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EU Council agrees negotiating mandate to streamline ESA data-sharing and reduce financial reporting, including annualising InvestEU reports; AMLA excluded for now; trilogues with the European Parliament to finalise.

Published on: 20 June 2024

Published by an LexisNexis Ireland - Banking & Financial Services expert
Legal News
Article summary

Council sets out its stance on simpler financial reporting requirements

Statement follows.

On 19 June 2024, the Council agreed a proposal to streamline reporting obligations across financial services and investment support. The plan refreshes the framework for data exchange between the ESAs and other financial authorities, with the goal of lightening the administrative load on bodies in the financial sector.

Vincent Van Peteghem, Belgian minister of finance, underlined that financial authorities face reporting duties under numerous laws so that European market supervisory bodies can oversee and monitor the smooth operation of EU financial markets on an ongoing basis. He said the regulation seeks to rationalise these obligations by improving the efficiency of data sharing among EU supervisors and by reducing red tape for both national administrations and firms in the financial sector.

With this negotiating mandate in place, the Council stands ready to enter talks with the European Parliament on the final form of the law.

Streamlined reporting requirements

...

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