On Wednesday 19 June, the Member States’ ambassadors to the European Union (‘Coreper’) reached an agreement on the simplification of ‘reporting requirements’ in the field of financial services. The negotiating mandate adopted by the Council of the EU paves the way for discussions with the European Parliament.
The Member States have come out in favour of the European Commission’s proposal to reduce the administrative burden on companies and to promote the exchange of information between the European supervisory authorities for financial markets (ESMA, EBA, EIOPA) and with the European Systemic Risk Board (ESRB).
The Member States’ agreement provides for the inclusion of the European Central Bank’s Single Supervisory Mechanism and the Single Resolution Board in the list of authorities authorised to submit a request for data sharing. However, it decided not to include the Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA).
For its part, the European Parliament approved the report by Othmar Karas (EPP, Austrian) (see EUROPE 13338/23) last March.
To see the Council’s negotiating mandate, go to https://aeur.eu/f/cqg (Original version in French by Bernard Denuit)