Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulations (EU) No 1092/2010, (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/2010 and (EU) 2021/523 as regards certain reporting requirements in the fields of financial services and investment support
Date: 2023-10-17
Institutions: Directorate-General for Financial Stability, Financial Services and Capital Markets Union, European Commission
Subjects: EU financing, EU office or agency, EU programme, data sharing, disclosure of information, exchange of information, financial control, financial institution, financial market, investment promotion

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   EUROPEAN COMMISSION  Brussels, 17.10.2023  COM(2023) 593 final 2023/0363 (COD)  Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL amending Regulations (EU) No 1092/2010, (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 1095/2010 and (EU) 2021/523 as regards certain reporting requirements in the fields of financial services and investment support (Text with EEA relevance)  
 
EXPLANATORY MEMORANDUM 

1. 

CONTEXT OF THE PROPOSAL 

Reasons for and objectives of the proposal 

• 
In  its  Communication  Long-term  competitiveness  of  the  EU:  looking  beyond  20301,  the 
Commission  has  stressed  the  importance  of  a  regulatory  system  that  ensures  that  objectives 
are  reached  at  minimum  cost.  It  is  therefore  giving  a  renewed  impetus  to  rationalising  and 
simplifying  reporting  requirements,  with  the  ultimate  aim  to  reduce  such  burdens  without 
undermining the related policy objectives. 

Reporting  requirements  play  a  key  role  in  ensuring  correct  enforcement  and  proper 
monitoring of legislation. Generally, their costs are largely offset by the benefits they bring, in 
particular  in  monitoring  and  ensuring  compliance  with  key  policy  measures.  However, 
reporting requirements can also impose disproportionate burdens on stakeholders, particularly 
affecting  small  and  medium-sized  enterprises  and  micro-companies.  Their  cumulation  over 
time  can  result  in  duplication  or  obsolete  reporting  obligations,  inefficient  frequency  and 
timing, or inadequate methods of collection. 

Streamlining reporting obligations and reducing administrative burdens is therefore a priority. 
In  this  context,  the  present  proposal  aims  to  help  rationalise  reporting  requirements  in 
headline ambition “An economy that works for people”, in two policy areas. 
Firstly,  in  the  area  of  the  internal  market  and  specifically  the  financial  services  sector,  the 
proposal  will  facilitate  the  exchange  of  information  between  authorities  overseeing  the 
financial  sector  and  the  consolidation  of  reporting  currently  performed  under  various 
requirements.  The  reporting  requirements  concern  financial  institutions  and  other  financial 
market participants.  

Improved  data  sharing  between  authorities  is  one  of  the  objectives  of  the  Strategy  on 
supervisory data in EU financial services2. This strategy aims at modernising EU supervisory 
reporting and at putting in place a system that delivers accurate, consistent, and timely data to 
supervisory  authorities  at  EU  and  national  level,  while  minimising  the  aggregate  reporting 
burden  for  all  relevant  parties.  The  proposal  for  the  exchange  of  information  between 
authorities overseeing the financial sector aims to avoid duplicative reporting requests where 
multiple authorities have the power to collect certain data from financial institutions or other 
market participants (whether the authorities already collect it or not) but lack the explicit legal 
basis  to  share  it  among  themselves.  The  proposal  is  complemented  by  a  mandate  for  the 
authorities  to  regularly  review  and  remove  reporting  requirements  that  have  become 
redundant or obsolete for instance due to enhanced information exchange. This will avoid that 
businesses have to report the same information twice. It also aims to facilitate access to clean 
or processed versions of such data (as opposed to all authorities having to clean and process 
the data separately)3.  

In addition, to ensure that the utility of the information reported by companies is maximised, 
the proposal will also increase the ability of the Commission to obtain data to prepare policies 

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COM(2023) 168. 
COM(2021) 798 final. 
Duplicative  reporting  was  one  of  the  concerns  raised  by  industry  stakeholders  in  the  Commission’s 
fitness check of EU supervisory reporting requirements in the financial sector (SWD (2019) 402 final). 

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and  carry  out  impact  assessments  and  evaluations.  This  will  support  evidence-informed 
policymaking in accordance with the Commission’s better regulation agenda, while avoiding 
the  costs  (both  for  the  Commission  and  the  entities  providing  the  information)  that  would 
otherwise be incurred in collecting the information through other means. The access would be 
limited to data that does not make possible the identification of individual entities. 

To further improve the utility of the reported data, the proposal also aims to support the use of 
information  for  the  purpose  of  research  and  innovation  in  financial  services,  by  allowing, 
under  strict  conditions,  the  sharing  of  information  held  by  authorities  with  financial 
institutions, researchers, and other entities with a legitimate interest. In so doing, this proposal 
complements Regulation (EU) 2022/868 (Data Governance Act) by creating a sector-specific 
provision  in  EU  law  that  permits  the  reuse  of  data  collected  by  authorities  for  research  and 
innovation  activities.  The  proposal  will  permit  authorities  to  share  relevant  information 
obtained  as  part  of  their  duties,  subject  to  the  safeguards  on  personal  data,  intellectual 
property rights and business confidentiality. 

Secondly,  in  the  policy  areas  of  competitiveness,  growth,  employment,  innovation,  social 
resilience,  cohesion  and  strategic  investments,  the  proposal  aims  to  rationalise  the 
requirements for reporting on implementation of the InvestEU Programme, as provided for in 
Article 28(4)  of  Regulation  (EU)  2021/523  (the  InvestEU  Regulation).  The  requirements 
cover the following sectors: access to finance for SMEs and investment support to companies 
in sustainable infrastructure, research, innovation and digitisation, and social investment and 
skills. 

The  reporting  requirements  under  the  InvestEU  Regulation  concern  implementing  partners, 
financial  intermediaries,  SMEs  and  other  companies.  The  proposal  changes  the  reporting 
frequency  from  biannual  to  annual,  which  reduces  the  workload  and  administrative  burden 
across all InvestEU windows (i.e. Sustainable infrastructure, SMEs, Research, innovation and 
digitisation, social investment and skills), with negligible implications on implementation of 
the programme.  

• 

Consistency with existing policy provisions in the policy area 

The  proposal  is  part  of  a  first  package  of  measures  to  streamline  and  rationalise  reporting 
requirements. This  is  one  step  in  a  process  looking  comprehensively  at  existing  reporting 
requirements,  with  a  view  to  assess  their  continued  relevance  and  to  make  them  more 
efficient.  It  builds  on  existing  rules  that  already  provide  for  information  exchange  between 
authorities  in  a  given  sector  of  financial  services,  by  strengthening  the  legal  basis  for  data 
sharing between authorities, including across sectors. 

As  regards  the  proposed  measures  on  data  sharing  in  the  financial  sector,  these  will  deliver 
efficiencies  without  affecting  the  achievement  of  objectives  in  this  policy  area.  This  is 
because  the  proposal  will  not  reduce  the  availability  and  quality  of  information  to  public 
authorities  overseeing  the  financial  sector  in  their  pursuit  of  maintaining  financial  stability, 
market integrity and protection of investors and consumers of financial services. Rather, the 
measures will enable a more efficient collection and processing of the information.  
The  proposal  also  aims  to  make  it  easier  for  financial  institutions  and  other  entities  with  a 
legitimate  interest  to  access  information  obtained  by  authorities  for  research  and  innovation 
activities. This is consistent with the objectives set out in the Digital Finance Strategy for the 

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EU4 to support the digital transformation of the financial sector. It is also consistent with the 
Data Governance Act, which facilitates the voluntary sharing of data protected under EU and 
national  law  and  held  by  public  sector  bodies  in  Member  States.  The  proposal  permits 
authorities  to  share  information  obtained  as  part of  their  duties  subject  to  the  safeguards  on 
personal data, intellectual property rights and business confidentiality. 

the  Commission  and 

As  regards  the  InvestEU  Programme,  the  move  from  biannual  to  annual  reporting  does  not 
impact  the  added  value  and  overall  content  of  the  reporting;  this  is  provided  by  the 
implementing partners for all InvestEU financing and investment operations on a cumulative 
basis. Therefore, the proposed simplification will have no impact on the achievement of the 
Programme’s policy objectives. Monitoring the achievement of the Programme’s objectives at 
the level of key performance and monitoring indicators already takes place on an annual basis. 
In  addition,  the  contractual  set-up  with  implementing  partners  requires  policy  dialogues 
between 
regularly  on 
implementation. During the year, it also provides for a light progress reporting on InvestEU 
supported  operations,  which  will  be  continued  for  monitoring  purposes.  The  proposed 
amendment will harmonise the reporting requirements included in the InvestEU Regulation in 
line  with  the  requirements  of  Regulation  (EU,  Euratom)  2018/1046  of  the  European 
Parliament and of the Council5 (the ‘Financial Regulation’). The simplification fully respects 
accountability to EU citizens in the sense that the Commission, in line with Article 28(3) of 
the InvestEU Regulation, will continue reporting annually to the European Parliament and to 
the Council on the InvestEU Programme, in particular in the form of the reports provided for 
under Articles 41(5) and 250 of the Financial Regulation.  

implementing  partners 

to  exchange 

• 

Consistency with other Union policies 

Under the regulatory fitness and performance (REFIT) programme, the Commission ensures 
that  its  legislation  is  fit  for  purpose,  targeted  to  the  needs  of  stakeholders  and  minimises 
burdens  while  achieving  its  objectives.  This  proposal  is  therefore  part  of  the  REFIT 
programme,  as  it  reduces  the  complexity  of  reporting  burdens  arising  from  the  EU  legal 
environment.  

While  certain  reporting  requirements  are  essential,  they  need  to  be  as  efficient  as  possible, 
avoiding overlaps, removing unnecessary burdens, and using as much as possible digital and 
interoperable solutions. 

The  proposal  rationalises  reporting  requirements,  thus  making  the  achievement  of  the 
legislation’s objectives more efficient and less burdensome. 

The  proposed  measures  concerning  the  financial  sector  aim  to  facilitate  the  sharing  of  data 
between  authorities  and  to  avoid  duplicative  and  redundant  reporting  requests  to  financial 
institutions and other reporting entities, with related cost savings. They also aim to  increase 
the  usefulness  of  the  information,  enabling  its  wider  uses  under  strict  conditions,  while 
limiting additional costs on companies and authorities. 

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COM(2020) 591 final. 
Regulation  (EU,  Euratom)  2018/1046  of  the  European  Parliament  and  of  the  Council  of  18  July  2018  on  the  financial 
rules applicable to the general budget of the Union, amending Regulations (EU) No 1296/2013, (EU) No 1301/2013, (EU) 
No  1303/2013,  (EU)  No  1304/2013,  (EU)  No  1309/2013,  (EU)  No 1316/2013,  (EU)  No  223/2014, (EU)  No  283/2014, 
and Decision No 541/2014/EU and repealing Regulation (EU, Euratom) No 966/2012 (OJ L 193, 30.7.2018, p. 1). 

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The  proposal  to  reduce  the  frequency  of  reporting  on  implementation  of  the  InvestEU 
Programme  will  make  achieving  the  legislation’s  objectives  more  efficient  and  less 
burdensome for InvestEU implementing partners and, consequently, for the micro-enterprises, 
SMEs  and  other  companies,  and  financial  intermediaries  who  have  to  provide  data  to  the 
implementing partners for reporting purposes.  

2. 

• 

LEGAL BASIS, SUBSIDIARITY AND PROPORTIONALITY 

Legal basis 

The proposal amends existing regulations. Hence, the legal basis for the proposal is the same 
as the legal basis of the amended Regulations, namely Article 114 TFEU for the measures in 
the area of financial services and Articles 173 and 175(3) TFEU for the InvestEU measure. 

• 

Subsidiarity (for non-exclusive competence)  

The  reporting  requirements  concerned  are  imposed  by  EU  law.  Their  rationalisation  is 
therefore  best  done  at  EU  level  to  ensure  legal  certainty  and  consistency  of  reporting.  This 
will ensure a level playing field for companies and authorities across the EU, which will be 
benefiting from the rationalisation of reporting requirements arising from this proposal. 

• 

Proportionality 

The  rationalisation  of  reporting  requirements  simplifies  the  legal  framework  by  introducing 
minimum changes to existing requirements that do not affect the substance of the wider policy 
objective.  The  proposal  is  therefore  limited  to  those  changes  that  are  necessary  to  ensure 
reporting  that  is  more  efficient  without  changing  any  of  the  substantial  elements  of  the 
legislation concerned. 

• 

Choice of the instrument 

The proposal covers legislation with a compatible legal basis. The targeted amendments only 
concern reporting requirements and are suitable therefore to be included in a single proposal.  

3. 

• 

RESULTS 
CONSULTATIONS AND IMPACT ASSESSMENTS 

EVALUATIONS, 

EX POST 

OF 

STAKEHOLDER 

Ex post evaluations/fitness checks of existing legislation 

Regarding  the  measures  to  facilitate  data  sharing  between  authorities,  in  2019  the 
Commission  published  a  comprehensive  fitness  check  of  EU  supervisory  reporting 
requirements  in  the  financial  sector6.  This  identified  data  sharing  as  one  of  the  areas  for 
improvement. As a result,  in  its 2021  strategy on supervisory data in  EU  financial services, 
the  Commission  undertook  to  propose  removing  any  undue  legal  obstacles  to  data  sharing 
between  authorities.  This  is  to  reduce  the  burden  on  reporting  companies  by  avoiding 
duplicative  data  requests.  This  includes  measures  to  facilitate  data  sharing  in  sectoral 
legislation, which are  complemented by the measures spanning the wider financial sector in 
this proposal. 

• 

Stakeholder consultations 

From  June  to  September  2022,  in  the  context  of  implementing  the  strategy  on  supervisory 
data in EU financial services, the Commission conducted a targeted consultation of authorities 

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SWD (2019) 402 final. 

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overseeing the EU financial system in order to identify barriers to data sharing among them. 
Of  the  58  respondents,  almost  70%  reported  facing  legal  obstacles  to  data  sharing  when 
requesting data from other authorities, and 40% did so when wanting to provide such data to 
other authorities. As regards the sharing of data for research and innovation activities, 43% of 
authorities  replied  that  they  currently  share  data  for  this  purpose,  with  36%  responding  that 
they encountered obstacles in doing so, including the lack of a legal basis.  

The  results  of  the  consultation  were  presented  and  further  analysed  in  a  workshop,  held  on 
16 February 2023, with more than 130 representatives of the said authorities.7 There was wide 
support for more sharing of data between authorities in the banking, insurance and financial 
markets sectors, and also across the sectors, to improve the use of collected data and to reduce 
redundant reporting. At the workshop, authorities generally took the view that strengthening 
and clarifying the legal basis for data sharing in EU legislation is important. They considered 
that both targeted changes in sectoral legislation and horizontal enabling provisions would be 
needed to deliver a comprehensive, systematic and future-proof outcome. 

The  Commission  also  presented  possible  elements  of  the  proposal  to  the  Expert  Group  on 
Banking,  Payments  and  Insurance  (Open  Finance)  on  30 March  2023.  While  the  detailed 
provisions  were  not  discussed,  experts  expressed  support  for  improved  data  sharing  at  the 
general  level,  while  clearly  defining  the  scope  of  authorities  and  not  interfering  with  the 
existing divisions of competences. 
Regarding the InvestEU Programme, the proposal to reduce the reporting frequency has taken 
into account the feedback from implementing partners and their intermediaries, who consider 
that the reporting requirements are cumbersome.  

• 

Collection and use of expertise 

The proposal has been identified following a process of internal scrutiny of existing reporting 
obligations and is based on experience in implementing the related legislation. Since this is a 
step  in  the  process  of  continuous  assessment  of  reporting  requirements  arising  from  EU 
legislation, the scrutiny of such burdens and of their impact on stakeholders will continue.  

• 

Impact assessment 

The  proposal  concerns  limited  and  targeted  changes  of  legislation  in  view  of  rationalising 
reporting  requirements.  The  main  measures  are  based  on  experience  in  implementing 
legislation.  As  the  proposed  targeted  changes  ensure  a  more  efficient  and  effective 
implementation of existing policies and there is a lack of different relevant policy options, an 
impact assessment is not necessary.  

• 

Regulatory fitness and simplification 

This is a REFIT proposal, aiming to simplify legislation and cut burdens for stakeholders. 

The  provisions  on  the  exchange  of  information  between  authorities  in  the  financial  sector 
represent a first step towards a system where entities report data only once, and where the data 
is shared and reused as needed by the  various authorities overseeing the financial system in 
the  EU.  The  provisions  will  therefore  help  avoid  duplicative  reporting  by  entities,  and 
promote cooperation between authorities, thereby reducing costs. 

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The  proposed  provisions  do  not  impose  data  sharing  between  authorities.  Sharing  the  data 
would  remain  subject  to  a  voluntary  request  but  would  become  easier  to  implement. 
Therefore, while the provisions are expected to contribute to reducing administrative burden 
for  reporting  entities  and  authorities,  their  exact  impact  cannot  be  estimated  prospectively. 
This is also due to the future-proof nature of this policy that will allow authorities to use the 
enabling  provisions  to  change  and  adapt  data  sharing  arrangements  to  respond  to  their 
constantly evolving information needs.  

Implementing  the  strategy  on  supervisory  data  in  EU  financial  services,  including  the 
proposal as part of it, will enable a more effective and efficient use of modern technologies, 
because it will improve the clarity and consistency of supervisory reporting requirements and 
increase data standardisation. The use of such solutions will facilitate data sharing and more 
generally  further  reduce  the  administrative  burden  for  companies.  It  will  also  increase  the 
accuracy  and  timeliness  of  the  data  received by  authorities  and  improve  their  capacity  to 
analyse it. 

Access  to  more  complete  and  accurate  information  will  improve  the  ability  of  the 
Commission to estimate the impacts of its proposals, and to monitor them over time, which is 
a prerequisite for keeping costs at a minimum.  

Creating  a  specific  provision  in  EU  financial  services  law  that  permits  the  reuse  of  data 
collected  by  authorities  for  research  and  innovation  activities  will  enhance  the  utility  of  the 
reported  data  for  financial  institutions,  researchers,  and  other  entities  with  a  legitimate 
interest. In so doing, it can simply provide access to such information held by authorities and 
enable more opportunities to test products and business models. 

Reducing  the  frequency  of  reporting  on  implementation  of  the  InvestEU  Programme  will 
decrease  the  reporting  burden  for  implementing  partners  and  the  financial  intermediaries, 
SMEs and other companies affected by the requirements.  

• 

Fundamental rights 

The fundamental rights of data protection, privacy and property (concerning proprietary rights 
in certain data, which is commercially confidential or protected by intellectual property rights) 
are respected. The sharing of data obtained by authorities is subject to safeguards on personal 
data, intellectual property rights and business confidentiality, also in accordance with Articles 
7, 8, 17 and 38 of the Charter of Fundamental Rights of the European Union.  

4. 

BUDGETARY IMPLICATIONS 

There  are  no  budgetary  implications.  The  provisions  do  not  require  the  sharing  of  data 
between authorities overseeing the financial sector. Such sharing only  follows the voluntary 
request from one authority to another, and there is a possibility to make arrangements to share 
costs  and  benefits  between  the  sharing  and  requesting  authorities.  For  the  requesting 
authority,  there  are  cost  savings  that  come  from  otherwise  having  to  obtain  the  information 
through other routes that would also impose costs on those having to provide this information. 
The  provision  on  the  sharing  of  data  held  by  one  authority  with  financial  institutions, 
researchers, and other entities with a legitimate interest is voluntary and does not impose new 
costs or any administrative burden. 

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OTHER ELEMENTS 

Implementation plans and monitoring, evaluation and reporting arrangements 

5. 

• 

N/A.  

• 

Detailed explanation of the specific provisions of the proposal 

The  proposed  amendments  to  Regulation  (EU)  1092/2010,  Regulation  (EU)  1093/2010, 
Regulation  (EU)  1094/2010  and  Regulation  (EU)  1095/2010  set  out  how  authorities 
overseeing  the  EU  financial  sector  may  share  with  each  other  information  that  they  have 
obtained in carrying out their duties. The objective is to avoid duplicative requests to financial 
institutions and other reporting entities when two or more authorities have the right to collect 
the same information. Such sharing should respect all applicable data protection, intellectual 
property and professional secrecy standards. It should not in any way restrict sharing that is 
already happening between authorities but rather offer an additional channel for sharing. The 
proposed amendments also aim at ensuring that the Commission has access to information for 
evidence-based law-making; for such purposes, the Commission does not need to  be able to 
identify  individual  entities.  Since  the  same  type  of  information  could  be  useful,  for  the 
performance  of  their  tasks,  also  more  broadly  to  authorities  overseeing  the  financial  sector, 
the proposed amendments introduce the same possibility for them to obtain it. The proposed 
amendments also enable innovation by allowing competent authorities, at their own initiative, 
to  share  information  they  obtain  from  EU  or  national  reporting  obligations  with  financial 
institutions,  researchers,  and  other  entities  with  a  legitimate  interest,  provided  that  specific 
conditions are met to safeguard this data. 

The  proposed  amendments  mandate  authorities  to  systematically  scan  existing  reporting 
requirements  and  remove  redundant  and  obsolete  ones,  reduce  reporting  costs  and  consider 
reusing existing reporting before introducing new requirements. 

The proposed amendment to paragraph 4 of Article 28 of Regulation (EU) 2021/523 reduces 
from  biannual  to  annual  the  frequency  of  reporting  by  implementing  partners  on 
implementation of the InvestEU Programme. 

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2023/0363 (COD) 

Proposal for a 

REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL 

amending Regulations (EU) No 1092/2010, (EU) No 1093/2010, (EU) No 1094/2010, (EU) 
No 1095/2010 and (EU) 2021/523 as regards certain reporting requirements in the fields 
of financial services and investment support 

(Text with EEA relevance) 

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, 

Having  regard  to  the  Treaty  on  the  Functioning  of  the  European  Union,  and  in  particular 
Article 114, Article 173 and Article 175, third paragraph, thereof,  

Having regard to the proposal from the European Commission,  

After transmission of the draft legislative act to the national parliaments,  
Having regard to the opinion of the European Economic and Social Committee1,  
Having regard to the opinion of the Committee of the Regions2,  

Acting in accordance with the ordinary legislative procedure,  

Whereas: 

(1) 

(2) 

(3) 

1 
2 
3 

4 

5 

6 

Reporting  requirements  play  a  key  role  in  ensuring  proper  monitoring  and  correct 
enforcement of legislation. However, it is important to streamline those requirements, 
in order to ensure that they fulfil their intended purpose and to limit the administrative 
burden.  

Streamlining reporting obligations and reducing administrative burdens is therefore a 
priority,  including  as  regards  reporting  requirements  in  the  financial  sector  and  as 
regards  the  frequency  of  reporting  related  to  the  InvestEU  Programme  established 
under Regulation (EU) 2021/523 of the European Parliament and of the Council3. 
Regulations  (EU)  No  1092/20104,  (EU)  No  1093/20105,  (EU)  No  1094/20106,  (EU) 
No  1095/20107  of  the  European  Parliament  and  of  the  Council  and  Regulation  (EU) 

OJ C […], […], p. […] 
OJ C […], […], p. […]. 
Regulation  (EU)  2021/523  of  the  European  Parliament  and  of  the  Council  of  24  March  2021 
establishing the InvestEU Programme and amending Regulation (EU) 2015/1017 (OJ L 107, 26.3.2021, 
p. 30). 
Regulation (EU) No 1092/2010 of the European Parliament and of the Council of 24 November 2010 
on  European  Union  macro-prudential  oversight  of  the  financial  system  and  establishing  a  European 
Systemic Risk Board (OJ L 331, 15.12.2010, p. 1). 
Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 
establishing a European Supervisory Authority (European Banking Authority), amending Decision No 
716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12). 
Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 
establishing  a  European  Supervisory  Authority  (European  Insurance  and  Occupational  Pensions 

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(4) 

(5) 

(6) 

(7) 

2021/523 contain a number of reporting requirements which should be simplified, in 
line  with  the  Commission’s  Communication  on  ‘Long-term  competitiveness  of  the 
EU: looking beyond 2030’8. 

Financial  institutions  and  other  entities  active  on  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  Authorities  should  regularly  review  the  reporting  requirements  and 
propose,  where  appropriate,  to  streamline  and  remove  redundant  or  obsolete 
requirements.  They  should  coordinate  this  work  via  the  Joint  Committee  of  the 
European  Supervisory  Authorities.  Facilitating  the  sharing  and  reuse  of  the 
information  collected by authorities, while safeguarding data protection, professional 
secrecy  and  intellectual  property,  should  reduce  the  burden  on  reporting  entities  and 
on  authorities  by  avoiding  duplicative  requests,  in  line  with  the  Strategy  on 
supervisory data in EU financial services. Information sharing should also contribute 
to better coordination of supervisory activities and supervisory convergence.  

To  that  end,  where  two  authorities  are  entitled  to  collect  certain  information  from 
financial institutions or other reporting entities, they should be able to  collect it only 
once and share it with each other, as opposed to both collecting the same information, 
including where those authorities are entitled to collect the information from different 
reporting entities or authorities. With the same objective of improving efficiency in the 
collection, processing and use of information, authorities that enhance information by 
cleaning or enriching it should also be able to share such enhanced information.   

Such sharing of information should be complementary to the existing possibilities of 
information  exchange provided for in  Union law, and should not  in  any case restrict 
those existing possibilities. 

The  Commission  requires  accurate  and  comprehensive  information  to  develop 
policies, evaluate existing legislation and assess the impact of potential legislative and 
non-legislative  initiatives,  including  during  negotiations  of  legislative  proposals.  The 
sharing by authorities with the Commission of information that financial institutions or 
other  entities  have  reported  to  those  authorities  pursuant  to  their  obligations  under 
Union law, should help in providing an evidence-based foundation for the formulation 
and  evaluation  of  Union  policies.  For  that  purpose,  such  information  should  be  in  a 
form that does not allow the identification of individual entities and does not contain 
personal data. Authorities may also benefit from anonymised data and therefore should 
also  share such information  among  themselves where necessary for the  fulfilment  of 
their tasks. 

(8) 

Innovation  cycles  in  the  financial  sector  are  accelerating,  becoming  more  open  and 
increasingly collaborative. To that end, authorities should be able to share information 
with financial institutions, researchers, and other entities for  the purposes of research 
and  innovation  beyond  the  initial  purpose  for  which  the  information  was  collected. 

Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ 
L 331, 15.12.2010, p. 48). 
Regulation (EU) No 1095/2010 of the European  Parliament and of the Council of 24 November 2010 
establishing a European Supervisory Authority (European Securities and Markets Authority), amending 
Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 
84). 
COM(2023)168. 

7 

8 

EN 

2 

  EN 

 
The  sharing  of  such  information  held  by  authorities  should  enhance  its  utility  by 
expanding  the  information  available  for  financial  sector  research  and  provide  more 
opportunities  to  test  products  and  business  models  as  well  as  greater  collaboration 
between  various  financial  market  participants,  including  fintech,  start-ups  and 
incumbent financial institutions.  The re-use of data shared by competent authority is  
governed  by  the  general  framework  for  the  re-use  of  data  set  out  in  Chapter  II  of 
Regulation (EU) 2022/868 of the European Parliament and of the Council9. However, 
considering  the  sensitive  nature  of  the  data  received  for  supervision  purposes  by  the 
authorities in the financial sector, specific mandatory conditions should be introduced 
for the re-use of this data, including the anonymisation of personal and non-personal 
data which would not allow the identification of individual financial  institutions and 
the protection of confidential information. 

(9) 

The  change  of  frequency  of  the  reporting  on  the  InvestEU  Programme  by 
implementing  partners  from  biannual  to  annual  should  reduce  the  workload  of  the 
implementing  partners,  the  financial  intermediaries,  SMEs  and  other  companies 
without changing any of the substantive elements of Regulation (EU) 2021/523.  

(10)  Regulations (EU) No 1092/2010, (EU) No 1093/2010, (EU) No 1094/2010, (EU) No 

1095/2010, and (EU) 2021/523 should therefore be amended accordingly, 

HAVE ADOPTED THIS REGULATION: 

Article 1 

Amendments to Regulation (EU) No 1092/2010 

Regulation (EU) No 1092/2010 is amended as follows: 

1. 

in Article 8, paragraph 3 is replaced by the following:  

‘3.  Without  prejudice  to  Articles  15  and  16  and  the  application  of  criminal  law,  no 
confidential information received by the persons referred to in paragraph 1 whilst performing 
their  duties  shall  be  divulged  to  any  person  or  authority  whatsoever,  except  in  summary  or 
aggregate form, such that individual financial institutions cannot be identified.’; 

2. 

in Article 15, the following paragraphs are added:  

‘8.  The  ESRB  shall  share,  on  a  case-by-case  or  regular  basis,  information  it  obtained  from 
another  authority  referred  to  in  paragraph  2  or  another  member  authority  of  the  ESFS  in 
carrying out its duties, when requested by another of those authorities, or another competent 
authority as  defined in  Article 4, point  (2),  of  Regulation  (EU)  No 1093/2010,  in  Article 4, 
point (2), of Regulation (EU) No 1094/2010, or in Article 4, point (3) of Regulation (EU) No 
1095/2010,  or  the  authorities  defined  in  Article  2,  point  (1),  of  Directive (EU)  …/…  of  the 
European  Parliament  and  of  the  Council10,  provided  that  the  requesting  authority  has  the 
power  to  obtain  that  same  information  from  financial  institutions  or  other  competent 
authorities pursuant to Union law. 

9 

10 

Regulation (EU) 2022/868 of the European Parliament and of the Council of 30 May 2022 on European 
data  governance  and  amending  Regulation  (EU)  2018/1724  (Data  Governance  Act)  (OJ  L  152, 
3.6.2022, p. 1). 
OP  :  please  insert  in  the  text  the  number  of  the  Directive  contained  in  document  2021/0250(COD) 
(proposal for 6th Anti-Money Laundering Directive – COM/2021/423 final) and insert the number, date, 
title and OJ reference of that Directive in the footnote. 

EN 

3 

  EN 

 
 
9.  The  request  for  exchange  of  information  pursuant  to  paragraph  8  shall  duly  indicate  the 
legal basis under Union law allowing the requesting authority to obtain the information from 
financial  institutions  or  another  authority  referred  to  in  that  paragraph.  The  requesting 
authority  and  the  ESRB  shall  be  subject  to  the  obligations  of  professional  secrecy  and  data 
protection  provisions  laid  down  in  Article  8  and  in  sectoral  legislation  applicable  to  the 
sharing of data between the financial institution or another authority referred to in paragraph 8 
and  the  requesting  authority,  as  well  as  to  the  sharing  of  data  between  another  authority 
referred to  in that paragraph and the ESRB. The ESRB shall inform  each relevant  authority 
about such exchange of information without undue delay.  

10.  Paragraphs  8  and  9  shall  also  apply  to  information  that  the  ESRB  has  received  from 
another  authority  referred  to  in  paragraph  8  and  upon  which  the  ESRB  has  subsequently 
performed quality checks or which the ESRB has otherwise processed.  

11. For sharing information as referred to in paragraphs 8, 9 and 10, the authorities referred to 
in  paragraph 8 may  enter into memoranda of understanding  to  specify the modalities of the 
exchange of information. They may also specify arrangements for the sharing of resources for 
the collection and processing of such shared data.  

12. Paragraphs 8, 9 and 10 shall be without prejudice to the protection of intellectual property 
rights  and  shall  not  prevent  or  restrict  the  exchange  of  information  between  the  authorities 
referred  to  in  paragraph  8  in  accordance  with  provisions  in  other  Union  legislation.  Where 
paragraph  8,  9  or  10  conflicts  with  provisions  in  other  Union  legislation  that  regulate  the 
exchange of information between the authorities referred to in paragraph 8, the provisions in 
such other Union legislation shall prevail.  

13. Without prejudice to other obligations laid down in Union law for sharing information, the 
ESRB shall, upon justified request and on a case-by-case basis, share with the Commission or 
one  of  the  authorities  referred  to  in  paragraph  8  information  that  other  authorities  have 
reported  to  it  pursuant  to  their  obligations  under  Union  law.  The  ESRB  shall  transmit  that 
information in a form that does not allow the identification of individual entities and does not 
contain personal data.  

14. The ESRB may grant access to information obtained when carrying out its duties for re-
use by  financial institutions, researchers and other  entities with  a legitimate interest  in  such 
information for research and innovation purposes, provided that the ESRB has ensured that all 
of the following has been complied with:  

(a)  the  information  has  been  anonymised,  in  such  a  manner  that  the  data  subject  or  the 
financial institution is not or no longer identifiable; 

(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  another  authority  shall  only  be  shared  with  the  agreement  of  the 
authority that initially obtained the information.’ 

Article 2 

Amendments to Regulation (EU) No 1093/2010 

Regulation (EU) No 1093/2010 is amended as follows:  

1. 

in Article 29(1), point (d) is replaced by the following:  

EN 

4 

  EN 

‘(d) reviewing the application of the relevant regulatory and implementing technical standards 
adopted  by  the  Commission,  and  of  the  guidelines  and  recommendations  issued  by  the 
Authority  and  proposing  amendments  where  appropriate,  including  to  remove  redundant  or 
obsolete reporting requirements and minimise costs;’;  

2. 

in Article 30(3), the following point (e) is added:  

‘(e)  the  effectiveness  of  national  reporting  requirements  and  the  degree  of  convergence  of 
such requirements with the ones set out in Union law.’;  

3. 

in Article 35, paragraph 4 is replaced by the following:  

‘4.   Before requesting information in accordance with this Article and in order to  avoid the 
duplication of reporting obligations, the Authority shall take account of information collected 
by other authorities referred to in Article 35a(1) and any relevant existing statistics produced 
and  disseminated  by  the  European  Statistical  System  and  the  European  System  of  Central 
Banks.’;  

4. 

the following Article 35a is inserted:  

‘Article 35a 

Information exchange between authorities and with other entities 

1. The Authority and the competent authorities shall share with other authorities, on a case-
by-case  or  regular  basis,  information  they  obtained  from  financial  institutions  or  other 
competent  authorities  in  carrying  out  their  duties,  when  requested  by  the  other  European 
Supervisory Authorities,  the ESRB or competent authorities as defined in Article 4, point (2), 
of this Regulation, in Article 4, point (2), of Regulation (EU) No 1094/2010 or in Article 4, 
point (3) of Regulation (EU) No 1095/2010, or the authorities defined in Article 2, point (1), 
of Directive  (EU) …/…  of the European Parliament  and of the Council11, provided that the 
authority  requesting  that  information  is,  pursuant  to  Union  law,  entitled  to  obtain  that  same 
information from financial institutions or other competent authorities. For the purposes of this 
Article, ‘financial institution’ means a ‘financial institution’ as defined in Article 2, point (a), 
of Regulation (EU) No 1092/2010.  

2. The request for exchange of information shall duly indicate the legal basis under Union law 
allowing the requesting authority to obtain the information from financial institutions or other 
competent  authorities. The requesting authority and the sharing authority shall be subject  to 
the  obligations  of  professional  secrecy  and  data  protection  laid  down  in  Articles  70  and  71 
and  in  sectoral  legislation applicable  to  the  sharing  of  data  between  the  financial  institution 
and the requesting authority as well as to the sharing of data between the financial institution 
and the sharing authority. The sharing authority shall inform each relevant financial institution 
or other competent authority about such exchange of information without undue delay.  

3. Paragraphs 1 and 2 shall also apply to information that the sharing authority has received 
from a financial institution or another authority referred to in paragraph 1 and upon which the 
sharing  authority  has  subsequently  performed  quality  checks  or  which  the  sharing  authority 
has otherwise processed.  

11 

OP:  Please  insert  in  the  text  the  number  of  the  Directive  contained  in  document  2021/0250(COD) 
(proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final) and insert the number, date, 
title and OJ reference of that Directive in the footnote. 

EN 

5 

  EN 

 
 
4. For sharing information as referred to in paragraphs 1, 2 and 3, the authorities referred to in 
paragraph  1  may  enter  into  memoranda  of  understanding  to  specify  the  modalities  of  the 
exchange of information. They may also specify arrangements for the sharing of resources for 
the collection and processing of such shared data.  

5. Paragraphs 1 to 4 shall be without prejudice to the protection of intellectual property rights 
and shall not prevent or restrict the exchange of information between the authorities referred 
to  in  paragraph  1  in  accordance  with  provisions  in  other  Union  legislation.  Where  the 
provisions in this Article conflict with provisions in other Union legislation that regulate the 
exchange of information between the authorities referred to in paragraph 1, the provisions in 
such other Union legislation shall prevail.  

6. Without prejudice to other obligations laid down in Union law for sharing information, the 
Authority and the competent authorities shall, upon justified request, share on a case-by-case 
basis, with the Commission  or one of the authorities referred to in paragraph 1,  information 
that financial institutions have reported to them pursuant to their duties under Union law. The 
Authority and the competent authorities shall transmit that information in a form that does not 
allow the identification of individual entities and does not contain personal data.  

7.  The  Authority  and  the  competent  authorities  may  grant  access  to  information  obtained 
when  carrying  out  their  duties  for  re-use  by  financial  institutions,  researchers  and  other 
entities  with  a  legitimate  interest  in  such  information  for  research  and  innovation  purposes,  
provided that the Authority has ensured that all of the following has been complied with:  

(a)  the  information  has  been  anonymised,  in  such  a  manner  that  the  data  subject  or  the 
financial institution is not or no longer identifiable; 

(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  another  authority  shall  only  be  shared  with  the  agreement  of  the 
authority that initially obtained the information.’;  

5. 

in Article 54(2), the following indent is added:  

‘ — reporting requirements and the collection of information from financial institutions.’;  

6. 

In Article 70, paragraph 3 is replaced by the following:  

‘3.  Paragraphs  1  and  2  shall  not  prevent  the  Authority  from  exchanging  information  with 
competent  authorities, other ESAs, the ESRB and the authorities defined in  Article 2, point 
(1),  of  Directive  (EU)  …/…12  –  in  accordance  with  this  Regulation  and  with  other  Union 
legislation applicable to financial institutions.’.  

Article 3 

Amendments to Regulation (EU) No 1094/2010 

Regulation (EU) No 1094/2010 is amended as follows:  

1. 

in Article 29(1), point (d) is replaced by the following:  

12 

OP:  Please  insert  in  the  text  the  number  of  the  Directive  contained  in  document  2021/0250(COD) 
(proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final). 

EN 

6 

  EN 

 
 
‘(d) reviewing the application of the relevant regulatory and implementing technical standards 
adopted  by  the  Commission,  and  of  the  guidelines  and  recommendations  issued  by  the 
Authority  and  proposing  amendments  where  appropriate,  including  to  remove  redundant  or 
obsolete reporting requirements and minimise costs;’;  

2. 

in Article 30(3), the following point (e) is added:  

‘(e)  the  effectiveness  of  national  reporting  requirements  and  the  degree  of  convergence  of 
such requirements with the ones set out in Union law.’;  

3. 

in Article 35, paragraph 4 is replaced by the following:  

‘4.   Before requesting information in accordance with this Article and in order to  avoid the 
duplication of reporting obligations, the Authority shall take account of information collected 
by other authorities referred to in Article 35a(1) and any relevant existing statistics produced 
and  disseminated  by  the  European  Statistical  System  and  the  European  System  of  Central 
Banks.’;  

4. 

the following Article 35a is inserted:  

‘Article 35a 

Information exchange between authorities and with other entities 

1. The Authority and the competent authorities  shall share with other authorities, on a case-
by-case  or  regular  basis,  information  they  obtained  from  financial  institutions  or  other 
competent  authorities  in  carrying  out  their  duties,  when  requested  by  the  other  European 
Supervisory Authorities, the ESRB or competent authorities as defined in Article 4, point (2) 
of this Regulation, in Article 4, point (2), of Regulation (EU) No 1093/2010 or in Article 4, 
point (3), of Regulation (EU) No 1095/2010, or the authorities defined in Article 2, point (1), 
of Directive  (EU) …/…  of the European Parliament  and of the Council13, provided that the 
authority  requesting  the  information  is,  pursuant  to  Union  law,  entitled  to  obtain  that  same 
information from financial institutions or other competent authorities. For the purposes of this 
Article, ‘financial institution’ means a ‘financial institution’ as defined in Article 2, point (a), 
of Regulation (EU) No 1092/2010.  

2. The request for exchange of information shall duly indicate the legal basis under Union law 
allowing the requesting authority to obtain the information from financial institutions or other 
competent  authorities. The requesting authority and the sharing authority shall be subject  to 
the  obligations  of  professional  secrecy  and  data  protection  laid  down  in  Articles  70  and  71 
and in sectoral legislation  applicable to the sharing of data between the financial institution 
and the requesting authority as well as to the sharing of data between the financial institution 
and the sharing authority. The sharing authority shall inform each relevant financial institution 
or other competent authority about such exchange of information without undue delay.  

3. Paragraphs 1 and 2 shall also apply to information that the sharing authority has received 
from a financial institution or another authority referred to in paragraph 1 and upon which the 
sharing  authority  has  subsequently  performed  quality  checks  or  which  the  sharing  authority 
has otherwise processed.  

13 

OP:  Please  insert  in  the  text  the  number  of  the  Directive  contained  in  document  2021/0250(COD) 
(proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final) and insert the number, date, 
title and OJ reference of that Directive in the footnote. 

EN 

7 

  EN 

 
 
4. For sharing information as referred to paragraphs 1, 2 and 3, the authorities referred to in 
paragraph  1  may  enter  into  memoranda  of  understanding  to  specify  the  modalities  of  the 
exchange of information. They may also specify arrangements for the sharing of resources for 
the collection and processing of such shared data.  

5. Paragraphs 1 to 4 shall be without prejudice to the protection of intellectual property rights 
and shall not prevent or restrict the exchange of information between the authorities referred 
to  in  paragraph  1  in  accordance  with  provisions  in  other  Union  legislation.  Where  the 
provisions in this Article conflict with provisions in other Union legislation that regulate the 
exchange of information between the authorities referred to in paragraph 1, the provisions in 
such other Union legislation shall prevail.  

6. Without prejudice to other obligations laid down in Union law for sharing information, the 
Authority and the competent authorities shall, upon justified request, share on a case-by-case 
basis  with  the  Commission  or  one  of  the  authorities  referred  to  in  paragraph  1,  information 
that financial institutions have reported to them pursuant to their duties under Union law. The 
Authority and the competent authorities shall transmit that information in a form that does not 
allow the identification of individual entities and does not contain personal data.  

7.  The  Authority  and  the  competent  authorities  may  grant  access  to  information  obtained 
when  carrying  out  their  duties  for  re-use  by  financial  institutions,  researchers  and  other 
entities  with  a  legitimate  interest  in  such  information  for  research  and  innovation  purposes, 
provided that the Authority has ensured that all of the following has been complied with:  

(a)  the  information  has  been  anonymised,  in  such  a  manner  that  the  data  subject  or  the 
financial institution is not or no longer identifiable; 

(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  another  authority  shall  only  be  shared  with  the  agreement  of  the 
authority that initially obtained the information. ’; 

5. 

in Article 54(2), the following indent is added:  

‘ — reporting requirements and the collection of information from financial institutions.’;  

6. 

in Article 70, paragraph 3 is replaced by the following:  

‘3.  Paragraphs  1  and  2  shall  not  prevent  the  Authority  from  exchanging  information  with 
competent  authorities, other ESAs, the ESRB and the authorities defined in  Article 2, point 
(1),  of  Directive  (EU)  …/…14  in  accordance  with  this  Regulation  and  with  other  Union 
legislation applicable to financial institutions.’. 

Article 4 

Amendments to Regulation (EU) No 1095/2010 

Regulation (EU) No 1095/2010 is amended as follows:  

1. 

in Article 29(1), point (d) is replaced by the following:  

14 

OP:  Please  insert  in  the  text  the  number  of  the  Directive  contained  in  document  2021/0250(COD) 
(proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final). 

EN 

8 

  EN 

 
‘(d) reviewing the application of the relevant regulatory and implementing technical standards 
adopted  by  the  Commission,  and  of  the  guidelines  and  recommendations  issued  by  the 
Authority  and  proposing  amendments  where  appropriate,  including  to  remove  redundant  or 
obsolete reporting requirements and minimise costs;’;  

2. 

in Article 30(3), the following point (e) is added:  

‘(e)  the  effectiveness  of  national  reporting  requirements  and  the  degree  of  convergence  of 
such requirements with the ones set out in Union law.’;  

3. 

in Article 35, paragraph 4 is replaced by the following:  

‘4.   Before requesting information in accordance with this Article and in order to  avoid the 
duplication of reporting obligations, the Authority shall take account of information collected 
by other authorities referred to in Article 35a(1) and any relevant existing statistics produced 
and  disseminated  by  the  European  Statistical  System  and  the  European  System  of  Central 
Banks.’;  

4. 

the following Article 35a is inserted:  

‘Article 35a 

Information exchange between authorities and with other entities   

1. The Authority and the competent authorities  shall share with other authorities, on a case-
by-case  or  regular  basis,  information  they  obtained  from  financial  institutions  or  other 
competent  authorities  in  carrying  out  their  duties,  when  requested  by  the  other  European 
Supervisory Authorities,  the ESRB or competent authorities as defined in Article 4, point (3) 
of this Regulation, in Article 4, point (2), of Regulation (EU) No 1093/2010 or in Article 4, 
point (2), of Regulation (EU) No 1094/2010, or the authorities defined in Article 2, point (1), 
of Directive (EU) …/… of the European Parliament and of the Council15 , provided that the 
authority  requesting  that  information  is,  pursuant  to  Union  law,  entitled  to  obtain  that  same 
information from financial institutions or other competent authorities. For the purposes of this 
Article, ‘financial institution’ means a ‘financial institution’ as defined in Article 2, point (a), 
of Regulation (EU) No 1092/2010.  

2. The request for exchange of information shall duly indicate the legal basis under Union law 
allowing the requesting authority to obtain the information from financial institutions or other 
competent  authorities. The requesting authority and the sharing authority shall be subject  to 
the  obligations  of  professional  secrecy  and  data  protection  laid  down  in  Articles  70  and  71 
and in sectoral legislation  applicable to the sharing of data between the financial institution 
and the requesting authority as well as to the sharing of data between the financial institution 
and the sharing authority. The sharing authority shall inform each relevant financial institution 
or other competent authority about such exchange of information without undue delay.  

3. Paragraphs 1 and 2 shall also apply to information that the sharing authority has received 
from a financial institution or another authority referred to in paragraph 1 and upon which the 
sharing  authority  has  subsequently  performed  quality  checks  or  which  the  sharing  authority 
has otherwise processed.  

15 

OP:  Please  insert  in  the  text  the  number  of  the  Directive  contained  in  document  2021/0250(COD) 
(proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final) and insert the number, date, 
title and OJ reference of that Directive in the footnote. 

EN 

9 

  EN 

 
 
4. For sharing information as referred to in paragraphs 1, 2 and 3, the authorities referred to in 
paragraph  1  may  enter  into  memoranda  of  understanding  to  specify  the  modalities  of  the 
exchange of information. They may also specify arrangements for the sharing of resources for 
the collection and processing of such shared data.  

5. Paragraphs 1 to 4 shall be without prejudice to the protection of intellectual property rights 
and shall not prevent or restrict the exchange of information between the authorities referred 
to  in  paragraph  1  in  accordance  with  provisions  in  other  Union  legislation.  Where  the 
provisions in this Article conflict with provisions in other Union legislation that regulate the 
exchange of information between the authorities referred to in paragraph 1, the provisions in 
such other Union legislation shall prevail.  

6. Without prejudice to other obligations laid down in Union law for sharing information, the 
Authority and the competent authorities shall, upon justified request, share on a case-by-case 
basis  with  the  Commission  or  one  of  the  authorities  referred  to  in  paragraph  1,  information 
that financial institutions have reported to them pursuant to their duties under Union law. The 
Authority and the competent authorities shall transmit that information in a form that does not 
allow the identification of individual entities and does not contain personal data.  

7.  The  Authority  and  the  competent  authorities  may  grant  access  to  information  obtained 
when  carrying  out  their  duties  for  re-use  by  financial  institutions,  researchers  and  other 
entities  with  a  legitimate  interest  in  such  information  for  research  and  innovation  purposes, 
provided that the Authority has ensured that all of the following has been complied with:  

(a)  the  information  has  been  anonymised,  in  such  a  manner  that  the  data  subject  or  the 
financial institution is not or no longer identifiable; 

(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  another  authority  shall  only  be  shared  with  the  agreement  of  the 
authority that initially obtained the information.’; 

5. 

in Article 54(2), the following indent is added:  

‘  —  reporting  requirements  and  the  collection  of  information  from  financial  market 
participants.’;  

6. 

in Article 70, paragraph 3 is replaced by the following:  

‘3.  Paragraphs  1  and  2  shall  not  prevent  the  Authority  from  exchanging  information  with 
competent  authorities, other ESAs, the ESRB and the authorities defined in  Article 2, point 
(1),  of  Directive  (EU)  …/…16  in  accordance  with  this  Regulation  and  with  other  Union 
legislation applicable to financial market participants.’  

Article 5 

Amendments to Regulation (EU) 2021/523 

In Article 28 of Regulation (EU) No 2021/523, paragraph 4 is replaced by the following:   

16 

OP:  Please  insert  in  the  text  the  number  of  the  Directive  contained  in  document  2021/0250(COD) 
(proposal for 6th Anti-Money Laundering Directive - COM/2021/423 final). 

EN 

10 

  EN 

 
 
 
‘4. Once  a year, each implementing  partner shall submit a report to  the Commission  on the 
financing  and  investment  operations  covered  by  this  Regulation,  broken  down  by  EU 
compartment  and  Member  State  compartment,  as  appropriate.  Each  implementing  partner 
shall also submit information on the Member State compartment to the Member State whose 
compartment  it  implements.  The  report  shall  include  an  assessment  of  compliance  with  the 
requirements  on  the  use  of  the  EU  guarantee  and  with  the  key  performance  indicators  laid 
down  in  Annex  III  to  this  Regulation.  The  report  shall  also  include  operational,  statistical, 
financial and accounting data on each financing or investment operation and an estimation of 
expected cash flows, at the level of compartment, policy window and the InvestEU Fund. The 
report from the EIB Group and, where  appropriate, from  other implementing partners, shall 
also  include information on barriers to  investment  encountered when  carrying out  financing 
and  investment  operations  covered  by  this  Regulation.  The  reports  shall  contain  the 
information the implementing partners have to provide under point (a) of Article 155(1) of the 
Financial Regulation.’  

Article 6 

Entry into force 

This Regulation shall enter into force on the twentieth day following that of its publication in 
the Official Journal of the European Union. 

This Regulation shall be binding in its entirety and directly applicable in all Member States. 

Done at Brussels, 

For the European Parliament 
The President 

For the Council 
The President 

EN 

11 

  EN