ESMA announces Data Strategy to reduce compliance burden and facilitate data reporting

Rick Steves

“We want to contribute to reducing the compliance burden for companies and facilitate data reporting by means of increased standardisation and the use of modern IT solutions across the reporting process and the entire data lifecycle.”

The European Securities and Markets Authority (ESMA) has announced its Data Strategy for 2023-2028.

The EU’s financial markets regulator and supervisor intends to work to facilitate the use of new data-related technologies, reduce reporting compliance costs by regulated entities, enable the effective use of data at both EU and national level; and make data more broadly available to the public.

ESMA’s Data Strategy for enhanced data sharing with authorities

Verena Ross, ESMA Chair, said: “I am pleased to present our new Data Strategy through which ESMA will strengthen its role both as a supervisor and as a data and information hub in the EU. We want to contribute to reducing the compliance burden for companies and facilitate data reporting by means of increased standardisation and the use of modern IT solutions across the reporting process and the entire data lifecycle. Our goal is to provide easier access to financial data, both through enhanced data sharing with authorities across the EU and at national level. Initiatives such as ESAP will provide access to financial data to the wider market, including retail investors.”

ESMA’s Data Strategy for the next five years can be summed up into six objectives, including:

– Become an enhanced data hub – Bolster ESMA as EU securities markets data hub, focusing on improved data and information accessibility, interoperability and usability, and achieving synergies and economies of scale;

– Ensure access to data of public interest – Contribute to providing easily accessible and usable information to the market participants, including to retail investors, in machine readable formats and via user-friendly search and analytical interfaces;

– Promote data-driven supervision – Enable cutting-edge, smart and effective data-driven supervision by joint developments and use of novel technologies;

– Increase data collaboration – Achieve better data standardisation, quality and reusability, and to promote the adoption of innovative technologies;

– Produce efficient data policy output – Reduce the compliance burden for reporting entities by reducing duplicative and inconsistent requirements, optimising reporting flows, effective and efficient data sharing, and exploiting emerging technologies; and

– Facilitate systematic data use – Establish processes, methodologies and tools enabling systematic use of data for evidence-based policy development, supervision and risk assessment.

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