Financial Regulation
EU Could Save €1B Annually on Financial Reporting
The European Securities and Markets Authority (ESMA) has identified potential annual savings of up to €1 billion by simplifying transaction reporting rules. In a recent analysis, ESMA found that current requirements are complex and costly for financial firms to comply with. The authority suggests that streamlining these processes would not compromise market oversight but would significantly reduce the administrative burden on the industry. ESMA will use these findings to advise the European Commission on future reviews of financial legislation.
Simplifying EU financial reporting could cut industry costs by up to €1 billion per year, says watchdog.