Reporting reduction package – amendments to the ESA, ESRB and InvestEU Regulations

The European Commission has published a press release in which it informs that it is seeking comments on its new draft on proposed revisions to various regulations of the European Supervisory Authorities and the European Systemic Risk Board to reduce reporting burdens of EU (financial services) firms. As we have reported before (please see EventID 23420 in this context for more information), the suggested modifications seek to simplify the regulations and reduce burdens for reporting firms by
– facilitating and requiring adequate data sharing among competent authorities, particularly where multiple authorities have the authority to collect the same data and
– requiring the authorities to systemically review current reporting obligations and eliminate redundant and outdated ones.
To avoid the publication of redundant information, we refrain from providing more detailed information in this context at this point. However, it shall be noted that the proposed regulation is part of an EU initiative to reduce regulatory burdens of EU (financial services) firms and would – de facto – oblige supervisory authorities to more closely monitor their own supervisory practices and procedures and to closely cooperate on the assessment and the exchange of reported information.
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Comments on this proposal may be submitted to the Commission up to January 1, 2024 via the provided link.