On 4 May 2026, European Securities and Markets Authority (ESMA) published its Final Report on Integrated Supervisory Data Collection, outlining a multi-year roadmap toward a harmonised supervisory and statistical reporting framework for fund managers marketing funds in the EU.

Building on last year’s consultation and industry feedback, the report confirms a layered reporting approach: a common core dataset for all UCITS and AIFs, complemented by thematic modules for specific fund types.

The report also clarifies the envisaged operating model: reporting would continue to be submitted to national competent authorities, while validation processes and supervisory data usage would become increasingly harmonised at EU level.

Technical standards expected by 2027

ESMA plans to publish the related RTS/ITS by April 2027. The implementation roadmap is divided into two phases:

  • Phase 1: harmonisation of UCITS and AIF reporting by 2029
  • Phase 2: integration of MMF and ECB statistical reporting requirements

A significant transformation ahead for the industry

One of the most notable aspects of the proposal is the implementation timeline. Compared with earlier reporting regimes such as AIFMD Annex IV and MMFR, the proposed transition timeline is materially longer - a strong indication that ESMA anticipates a far broader operational transformation.

This reflects the scale of the expected change across the industry - for both national regulators and the more than 5,000 UCITS management companies and AIFMs operating across Europe.

Given how significantly regulatory technology and data management capabilities have evolved since the implementation of AIFMD and MMFR reporting, such an extended transition window suggests ESMA expects firms to undertake substantial redesign of reporting architectures, data governance frameworks and operating models as Europe moves toward a more integrated supervisory framework.

We would be interested to hear how firms are approaching this upcoming transformation - particularly around data governance, reporting architectures and operating model readiness. Happy to exchange views on current setups, implementation challenges and industry expectations.