The European Securities and Markets Authority (ESMA) has launched a harmonised approach to funds reporting and transaction reporting. This initiative aims to streamline reporting across European markets and reduce operational burdens for market participants. ESMA's chair, Verena Ross, stated the goal is to "report once" while improving data quality and supervisory effectiveness.A final report outlines a new EU-wide framework for funds data, replacing fragmented national reporting with a single, proportionate template. This new framework will feature EU-level data validation, storage, and analytics, while data collection will remain national. ESMA plans to develop technical standards next year, with phased implementation beginning with UCITS and AIMFD reporting.Concurrently, an interim report reviews transaction reporting simplification, identifying challenges like inconsistent requirements and dual reporting. Feedback from over 100 respondents highlighted these issues as major cost drivers. ESMA is engaging further with market participants through an open hearing before releasing final recommendations by mid-year.These reports are key components of ESMA's broader Simplification and Burden Reduction initiative. This initiative targets increasing complexity and operational costs associated with EU reporting requirements. The ultimate goal is to enhance data sharing between authorities and improve overall market supervision and financial stability.