On the evening of Tuesday 17 December, negotiators from the Council of the European Union and the European Parliament reached an agreement on the simplification of reporting requirements in the field of financial services. The co-legislators agreed to broaden the scope of the European Commission’s initial proposal.
As a result, not only the three European Supervisory Authorities (‘ESMA’, ‘EBA’, ‘EIOPA’) responsible for supervising the financial sector in the EU, but also the...