THE QUESTION: How do you simplify EU reporting requirements and reduce their cost without sacrificing the original regulatory intent?
THE ANSWER: We have identified 5 regulatory actions that we estimate could reduce the reporting burden for European financial institutions and companies by +€4 billion per annum (and we think that is a conservative estimate!)
From centralizing portfolio assessments to liberalizing webscraping rules and reforming assurance, our recommendations are smaller and larger tweaks that can unlock dramatic cost savings – while having the potential of actually increasing the quality and comparability of disclosures!
Read our “make or break” report on simplifying EU disclosure rules.
As always, our Make or Break series represents ideas designed to start a conversation, not end them. We hope they sometimes change other people’s minds and sometimes spurs responses that change ours. You can email us feedback directly or fill out our feedback form here.
There are a ton of easy steps to reduce costs and this report obviously does not cover all of them. We focus on 5 “simple” steps outlined below that by themselves can generate multi-billion euros in annual savings. Together with other actions, they have the potential in our view to dramatically reduce costs by significantly more than the targeted 25%, while maintaining the original regulatory intent.
