Simplification of the reporting process for businesses, such as SMEs, so that they only have to report information once (“once-only” principle)
when possible. This simplification may be understood, for example, in terms of synchronising regulatory requirements, such as aligning the content of fields in different regulations that have the same meaning; and in terms of regulatory entities, to only have to report to one entity.

Reference Doc: Case study analysis of the use of emerging technologies for regulatory reporting