On Friday 1 December, the European Commission launched a public consultation to assess the effectiveness of the requirements upon market players to submit financial reports to the European supervisors.
The consultation, to run until 28 February 2018, was launched in response to concerns regarding the burden and costs of these reporting requirements that were raised in the framework of the Commission's 2015 call for contributions, which aimed to look at whether the rules adopted since the financial crisis are still fit for purpose, the Commission explained in a press release.
Amongst other things, the consultation aims to gather opinions on the investments required to meet the financial reporting obligations and to collect specific examples of inconsistent, duplicated or redundant reporting requirements. It ultimately aims to find ways of simplifying and streamlining prudential reporting.
In the progress report on the monitoring measures taken following the call for contributions in 2015, which was published on the same day, the Commission adds that before the end of the year, it will take stock of the broader quality of European legislation on financial reporting and transparency.
“We will continue to push for more coherent supervision and regulation across the board and ensure that EU financial services rules remain fit for purpose”, the European Commissioner for Financial Services, Valdis Dombrovskis, said in a press release. (Original version in French by Marion Fontana)