Digital Finance: New Commission strategy paves the way for modern and streamlined supervisory data reporting

The European Commission has presented a new strategy to improve and modernise financial supervisory reporting in the EU. 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. This strategy will contribute directly to the objectives of the European Data Strategy and the Digital Finance package to promote digital innovation in Europe. Moreover, this strategy contributes to the objectives of a Capital Markets Union and helps to achieve a single market in financial services. An Economy that Works for People Executive Vice-President Valdis Dombrovskis said: “Our aim is to make financial reporting in the EU more effective and to take full advantage of the opportunities offered by the digital transition. This strategy paves the way for a solid approach to monitor risks, ensuring financial stability and market integrity, and protecting the EU's investors and users of financial services. It is also part of our work to make Europe's financial sector more digital-friendly and to stimulate responsible innovation and competition. We are also taking a leading role in international discussions to promote global data alignment for digital economy to be effective, secure and accessible to all.” Mairead McGuinness, commissioner responsible for financial services, financial stability and Capital Markets Union said: “Supervisory reporting underpins a sound financial sector, and we want the EU's reporting system to be fit for the future. Today's Strategy will make our current system more efficient and ease the administrative burden on financial companies. This will ensure that the EU's financial services sector remains a global leader, supporting supervisory authorities in maintaining financial stability and protecting consumers.” A press release and Q&A are available.

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