Article 7 — Amendments to Regulation (EU) 2024/1620

Regulation (EU) 2024/1620 is amended as follows: (1) in Article 5(1), the following point is added: (k) assist the Commission in reviewing the application of the relevant regulatory and implementing technical standards adopted by the Commission, review the application of the guidelines and recommendations issued by the Authority and propose amendments, where appropriate, including amendments to: (i) remove redundant or obsolete reporting requirements and minimise costs while preserving data usability and quality; (ii) ensure proportionate and consistent reporting requirements; and (iii) address regulatory gaps related to reporting requirements. ; (2) in Article 88, the following paragraph is inserted: 3a. This Article shall not prevent the Authority from exchanging information with other authorities as defined in Article 92a(12). ; (3) the following Article is inserted: Article 92a Exchange of information between authorities and with other entities 1. The Authority shall share, on a regular or case-by-case basis, information that it obtained from obliged entities or the other authorities when carrying out its duties, and that stems from the application and implementation of Union law, with the other authorities upon request, provided that the requesting authority is entitled to obtain that information from obliged entities or the other authorities pursuant to Union law. 2. The Authority shall request information from any of the other authorities that have obtained that information, instead of requesting it directly from obliged entities, provided that the Authority is entitled to obtain that information pursuant to Union law. The first subparagraph of this paragraph shall be without prejudice to the powers of the Authority to obtain the requested information from obliged entities where the other authority is unable to share the information, where urgent action is needed or where obtaining information directly from obliged entities is necessary for the performance of the Authority’s tasks pursuant to Union law. 3. A request to exchange information pursuant to paragraph 1 of this Article shall indicate the legal basis under Union law that entitles the requesting authority to obtain the information from obliged entities or the other authorities. The requesting authority and the Authority shall be subject to the obligations of professional secrecy and data protection laid down in Articles 88 and 98 and in sectoral legislation which apply to the sharing of information between the obliged entity and the requesting authority and between the obliged entity and the Authority. 4. Where the Authority exchanges information pursuant to paragraph 1, it shall, without undue delay, inform each authority from which it obtained the information or each obliged entity if the information was obtained from obliged entities directly, about the exchange. In the case of recurring or periodic exchanges of information, the Authority shall be obliged to inform the obliged entity or the authority from which it obtained the information only once. 5. By way of derogation from paragraph 4, the Authority shall not be obliged to inform the authority or the obliged entity, as applicable, about the exchange of information where either of the following conditions is met: (a) the information has been anonymised in such a manner that it no longer relates to any identified or identifiable natural person and that the obliged entity or other legal entities are no longer identifiable; or (b) the information has been modified, aggregated or treated by any other method of disclosure control to protect confidential information, including trade secrets, and to protect personal data through appropriate technical and organisational measures in accordance with Regulations (EU) 2016/679 and (EU) 2018/1725. 6. By way of derogation from paragraph 4, the Authority shall not inform the obliged entity about the exchange of information if it determines, or is informed by the requesting authority, that doing so could compromise supervisory or resolution proceedings, actions or investigations. 7. Paragraphs 1 to 6 shall also apply to information that the Authority has received from an obliged entity or the other authorities and upon which the Authority has subsequently performed quality checks or which the Authority has otherwise processed. 8. To facilitate exchanges of information as referred to in paragraphs 1 to 7, the Authority and the other authorities may enter into memoranda of understanding regarding the arrangements for such exchanges. The memoranda of understanding may also specify arrangements for the sharing of resources for the collection and processing of shared information. The Commission may after consulting the Authority and the other authorities, develop guidance on the main elements of such memoranda of understanding. 9. Paragraphs 1 to 8 shall be without prejudice to the protection of intellectual property rights and shall not prevent or restrict the exchange of information between the Authority and the other authorities in accordance with other provisions of this Regulation or with other Union legislation. In the event of a conflict between this Article and other provisions of this Regulation or other Union legislation that govern the exchange of information between the Authority and the other authorities, such other provisions shall prevail. 10. The Authority and the financial supervisors may, at their own discretion, grant access to information obtained when carrying out their duties for re-use by obliged entities, researchers and other entities that have a legitimate interest in that information for research and innovation purposes, provided that the Authority or the financial supervisors granting access have ensured that all of the following conditions have been complied with: (a) the necessary measures have been taken to anonymise the information, in a manner that prevents individual obliged entities, data subjects, and, where it is the Authority which grants access to the information, Member States from being identified; (b) the information has been modified, aggregated or treated by any other method of disclosure control to protect confidential information, including trade secrets or content covered by intellectual property rights; Information received from any authority shall be shared pursuant to the first subparagraph only with the consent of the authority that initially obtained that information. 11. By 11 November 2027, the Authority shall, in close cooperation with the financial supervisors, report to the Commission on all legal obstacles in sectoral legislation that prevent them, in any way, from exchanging information with the other authorities or with other entities. The report may also address non-material, obsolete, duplicative or otherwise irrelevant reporting requirements. It may also include suggestions for improving consistency between reporting requirements for financial and non-financial entities. The report shall be updated on a regular basis, where necessary. Taking into account the report referred to in the first subparagraph, the protection of intellectual property rights and the obligations of professional secrecy and data protection, the Commission shall, where appropriate, submit to the European Parliament and to the Council a legislative proposal to remove such legal obstacles in sectoral legislation, to foster the exchange of information between authorities and with other entities. 12. For the purposes of this Article, other authorities means any of the following authorities: (a) the European Systemic Risk Board, as established by Regulation (EU) No 1092/2010 of the European Parliament and of the Council; (b) the EBA; (c) the EIOPA; (d) the ESMA; (e) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1093/2010; (f) competent authorities, as defined in Article 4, point (2), of Regulation (EU) No 1094/2010; (g) competent authorities, as defined in Article 4, point (3), of Regulation (EU) No 1095/2010; (h) the authorities composing the Single supervisory mechanism, as defined in Article 2, point (9), of Regulation (EU) No 1024/2013; (i) the Single Resolution Board, as established by Regulation (EU) No 806/2014 of the European Parliament and of the Council; (j) resolution authorities, such as those referred to in Article 3(3) of Directive 2014/59/EU. (4) in Article 55(1), the following subparagraphs are added: In its opinions, the Authority may, where appropriate, address the functioning of legislative acts in force, including the appropriateness of removing any redundant or obsolete reporting requirements in Union law or in measures of national law transposing Union law. To provide opinions on legislative acts in force, as referred to in the second subparagraph, the Authority may consult all relevant stakeholders specifically on that matter and take their input into account. The Commission may, after considering those opinions, where appropriate, submit to the European Parliament and to the Council a legislative proposal..