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Supervisory data strategy

Banking and financial services

As announced in the digital finance strategy of September 2020, the Commission is preparing a supervisory data strategy that aims to improve supervisory data collection and make it fit for the future. Improved data collection will help maintain the stability and integrity of the financial system by enabling proactive and effective data-driven supervision, and reduce the significant burden and costs of reporting.

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Public consultation

ID: 13023

Lobbying Activity

10 responses

Consultation response

Insurance Europe, 14 Jun 2021

The industry fully supports the aim of the supervisory data strategy to initiate a shift to a modern, efficient and effective approach to data collection for supervisory purposes. At the same time, the following points should be considered: APPROACH *The approach should work for all…

Financial industry urges data harmonization before reporting overhaul

Association for Financial Markets in Europe, 14 Jun 2021

The organization requests that authorities establish clear data dictionaries and reduce duplicative reporting before implementing architectural changes. They urge starting with identifying the purpose behind data collection rather than focusing on existing requirements. They advocate maintaining the current push reporting approach rather than moving to a pull model.
This would reduce compliance costs and allow longer adjustment periods for complex systems.

Consultation response

Gesamtverband der Deutschen Versicherungswirtschaft e.V., 11 Jun 2021

Please find the comments of the German Insurance Association in attachment.

Consultation response

Bloomberg L.P., 15 Jun 2021

Bloomberg welcomes the opportunity to provide feedback on the European Commission’s roadmap on the EU supervisory data strategy for financial services. We have set out in the attached document our key considerations on a number of co-ordinated sectoral and horizontal measures aimed at contributing…

Consultation response

Deutsche Börse AG, 15 Jun 2021

Dear Sir or Madame, please find attached our Deutsche Börse Group position paper on the Roadmap. Best regards Jan Doser

Consultation response

Federation of European Securities Exchanges, 15 Jun 2021

FESE supports the plan of the European Commission in proposing an overarching data strategy that has the potential to achieve the benefits of the single market. To this end, we believe a harmonised European approach is preferable to speed up the use/investment in technologies while effectiveness,…

Consultation response

PensionsEurope, 14 Jun 2021

We have appreciated the recent fitness check of supervisory reporting, and we would like to thank EC for a good and constructive dialogue over the past years on our concerns and suggestions. We agree with fitness check conclusions that the current way of defining the reporting requirements and…

Consultation response

Global Legal Entity Identifier Foundation, 14 Jun 2021

The Global Legal Entity Identifier Foundation (GLEIF) is pleased to comment on the European Commission's Consultation on Supervisory Data Strategy. GLEIF will focus its comments on the use of the Legal Entity Identifier (LEI) in the consultation. First, GLEIF suggests that achieving data…

Consultation response

CDP Worldwide (Europe) gemeinnützige GmbH, 15 Jun 2021

CDP Europe welcomes the EU Commission’s initiative to improve the collection of supervisory data, especially where environmental disclosures in capital markets are concerned. As data is collected from portfolio stress testing exercises, such as the Bank of England Climate Biennial Exploratory…

Consultation response

IHS Markit, 15 Jun 2021

We agree with the EC’s conclusions that inefficiencies in the EU reporting process are generating significant costs and burdens as well as lowering quality for supervisors. EU (and global) reporting requirements are complicated and can be duplicative and inconsistent. This has led to firms needing…