1.By 31 October 2011, the Commission shall present to the European Parliament, the Council, the European Economic and Social Committee and the European Central Bank a report on the appropriateness of removing settlement-based national reporting obligations. That report shall be accompanied, where appropriate, by a proposal.
2.By 31 October 2012, the Commission shall present to the European Parliament, the Council, the European Economic and Social Committee and the European Central Bank a report on the application of this Regulation accompanied, if appropriate, by a proposal. That report shall cover, in particular:
the use of the IBAN and the BIC in relation to the automation of payments;
the appropriateness of the ceiling provided for in Article 3(1); and
market developments in relation to the application of Articles 6, 7 and 8.