Changes from report parliamentary committee draft to plenary report

Added(f) authorities, as defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council1a;

Added(g) national competent authorities, as defined in Article 2, point (2) of Regulation (EU) No 575/2013;

Added(h) the SRB;

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

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

AddedFor the purposes of this Article, ‘financial institution’ means a ‘financial institution’ as defined in Article 2, point (a), of Regulation (EU) No 1092/2010.

Added4. The request for exchange of information shall duly indicate the legal basis under Union law allowing the requesting authority to obtain the information from obliged entities 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 75 and 84 and in sectoral legislation applicable to the sharing of data between the obliged entity and the requesting authority as well as to the sharing of data between the obliged entity and the sharing authority. The sharing authority shall inform each relevant obliged entity about such exchange of information, unless that the information has been anonymised, modified, aggregated or treated by any other method of disclosure control to protect confidential information, without undue delay.

Added5. Paragraphs 1, 2 and 4 shall also apply to information that the sharing authority has received from an obliged entity or the other authorities and upon which the sharing authority has subsequently performed quality checks or which the sharing authority has otherwise processed.

Added6. For sharing information as referred to in paragraphs 1, 2, 4 and 5, 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 any special operating conditions that might apply to specific authorities.

Added7. Paragraphs 1 to 6 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 this Regulation or other Union legislation that regulate the exchange of information between the other authorities, the provisions in such other Union legislation shall prevail.

Added8. Without prejudice to other obligations laid down in Union law for sharing information, the Authority and the supervisory authorities may, upon justified request, share on a case-by-case basis, with the Commission, information that obliged entities 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.

Added9. The Authority and the supervisory authorities may grant access to information obtained when carrying out their duties for re-use by obliged entities, researchers and other entities with a legitimate interest in such information for research and innovation purposes, provided that the Authority or the supervisory authorities 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 obliged entity 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 this basis with the agreement of the authority that initially obtained the information.

Added10. The Authority and the supervisory authorities 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 them from exchanging information with the other authorities or with other entities. The report may also address non-material, obsolete, duplicative or otherwise irrelevant reporting requirements, and suggestions to ensure consistency between reporting requirements of financial and non-financial companies.

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].’

Added4. the following Article is inserted:

Added'Article 16b

AddedEstablishment of a Single Integrated Reporting System

Added1. By ... [2 years from the date of entry into force of this amending Regulation], the Authority and the supervisory authorities shall, in close collaboration with the other authorities, and the ESCB, 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 the 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.

Added2. In 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 Authority, 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]. ‘

Added5. in Article 44(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.’

AddedAmendments to Regulation (EU) 2021/523

AddedRegulation (EU) No 2021/523 is amended as follows:

Added-1. In Article 8(6), the introductory part is replaced by the following:

Added‘The Commission shall develop sustainability guidance that, in accordance with Union environmental and social objectives and standards and, taking appropriate account of the ‘do no significant harm’ principle as well as differences in the types of infrastructure projects, allows for:’

Added-1a. In Article 13(7), subparagraph 2 is replaced by the following:

Added‘Contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) under the EU guarantee referred to in the first subparagraph of Article 4(2) shall be signed by 31 August 2026. In other cases, contracts between the implementing partner and the final recipient or the financial intermediary or other entity referred to in point (a) of Article 16(1) shall be signed by 31 December 2028.’

Added-1b. In Article 17(2), point h is replaced by the following:

Added‘(h) financial and operational reporting and monitoring of the financing and investment operations under the EU guarantee, ensuring proportionality in reporting and monitoring requirements as well as minimising costs for all stakeholders and final beneficiaries, without undermining the respective InvestEU objectives.’

Added1. In Article 28, paragraph 4 is replaced by the following:

Added‘4. Once a year, each implementing partner shall submit a report to the Commission on the financing and investment operations covered by this Regulation, broken down by EU compartment and Member State compartment, as appropriate. Each implementing partner shall also submit information on the Member State compartment to the Member State whose compartment it implements. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and with the key performance indicators laid down in Annex III to this Regulation. The report shall also include operational, statistical, financial and accounting data on each financing or investment operation and an estimation of expected cash flows, at the level of compartment, policy window and the InvestEU Fund. The report from the EIB Group and, where appropriate, from other implementing partners, shall also include information on barriers to investment encountered when carrying out financing and investment operations covered by this Regulation. The reports shall contain the information the implementing partners have to provide under point (a) of Article 155(1) of the Financial Regulation.’

AddedAlignment with Council Regulation (EU) No 1024/2013

AddedBy ... [three months from the date of entry into force of this amending Regulation], the Commission shall, where appropriate, submit to the Council a legislative proposal to align the amendments to Regulations (EU) No 1092/2010, (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/2010, (EU) No 806/2014 and (EU) …/...1a in this Regulation, with Council Regulation (EU) No 1024/2013.

AddedEntry into force

AddedThis Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

AddedThis Regulation shall be binding in its entirety and directly applicable in all Member States.

AddedDone at Brussels,

AddedFor the European Parliament For the Council

AddedThe President The President