Changes from adopted text to adopted text

RemovedThe Board, 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].’;

RemovedArticle 4b

RemovedAmendments to Regulation (EU) …/… establishing the Anti-Money Laundering Authority

RemovedRegulation (EU) …/... is amended as follows:

Removed1. in Article 10(2), the following point (d) is added:

Removed'(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:

Removed- remove redundant or obsolete reporting and disclosure requirements;

Removed- ensure proportionate and standardised reporting and disclosure requirements;

Removed- minimise costs;

Removed- address regulatory gaps;’;

Removed2. in Article 16, the following paragraph is added:

Removed'3a. 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 16a(3) and any relevant existing statistics produced and disseminated by the European Statistical System and the European System of Central Banks.';

Removed3. the following Article is inserted:

Removed‘Article 16a

RemovedInformation exchange between authorities and with other entities

Removed1. 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, where the requesting authority is entitled to obtain that information, pursuant to their mission, objectives, tasks and powers or in accordance with relevant Union law.

RemovedFor the purposes of sharing the information referred to in the first subparagraph of this paragraph, the Authority or supervisory authority shall use the Single Integrated Reporting System referred to in Article 16b, upon its establishment.

Removed2. The Authority and the supervisory authorities shall each 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:

Removed(a) they are entitled to obtain that information, pursuant to their mission, objectives, tasks and powers or in accordance with relevant Union law;

Removed(b) that information has been obtained by at least one of the other authorities.

RemovedThe first subparagraph shall be without prejudice to the possibility for the Authority and the competent authorities to obtain that information from financial institutions or other competent authorities where, for operational reasons, the other authority is unable to share the data.

RemovedFor the purposes of determining whether the condition referred to in the first subparagraph, 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.

Removed3. For the purposes of this Article and Article 16(3a) and Article 16b, ‘other authorities’ means any of the following authorities:

Removed(a) the European Supervisory Authorities;

Removed(b) the ESRB;

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

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

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

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

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

Removed(h) the SRB;

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

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

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

Removed4. 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.

Removed5. 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.

Removed6. 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.

Removed7. 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.

Removed8. 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.

Removed9. 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:

Removed(a) the information has been anonymised, in such a manner that the data subject or the obliged entity is not or no longer identifiable;

Removed(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;

Removed(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.

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

Removed10. 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.

RemovedOn 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].’;

Removed4. the following Article is inserted:

Removed'Article 16b

RemovedEstablishment of a Single Integrated Reporting System

Removed1. 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:

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

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

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

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

Removed2. In close collaboration with the Commission, the report shall be accompanied by an estimate of the overall financial impact.

RemovedThe 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].

RemovedThe 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].‘;

Removed5. in Article 44(1), the following subparagraph is added:

Removed‘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:

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