On Friday 28 March, a number of European Union Member States expressed their concerns about the administrative burden that the future ‘FiDA’ regulation designed to govern the collection and use of financial data could entail, and called for its provisions to be simplified ahead of the first negotiating session between representatives of the European Parliament and the Council of the EU on Tuesday 1 April.
The Polish Presidency of the Council of the EU has announced that it will ask the European Commission, during the trilogue, to prepare a note on simplifying the legislative text.
This is the second time that the Polish Presidency has made such a request, having done so recently in the context of the inter-institutional negotiations on the ‘retail financial investment’ legislative package, with the support of the European Parliament (see EUROPE 13602/21). On this issue, the co-legislators have given the Commission six weeks to come up with simplification proposals in all areas, in particular on ‘value for money’, reporting and the ‘retail investor journey’.
The second trilogue on retail investment will not take place until the Commission has made specific proposals. (Original version in French by Mathieu Bion)