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

06/01/2022 | Commission Européenne

Brussels, 15 December 2021

The European Commission has today 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.

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