Financial institutions and other entities active in 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 Authority (European Banking Authority) (EBA), established by Regulation (EU) No 1093/2010, the European Supervisory Authority (European Insurance and Occupational Pensions Authority) (EIOPA), established by Regulation (EU) No 1094/2010, the European Supervisory Authority (European Securities and Markets Authority) (ESMA), established by Regulation (EU) No 1095/2010 (known collectively as the European Supervisory Authorities (ESAs)) and the Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), established by Regulation (EU) 2024/1620, should regularly review reporting and disclosure requirements adopted while applying Union law and propose, where appropriate, to streamline or remove redundant, obsolete or disproportionate requirements. In addition, the ESAs and AMLA should address regulatory gaps in relevant regulatory and implementing technical standards. The ESAs should coordinate their work through the Joint Committee of the European Supervisory Authorities (the Joint Committee). The ESAs should also regularly analyse the effectiveness of and potential differences among Member States in reporting and disclosure requirements stemming from the application or implementation of Union law, and identify best practices to foster supervisory convergence.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
