Changes from report parliamentary committee draft to plenary report

Added(b) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1093/2010;

Added(c) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1094/2010;

Added(d) competent authorities, as defined in Article 4, point (3), of Regulation (EU) No 1095/2010;

Added(e) the AMLA, as established by Regulation (EU) …/… of the European Parliament and of the Council1a;

Added(f) authorities, as defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council1b;

Added(g) the SSM, as defined in Article 2, point (9), of Regulation (EU) No 1024/2013;

Added(h) the SRB;

Added(i) national resolution authorities, as defined in Article 3, point (3), of Regulation (EU) No 806/2014.

Added9. The request for exchange of information pursuant to paragraph 8 shall duly indicate the legal basis under Union law allowing the requesting authority to obtain the information from financial institutions or another authority referred to in that paragraph. The requesting authority and the ESRB shall be subject to the obligations of professional secrecy and data protection provisions laid down in Article 8 and in sectoral legislation applicable to the sharing of data between the financial institution or another authority referred to in paragraph 8 and the requesting authority, as well as to the sharing of data between another authority referred to in that paragraph and the ESRB. The ESRB shall inform each relevant authority about such exchange of information, unless the information has been anonymised, modified, aggregated or treated by any other method of disclosure control to protect confidential information, without undue delay.

Added10. Paragraphs 8, 8a and 9 shall also apply to information that the ESRB has received from the other authorities and upon which the ESRB has subsequently performed quality checks or which the ESRB has otherwise processed.

Added11. For sharing information as referred to in paragraphs 8, 8a, 9 and 10, the ESRB and 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, provided that they comply with the applicable rules on data protection, intellectual property and professional secrecy. The memoranda of understanding shall by agreement between all the authorities concerned follow a simple and standardised format, tailored where necessary to any special operating conditions that apply to specific authorities.

Added12. Paragraphs 8, 9 and 10 shall be without prejudice to the protection of intellectual property rights and shall not prevent or restrict the exchange of information between the ESRB and the other authorities in accordance with provisions in other Union legislation. Where paragraph 8, 9 or 10 conflicts 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.

Added13. 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. The authorities which have submitted such information shall be duly informed of the sharing that has taken place.

Added14. The ESRB may grant access to information obtained when carrying out its duties for re-use by financial institutions, researchers and other entities with a legitimate interest in such information for research and innovation purposes, provided that the ESRB has ensured that all of the following has been complied with:

Added(a) the information has been anonymised, in such a manner that the data subject or the financial institution is not or no longer identifiable;

Added(b) the information has been modified, aggregated or treated by any other method of disclosure control to protect confidential information, including trade secrets or content covered by intellectual property rights;

Added(c) the parties to whom access has been granted have demonstrated that they have the requisite technical means to protect confidential information, that is, they possess instruments capable of fully ensuring the protection of privacy and confidentiality.

AddedInformation received from another authority shall only be shared on that basis with the agreement of the authority that initially obtained the information.

Added14a. The ESRB shall, by ... [1 year from the date of entry into force of this amending Regulation], report to the Commission all legal obstacles in sectoral regulations that in any way prevent the ESRB from exchanging information with other authorities or with other entities. The report may also address non-material, obsolete, duplicative or otherwise irrelevant reporting requirements.

AddedOn 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 ... [2 years from the date of entry into force of this amending Regulation].

Added2a. the following article is inserted:

Added‘Article 15a

AddedEstablishment of a Single Integrated Reporting System

Added1. By ... [2 years from the date of entry into force of this amending Regulation], the ESRB shall, in close collaboration with the other authorities, prepare a report on the technical details of establishing a Single Integrated Reporting System as well as a roadmap, based on the work on the integration of reporting by the ESAs within their sectors and include an assessment of costs and benefits. For the purposes of that report, the Single Integrated Reporting System shall include:

Added(a) a common data dictionary to ensure consistency and clarity of reporting requirements and data standardisation;

Added(b) a joint repository of reporting and disclosure requirements, of the descriptions of the collected data and of the authorities that hold it;

Added(c) a central data space including the technical design for collecting and exchanging information; and

Added(d) a permanent single contact point for entities to indicate instances of double reporting, and redundant or obsolete reporting or disclosure requirements.

AddedIn close collaboration with the Commission, the report shall be accompanied by an estimate of the overall financial impact.

AddedThe 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 of the Single Integrated Reporting System by ... [3 years from the date of entry into force of this amending Regulation].

AddedThe ESRB, together with the other authorities shall establish the Single Integrated Reporting System by ... [3 years from the date of entry into force of this amending Regulation]. ’

AddedAmendments to Regulation (EU) No 1093/2010

AddedRegulation (EU) No 1093/2010 is amended as follows:

Added-1. in Article 16a(1), the following subparagraph is added:

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:

Added(a) to remove redundant or obsolete reporting and disclosure requirements in Union law or the national transposition of Union law by Member States;

Added(b) to ensure consistent reporting and disclosure requirements across sector-specific, as well as cross-sector, legislation;

Added(c) to ensure proportionality in reporting and disclosure requirements with respect to the nature, size and complexity of the reporting entity;

Added(d) to ensure that complying with reporting and disclosure requirements are commensurate with the added value to fulfilling the tasks and objectives of the Authority.

AddedFor the purposes of opinions on legislative acts in force referred to in the first subparagraph, the Authority shall take due account of input from all relevant stakeholders through a dedicated consultation. On the basis of those opinions, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal. ’

Added1. in Article 29(1), point (d) is replaced by the following:

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, while maintaining the usability and quality of the data, in order to:

Added- remove redundant or obsolete reporting and disclosure requirements;

Added- ensure proportionate and standardised reporting and disclosure requirements;

Added- minimise costs;

Added- address regulatory gaps; ’

Added2. in Article 30(3), the following point (e) is added:

Added‘(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 and their suitability to meet the standards established therein, while taking into account the specific characteristics of national financial jurisdictions.’;

Added3. in Article 35, paragraph 4 is replaced by the following:

Added‘4. Before requesting information in accordance with this Article and in order to ensure no 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.’;

Added4. the following Article 35a is inserted:

Added‘Article 35a

AddedInformation exchange between authorities and with other entities

Added1. 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, where the requesting authority is entitled to obtain that information pursuant to its mission, objectives, tasks and powers or in accordance with relevant Union law.

Added2. 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, unless the information has been anonymised, modified, aggregated or treated by any other method of disclosure control to protect confidential information, without undue delay.

Added3. 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.

Added4. For sharing information as referred to in paragraphs 1, 1a, 2 and 3, the Authority and 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, provided that such arrangements comply with the applicable rules on data protection, intellectual property and professional secrecy. The memoranda of understanding shall by agreement between all the authorities concerned follow a simple and standardised format, tailored where necessary to the special operating conditions that might apply to specific authorities.

Added5. 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 Authority and 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.

Added6. 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. The authorities which have submitted such information shall be duly informed of the sharing that has taken place.

Added7. The Authority and the competent authorities may grant access to information obtained when carrying out their duties for re-use by financial institutions, researchers and other entities with a legitimate interest in such information for research and innovation purposes, provided that the Authority has ensured that all of the following has been complied with: