Digital Finance: New Commission Strategy Paves the Way for Modern and Streamlined Supervisory Data Reporting

The European Commission (“the Commission”) presented a new strategy to improve and modernise financial supervisory reporting in the EU on 15 December 2021.

The strategy's main objective is to put in place a system that delivers accurate, consistent, and timely data to supervisory authorities at EU and national level, while minimising the overall reporting burden on financial institutions.

This will ultimately benefit citizens, through more efficient and agile supervision that ensures the stability of the financial system, market integrity, and investor protection. It will also help companies by reducing the reporting burden where possible.

There are four main building blocks in this strategy: 

• Ensuring consistent and standardised data
• Facilitating the sharing and re-use of reported data
• Improving the design of reporting requirements
• Putting in place joint governance arrangements

You can find the full text here.

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Zumbul Attorneys at Law

info@zumbul.av.tr