Changes from adopted text to adopted text

RemovedP9_TA(2024)0128

AddedP10_TA(2025)0208

Amending certain financial services and investment support Regulations as regards certain reporting requirements

Committee on Economic and Monetary Affairs

RemovedPE757.366

AddedPE777.025

ChangedEuropean Parliament legislative resolution of 127 MarchOctober 20242025 on the proposalCouncil forposition at first reading with a view to the adoption of a regulation of the European Parliament and of the Council amending Regulations (EU) No 1092/2010, (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/20101095/2010, and(EU) No 806/2014, (EU) 2021/523 and (EU) 2024/1620 as regards certain reporting requirements in the fields of financial services and investment support (COM(2023)0593(07377/1/2025 – C9-0383/2023C10-0196/2025 – 2023/0363(COD))

Changed(Ordinary legislative procedure: firstsecond reading)

The European Parliament,

Changed– having regard to the CommissionCouncil proposalposition toat Parliamentfirst andreading the(07377/1/2025 Council– (COM(2023)0593),C100196/2025),

Removed– having regard to Article 294(2) and Articles 114, 173 and Article 175, third paragraph, of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C90383/2023),

Added– having regard to the opinion of the European Central Bank of 21 June 2024,

Removed– having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

– having regard to the opinion of the European Economic and Social Committee of 14 February 2024,

– after consulting the Committee of the Regions,

Removed– having regard to Rule 59 of its Rules of Procedure,

Added– having regard to its position at first reading on the Commission proposal to Parliament and the Council (COM(2023)0593),

Changed– having regard to theArticle report294(7) of the CommitteeTreaty on Economicthe andFunctioning Monetaryof Affairsthe (A9-0026/2024),European Union,

Change 1

Removed1. Adopts its position at first reading hereinafter set out;

Added– having regard to the provisional agreement approved by the committee responsible under Rule 75(4) of its Rules of Procedure,

Removed2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

Added– having regard to Rule 68 of its Rules of Procedure,

Added– having regard to the recommendation for second reading of the Committee on Economic and Monetary Affairs (A10-0166/2025),

Added1. Approves the Council position at first reading;

Added2. Notes that the act is adopted in accordance with the Council position;

Added3. Instructs its President to sign the act with the President of the Council, in accordance with Article 297(1) of the Treaty on the Functioning of the European Union;

Added4. Instructs its Secretary-General to sign the act, once it has been verified that all the procedures have been duly completed, and, in agreement with the Secretary-General of the Council, to arrange for its publication in the Official Journal of the European Union;

5. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

Change 2

RemovedP9_TC1-COD(2023)0363

RemovedPosition of the European Parliament adopted at first reading on 12 March 2024 with a view to the adoption of Regulation (EU) 2024/… of the European Parliament and of the Council amending Regulations (EU) No 1092/2010, (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/2010 and (EU) 2021/523 as regards certain reporting requirements in the fields of financial services and investment support*

Removed(Text with EEA relevance)

RemovedTHE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

RemovedHaving regard to the Treaty on the Functioning of the European Union, and in particular Article 114, Article 173 and Article 175, third paragraph, thereof,

RemovedHaving regard to the proposal from the European Commission,

RemovedAfter transmission of the draft legislative act to the national parliaments,

RemovedHaving regard to the opinion of the European Economic and Social Committee,

RemovedHaving regard to the opinion of the Committee of the Regions,

RemovedActing in accordance with the ordinary legislative procedure,

RemovedWhereas:

Removed(1) Reporting and disclosure requirements play a key role in ensuring proper monitoring and correct enforcement of legislation. However, it is important to streamline those requirements, in order to ensure that they fulfil their intended purpose, ▌to limit the administrative burden and to avoid undue duplication, not least for the regulatory and supervisory authorities of smaller financial jurisdictions. Reporting and disclosure requirements can also impose a disproportionate burden on entities, particularly on small and medium-sized enterprises or micro-enterprises.

Removed(2) Streamlining reporting obligations and reducing administrative burdens without undermining policy objectives are therefore priorities including as regards reporting requirements in the financial sector and as regards the frequency of reporting related to the InvestEU Programme established under Regulation (EU) 2021/523 of the European Parliament and of the Council.

Removed(3) Regulations (EU) No 1092/2010, (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/2010, (EU) No 806/2014, Regulation (EU) …/… of the European Parliament and of the Council, Council Regulation (EU) No 1024/2013 and Regulation (EU) 2021/523 contain a number of reporting and disclosure, requirements which should be simplified as part of a qualitative, rather than a quantitative, exercise in line with the Commission’s Communication on ‘Long-term competitiveness of the EU: looking beyond 2030’.

Removed(3a) That qualitative exercise is not intended to undermine any Union policy achievements and, moreover, acknowledges the growing demand for data needed to fulfil the objectives of the legislative acts pertaining to the sustainable finance agenda. Yet consistency and standardisation across legal frameworks and jurisdictions and over time can make requirements more workable without affecting the actual content of reporting standards.

Removed(3b) Divergences of data between Member States should also be analysed in a qualitative way. In particular, some Union legislative acts are by virtue of their legal basis meant to provide partial or minimum harmonisation. Furthermore, some reporting standards are voluntary or follow an opt-in regime. Also, Member States may develop best practices or be frontrunners in reporting requirements, as long as they adhere to the requirements provided for in Union legislative acts.

Removed(4) Financial institutions and other entities active on financial markets are required to report a wide range of information to enable Union and national authorities overseeing the financial system to monitor risks, ensure financial stability and market integrity, and protect investors and consumers of financial services in the Union. The European Supervisory Authorities and the European Anti-Money Laundering Authority should regularly review the reporting and disclosure requirements and propose, where appropriate, to streamline and remove redundant, ▌obsolete or disproportionate requirements in relevant regulatory and implementing technical standards. The European Supervisory Authorities▌ should coordinate this work via the Joint Committee of the European Supervisory Authorities. ▌ In addition, peer reviews of competent authorities should also be conducted to improve the effectiveness and the degree of convergence of those requirements. Both the tasks under the common supervisory culture as well as the peer reviews should be carried out on a standing basis, for which more human and material resources should be allocated as necessary.

Removed(4a) A large proportion of the redundant, obsolete or disproportionate reporting and disclosure requirements stem from vertical inconsistencies between Member State requirements and Union requirements (‘gold plating’), horizontal inconsistencies across sector-specific and cross-sector legislation, as well as a lack of proportionality in the requirements themselves. The European Supervisory Authorities and the European Anti-Money Laundering Authority should therefore not only review regulatory and implementing technical standards, but should also provide opinions on ongoing ordinary legislative procedures and legislative acts already in force.

Removed(4b) Facilitating the sharing and reuse of information collected by the 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 Union financial services. Information sharing should also contribute to better coordination of supervisory activities and supervisory convergence.

Removed(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.

Removed(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.

Removed(5a) Some data points that are needed by financial institutions from companies to comply with their reporting obligations are still not reflected in the Union reporting framework and need to be added. Therefore, in addition to the need to address redundant, duplicative or obsolete reporting requirements, regulatory gaps should be considered. That makes it even more important to ensure consistency between financial and non-financial reporting requirements.

Removed(5b) Where relevant, financial institutions should be able to rely on a sequential approach, meaning that they should be able to refer to information which has already been published by companies in their value chain.

Removed(5c) 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.

Removed(6) Such sharing of information should be complementary to the existing possibilities of information exchange provided for in Union law, and should not in any case restrict those existing possibilities.

Removed(6a) The European Supervisory Authorities should assess policy options to further integrate reporting processes from a procedural and content perspective. The European Supervisory Authorities should duly assess opportunities arising from an increase in the use of digital technology to promote effective and efficient formats that embrace metrics, methods, and parameters, which will foster the competitiveness of the financial sector.

Removed(6b) With that in mind, 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 that ensures consistency and clarity of reporting requirements and data standardisation, a joint repository of requested and obtained data, a central data space for efficient data collection and exchange as well as a permanent single contact point for entities to indicate double, obsolete or redundant reporting and disclosure requirements.

Removed(6c) Legal obstacles in sectoral regulations make it impossible, at times, for authorities to exchange relevant information. Therefore, those authorities should report those legal obstacles to the Commission, and the Commission should, where appropriate, propose to remove those obstacles, while simultaneously respecting intellectual property rights, professional secrecy and data protection.

Removed(7) The Commission requires accurate and comprehensive information to develop policies, evaluate existing legislation and assess the impact of potential legislative and non-legislative initiatives, including during negotiations of legislative proposals. The sharing by authorities with the Commission of information that financial institutions or other entities have reported to those authorities pursuant to their obligations under Union law, should help in providing an evidence-based foundation for the formulation and evaluation of Union policies. For that purpose, such information should be in a form that does not allow the identification of individual entities and does not contain personal data. Authorities may also benefit from anonymised data and therefore should also share such information among themselves where necessary for the fulfilment of their tasks.

Removed(8) Innovation cycles in the financial sector are accelerating, becoming more open and increasingly collaborative. To that end, authorities should be able to share information with financial institutions, researchers, and other entities for the purposes of research and innovation beyond the initial purpose for which the information was collected. The sharing of such information held by authorities should enhance its utility by expanding the information available for financial sector research and provide more opportunities to test products and business models as well as greater collaboration between various financial market participants, including fintech, start-ups and incumbent financial institutions. The re-use of data shared by competent authority is governed by the general framework for the re-use of data set out in Chapter II of Regulation (EU) 2022/868 of the European Parliament and of the Council. However, considering the sensitive nature of the data received for supervision purposes by the authorities in the financial sector, specific mandatory conditions should be introduced for the re-use of this data, including the anonymisation of personal and non-personal data which would not allow the identification of individual financial institutions and the protection of confidential information. It follows that all procedures and steps in the collection, standardisation, anonymisation, storage and sharing of data will on an ongoing basis remain subject to the latest cyber security measures prescribed by Union law.

Removed(9) The change of frequency of the reporting on the InvestEU Programme by implementing partners from biannual to annual should reduce the workload of the implementing partners, the financial intermediaries, SMEs and other companies without changing any of the substantive elements of Regulation (EU) 2021/523.

Removed(10) Regulations (EU) No 1092/2010, (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/2010, and (EU) 2021/523 should therefore be amended accordingly,