COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT pursuant to Article 294(6) of the Treaty on the Functioning of the European Union concerning the position of the Council on the adoption of 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, (EU) No 806/2014, (EU) 2021/523 and (EU) 2024/1620 as regards certain reporting requirements in the fields of financial services and investment support
Date: 2025-07-18
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, 18.7.2025  COM(2025) 429 final 2023/0363 (COD)  COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT  pursuant to Article 294(6) of the Treaty on the Functioning of the European Union  concerning the position of the Council on the adoption of 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, (EU) No 806/2014, (EU) 2021/523 and (EU) 2024/1620 as regards certain reporting requirements in the fields of financial services and investment support  
 
2023/0363 (COD) 

COMMUNICATION FROM THE COMMISSION 
TO THE EUROPEAN PARLIAMENT 

pursuant to Article 294(6) of the Treaty on the Functioning of the European Union 

concerning the 

position of the Council on the adoption of 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, (EU) No 806/2014, (EU) 2021/523 and 
(EU) 2024/1620 as regards certain reporting requirements in the fields of financial 
services and investment support 

1. 

BACKGROUND 

Date of transmission of the proposal to the European Parliament and 
to the Council 
(document COM(2023) 593 final – 2023/0363 COD): 

17 October 2023. 

Date  of  the  opinion  of  the  European  Economic  and  Social 
Committee: 

14 February 2024. 

Date of the position of the European Parliament, first reading: 

12 March 2024. 

Date of transmission of the amended proposal: 

N/A. 

Date of adoption of the position of the Council: 

[8 July 2025]. 

2. 

OBJECTIVE OF THE PROPOSAL FROM THE COMMISSION 

The aim of this proposal is to facilitate the sharing of information between authorities, as well 
as its reuse, and to avoid redundant reporting by financial entities and other financial market 
participants that are required to report data to various national and EU authorities overseeing 
the financial system. Separately, within the same proposal, the Commission also proposes to 
reduce the frequency of the reporting on the InvestEU Programme. 

3. 

COMMENTS ON THE POSITION OF THE COUNCIL 

The  position  of  the Council  as  adopted  at  first  reading  fully  reflects  the  political  agreement 
reached  between  the  European  Parliament  and  the  Council  on  17 December  2024.  The 
Commission supports this agreement. The main points of this agreement are the following: 

• 

On the scope of the data-sharing obligation, the co-legislators agreed to cover all EU-
level  authorities  overseeing  the  financial  system:  the  three  European  supervisory 
authorities (ESAs) (i.e. the European Banking Authority, the European Securities and 
Markets  Authority  and  the  European  Insurance  and  Occupational  Pensions 
Authority),  the  European  Systemic  Risk  Board,  the  Single  Resolution  Board,  the 
European Central Bank in its role as competent authority for the Single Supervisory 
Mechanism, and the Anti-Money Laundering Authority. However, the co-legislators 

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• 

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• 

left  national  competent  authorities  (NCAs)  out  of  the  scope  of  the  data-sharing 
obligation; therefore, sharing by them, on top of what is already mandated in EU law, 
will  remain  voluntary.  The  Commission  regrets  this  specific  outcome  (see 
declaration from  the Commission in  the appendix), because it decreases  the burden 
reduction potential of the initiative, but accepts it as a compromise. 

On the integrated reporting system, as tabled by the European Parliament in its first 
reading position, the Regulation will require the ESAs to prepare a report laying out 
a  roadmap  for  the  implementation  of  a  cross-sectoral  integrated  reporting  system, 
building on the ongoing sectoral work by the ESAs. Another report by the ESAs on 
data-sharing obstacles was agreed as a separate deliverable and would be provided 
in two years’ time and be updated on a regular basis, where necessary. However, the 
resource  implications  of  this  agreement,  which  were  set  out  by  the  Commission 
during the interinstitutional negotiations, were not endorsed by the co-legislators and 
therefore no additional resources will be made available for this work of the ESAs. 

On Memoranda of Understanding (MoU) for data sharing, the co-legislators agreed 
that authorities may enter into MoU regarding the arrangements how information is 
to  be  exchanged.  The  Commission  may  develop  non-binding  guidelines  for  the 
authorities, to lay out the main aspects of those MoU. 

On the obligation to request data from other authorities (‘report once’ principle), the 
co-legislators  agreed  on  the  obligation  for  authorities  to  request  data  from  other 
authorities that already hold it, rather than from reporting entities, while taking into 
account  that  there  may  be  instances  where  authorities  need  flexibility  to  turn  to 
financial institutions directly. 

On data sharing for research and innovation, the agreement will foster the reuse of 
data  for  research  and  innovation  purposes,  subject  to  appropriate  treatment  to 
anonymise it and protect confidential information. As in the Commission’s proposal, 
sharing  with  third  parties  for  research  and  innovation  will  be  voluntary,  and  it  was 
further  specified  by  the  co-legislators  that  data  subjects  and  Member  States  should 
not  be  identifiable.  In  contrast,  no  agreement  was  found  on  data  sharing  with  the 
Commission, which the Commission had proposed to enhance its ability to assess the 
impacts of its proposals and in a manner that would prevent individual entities from 
being identified. 

• 

As  regards  the  proposed  amendments  to  the  InvestEU  Regulation,  it  was  agreed  to 
maintain them as per the Commission’s proposal. 

4. 

CONCLUSION 

The  Commission  supports  the  results  of  the  interinstitutional  negotiations  and  can  therefore 
accept the Council’s position at first reading, while noting that the compromise text weakens 
the burden reduction potential compared to the Commission’s proposal. 

5. 

DECLARATIONS FROM THE COMMISSION 

The Commission submitted a statement to the minutes of Coreper II on 2 April 2025, which 
can be found in the appendix. 

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APPENDIX 

Declarations from the Commission 

The Commission’s statement submitted to the minutes of Coreper II on 2 April 2025: 

‘The Commission is strongly committed to burden reduction. The agreement reached 
in  the  trilogue  on  17  December  is  an  important  further  step  in  the  direction  of  a 
system where data is reported once and then shared and reused as much as possible. 
Nevertheless, the Commission strongly regrets that the burden reduction potential of 
the  proposal  has  been  significantly  weakened  following  the  decision  not  to  include 
national  competent  authorities  in  the  scope  of  data-sharing  obligations.  The 
reduction of  administrative burden is  a shared objective, often recalled publicly by 
the Heads of State and Government (see conclusions of the European Council on 17 
and  18 April  2024  on  Capital  Markets  Union),  and  all  institutions  should  aim  at 
delivering  simplification  for  EU  businesses.  The  Commission  will  continue 
supporting  this  objective,  including  through  the  ongoing  implementation  of  its 
Strategy  on  supervisory  data  in  EU  financial  services  and  the  work  on  integrated 
reporting.’ 

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