The Single EU Supervisory Reporting

Meri Rimmanen

The global economic and financial crisis revealed severe vulnerabilities in the resilience of financial systems to shocks, in financial regulation and in supervision and coordination of cross-border supervision of financial institutions. Both globally and in the EU, this led to significant reforms of prudential regulation and supervision of institutions. In parallel to strengthening regulation and supervision, improving data quality and consistency has been a top priority for regulators. There was shortage of data on specific institutions and markets, but the gaps were mostly due to fragmentation of data sources across jurisdictions. This seriously hampered surveillance of potential systemic risks and prevented timely supervisory actions. In the EU, the creation of the Single Rulebook and the European System of Financial Supervisors (ESFS) paved the way for the establishment of uniform reporting frameworks applicable to all EU credit institutions and investment firms. The fully harmonised prudential requirements, together with fully standardised reporting requirements, ensure that supervision, monitoring of systemic risks and policy measures can rely on high-quality, comparable