On 18 December 2024, the European Commission issued a press release welcoming the political agreement reached by the European Parliament and the Council on the proposal to facilitate data‑sharing and reduce redundant reporting in EU financial services.

The proposal seeks to:

• Facilitate the sharing of reported data between authorities overseeing the EU financial sector. The data sharing applies to national and EU authorities where both authorities already have the right to collect the data. This is done to avoid duplicative requests to reporting entities and to facilitate the sharing of clean or processed versions of such data (to move away from a situation where all authorities concerned have to perform quality checks and process the data separately). It also provides a legal basis for exchanging anonymised data between authorities and, for the purposes of policy work, with the Commission.
• Explicitly require authorities to regularly review reporting requirements, remove any redundant or obsolete ones, and keep the reporting burden to a minimum, as well as to consider reusing existing data before introducing new requirements.
• Allow, under strict confidentiality and data protection conditions, the sharing of data held by authorities with financial institutions, researchers, and other entities, for research and innovation purposes.