On 23 June 2025, the European Securities and Markets Authority (ESMA) launched a Discussion Paper on the integrated collection of funds’ data.

Background

Directive 2024/927 amending the Alternative Investment Fund Managers Directive (AIFMD) and the UCITS IV Directive (UCITS Directive) was part of the European Commission’s (Commission) 2021 strategy on supervisory data in EU financial services. This strategy aims to modernise supervisory reporting across the EU by establishing a system capable of delivering accurate, consistent, and timely data to Member State supervisory authorities (NCAs), while reducing the overall reporting burden. Directive 2024/927 inserted Article 69a into the AIFMD and Article 20b into the UCITS Directive which mandate ESMA to submit a report to the Commission which outlines the development of an integrated reporting system of supervisory data. This report is to be submitted by 16 April 2026.

Purpose

The Discussion Paper outlines a broad range of issues considered relevant for the forthcoming report on integrated reporting and is intended to provide a basis for engagement with stakeholders and to gather evidence and perspectives. It outlines options for improving different aspects of reporting, such as the scope of data, reporting processes and systems to ensure more efficient reporting and sharing of data between the NCAs. Among the possibilities, there are proposals related to the integration of multiple reporting templates and the centralisation of reporting processes and infrastructures.

Next steps

The deadline for comments on the Discussion Paper is 21 September 2025.

ESMA’s assessment will be performed following the consultation period in cooperation with relevant authorities and the final report is to be expected by April 2026 as mandated by Article 69a AIFMD.