On Thursday 29 February, the European Commission published a report on the implementation of its strategy on supervisory data in EU financial services. This strategy was presented in December 2021 by the Commission, which wanted to modernise financial reporting requirements for the purposes of prudential supervision (see EUROPE 12855/24).
It proposed putting in place a system that delivers accurate, consistent and timely data to supervisory authorities at European and national levels, while minimising the aggregate reporting burden on financial institutions.
Since then, “significant progress has been made”, according to the Commission, but “the work must continue, starting with the finalisation of the outstanding legislative proposals”, it stated in a press release on Thursday, underlining the slowness of the legislative framework for this dossier.
The Commission’s report provides an overview of the progress made in the areas of banking, insurance, pensions, investment funds, financial markets and anti-money laundering systems.
It also presents the results of the mandates given to the financial supervisory authorities (ESAs) and the general alignment of “horizontal initiatives”: - consistent and standardised data; - data sharing and reuse; - design of reporting requirements; - governance; - use of modern technologies.
Link to the European Commission report: https://aeur.eu/f/b31 (Original version in French by Bernard Denuit)