Changes from report parliamentary committee draft to report parliamentary committee draft

RemovedRecital 4 b (new): (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.

RemovedRecital 4 c (new): (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.

RemovedRecital 5: (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.

RemovedRecital 5 a (new): (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.

RemovedRecital 6 a (new): (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.

RemovedRecital 6 b (new): (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.

RemovedRegulation (EU) No 1092/2010

RemovedArticle 1 – paragraph 1 – point 1 a (new), Article 15 – paragraphs 1 to 7: 1a. In Article 15, paragraphs 1 to 7 are replaced by the following: / "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 ESRB, the ESAs and the ECB shall coordinate their efforts to detect, monitor, prevent and mitigate systemic risks to financial stability. / 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. / 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. / 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…

RemovedIn 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.

RemovedRegulation (EU) No 1092/2010

RemovedArticle 1 – paragraph 1 – point 2, Article 15 – paragraph 8: 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. / (deleted)

RemovedThe 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").

RemovedRegulation (EU) No 1092/2010

RemovedArticle 1 – paragraph 1 – point 2, Article 15 – paragraph 8 a (new): 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.

RemovedAs 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.

RemovedRegulation (EU) No 1092/2010

RemovedArticle 1 – paragraph 1 – point 2, Article 15 – paragraph 8b (new): 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.

RemovedThe 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.

RemovedRegulation (EU) No 1092/2010

RemovedArticle 1 – paragraph 1 – point 2, Article 15 – paragraph 10: 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.

RemovedThe reference to other authorities is adapted to align it with the increased scope of authorities.

RemovedRegulation (EU) No 1092/2010

RemovedArticle 1 – paragraph 1 – point 2, Article 15 – paragraph 11: 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.

RemovedThe 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.

RemovedRegulation (EU) No 1092/2010

RemovedArticle 1 – paragraph 1 – point 2, Article 15 – paragraph 12: 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.

RemovedThe reference to other authorities is adapted to align it with the increased scope of authorities.

RemovedRegulation (EU) No 1092/2010

RemovedArticle 1 – paragraph 1 – point 2, Article 15 – paragraph 13: 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.

RemovedThe 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.

RemovedRegulation (EU) No 1092/2010

RemovedArticle 1 – paragraph 1 – point 2, Article 15 – paragraph 14 a (new): 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.

RemovedAs 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.

RemovedRegulation (EU) No 1092/2010

RemovedArticle 1 – paragraph 1 – point 2 a (new), Article 15 a (new): 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".)

RemovedBuilding 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.

RemovedRegulation (EU) No 1093/2010

RemovedIn 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.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 1, Article 29 – paragraph 1 – point d: (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;

RemovedThe 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.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 2, Article 30 – paragraph 3 – point e: (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.

RemovedIntegrating 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.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 3, Article 35 – paragraph 4: 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.

RemovedThe reference to other authorities is adapted to align it with the increased scope of authorities.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 4, Article 35a – paragraph 1: 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. / (deleted)

RemovedThe 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").

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 4, Article 35a – paragraph 1 a (new): 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.

RemovedAs 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.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 4, Article 35a – paragraph 1b (new): 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) …

RemovedThe 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.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 4, Article 35a – paragraph 2: 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.

RemovedIn 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.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 4, Article 35a – paragraph 3: 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.

RemovedThe reference to other authorities is adapted to align it with the increased scope of authorities.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 4, Article 35a – paragraph 4: 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.

RemovedThe 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.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 4, Article 35a – paragraph 5: 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.

RemovedThe reference to other authorities is adapted to align it with the increased scope of authorities.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 4, Article 35a – paragraph 6: 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.

RemovedThe 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.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 4, Article 35a – paragraph 7a (new): 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.

RemovedAs 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.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 4 a (new), Article 35 b (new): 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".)

RemovedBuilding 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.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 4 b (new), Article 36 – paragraph 2: 4b. in Article 36, paragraph 2 is replaced by the following: / "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."

RemovedThe 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.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 5, Article 54 – paragraph 2 – indent 7: — reporting and disclosure requirements and the collection of information from financial institutions.;

RemovedThe cross-sectoral consistency of reporting and disclosure requirements should be included in the tasks of the JC.

RemovedRegulation (EU) No 1093/2010

RemovedArticle 2 – paragraph 1 – point 6, Article 70 – paragraph 3: 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. / (deleted)

RemovedThe 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.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point -1 (new), Article 16a – paragraph 1 – subparagraph 1 a (new): -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."

RemovedIn 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.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 1, Article 29 – paragraph 1 – point d: (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;

RemovedThe 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.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 2, Article 30 – paragraph 3 – point e: (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.

RemovedIntegrating 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.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 3, Article 35 – paragraph 4: 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.

RemovedThe reference to other authorities is adapted to align it with the increased scope of authorities.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 4, Article 35a – paragraph 1: 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. / (deleted)

RemovedThe 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").

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 4, Article 35a – paragraph 1a (new): 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.

RemovedAs 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.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 4, Article 35a – paragraph 1b (new): 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) …

RemovedThe 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.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 4, Article 35a – paragraph 2: 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.

RemovedIn 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.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 4, Article 35a – paragraph 3: 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.

RemovedThe reference to other authorities is adapted to align it with the increased scope of authorities.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 4, Article 35a – paragraph 4: 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.

RemovedThe 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.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 4, Article 35a, –paragraph 5: 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.

RemovedThe reference to other authorities is adapted to align it with the increased scope of authorities.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 4, Article 35a – paragraph 6: 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.

RemovedThe 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.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 4, Article 35a – paragraph 7 a (new): 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.

RemovedAs 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.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 4 a (new), Article 35a a (new): 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".)

RemovedBuilding 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.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 4 b (new), Article 36 – paragraph 2: 4b. in Article 36, paragraph 2 is replaced by the following: / "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."

RemovedThe 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.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 5, Article 54 – paragraph 2 – indent 7: — reporting and disclosure requirements and the collection of information from financial institutions.;

RemovedThe cross-sectoral consistency of reporting and disclosure requirements should be included in the tasks of the JC.

RemovedRegulation (EU) No 1094/2010

RemovedArticle 3 – paragraph 1 – point 6, Article 70 – paragraph 3: 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. / (deleted)

RemovedThe 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.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point -1 (new), Article 16a – paragraph 1 – subparagraph 1 a (new): -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."

RemovedIn 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.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 1, Article 29 – paragraph 1 – point d: (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;

RemovedThe 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.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 2, Article 30 – paragraph 3 – point e: (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.;

RemovedIntegrating 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.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 3, Article 35 – paragraph 4: 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.;

RemovedThe reference to other authorities is adapted to align it with the increased scope of authorities.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 4, Article 35a – paragraph 1: 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. / (deleted)

RemovedThe 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").

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 4, Article 35a – paragraph 1 a (new): 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.

RemovedAs 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.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 4, Article 35a – paragraph 1 b (new): 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) …

RemovedThe 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.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 4, Article 35a – paragraph 2: 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.

RemovedIn 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.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 4, Article 35a – paragraph 3: 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.

RemovedThe reference to other authorities is adapted to align it with the increased scope of authorities.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 4, Article 35a – paragraph 4: 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.

RemovedThe 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.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 4, Article 35a – paragraph 5: 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.

RemovedThe reference to other authorities is adapted to align it with the increased scope of authorities.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 4, Article 35a – paragraph 6: 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.

RemovedThe 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.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 4, Article 35a – paragraph 7a (new): 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.

RemovedAs 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.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 4 a (new), Article 35a a (new): 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".)

RemovedBuilding 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.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 4 b (new), Article 36 – paragraph 2: 4b. in Article 36, paragraph 2 is replaced by the following: / "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."

RemovedThe 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.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 5, Article 54 – paragraph 2 – indent 9: — reporting and disclosure requirements and the collection of information from financial market participants .

RemovedThe cross-sectoral consistency of reporting and disclosure requirements should be included in the tasks of the JC.

RemovedRegulation (EU) No 1095/2010

RemovedArticle 4 – paragraph 1 – point 6, Article 70 – paragraph 3: 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. / (deleted)

RemovedThe 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.

RemovedRegulation (EU) No 806/2014

RemovedArticle 4 a (new), Article 34 a (new) and Article 34 b (new): 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 defin…

RemovedThe 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.

RemovedCouncil Regulation (EU) No 1024/2013

RemovedArticle 4 b (new) – paragraph 1 – point 1, Article 10a (new) and Article 10b (new): 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 authoritie…

RemovedThe 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.

RemovedRegulation (EU) …/… establishing the Anti–Money Laundering Authority

RemovedArticle 4 c (new) – paragraph 1 – point 1, Article 10 – paragraph 2 – point d (new): 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.'

RemovedMutual 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.

RemovedRegulation (EU) …/… establishing the Anti–Money Laundering Authority

RemovedArticle 4 c (new) – paragraph 1 – point 2, Article 16 – paragraph 3 a (new): 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.'

RemovedThis 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.

RemovedProposal for Regulation (EU) …/… establishing the Anti–Money Laundering Authority

RemovedArticle 4 c (new) – paragraph 1 – point 3, Article 16 a (new): 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) comp…

RemovedThe 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.

RemovedRegulation (EU) …/… establishing the Anti–Money Laundering Authority

RemovedArticle 4 c (new) – paragraph 1 – point 4, Article 16 b (new): 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.'

RemovedRegulation (EU) …/… establishing the Anti–Money Laundering Authority

RemovedArticle 4 c (new) – paragraph 1 – point 5, Article 44 – paragraph 1 – subparagraph 1 a (new): 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.’

RemovedIn 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.

RemovedYour 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.

RemovedFor 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.

RemovedWhile 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:

Removed Expanding the scope to the entire financial sector

RemovedIn 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.

Removed Introducing the “report once principle” by default

RemovedAcross 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.

Removed Avoiding “Gold plating”, cross-sector inconsistencies and ensuring proportionality

RemovedThe 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.

Removed Establishment of a Single Integrated Reporting System

RemovedOver 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.

Removed Removal of legal obstacles for data exchange

RemovedAs 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.