December 01, 2017

EC launched a public consultation on fitness check on supervisory reporting, with the comment period ending on February 28, 2018. EC also published a progress report providing an update on the follow-up to the Call for evidence on the EU regulatory framework for financial services. This call for evidence was launched in 2015 by EC to assess whether rules adopted since the financial crisis were working as intended.

The consultation is structured along three sections, reflecting the key identified issues and challenges with respect to the EU supervisory reporting framework:

  • Assessing the effectiveness, efficiency, relevance, coherence, and added value of supervisory reporting requirements in place by the end of 2016
  • Quantifying the cost of compliance with supervisory reporting requirements
  • Identifying possible ways to simplify and streamline supervisory reporting

Respondents to this consultation should provide their answers on the basis of the reporting frameworks that are relevant for them. They should consider the costs incurred until the end of December 2016—and only for the frameworks in force at that date. The overall aim is to assess the effectiveness of reporting, which supervisors in the EU need from financial market players.

 

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Comment Due Date: February 28, 2018

Keywords: Europe, EU, Banking, Supervisory Reporting, Fitness Check, Proportionality, EC

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