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As announced in its Communication Long-term competitiveness of the EU: looking beyond 2030
of March 2023, today the Commission is putting forward concrete proposals to rationalise reporting requirements for companies
. This proposal is complementary to other initiatives adopted today and together they aim to rationalisereporting, either to supervisors or to the wider public. In particular, in the context of supervisory reporting in EU financial services, this proposal makes a fresh push towards greater data sharing by authorities overseeing the financial sector. It also aims to limit data requests to what is necessary and not already available to authorities, in order to avoid duplicative reporting.
Duplicative reporting as well as a lack of data-sharing between authorities and insufficient reuse of already reported data was one of the key concerns raised by stakeholders in the Commission’s fitness check of EU supervisory reporting requirements in the financial sector
in 2019. Moving towards a system where data is reported once and then shared and reused as much as possible was therefore identified as one of the desired outcomes of the Strategy on supervisory data in EU financial services....
more at Commission