To reduce red tape and make regulatory reporting less costly for banks, the European Banking Authority has introduced new rules that simplify how financial institutions across the EU submit information for crisis planning. The new standards, on 7 May 2025, are designed to cut down on duplicated reporting and make the process easier, especially for smaller banks.

The updated rules focus on ensuring that banks only report what is necessary, and that the same data doesn’t have to be submitted more than once under different rules. A new “modular” approach means that larger, more complex banks will still provide detailed data, but smaller institutions will have fewer requirements.

Notable changes include:

—The elimination of overlapping or duplicate data submissions required under different legal mandates.

—Streamlining of data points, with a focus on removing those deemed redundant or of limited value.

—Integration with existing reporting frameworks such as MREL/TLAC, CoRep and FinRep, so that data already submitted through those channels does not have to be resubmitted.

Later this year, the EBA will release a full technical guide to help banks follow the new rules. These changes replace the older 2018 reporting rules and are part of the EBA’s wider effort to modernise financial regulation in the EU.

By simplifying reporting obligations, the EBA aims to help banks focus more on sound management and less on paperwork--while still giving authorities the information they need to protect the financial system in times of crisis.