Regulatory Reporting: The Regulators Next Steps
“The Commission has concluded that a twofold approach is necessary to address the problems affecting supervisory reporting. Immediate and targeted action should be taken to address the most problematic areas and a more comprehensive, long-term approach to address the costs and benefits of supervisory reporting” Follow up to the Call for Evidence – EU regulatory framework for financial services (EC, Dec 17).
The European Commission have committed to completing a thorough review of the European regulatory reporting framework in the coming years. “The overarching vision is to ensure that supervisory reporting requirements set out in EU law provide supervisors and regulators with high-quality and timely information to help them safeguard the stability of the financial system, while at the same time keeping the administrative and compliance costs and burden for firms to a necessary minimum. In line with this vision, the project has two main objectives:
1. To identify specific areas where action is required, i.e. EU legislation where supervisory reporting requirements appear to overlap or create duplication and where there is insufficient clarity on what needs to be reported, insufficient standardisation and gaps or inconsistencies.
2. To devise concrete measures that can help reducing compliance costs for firms, while improving the quality of information provided to supervisors. This implies streamlining and simplifying supervisory reporting requirements, but also considering a completely new and innovative approach to supervisory reporting. “ Follow up to the Call for Evidence – EU regulatory framework for financial services (EC, Dec 17)