(42)Regulation (EU) No 909/2014 currently requires ESMA, in cooperation with EBA, national competent authorities and relevant authorities, to prepare annual reports on 12 topics and to submit those reports annually to the Commission. That requirement is disproportionate considering the nature of certain topics which do not require an annual update. The frequency and number of those reports should therefore be recalibrated in order to reduce the burden on ESMA and competent authorities while ensuring that the Commission is provided with the information it needs to review the implementation of Regulation (EU) No 909/2014. However, given the changes to the settlement discipline regime of Regulation (EU) No 909/2014 introduced by this Regulation, it is appropriate to require ESMA to regularly prepare reports to the Commission on some additional topics, such as measures taken by competent authorities to address situations where a CSD’s settlement efficiency over a six-month period is significantly lower than the average settlement efficiency levels recorded in the Union market and the possibility of applying additional regulatory tools to improve settlement efficiency in the Union. Furthermore, ESMA, in cooperation with the members of the ESCB, should also submit a report to the European Parliament and to the Council on the potential shortening of the settlement cycle in order to inform potential future developments on that topic. EBA should prepare an annual report focussing on the findings of competent authorities as a result of their monitoring of the threshold for settlement of cash payments. Upon the request of the Commission, ESMA should provide a cost-benefit analysis that should be used as a basis for the implementing act on mandatory buy-ins.