(16)By 21 July 2022, the Commission is to present a report to the European Parliament and the Council on the application of Regulation (EU) 2017/1129, accompanied where appropriate by a legislative proposal. That report should assess, inter alia, whether the disclosure regime for EU Recovery prospectuses is appropriate to meet the objectives pursued by this Regulation. That assessment should address the question whether the EU Recovery prospectus strikes a proper balance between investor protection and the reduction of administrative burden.