital finance strategy. It also delivers on recent Commission commitments to systematically and proactively seek simplification and burden reduction. Furthermore, by supporting supervisory convergence, the strategy contributes to the objectives of the capital markets union.
Progress report
On 29 February 2024, the Commission published progress report on the strategy.
The report shows that the Commission is on track to rationalise supervisory reporting requirements in financial services and improve their overall consistency, and that work should continue, starting with the finalisation of pending legislative proposals.