Activities of Alfred SANT related to 2023/0363(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 1092/2010, (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/2010 and (EU) 2021/523 as regards certain reporting requirements in the fields of financial services and investment support
Amendments (37)
Amendment 79 #
Proposal for a regulation
Recital 1
Recital 1
(1) Reporting requirements play a key role in ensuring proper monitoring and correct enforcement of legislation. However, it is important to streamline those requirements, in order to ensure that they fulfil their intended purpose and to limit the administrative burdenavoid undue duplication, not least for the regulatory and supervisory authorities of the smaller financial jurisdictions.
Amendment 81 #
Proposal for a regulation
Recital 2
Recital 2
(2) Streamlining reporting obligations and reducing administrative burdenwithout undermining the policy objectives is therefore a priority, including as regards reporting requirements in the financial sector and as regards the frequency of reporting related to the InvestEU Programme established under Regulation (EU) 2021/523 of the European Parliament and of the Council3 . __________________ 3 Regulation (EU) 2021/523 of the European Parliament and of the Council of 24 March 2021 establishing the InvestEU Programme and amending Regulation (EU) 2015/1017 (OJ L 107, 26.3.2021, p. 30).
Amendment 83 #
Proposal for a regulation
Recital 3
Recital 3
(3) Regulations (EU) No 1092/20104 , (EU) No 1093/20105 , (EU) No 1094/20106 , (EU) No 1095/20107 of the European Parliament and of the Council and Regulation (EU) 2021/523 contain a number of reporting requirements which should be simplified, in line with the Commission’s Communication on ‘Long- term compe. This is a qualitative, not a quantitativeness of the EU: looking beyond 2030’8 . exercise. __________________ 4 Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 on European Union macro-prudential oversight of the financial system and establishing a European Systemic Risk Board (OJ L 331, 15.12.2010, p. 1). 5 Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12). 6 Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48). 7 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84). 8 COM(2023)168.
Amendment 84 #
Proposal for a regulation
Recital 3 a (new)
Recital 3 a (new)
(3a) This exercise is not meant to undermine any of the EU policy achievements and, in particular, acknowledges the growing demand of data needed to fulfil the objectives of the legislative files pertaining to the sustainable finance agenda. Yet, consistency and standardization across legal frameworks, across jurisdictions and over time can make requirements more workable without affecting the actual content of the reporting standards.
Amendment 85 #
Proposal for a regulation
Recital 3 b (new)
Recital 3 b (new)
(3b) Divergences of data between Member States should also be analysed in a qualitative way. In particular, some EU legislations are by virtue of their legal base meant to provide partial or minimum harmonisation. Furthermore, some reporting standards are voluntary or follow an opt-in regime. Also, Member States may develop best practices or be frontrunners in reporting requirements, as long as they adhere the requirements in Union legislation.
Amendment 86 #
Proposal for a regulation
Recital 4
Recital 4
(4) Financial institutions and other entities active on financial markets are required to report a wide range of information to enable Union and national authorities overseeing the financial system to monitor risks, ensure financial stability and market integrity, and protect investors and consumers of financial services in the Union. The European Supervisory Authorities should regularly review the reporting requirements and propose, where appropriate, to streamline and remove redundant or obsolete requirements. TheyIndeed such work should be carried out on a standing basis, especially by peer reviews for which as necessary, more human and material resources should be allocated in order to ensure that duplication, redundancies and obsolete requirements are cleared out earliest and with the utmost speed. ESAs should coordinate this work via the Joint Committee of the European Supervisory Authorities. Facilitating the sharing and reuse of the information collected by authorities, while safeguarding data protection, professional secrecy and intellectual property, should reduce the burden on reporting entities and on authorities by avoiding duplicative requests, in line with the Strategy on supervisory data in EU financial services. Information sharing should also contribute to better coordination of supervisory activities and supervisory convergence.
Amendment 89 #
Proposal for a regulation
Recital 5 a (new)
Recital 5 a (new)
(5a) The European Supervisory Authorities should assess policy options to further integrate the reporting processes from a procedural and content perspective. The Authority should duly assess opportunities arising from increasing the use of digital technology promoting effective and efficient formats embracing metrics, methods, and parameters, which will foster the competitiveness of the insurance, reinsurance and occupational retirement sectors.
Amendment 90 #
Proposal for a regulation
Recital 6 a (new)
Recital 6 a (new)
(6a) Some data points that are needed by financial institutions from companies to comply with their reporting obligations, are still not reflected in the EU reporting framework and need to be added. Therefore, on top of the need to address redundant, duplicative or obsolete reporting requirements, regulatory gaps should be considered. This also makes it important to ensure consistency between financial and non-financial reporting requirements.
Amendment 91 #
Proposal for a regulation
Recital 6 b (new)
Recital 6 b (new)
(6b) Where relevant, financial institutions should be able to rely on a sequential approach, meaning that they may refer to information which has already been published by companies in their value chain.
Amendment 92 #
Proposal for a regulation
Recital 8
Recital 8
(8) Innovation cycles in the financial sector are accelerating, becoming more open and increasingly collaborative. To that end, authorities should be able to share information with financial institutions, researchers, and other entities for the purposes of research and innovation beyond the initial purpose for which the information was collected. The sharing of such information held by authorities should enhance its utility by expanding the information available for financial sector research and provide more opportunities to test products and business models as well as greater collaboration between various financial market participants, including fintech, start-ups and incumbent financial institutions. The re-use of data shared by competent authority is governed by the general framework for the re-use of data set out in Chapter II of Regulation (EU) 2022/868 of the European Parliament and of the Council9 . However, considering the sensitive nature of the data received for supervision purposes by the authorities in the financial sector, specific mandatory conditions should be introduced for the re- use of this data, including the anonymiszation of personal and non- personal data which would not allow the identification of individual financial institutions and the protection of confidential information. It follows that all procedures and steps in the collection, standardisation, anonymization, storage and sharing of data will continually be kept subject to the latest cyber security measures prescribed under Union law. __________________ 9 Regulation (EU) 2022/868 of the European Parliament and of the Council of 30 May 2022 on European data governance and amending Regulation (EU) 2018/1724 (Data Governance Act) (OJ L 152, 3.6.2022, p. 1).
Amendment 93 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 1092/2010
Article 15 – paragraph 8
Article 15 – paragraph 8
8. The ESRB shall share, on a case- by-case or regular basis, information it obtained from another authority referred to in paragraph 2 or another member authority of the ESFS in carrying out its duties, when requested by another of those authorities, or another competent authority as defined in Article 4, point (2), of Regulation (EU) No 1093/2010, in Article 4, point (2), of Regulation (EU) No 1094/2010, or in Article 4, point (3) of Regulation (EU) No 1095/2010, or the authorities defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council10 , or the SSM as defined in Article 2, point (9), of Regulation (EU) No 1024/2013, or the SRB provided that the requesting authority has the power to obtain that same information from financial institutions or other competent authorities pursuant to Union law. __________________ 10 OP : please insert in the text the number of the Directive contained in document 2021/0250(COD) (proposal for 6th Anti- Money Laundering Directive – COM/2021/423 final) and insert the number, date, title and OJ reference of that Directive in the footnote.
Amendment 94 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 1092/2010
Article 15 – paragraph 11
Article 15 – paragraph 11
11. For sharing information as referred to in paragraphs 8, 9 and 10, the authorities referred to in paragraph 8 may enter into memoranda of understanding to specify the modalities of the exchange of information. They may also specify arrangements for the sharing of resources for the collection and processing of such shared data. The memoranda of understanding shall by agreement between all the authorities concerned follow a standardised format, tailored when necessary to the special operating conditions that might apply to specific authorities.
Amendment 96 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 1092/2010
Article 15 – paragraph 13
Article 15 – paragraph 13
13. Without prejudice to other obligations laid down in Union law for sharing information, the ESRB shall, upon justified request and on a case-by-case basis, share with the Commission or one of the authorities referred to in paragraph 8 information that other authorities have reported to it pursuant to their obligations under Union law. The ESRB shall transmit that information in a form that does not allow the identification of individual entities and does not contain personal data. The authorities which have submitted such information shall be duly informed of the sharing that has taken place.
Amendment 98 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 1092/2010
Article 15 – paragraph 14 – subparagraph 2
Article 15 – paragraph 14 – subparagraph 2
Information received from another authority shall only be shared on this basis with the agreement of the authority that initially obtained the information.
Amendment 100 #
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Article 1 – paragraph 1 – point 2
Regulation (EU) No 1092/2010
Article 15 – paragraph 14 a (new)
Article 15 – paragraph 14 a (new)
14a. The ESRB is encouraged to draw up a report to the Commission with obstacles to data sharing. The report may also include non-material, obsolete, duplicative or otherwise irrelevant reporting requirements.
Amendment 102 #
Proposal for a regulation
Article 2 – paragraph 1 – point 1
Article 2 – paragraph 1 – point 1
Regulation (EU) No 1093/2010
Article 29 – paragraph 1 – point d
Article 29 – paragraph 1 – point d
(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to address regulatory gaps, remove redundant, duplicative or obsolete reporting requirements, standardise such requirements and minimise costs;;
Amendment 105 #
Proposal for a regulation
Article 2 – paragraph 1 – point 2
Article 2 – paragraph 1 – point 2
Regulation (EU) No 1093/2010
Article 30 – paragraph 3 – point e
Article 30 – paragraph 3 – point e
(e) the effectiveness of national reporting requirements and the degree of convergence of such requirements with the ones set out in Union law while taking into account the specific characteristics of national financial jurisdictions .;
Amendment 107 #
Proposal for a regulation
Article 2 – paragraph 1 – point 3
Article 2 – paragraph 1 – point 3
Regulation EU (No) 1093/2010
Article 35 – paragraph 4
Article 35 – paragraph 4
4. Before requesting information in accordance with this Article and in order to avoid theensure no duplication of reporting obligations, the Authority shall take account of information collected by other authorities referred to in Article 35a(1) and any relevant existing statistics produced and disseminated by the European Statistical System and the European System of Central Banks.;
Amendment 108 #
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
Regulation (EU) No 1093/2010
Article 35 a – paragraph 1
Article 35 a – paragraph 1
1. The Authority and the competent authorities shall share with other authorities, on a case-by-case or regular basis, information they obtained from financial institutions or other competent authorities in carrying out their duties, when requested by the other European Supervisory Authorities, the ESRB or competent authorities as defined in Article 4, point (2), of this Regulation, in Article 4, point (2), of Regulation (EU) No 1094/2010 or in Article 4, point (3) of Regulation (EU) No 1095/2010, or the authorities defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council11 , or the SSM as defined in Article 2, point (9), of Regulation (EU) No 1024/2013, or the SRB, provided that the authority requesting that information is, pursuant to Union law, entitled to obtain that same information from financial institutions or other competent authorities. For the purposes of this Article, ‘financial institution’ means a ‘financial institution’ as defined in Article 2, point (a), of Regulation (EU) No 1092/2010. __________________ 11 OP: Please insert in the text the number of the Directive contained in document 2021/0250(COD) (proposal for 6th Anti- Money Laundering Directive - COM/2021/423 final) and insert the number, date, title and OJ reference of that Directive in the footnote.
Amendment 109 #
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
Regulation (EU) No 1093/2010
Article 35 a – paragraph 4
Article 35 a – paragraph 4
4. For sharing information as referred to in paragraphs 1, 2 and 3, the authorities referred to in paragraph 1 may enter into memoranda of understanding to specify the modalities of the exchange of information. They may also specify arrangements for the sharing of resources for the collection and processing of such shared data. The memoranda of understanding shall by agreement between all the authorities concerned follow a standardised format, tailored when necessary to the special operating conditions that might apply to specific authorities.
Amendment 110 #
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
Regulation (EU) No 1093/2010
Article 35 a – paragraph 7 – subparagraph 2
Article 35 a – paragraph 7 – subparagraph 2
Information received from another authority shall only be shared on this basis with the agreement of the authority that initially obtained the information.;
Amendment 111 #
Proposal for a regulation
Article 2 – paragraph 1 – point 4
Article 2 – paragraph 1 – point 4
Regulation EU (No) 1093/2010
Article 35 a – paragraph 7 a (new)
Article 35 a – paragraph 7 a (new)
7a. The Authority may draw up a report to the Commission with obstacles to data sharing. The report may also include non-material, obsolete, duplicative or otherwise irrelevant reporting requirements, and suggestions to ensure consistency between reporting requirements of financial and non- financial companies.
Amendment 115 #
Proposal for a regulation
Article 3 – paragraph 1 – point 1
Article 3 – paragraph 1 – point 1
Regulation (EU) No 1094/2010
Article 29 – paragraph 1 – point d
Article 29 – paragraph 1 – point d
(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to address regulatory gaps, remove redundant, duplicative or obsolete reporting requirements, standardise such requirements and minimise costs;;
Amendment 116 #
Proposal for a regulation
Article 3 – paragraph 1 – point 2
Article 3 – paragraph 1 – point 2
Regulation (EU) No 1094/2010
Article 30 – paragraph 3 – point e
Article 30 – paragraph 3 – point e
(e) the effectiveness of national reporting requirements and the degree of convergence of such requirements with the ones set out in Union law, while taking into account the specific characteristics of national insurance markets and jurisdictions.;
Amendment 117 #
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Article 3 – paragraph 1 – point 4
Regulation (EU) No 1094/2010
Article 35 a – paragraph 1
Article 35 a – paragraph 1
1. The Authority and the competent authorities shall share with other authorities, on a case-by-case or regular basis, information they obtained from financial institutions or other competent authorities in carrying out their duties, when requested by the other European Supervisory Authorities, the ESRB or competent authorities as defined in Article 4, point (2) of this Regulation, in Article 4, point (2), of Regulation (EU) No 1093/2010 or in Article 4, point (3), of Regulation (EU) No 1095/2010, or the authorities defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council13 ,or the SSM as defined in Article 2, point (9), of Regulation (EU) No 1024/2013, or the SRB provided that the authority requesting the information is, pursuant to Union law, entitled to obtain that same information from financial institutions or other competent authorities. For the purposes of this Article, ‘financial institution’ means a ‘financial institution’ as defined in Article 2, point (a), of Regulation (EU) No 1092/2010. __________________ 13 OP: Please insert in the text the number of the Directive contained in document 2021/0250(COD) (proposal for 6th Anti- Money Laundering Directive - COM/2021/423 final) and insert the number, date, title and OJ reference of that Directive in the footnote.
Amendment 118 #
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Article 3 – paragraph 1 – point 4
Regulation (EU) No 1094/2010
Article 35 a – paragraph 4
Article 35 a – paragraph 4
4. For sharing information as referred to paragraphs 1, 2 and 3, the authorities referred to in paragraph 1 may enter into memoranda of understanding to specify the modalities of the exchange of information. They may also specify arrangements for the sharing of resources for the collection and processing of such shared data. The memoranda of understanding shall by agreement between all the authorities concerned follow a standardised format, tailored when necessary to the special operating conditions that might apply to specific authorities.
Amendment 119 #
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Article 3 – paragraph 1 – point 4
Regulation (EU) No 1094/2010
Article 35 a – paragraph 7 – subparagraph 2
Article 35 a – paragraph 7 – subparagraph 2
Information received from another authority shall only be shared on this basis with the agreement of the authority that initially obtained the information. ;
Amendment 121 #
Proposal for a regulation
Article 3 – paragraph 1 – point 4
Article 3 – paragraph 1 – point 4
Regulation (EU) No 1094/2010
Article 35 a – paragraph 7 a (new)
Article 35 a – paragraph 7 a (new)
7a. The Authority may draw up a report to the Commission with obstacles to data sharing. The report may also include non-material, obsolete, duplicative or otherwise irrelevant reporting requirements, and suggestions to ensure consistency between reporting requirements of financial and non- financial companies.
Amendment 125 #
Proposal for a regulation
Article 4 – paragraph 1 – point 1
Article 4 – paragraph 1 – point 1
Regulation (EU) No 1095/2010
Article 29 – paragraph 1 – point d
Article 29 – paragraph 1 – point d
(d) reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, and of the guidelines and recommendations issued by the Authority and proposing amendments where appropriate, including to address regulatory gaps, remove redundant, duplicative or obsolete reporting requirements, standardise such requirements and minimise costs;;
Amendment 127 #
Proposal for a regulation
Article 4 – paragraph 1 – point 2
Article 4 – paragraph 1 – point 2
Regulation (EU) No 1095/2010
Article 30 – paragraph 3 – point e
Article 30 – paragraph 3 – point e
(e) the effectiveness of national reporting requirements and the degree of convergence of such requirements with the ones set out in Union law, while not unnecessary limiting the discretion for national best practices in line with point (c) of this paragraph.;
Amendment 128 #
Proposal for a regulation
Article 4 – paragraph 1 – point 4
Article 4 – paragraph 1 – point 4
Regulation (EU) No 1095/2010
Article 35 a – paragraph 1
Article 35 a – paragraph 1
1. The Authority and the competent authorities shall share with other authorities, on a case-by-case or regular basis, information they obtained from financial institutions or other competent authorities in carrying out their duties, when requested by the other European Supervisory Authorities, the ESRB or competent authorities as defined in Article 4, point (3) of this Regulation, in Article 4, point (2), of Regulation (EU) No 1093/2010 or in Article 4, point (2), of Regulation (EU) No 1094/2010, or the authorities defined in Article 2, point (1), of Directive (EU) …/… of the European Parliament and of the Council15 , or the SSM as defined in Article 2, point (9), of Regulation (EU) No 1024/2013, or the SRB provided that the authority requesting that information is, pursuant to Union law, entitled to obtain that same information from financial institutions or other competent authorities. For the purposes of this Article, ‘financial institution’ means a ‘financial institution’ as defined in Article 2, point (a), of Regulation (EU) No 1092/2010. __________________ 15 OP: Please insert in the text the number of the Directive contained in document 2021/0250(COD) (proposal for 6th Anti- Money Laundering Directive - COM/2021/423 final) and insert the number, date, title and OJ reference of that Directive in the footnote.
Amendment 129 #
Proposal for a regulation
Article 4 – paragraph 1 – point 4
Article 4 – paragraph 1 – point 4
Regulation (EU) No 1095/2010
Article 35 a – paragraph 4
Article 35 a – paragraph 4
4. For sharing information as referred to in paragraphs 1, 2 and 3, the authorities referred to in paragraph 1 may enter into memoranda of understanding to specify the modalities of the exchange of information. They may also specify arrangements for the sharing of resources for the collection and processing of such shared data. The memoranda of understanding shall by agreement between all the authorities concerned follow a standardised format, tailored when necessary to the special operating conditions that might apply to specific authorities.
Amendment 130 #
Proposal for a regulation
Article 4 – paragraph 1 – point 4
Article 4 – paragraph 1 – point 4
Regulation (EU) No 1095/2010
Article 35 a – paragraph 7 – subparagraph 2
Article 35 a – paragraph 7 – subparagraph 2
Information received from another authority shall only be shared on this basis with the agreement of the authority that initially obtained the information.;
Amendment 132 #
Proposal for a regulation
Article 4 – paragraph 1 – point 4
Article 4 – paragraph 1 – point 4
Regulation (EU) No 1095/2010
Article 35 a – paragraph 7 a (new)
Article 35 a – paragraph 7 a (new)
7a. The Authority may draw up a report to the Commission with obstacles to data sharing. The report may also include non-material, obsolete, duplicative or otherwise irrelevant reporting requirements, and suggestions to ensure consistency between reporting requirements of financial and non- financial companies.
Amendment 138 #
Proposal for a regulation
Article 5 – paragraph 1 – point -1 (new)
Article 5 – paragraph 1 – point -1 (new)
Regulation (EU) No 2021/523
Article 8 – paragraph 6
Article 8 – paragraph 6
-1. Article 8(6) the introductory part is replaced by the following: ‘The Commission shall develop sustainability guidance that, in accordance with Union environmental and social objectives and standards and, taking appropriate account of the principle of ‘do no significant harm’, and considering differences between various types of infrastructure projects, allows for:’
Amendment 146 #
Proposal for a regulation
Article 5 – paragraph -1 b (new)
Article 5 – paragraph -1 b (new)
Regulation (EU) No 2021/523
Article 17 – paragraph 2 – point (h)
Article 17 – paragraph 2 – point (h)
Amendment 148 #
Proposal for a regulation
Article 5 – paragraph 1 – point 1
Article 5 – paragraph 1 – point 1
Regulation (EU) No 2021/523
Article 28 – paragraph 4
Article 28 – paragraph 4
4. Once a year, each implementing partner shall submit a report to the Commission on the financing and investment operations covered by this Regulation, broken down by EU compartment and Member State compartment, as appropriate. Each implementing partner shall also submit information on the Member State compartment to the Member State whose compartment it implements. The report shall include an assessment of compliance with the requirements on the use of the EU guarantee and with the key performance indicators laid down in Annex III to this Regulation. The report shall also include operational, statistical, financial and accounting data, including the results of any available audits on each financing or investment operation and an estimation of expected cash flows, at the level of compartment, policy window and the InvestEU Fund. The report from the EIB Group and, where appropriate, from other implementing partners, shall also include information on barriers to investment encountered when carrying out financing and investment operations covered by this Regulation. The reports shall contain the information the implementing partners have to provide under point (a) of Article 155(1) of the Financial Regulation.