Regulatory Reporting comprises the submission of raw or formatted data as required by financial supervisors to evaluate and track risks and the financial or operational status of financial institutions and their compliance with required regulatory provisions.
The process consists of gathering, processing, calculating, validating, formatting and submitting data that is required on a regular basis by a National Competent Authority or any supervisor, to which the legal entity is required to report. The supervision function in the financial sector is permanently evolving to protect the global financial system from systemic shocks.
Therefore, the supervision function is a high priority for the European Central Bank (ECB) and the European Commission (EC) in close collaboration with the European Supervisory Agencies: European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), European Securities and Markets Authority (ESMA) and Single Resolution Board (SRB).
Each of them are equipped with mandates to provide technical standards on regulatory reporting.