Source: EURLEX
Language: en
Format: md

**Council of the**
**European Union**
**Brussels, 25 June 2025**
**(OR. en)**

**7377/25**

**Interinstitutional File:**

**2023/0363(COD)**

**EF 74**

**ECOFIN 326**

**CODEC 318**

**LEGISLATIVE ACTS AND OTHER INSTRUMENTS**

Subject: Position of the Council at first reading with a view to 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

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**REGULATION (EU) 2025/…**

**OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL**

**of …**

**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**

**(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 Central Bank **[1]**,

**1** Opinion of 21 June 2024 (OJ C, C/2024/5048, 16.8.2024,
ELI: http://data.europa.eu/eli/C/2024/5048/oj).

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Having regard to the opinion of the European Economic and Social Committee **[2]**,

After consulting the Committee of the Regions,

Acting in accordance with the ordinary legislative procedure **[3]**,

**2** OJ C, C/2024/2485, 23.4.2024, ELI: http://data.europa.eu/eli/C/2024/2485/oj.
**3** Position of the European Parliament of 12 March 2024 (OJ C, C/2025/1021, 27.2.2025,
ELI: http://data.europa.eu/eli/C/2025/1021/oj) and position of the Council at first reading
of … (not yet published in the Official Journal). Position of the European Parliament of …
(not yet published in the Official Journal).

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Whereas:

(1) Reporting and disclosure requirements play a key role in ensuring proper monitoring of the

application and correct enforcement of Union law. It is therefore important to improve,

streamline and modernise those requirements to ensure that they fulfil their intended

purpose, to limit the administrative burden and to avoid undue duplication of reporting for

authorities and for entities.

(2) Streamlining reporting and disclosure requirements and reducing the administrative burden

without undermining the related policy objectives are therefore priorities regarding both

reporting and disclosure requirements in the financial sector and the frequency of reporting

related to the InvestEU Programme established by Regulation (EU) 2021/523 of the

European Parliament and of the Council **[4]** .

**4** 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, ELI: http://data.europa.eu/eli/reg/2021/523/oj).

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(3) Regulations (EU) No 1092/2010 **[5]**, (EU) No 1093/2010 **[6]**, (EU) No 1094/2010 **[7]**,

(EU) No 1095/2010 **[8]**, (EU) No 806/2014 **[9]**, (EU) 2021/523 and (EU) 2024/1620 **[10]** of the

European Parliament and of the Council contain arrangements for establishing a number of

reporting and disclosure requirements. The collection and exchange of information under

those requirements should be simplified, in line with the Commission communication

of 16 March 2023 entitled ‘Long-term competitiveness of the EU: looking beyond 2030’.

**5** 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,
ELI: http://data.europa.eu/eli/reg/2010/1092/oj).
**6** 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, ELI: http://data.europa.eu/eli/reg/2010/1093/oj).
**7** 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 Authority), amending Decision No 716/2009/EC and repealing
Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48,
ELI: http://data.europa.eu/eli/reg/2010/1094/oj).
**8** 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,
ELI: http://data.europa.eu/eli/reg/2010/1095/oj).
**9** Regulation (EU) No 806/2014 of the European Parliament and of the Council
of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of
credit institutions and certain investment firms in the framework of a Single Resolution
Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010
(OJ L 225, 30.7.2014, p. 1, ELI: http://data.europa.eu/eli/reg/2014/806/oj).
**10** Regulation (EU) 2024/1620 of the European Parliament and of the Council of 31 May 2024
establishing the Authority for Anti-Money Laundering and Countering the Financing of
Terrorism and amending Regulations (EU) No 1093/2010, (EU) No 1094/2010 and
(EU) No 1095/2010 (OJ L, 2024/1620, 19.6.2024,
ELI: http://data.europa.eu/eli/reg/2024/1620/oj).

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(4) 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.

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(5) The remaining redundant or obsolete reporting and disclosure requirements stem mainly

from horizontal inconsistencies in sector-specific and cross-sector legislation, or from

vertical inconsistencies between Union and Member State requirements (‘gold plating’).

Other reporting requirements might be inappropriate because of business and regulatory

developments. The ESAs and AMLA should therefore not only review regulatory and

implementing technical standards, but should also be able to provide opinions on the

functioning of legislative acts in force.

(6) The ESAs, the European Systemic Risk Board (ESRB), established by Regulation

(EU) No 1092/2010, the Single Resolution Board (SRB), established by Regulation

(EU) No 806/2014, the European Central Bank as a competent authority in relation to the

tasks conferred on it by Council Regulation (EU) No 1024/2013 **[11]**, and AMLA, in

collaboration with the sectoral competent authorities, regularly collect a wide range of

information stemming from reporting requirements under Union law. Facilitating the

sharing and reuse of that information with other Union and national authorities overseeing

the financial system, while safeguarding data protection, professional secrecy and

intellectual property rights, should reduce the administrative burden on reporting entities

and on authorities by avoiding duplicative requests, in line with the Commission

communication of 15 December 2021 entitled ‘Strategy on supervisory data in EU

financial services’. Information sharing could also contribute to better coordination of

supervisory activities and to supervisory convergence.

**11** Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the
European Central Bank concerning policies relating to the prudential supervision of credit
institutions (OJ L 287, 29.10.2013, p. 63, ELI: http://data.europa.eu/eli/reg/2013/1024/oj).

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(7) In order to improve efficiency in the collection, processing and use of information, the

ESAs, the ESRB, the SRB, the ECB as a competent authority in relation to the data

collected as part of the tasks conferred on it by Regulation (EU) No 1024/2013 and AMLA

should, upon request, share, on a regular or case-by-case basis, the information they obtain

from financial institutions, other reporting entities or other authorities with authorities that

are entitled to collect the same information pursuant to Union law. That includes cases

where those authorities are entitled to collect the information from different financial

institutions, reporting entities or authorities. For the same purpose, authorities that enhance

information by cleaning or enriching it should also be able to share such enhanced

information. For the ‘report once’ principle to be applied in a more consistent manner,

rather than requesting information from reporting entities, the ESAs, the SRB, the ECB as

a competent authority and AMLA should, in general, request information from other

authorities where they know or can reasonably expect that those other authorities have

already collected such information, and where such a request would not jeopardise the

ability of the ESAs, the SRB, the ECB as a competent authority or AMLA to perform their

tasks.

(8) While this Regulation lays down specific rules regarding information sharing by the ESAs,

the ESRB, the SRB, the ECB as a competent authority and AMLA, other Union authorities

as well as national authorities should be able, and are encouraged, to share information

with and request information from other authorities as much as possible, to reduce the

reporting burden and ensure efficient data flows.

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(9) Where necessary to facilitate information sharing between themselves, authorities are

encouraged to enter into memoranda of understanding. It should be possible for such

memoranda of understanding to set out the technical details necessary to enable efficient

and seamless data exchange, and the sharing of resources for the collection and processing

of shared data. With a view to establishing, to the extent possible, a simple and

standardised format, the Commission should be able to develop guidance on the main

elements of such memoranda of understanding.

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(10) The rules on information sharing laid down in this Regulation should complement the

existing possibilities for information exchange provided for under Union law and, in any

event, should not restrict those possibilities. In particular, in certain cases, Union law

already contains specific provisions on reporting requirements and on information sharing

between authorities. Those provisions are tailored to the specific objectives pursued by the

Union law concerned. Where more specific provisions on information sharing already

exist, the authorities should be able to share information in accordance with those

provisions. Such provisions should prevail in the event of a conflict with this Regulation.

Similarly, Regulation (EU) No 806/2014, Regulation (EU) 2024/1620 and Directive

(EU) 2015/849 of the European Parliament and of the Council **[12]**, and Regulation

(EU) No 1024/2013, introduced comprehensive mechanisms for information sharing

between, respectively, the SRB and national resolution authorities within the framework of

the single resolution mechanism, between AMLA and national competent authorities

dealing with anti-money laundering matters, and between the ECB as a competent

authority and national competent authorities that form part of the single supervisory

mechanism. To ensure that the exchange of information between those authorities is

carried out in accordance with the specific mechanisms introduced by those Union legal

acts, it is appropriate to exclude such exchanges from the scope of this Regulation.

**12** Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on
the prevention of the use of the financial system for the purposes of money laundering or
terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and
of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the
Council and Commission Directive 2006/70/EC (OJ L 141, 5.6.2015, p. 73,
ELI: http://data.europa.eu/eli/dir/2015/849/oj).

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(11) The ESAs should assess options for the further integration of substantive and procedural

aspects of reporting processes. They should also assess opportunities arising from the

increased use of digital technologies, with a view to promoting effective and efficient

reporting arrangements that would foster the competitiveness of the financial sector.

(12) With that in mind, over the past few years, the Commission and the authorities responsible

for overseeing the financial system have made significant progress in exploring the

possibility of establishing integrated reporting systems within specific sectors. Such

innovative reporting systems are necessary to reap the benefits of increased data sharing

between those authorities. Building on that ongoing sectoral work, those authorities should

prepare a report that presents options for improving supervisory data collection, assesses

the feasibility and, based on that assessment, presents a roadmap for the implementation of

the cross-sectoral integrated reporting system. The goal should be to establish a single

integrated reporting system.

(13) In order to support the work on the integration of reporting and with a view to eliminating

any unnecessary burden, the authorities overseeing the financial sector should promptly

establish a permanent single contact point to whom entities can communicate duplicative,

obsolete or redundant reporting and disclosure requirements.

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(14) The Commission needs accurate and comprehensive information to develop policies,

evaluate existing Union law and assess the impact of potential legislative and

non-legislative initiatives, including the impact of legislative acts under negotiation. While

this Regulation does not establish new rules on information sharing by the authorities with

the Commission, in order to provide for an evidence-based approach with respect to

determining and evaluating Union policies, the authorities should have the opportunity,

and are encouraged, to share with the Commission, in accordance with applicable rules, the

information that financial institutions or other entities have reported to them in accordance

with Union law.

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(15) Innovation cycles in the financial sector are accelerating, and becoming more open and

increasingly collaborative. It should therefore be possible for authorities to share

information with financial institutions, researchers and other entities that can demonstrate

to the relevant authority that they have a legitimate interest in using that information for

the purposes of research and innovation beyond the initial purpose for which the

information was collected. The sharing of such information would enhance its utility by

increasing the information available for financial sector research, and would provide more

opportunities to test products and business models. It would also allow greater

collaboration between the various financial market participants, including fintech

undertakings, start-ups and incumbent financial institutions. The re-use of data shared by

authorities is governed by the general framework laid down in Chapter II of Regulation

(EU) 2022/868 of the European Parliament and of the Council **[13]** . However, considering the

sensitive nature of the data that the authorities in the financial sector receive for

supervision purposes, the protection of the public interest and in particular of the

economic security of the Union should be ensured when such data is re-used. Therefore,

this Regulation introduces specific mandatory conditions for the re-use of such data,

including the anonymisation of personal and non-personal data, to ensure that individual

financial institutions cannot be identified and that confidential information is protected. All

procedures and steps in the collection, standardisation, anonymisation, storage and sharing

of such data should be subject to the latest cybersecurity measures provided for by

Union law.

**13** 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, ELI: http://data.europa.eu/eli/reg/2022/868/oj).

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(16) Changing the frequency of reporting on the InvestEU Programme by implementing

partners from biannual to annual should reduce the administrative burden on implementing

partners, financial intermediaries, small and medium-sized enterprises and other

companies, without altering any substantive element of Regulation (EU) 2021/523.

(17) Since the objectives of this Regulation, namely, to improve, streamline and modernise

reporting requirements, cannot be sufficiently achieved by the Member States as the

reporting requirements concerned are laid down in Union law but can rather, by reason of

legal certainty and the consistency of reporting, be better achieved at Union level, the

Union may adopt measures, in accordance with the principle of subsidiarity as set out in

Article 5 of the Treaty on European Union. In accordance with the principle of

proportionality as set out in that Article, this Regulation does not go beyond what is

necessary in order to achieve those objectives.

(18) 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 should

therefore be amended accordingly,

HAVE ADOPTED THIS REGULATION:

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_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 of this

Article 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 regular or case-by-case basis, information that it obtained

from one of 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 financial institutions or the other authorities pursuant to Union law.

9. A request to exchange information pursuant to paragraph 8 of this Article shall

indicate the legal basis under Union law that entitles the requesting authority to

obtain the information from financial institutions or the other authorities.

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The requesting authority and the ESRB shall be subject to the obligations of

professional secrecy and data protection laid down in Article 8 and in sectoral

legislation which apply to the sharing of information between the financial institution

or the other authorities and the requesting authority, and between the other

authorities and the ESRB.

10. Where the ESRB exchanges information pursuant to paragraph 8, it shall, without

undue delay, inform each authority from which it obtained the information about the

exchange. In the case of recurring or periodic exchanges of information, the ESRB

shall be obliged to inform the authority from which it obtained the information

only once.

11. By way of derogation from paragraph 10, the ESRB shall not be obliged to inform

the authority 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 financial institution

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 **[**]** of the European Parliament and of the Council.

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12. Paragraphs 8 to 11 shall also apply to information that the ESRB has received from

the other authorities and upon which the ESRB has subsequently performed quality

checks or which the ESRB has otherwise processed.

13. To facilitate exchanges of information as referred to in paragraphs 8 to 12, the ESRB

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 ESRB and the other

authorities, develop guidance on the main elements of such memoranda of

understanding.

14. Paragraphs 8 to 13 shall be without prejudice to the protection of intellectual

property rights and shall not prevent or restrict the exchange of information between

the ESRB and the other authorities in accordance with other provisions of this

Regulation or with other Union legislation.

In the event of a conflict between paragraphs 8 to 13 and other provisions of this

Regulation or other Union legislation that govern the exchange of information

between the ESRB and the other authorities, such other provisions shall prevail.

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15. The ESRB may, at its own discretion, grant access to information obtained when

carrying out its duties for re-use by financial institutions, researchers and other

entities that have a legitimate interest in that information for research and innovation

purposes, provided that the ESRB has 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 financial institutions, entities, data subjects and

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.

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16. By … [24 months from the date of entry into force of this amending Regulation], the

ESRB shall report to the Commission on all legal obstacles in sectoral legislation that

prevent it, 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.

17. For the purposes of this Article, “other authorities” means any of the following

authorities:

(a) the European Supervisory Authority (European Banking Authority);

(b) the European Supervisory Authority (European Insurance and Occupational

Pensions Authority);

(c) the European Supervisory Authority (European Securities and Markets

Authority);

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(d) competent authorities, as defined in Article 4, point (2), of Regulation

(EU) No 1093/2010;

(e) competent authorities, as defined in Article 4, point (2), of Regulation

(EU) No 1094/2010;

(f) competent authorities, as defined in Article 4, point (3), of Regulation

(EU) No 1095/2010;

(g) the authorities composing the Single supervisory mechanism, as defined in

Article 2, point (9), of Regulation (EU) No 1024/2013;

(h) the Single Resolution Board, as established by Regulation (EU) No 806/2014;

(i) resolution authorities, such as those referred to in Article 3(3) of

Directive 2014/59/EU;

(j) the Authority for Anti-Money Laundering and Countering the Financing of

Terrorism, as established by Regulation (EU) 2024/1620 of the European

Parliament and of the Council **[***]** ;

(k) financial supervisors, as defined in Article 2, second subparagraph, point (1),

of Directive (EU) 2024/1640 of the European Parliament and of the

Council **[****]** .

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________________

***** Regulation (EU) 2016/679 of the European Parliament and of the Council
of 27 April 2016 on the protection of natural persons with regard to the processing of
personal data and on the free movement of such data, and repealing Directive
95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1,
ELI: http://data.europa.eu/eli/reg/2016/679/oj).
****** Regulation (EU) 2018/1725 of the European Parliament and of the Council
of 23 October 2018 on the protection of natural persons with regard to the processing
of personal data by the Union institutions, bodies, offices and agencies and on the
free movement of such data, and repealing Regulation (EC) No 45/2001 and
Decision No 1247/2002/EC (OJ L 295, 21.11.2018, p. 39,
ELI: http://data.europa.eu/eli/reg/2018/1725/oj).
******* Regulation (EU) 2024/1620 of the European Parliament and of the Council
of 31 May 2024 establishing the Authority for Anti-Money Laundering and
Countering the Financing of Terrorism and amending Regulations
(EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010 (OJ L, 2024/1620,
19.6.2024, ELI: http://data.europa.eu/eli/reg/2024/1620/oj).
******** Directive (EU) 2024/1640 of the European Parliament and of the Council

of 31 May 2024 on the mechanisms to be put in place by Member States for the
prevention of the use of the financial system for the purposes of money laundering or
terrorist financing, amending Directive (EU) 2019/1937, and amending and repealing
Directive (EU) 2015/849 (OJ L, 2024/1640, 19.6.2024,
ELI: http://data.europa.eu/eli/dir/2024/1640/oj)’.

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_Article 2_

_Amendments to Regulation (EU) No 1093/2010_

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

(1) in Article 16a(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 and disclosure 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.’;

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

‘(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

amendments to:

(i) remove redundant or obsolete reporting and disclosure requirements, and

minimise costs, while preserving data usability and quality;

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(ii) ensure proportionate and consistent reporting and disclosure requirements; and

(iii) address regulatory gaps related to reporting and disclosure requirements;’;

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

‘(e) the effectiveness and the degree of convergence of reporting and disclosure

requirements adopted in application or implementation of Union law, while

considering the specific characteristics of national financial legal frameworks.’;

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

‘4. Before requesting information in accordance with this Article, and in order to ensure

that there is no duplication of reporting requirements, the Authority shall take

account of information collected by other authorities as defined in Article 35a(12)

and any relevant existing statistics produced and disseminated by the European

Statistical System and the European System of Central Banks.’;

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(5) the following articles are inserted:

‘ _Article 35a_

_Exchange of information between authorities and with other entities_

1. The Authority and the European Central Bank as referred to in Article 4, point (2)(i),

shall share, on a regular or case-by-case basis, information that they obtained from

financial institutions or the other authorities when carrying out their 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 financial institutions or the other authorities pursuant to

Union law.

2. The Authority and the European Central Bank as referred to in Article 4, point (2)(i),

shall request information from any of the other authorities that have obtained that

information, instead of requesting it directly from financial institutions, provided that

the Authority or the European Central Bank, as applicable, 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 or the European Central Bank as referred to in Article 4, point (2)(i), to

obtain the requested information from financial institutions where the other authority

is unable to share the information, where urgent action is needed or where obtaining

the information directly from financial institutions is necessary for the performance

of the Authority’s or the European Central Bank’s tasks pursuant to Union law.

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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 financial institutions or the other authorities.

The requesting authority, the Authority and the European Central Bank as referred to

in Article 4, point (2)(i), shall be subject to the obligations of professional secrecy

and data protection laid down in Articles 70 and 71 of this Regulation, in Article 27

of Regulation (EU) No 1024/2013 and in sectoral legislation which apply to the

sharing of information between the financial institution and the requesting authority,

and between the financial institution and the Authority and the European Central

Bank as referred to in Article 4, point (2)(i).

4. Where either the Authority or the European Central Bank as referred to in Article 4,

point (2)(i), exchanges information pursuant to paragraph 1 of this Article, it shall,

without undue delay, inform each authority from which it obtained the information or

each financial institution, if the information was obtained from financial institutions

directly, about the exchange. In the case of recurring or periodic exchanges of

information, the Authority or the European Central Bank as referred to in Article 4,

point (2)(i), shall be obliged to inform the financial institution or the authority from

which it obtained the information only once.

7377/25 24

# ECOFIN.1.B EN

5. By way of derogation from paragraph 4 of this Article, the Authority and the

European Central Bank as referred to in Article 4, point (2)(i), shall not be obliged to

inform the authority or the financial institution, 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 financial institution

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 **[**]** of the European Parliament and of the Council.

6. By way of derogation from paragraph 4 of this Article, the Authority and the

European Central Bank as referred to in Article 4, point (2)(i), shall not inform the

financial institution about the exchange of information if they determine, or are

informed by the requesting authority, that doing so could compromise supervisory or

resolution proceedings, actions or investigations.

7377/25 25

# ECOFIN.1.B EN

7. Paragraphs 1 to 6 of this Article shall also apply to information that the Authority

and the European Central Bank as referred to in Article 4, point (2)(i), have received

from a financial institution or the other authorities and upon which they have

subsequently performed quality checks or which they have otherwise processed.

8. To facilitate exchanges of information as referred to in paragraphs 1 to 7 of this

Article, the Authority and the European Central Bank as referred to in Article 4,

point (2)(i),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 European Central Bank as referred to in Article 4, point (2)(i), and

the other authorities, develop guidance on the main elements of such memoranda of

understanding.

9. Paragraphs 1 to 8 of this Article shall be without prejudice to the protection of

intellectual property rights and shall not prevent or restrict the exchange of

information between the Authority or the European Central Bank as referred to in

Article 4, point (2)(i), and the other authorities in accordance with other provisions of

this Regulation or with other Union legislation.

7377/25 26

# ECOFIN.1.B EN

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 or the European Central Bank as referred to in Article 4, point (2)(i), and

the other authorities, such other provisions shall prevail.

10. The Authority, the European Central Bank as referred to in Article 4, point (2)(i), and

the competent authorities may, at their own discretion, grant access to information

obtained when carrying out their duties for re-use by financial institutions,

researchers and other entities that have a legitimate interest in that information for

research and innovation purposes, provided that the Authority, the European Central

Bank as referred to in Article 4, paragraph 2, point (i), or the competent authority

granting the access, has 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 financial institutions, entities, data subjects

and, where it is the Authority or the European Central Bank 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.

7377/25 27

# ECOFIN.1.B EN

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 … [24 months from the date of entry into force of this amending Regulation], the

Authority and the European Central Bank as referred to in Article 4, point (2)(i),

shall, in close cooperation with competent authorities, 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.

7377/25 28

# ECOFIN.1.B EN

12. For the purposes of this Article, Article 35(4) and Article 70(3), “other authorities”

means any of the following authorities:

(a) the ESRB;

(b) the European Supervisory Authority (European Insurance and Occupational

Pensions Authority);

(c) the European Supervisory Authority (European Securities and Markets

Authority);

(d) competent authorities, as defined in Article 4, point (2) of this Regulation;

(e) competent authorities, as defined in Article 4, point (2), of Regulation

(EU) No 1094/2010;

(f) competent authorities, as defined in Article 4, point (3), of Regulation

(EU) No 1095/2010;

(g) the authorities composing the Single supervisory mechanism, as defined in

Article 2, point (9), of Regulation (EU) No 1024/2013;

(h) the Single Resolution Board (SRB), as established by Regulation

(EU) No 806/2014;

7377/25 29

# ECOFIN.1.B EN

(i) resolution authorities, such as those referred to in Article 3(3) of

Directive 2014/59/EU;

(j) the Authority for Anti-Money Laundering and Countering the Financing of

Terrorism (AMLA), as established by Regulation (EU) 2024/1620 of the

European Parliament and of the Council **[***]** ;

(k) financial supervisors, as defined in Article 2, second subparagraph, point (1),

of Directive (EU) 2024/1640 of the European Parliament and Council **[****]** .

For the purposes of this Article, “financial institution” means financial institution as

defined in Article 2, point (a), of Regulation (EU) No 1092/2010.

By way of derogation from the first subparagraph of this paragraph, where

paragraphs 1 and 2 of this Article apply to the European Central Bank, as referred to

in Article 4, point (2)(i), of this Regulation, “other authorities” means any of the

authorities listed in the first subparagraph of this paragraph, except for national

competent authorities that form part of the Single supervisory mechanism.

7377/25 30

# ECOFIN.1.B EN

_Article 35b_

_Integrated reporting system_

1. By … [60 months from the date of entry into force of this amending Regulation], the

ESAs, through the Joint Committee and in close cooperation with the ESRB, the

European Central Bank, AMLA, the SRB, the competent authorities and other

relevant stakeholders, shall prepare a report presenting options to enhance the

efficiency of supervisory data collection in the Union. Building on the sectoral work

of the ESAs to integrate reporting, that report shall provide a feasibility study,

including an assessment of impacts, costs and benefits, of a cross-sectoral integrated

reporting system and, based on that feasibility study, present a roadmap for the

implementation.

The report referred to in the first subparagraph shall cover:

(a) a common data dictionary, including a repository of reporting and disclosure

requirements, ensuring consistency and clarity of reporting requirements and

data standardisation; and

(b) a data space for collecting and exchanging information.

Taking into account the findings of the report referred to in the first subparagraph

and following a thorough impact assessment, the Commission shall, where

appropriate and necessary, submit to the European Parliament and to the Council a

legislative proposal to ensure the financial, human and IT resources necessary for

establishing the integrated reporting system.

7377/25 31

# ECOFIN.1.B EN

2. The ESAs, through the Joint Committee and in close cooperation with the ESRB, the

European Central Bank, AMLA, the SRB and the competent authorities, shall

promptly establish a permanent single contact point for entities to communicate

duplicative, redundant or obsolete reporting and disclosure requirements.

________________

***** Regulation (EU) 2016/679 of the European Parliament and of the Council
of 27 April 2016 on the protection of natural persons with regard to the processing of
personal data and on the free movement of such data, and repealing Directive
95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1,
[ELI: http://data.europa.eu/eli/reg/2016/679/oj).](http://data.europa.eu/eli/reg/2016/679/oj)
****** Regulation (EU) 2018/1725 of the European Parliament and of the Council
of 23 October 2018 on the protection of natural persons with regard to the processing
of personal data by the Union institutions, bodies, offices and agencies and on the
free movement of such data, and repealing Regulation (EC) No 45/2001 and
Decision No 1247/2002/EC (OJ L 295, 21.11.2018, p. 39,
[ELI: http://data.europa.eu/eli/reg/2018/1725/oj).](http://data.europa.eu/eli/reg/2018/1725/oj)
******* Regulation (EU) 2024/1620 of the European Parliament and of the Council
of 31 May 2024 establishing the Authority for Anti-Money Laundering and
Countering the Financing of Terrorism and amending Regulations
(EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010 (OJ L, 2024/1620,
19.6.2024, ELI: http://data.europa.eu/eli/reg/2024/1620/oj).
******** Directive (EU) 2024/1640 of the European Parliament and of the Council

of 31 May 2024 on the mechanisms to be put in place by Member States for the
prevention of the use of the financial system for the purposes of money laundering or
terrorist financing, amending Directive (EU) 2019/1937, and amending and repealing
Directive (EU) 2015/849 (OJ L, 2024/1640, 19.6.2024,
ELI: http://data.europa.eu/eli/dir/2024/1640/oj).’;

7377/25 32

# ECOFIN.1.B EN

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

‘– reporting and disclosure requirements and the collection of information from

financial institutions.’;

(7) in Article 70(3), the first subparagraph is replaced by the following:

‘3. Paragraphs 1 and 2 of this Article shall not prevent the Authority from exchanging

information with competent authorities and with other authorities as defined in

Article 35a(12) in accordance with this Regulation and 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 16a(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 and disclosure requirements in Union law or in measures of national law

transposing Union law.

7377/25 33

# ECOFIN.1.B EN

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.’;

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

‘(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

amendments to:

(i) remove redundant or obsolete reporting and disclosure requirements, and

minimise costs while preserving data usability and quality;

(ii) ensure proportionate and consistent reporting and disclosure requirements; and

(iii) address regulatory gaps related to reporting and disclosure requirements;’;

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

‘(e) the effectiveness and the degree of convergence of reporting and disclosure

requirements adopted in application or implementation of Union law, while

considering the specific characteristics of national financial legal frameworks.’;

7377/25 34

# ECOFIN.1.B EN

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

‘4. Before requesting information in accordance with this Article, and in order to ensure

that there is no duplication of reporting requirements, the Authority shall take

account of information collected by other authorities as defined in Article 35a(12)

and any relevant existing statistics produced and disseminated by the European

Statistical System and the European System of Central Banks.’;

(5) the following articles are inserted:

‘ _Article 35a_

_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 financial institutions 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 financial institutions 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 financial institutions,

provided that the Authority is entitled to obtain that information pursuant to

Union law.

7377/25 35

# ECOFIN.1.B EN

The first subparagraph shall be without prejudice to the powers of the Authority to

obtain the requested information from financial institutions where the other authority

is unable to share the information, where urgent action is needed or where obtaining

the information directly from financial institutions 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 financial institutions 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 70 and 71 and in

sectoral legislation which apply to the sharing of information between the financial

institution and the requesting authority and between the financial institution 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

financial institution, if the information was obtained from financial institutions

directly, about the exchange. In the case of recurring or periodic exchanges of

information, the Authority shall be obliged to inform the financial institution or the

authority from which it obtained the information only once.

7377/25 36

# ECOFIN.1.B EN

5. By way of derogation from paragraph 4, the Authority shall not be obliged to inform

the authority or the financial institution, 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 financial institution

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 **[**]** of the European Parliament and of the Council.

6. By way of derogation from paragraph 4, the Authority shall not inform the financial

institution 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

a financial institution or the other authorities and upon which the Authority has

subsequently performed quality checks or which the Authority has otherwise

processed.

7377/25 37

# ECOFIN.1.B EN

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.

7377/25 38

# ECOFIN.1.B EN

10. The Authority and the competent authorities may, at their own discretion, grant

access to information obtained when carrying out their duties for re-use by financial

institutions, researchers and other entities that have a legitimate interest in that

information for research and innovation purposes, provided that the Authority or the

competent authority granting access has 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 financial institutions, 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.

7377/25 39

# ECOFIN.1.B EN

11. By … [24 months from the date of entry into force of this amending Regulation] the

Authority shall, in close cooperation with competent authorities, 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, Article 35(4) and Article 70(3), “other authorities”

means any of the following authorities:

(a) the ESRB;

(b) the European Supervisory Authority (European Banking Authority);

(c) the European Supervisory Authority (European Securities and Markets

Authority);

7377/25 40

# ECOFIN.1.B EN

(d) competent authorities, as defined in Article 4, point (2), of this Regulation;

(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 (3), of Regulation

(EU) No 1095/2010;

(g) the authorities composing the Single supervisory mechanism, as defined in

Article 2, point (9), of Council Regulation (EU) No 1024/2013 **[***]** ;

(h) the Single Resolution Board (SRB), as established by Regulation

(EU) No 806/2014 of the European Parliament and of the Council **[****]** ;

(i) resolution authorities, such as those referred to in Article 3(3) of

Directive 2014/59/EU of the European Parliament and of the Council **[*****]** ;

(j) the Authority for Anti-Money Laundering and Countering the Financing of

Terrorism (AMLA), as established by Regulation (EU) 2024/1620 of the

European Parliament and of the Council **[******]** ;

(k) financial supervisors, as defined in Article 2, second subparagraph, point (1),

of Directive (EU) 2024/1640 of the European Parliament and of the

Council **[*******]** ;

For the purposes of this Article, “financial institution” means financial institution as

defined in Article 2, point (a), of Regulation (EU) No 1092/2010.

7377/25 41

# ECOFIN.1.B EN

_Article 35b_

_Integrated reporting system_

1. By … [60 months from the date of entry into force of this amending Regulation], the

ESAs, through the Joint Committee and in close cooperation with the ESRB, the

European Central Bank (ECB), AMLA, the SRB, the competent authorities and other

relevant stakeholders, shall prepare a report presenting options to enhance the

efficiency of supervisory data collection in the Union. Building on the sectoral work

of the ESAs to integrate reporting, that report shall provide a feasibility study,

including an assessment of impacts, costs and benefits, of a cross-sectoral integrated

reporting system and, based on that feasibility study, present a roadmap for the

implementation.

The report referred to in the first subparagraph shall cover:

(a) a common data dictionary, including a repository of reporting and disclosure

requirements, ensuring consistency and clarity of reporting requirements and

data standardisation; and

(b) a data space for collecting and exchanging information.

Taking into account the findings of the report referred to in the first subparagraph

and following a thorough impact assessment, the Commission shall, where

appropriate and necessary, submit to the European Parliament and to the Council a

legislative proposal to ensure the financial, human and IT resources necessary for

establishing the integrated reporting system.

7377/25 42

# ECOFIN.1.B EN

2. The ESAs, through the Joint Committee and in close cooperation with the ESRB, the

ECB, AMLA, the SRB and the competent authorities, shall promptly establish a

permanent single contact point for entities to communicate duplicative, redundant or

obsolete reporting and disclosure requirements.

________________

***** Regulation (EU) 2016/679 of the European Parliament and of the Council
of 27 April 2016 on the protection of natural persons with regard to the processing of
personal data and on the free movement of such data, and repealing Directive
95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1,
[ELI: http://data.europa.eu/eli/reg/2016/679/oj).](http://data.europa.eu/eli/reg/2016/679/oj)
****** Regulation (EU) 2018/1725 of the European Parliament and of the Council
of 23 October 2018 on the protection of natural persons with regard to the processing
of personal data by the Union institutions, bodies, offices and agencies and on the
free movement of such data, and repealing Regulation (EC) No 45/2001 and
Decision No 1247/2002/EC (OJ L 295, 21.11.2018, p. 39,
[ELI: http://data.europa.eu/eli/reg/2018/1725/oj).](http://data.europa.eu/eli/reg/2018/1725/oj)
******* Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks
on the European Central Bank concerning policies relating to the prudential
supervision of credit institutions (OJ L 287, 29.10.2013, p. 63,
[ELI: http://data.europa.eu/eli/reg/2013/1024/oj).](http://data.europa.eu/eli/reg/2013/1024/oj)
******** Regulation (EU) No 806/2014 of the European Parliament and of the Council

of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution
of credit institutions and certain investment firms in the framework of a Single
Resolution Mechanism and a Single Resolution Fund and amending Regulation
(EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1,
[ELI: http://data.europa.eu/eli/reg/2014/806/oj).](http://data.europa.eu/eli/reg/2014/806/oj)

7377/25 43

# ECOFIN.1.B EN

********* Directive 2014/59/EU of the European Parliament and of the Council

of 15 May 2014 establishing a framework for the recovery and resolution of credit
institutions and investment firms and amending Council Directive 82/891/EEC, and
Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC,
2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and
(EU) No 648/2012, of the European Parliament and of the Council (OJ L 173,
[12.6.2014, p. 190, ELI: http://data.europa.eu/eli/dir/2014/59/oj).](http://data.europa.eu/eli/dir/2014/59/oj)
********** Regulation (EU) 2024/1620 of the European Parliament and of the Council

of 31 May 2024 establishing the Authority for Anti-Money Laundering and
Countering the Financing of Terrorism and amending Regulations
(EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010 (OJ L, 2024/1620,
[19.6.2024, ELI: http://data.europa.eu/eli/reg/2024/1620/oj).](http://data.europa.eu/eli/reg/2024/1620/oj)
*********** Directive (EU) 2024/1640 of the European Parliament and of the Council

of 31 May 2024 on the mechanisms to be put in place by Member States for the
prevention of the use of the financial system for the purposes of money laundering or
terrorist financing, amending Directive (EU) 2019/1937, and amending and repealing
Directive (EU) 2015/849 (OJ L, 2024/1640, 19.6.2024,
ELI: http://data.europa.eu/eli/dir/2024/1640/oj).’;

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

‘– reporting and disclosure requirements and the collection of information from

financial institutions.’;

(7) in Article 70(3), the first subparagraph is replaced by the following:

‘3. Paragraphs 1 and 2 of this Article shall not prevent the Authority from exchanging

information with competent authorities and with other authorities as defined in

Article 35a(12) in accordance with this Regulation and other Union legislation

applicable to financial institutions.’.

7377/25 44

# ECOFIN.1.B EN

_Article 4_

_Amendments to Regulation (EU) No 1095/2010_

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

(1) in Article 16a(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 and disclosure 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.’;

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

‘(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

amendments to:

(i) remove redundant or obsolete reporting and disclosure requirements, and

minimise costs while preserving data usability and quality;

7377/25 45

# ECOFIN.1.B EN

(ii) ensure proportionate and consistent reporting and disclosure requirements; and

(iii) address regulatory gaps related to reporting and disclosure requirements;’;

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

‘(e) the effectiveness and the degree of convergence of reporting and disclosure

requirements adopted in application or implementation of Union law, while

considering the specific characteristics of national financial legal frameworks.’;

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

‘4. Before requesting information in accordance with this Article and in order to ensure

that there is no duplication of reporting requirements, the Authority shall take

account of information collected by other authorities as defined in Article 35a(12)

and any relevant existing statistics produced and disseminated by the European

Statistical System and the European System of Central Banks.’;

7377/25 46

# ECOFIN.1.B EN

(5) the following articles are inserted:

‘ _Article 35a_

_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 financial institutions 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 financial institutions 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 financial institutions,

provided that the Authority is entitled to obtain that information pursuant to

Union law.

The first subparagraph shall be without prejudice to the powers of the Authority to

obtain the requested information from financial institutions where the other authority

is unable to share the information, where urgent action is needed or where obtaining

the information directly from financial institutions is necessary for the performance

of the Authority’s tasks pursuant to Union law.

7377/25 47

# ECOFIN.1.B EN

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 financial institutions 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 70 and 71 and in

sectoral legislation which apply to the sharing of information between the financial

institution and the requesting authority and between the financial institution 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

financial institution, if the information was obtained from financial institutions

directly, about the exchange. In the case of recurring or periodic exchanges of

information, the Authority shall be obliged to inform the financial institution 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 financial institution, 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 financial institution

or other legal entities are no longer identifiable; or

7377/25 48

# ECOFIN.1.B EN

(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 **[**]** of the European Parliament and of the Council.

6. By way of derogation from paragraph 4, the Authority shall not inform the financial

institution 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

a financial institution 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.

7377/25 49

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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 competent authorities may, at their own discretion, grant

access to information obtained when carrying out their duties for re-use by financial

institutions, researchers and other entities that have a legitimate interest in that

information for research and innovation purposes, provided that the Authority or the

competent authority granting access has 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 financial institutions, 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.

7377/25 50

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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 … [24 months from the date of entry into force of this amending Regulation], the

Authority shall, in close cooperation with competent authorities, 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, Article 35(4) and Article 70(3), “other authorities”

means any of the following authorities:

(a) the ESRB;

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# ECOFIN.1.B EN

(b) the European Supervisory Authority (European Banking Authority);

(c) the European Supervisory Authority (European Insurance and Occupational

Pensions Authority);

(d) competent authorities, as defined in Article 4, point (2), of Regulation

(EU) No 1093/2010;

(e) competent authorities, as defined in Article 4, point (2), of Regulation

(EU) No 1094/2010;

(f) competent authorities, as defined in Article 4, point (3), of this Regulation;

(g) the authorities composing the Single supervisory mechanism, as defined in

Article 2, point (9), of Council Regulation (EU) No 1024/2013 **[***]** ;

(h) the Single Resolution Board (SRB), as established by Regulation

(EU) No 806/2014 of the European Parliament and of the Council **[****]** ;

(i) resolution authorities, such as those referred to in Article 3(3), of

Directive 2014/59/EU of the European Parliament and of the Council **[*****]** ;

(j) the Authority for Anti-Money Laundering and Countering the Financing of

Terrorism (AMLA), as established by Regulation (EU) 2024/1620 of the

European Parliament and of the Council **[******]** ;

7377/25 52

# ECOFIN.1.B EN

(k) financial supervisors, as defined in Article 2, second subparagraph, point (1),

of Directive (EU) 2024/1640 of the European Parliament and of the

Council **[*******]** .

For the purposes of this Article, “financial institution” means financial institution as

defined in Article 2, point (a), of Regulation (EU) No 1092/2010.

_Article 35b_

_Integrated reporting system_

1. By … [60 months from the date of entry into force of this amending Regulation], the

ESAs, through the Joint Committee and in close cooperation with the ESRB, the

European Central Bank (ECB), AMLA, the SRB, the competent authorities and other

relevant stakeholders shall prepare a report presenting options to enhance the

efficiency of supervisory data collection in the Union. Building on the sectoral work

of the ESAs to integrate reporting, that report shall provide a feasibility study,

including an assessment of impacts, costs and benefits, of a cross-sectoral integrated

reporting system and, based on that feasibility study, present a roadmap for the

implementation.

The report referred to in the first subparagraph shall cover:

(a) a common data dictionary, including a repository of reporting and disclosure

requirements, ensuring consistency and clarity of reporting requirements and

data standardisation; and

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(b) a data space for collecting and exchanging information.

Taking into account the findings of the report referred to in the first subparagraph

and following a thorough impact assessment, the Commission shall, where

appropriate and necessary, submit to the European Parliament and to the Council a

legislative proposal to ensure the financial, human and IT resources necessary for

establishing the integrated reporting system.

2. The ESAs, through the Joint Committee and in close cooperation with the ESRB, the

ECB, AMLA, the SRB and the competent authorities, shall promptly establish a

permanent single contact point for entities to communicate duplicative, redundant or

obsolete reporting and disclosure requirements.

________________

***** Regulation (EU) 2016/679 of the European Parliament and of the Council
of 27 April 2016 on the protection of natural persons with regard to the processing of
personal data and on the free movement of such data, and repealing Directive
95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1,
[ELI: http://data.europa.eu/eli/reg/2016/679/oj).](http://data.europa.eu/eli/reg/2016/679/oj)
****** Regulation (EU) 2018/1725 of the European Parliament and of the Council
of 23 October 2018 on the protection of natural persons with regard to the processing
of personal data by the Union institutions, bodies, offices and agencies and on the
free movement of such data, and repealing Regulation (EC) No 45/2001 and
Decision No 1247/2002/EC (OJ L 295, 21.11.2018, p. 39,
[ELI: http://data.europa.eu/eli/reg/2018/1725/oj).](http://data.europa.eu/eli/reg/2018/1725/oj)
******* Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks
on the European Central Bank concerning policies relating to the prudential
supervision of credit institutions (OJ L 287, 29.10.2013, p. 63,
[ELI: http://data.europa.eu/eli/reg/2013/1024/oj).](http://data.europa.eu/eli/reg/2013/1024/oj)

7377/25 54

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******** Regulation (EU) No 806/2014 of the European Parliament and of the Council

of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution
of credit institutions and certain investment firms in the framework of a Single
Resolution Mechanism and a Single Resolution Fund and amending Regulation
(EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1,
[ELI: http://data.europa.eu/eli/reg/2014/806/oj).](http://data.europa.eu/eli/reg/2014/806/oj)
********* Directive 2014/59/EU of the European Parliament and of the Council

of 15 May 2014 establishing a framework for the recovery and resolution of credit
institutions and investment firms and amending Council Directive 82/891/EEC, and
Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC,
2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and
(EU) No 648/2012, of the European Parliament and of the Council (OJ L 173,
[12.6.2014, p. 190, ELI: http://data.europa.eu/eli/dir/2014/59/oj).](http://data.europa.eu/eli/dir/2014/59/oj)
********** Regulation (EU) 2024/1620 of the European Parliament and of the Council

of 31 May 2024 establishing the Authority for Anti-Money Laundering and
Countering the Financing of Terrorism and amending Regulations
(EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010 (OJ L, 2024/1620,
19.6.2024, ELI: http://data.europa.eu/eli/reg/2024/1620/oj).
*********** Directive (EU) 2024/1640 of the European Parliament and of the Council

of 31 May 2024 on the mechanisms to be put in place by Member States for the
prevention of the use of the financial system for the purposes of money laundering or
terrorist financing, amending Directive (EU) 2019/1937, and amending and repealing
Directive (EU) 2015/849 (OJ L, 2024/1640, 19.6.2024,
ELI: http://data.europa.eu/eli/dir/2024/1640/oj).’;

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

‘– reporting and disclosure requirements and the collection of information from

financial market participants.’;

7377/25 55

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(7) in Article 70(3), the first subparagraph is replaced by the following:

‘3. Paragraphs 1 and 2 of this Article shall not prevent the Authority from exchanging

information with competent authorities and with other authorities as defined in

Article 35a(12) in accordance with this Regulation and other Union legislation

applicable to financial market participants.’.

_Article 5_

_Amendments to Regulation (EU) No 806/2014_

Regulation (EU) No 806/2014 is amended as follows:

(1) the following article is inserted:

‘ _Article 31a_

_Exchange of information between authorities and with other entities_

1. The Board shall share, on a regular or case-by-case basis, information that it obtained

from financial institutions 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 financial institutions or the other authorities pursuant to

Union law.

7377/25 56

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2. The Board shall request information from any of the other authorities that have

obtained that information, instead of requesting it directly from financial institutions,

provided that the Board is entitled to obtain that information pursuant to Union law.

The first subparagraph shall be without prejudice to the powers of the Board to

obtain the requested information from financial institutions where the other authority

is unable to share the information, where urgent action is needed or where obtaining

the information directly from financial institutions is necessary for the performance

of the Board'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 financial institutions or the other authorities.

The requesting authority and the Board shall be subject to the obligations of

professional secrecy and data protection laid down in Articles 88 and 89 and in

sectoral legislation which apply to the sharing of information between the financial

institution and the requesting authority and between the financial institution and

the Board.

7377/25 57

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4. Where the Board exchanges information pursuant to paragraph 1, it shall, without

undue delay, inform each authority from which it obtained the information or each

financial institution, if the information was obtained from financial institutions

directly, about the exchange. In the case of recurring or periodic exchanges of

information, the Board shall be obliged to inform the financial institution or the

authority from which it obtained the information only once.

5. By way of derogation from paragraph 4, the Board shall not be obliged to inform the

authority or the financial institution, 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 financial institution

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 **[**]** of the European Parliament and of the Council.

7377/25 58

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6. By way of derogation from paragraph 4, the Board shall not inform the financial

institution 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 Board has received from a

financial institution or the other authorities and upon which the Board has

subsequently performed quality checks or which the Board has otherwise processed.

8. To facilitate exchanges of information as referred to in paragraphs 1 to 7, the Board

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 Board 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

Board and the other authorities in accordance with other provisions of this

Regulation or with other Union legislation.

7377/25 59

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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

Board and the other authorities, such other provisions shall prevail.

10. The Board and the resolution authorities may, at their own discretion, grant access to

information obtained when carrying out their duties for re-use by financial

institutions, researchers and other entities that have a legitimate interest in that

information for research and innovation purposes, provided that the Board or the

resolution authority granting access has 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 financial institutions, entities, data subjects

and, where it is the Board 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.

7377/25 60

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11. By … [24 months from the date of entry into force of this amending Regulation], the

Board shall, in close cooperation with resolution authorities, 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, and Article 88(7), “other authorities” means any of

the following authorities:

(a) the ESRB;

(b) the EBA;

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(c) the EIOPA;

(d) the ESMA;

(e) competent authorities, as defined in Article 4, point (2), of Regulation

(EU) No 1093/2010, except for the national resolution authorities;

(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 Authority for Anti-Money Laundering and Countering the Financing of

Terrorism, as established by Regulation (EU) 2024/1620 of the European

Parliament and of the Council **[***]** ;

(j) financial supervisors, as defined in Article 2, second subparagraph, point (1),

of Directive (EU) 2024/1640 of the European Parliament and of the

Council **[****]** .

For the purposes of this Article, “financial institution” means financial institution as

defined in Article 2, point (a), of Regulation (EU) No 1092/2010.

7377/25 62

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________________

***** Regulation (EU) 2016/679 of the European Parliament and of the Council
of 27 April 2016 on the protection of natural persons with regard to the processing of
personal data and on the free movement of such data, and repealing Directive
95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1,
[ELI: http://data.europa.eu/eli/reg/2016/679/oj).](http://data.europa.eu/eli/reg/2016/679/oj)
****** Regulation (EU) 2018/1725 of the European Parliament and of the Council
of 23 October 2018 on the protection of natural persons with regard to the processing
of personal data by the Union institutions, bodies, offices and agencies and on the
free movement of such data, and repealing Regulation (EC) No 45/2001 and
Decision No 1247/2002/EC (OJ L 295, 21.11.2018, p. 39,
[ELI: http://data.europa.eu/eli/reg/2018/1725/oj).](http://data.europa.eu/eli/reg/2018/1725/oj)
******* Regulation (EU) 2024/1620 of the European Parliament and of the Council
of 31 May 2024 establishing the Authority for Anti-Money Laundering and
Countering the Financing of Terrorism and amending Regulations
(EU) No 1093/2010, (EU) No 1094/2010 and (EU) No 1095/2010 (OJ L, 2024/1620,
[19.6.2024, ELI: http://data.europa.eu/eli/reg/2024/1620/oj).](http://data.europa.eu/eli/reg/2024/1620/oj)
******** Directive (EU) 2024/1640 of the European Parliament and of the Council

of 31 May 2024 on the mechanisms to be put in place by Member States for the
prevention of the use of the financial system for the purposes of money laundering or
terrorist financing, amending Directive (EU) 2019/1937, and amending and repealing
Directive (EU) 2015/849 (OJ L, 2024/1640, 19.6.2024,
ELI: http://data.europa.eu/eli/dir/2024/1640/oj).’;

(2) in Article 88, the following paragraph is added:

‘7. This Article shall not prevent the Board from exchanging information with other

authorities as defined in Article 31a(12).’.

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_Article 6_

_Amendment to Regulation (EU) 2021/523_

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

‘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 Article 158(1), point (a), of the Financial Regulation.’.

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_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).’;

7377/25 65

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(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.

7377/25 66

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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

7377/25 67

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(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.

7377/25 68

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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;

7377/25 69

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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 … [24 months from the date of entry into force of this amending Regulation], 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 **[*]** ;

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(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.

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________________

***** 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, ELI: http://data.europa.eu/eli/reg/2010/1092/oj).](http://data.europa.eu/eli/reg/2010/1092/oj)
****** Regulation (EU) No 806/2014 of the European Parliament and of the Council
of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution
of credit institutions and certain investment firms in the framework of a Single
Resolution Mechanism and a Single Resolution Fund and amending Regulation
(EU) No 1093/2010 (OJ L 225, 30.7.2014, p. 1,
ELI: http://data.europa.eu/eli/reg/2014/806/oj).’;

(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.’.

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# ECOFIN.1.B EN

_Article 8_

_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 …, …

_For the European Parliament_ _For the Council_

_The President_ _The President_

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# ECOFIN.1.B EN