Questions and Answers on the proposal to amend the European Supervisory Authorities (ESAs) and the European Systemic Risk Board (ESRB)

Following the publication of a proposal to revise various ESA regulations and the ESRB regulation in an effort to reduce reporting burdens on EU financial services firms (EventID #23420), the EU Commission has published a set of FAQs in this context. Therein, the Commission provides further information on the reasoning behind the suggested new regulation, the objectives the Commission seeks to achieve in this context, and the key content of the proposed provisions.
The key questions contained in the document are noted below – as quoted; for all of them, please consult the original document:
– Why are you putting forward with this proposal now?
– What is your strategy on supervisory data in financial services?
– What are you proposing today in more detail?
– How does data sharing help reduce the reporting burden?
– Will more data sharing between authorities affect the confidentiality of data for supervised companies?
– Will the enhanced data sharing affect the existing competences of the supervisory authorities? Are we moving to an automatic sharing of company data?
– Why should competent authorities grant access to information to third parties?