Featured Product

    ECB Finalizes Regulation to Extend Deadlines for Statistical Reporting

    April 17, 2020

    Regulation 2020/533 of ECB on the extension of deadlines for reporting of statistical information has been published in the Official Journal of European Union and it shall enter into force on the day following that of its publication. Through this regulation, the Governing Council of ECB delegates to the Executive Board the power to extend the deadlines for the reporting of statistical information required pursuant to the ECB Regulations on listed in the Annex to Regulation 2020/533. The ECB Regulations listed in the Annex include regulations on payments statistics and statistical reporting requirements for insurance corporations.

    The current COVID-19 pandemic may pose a significant challenge for statistical reporting agents. Accordingly, there may be a need to allow for an extension of the deadlines for certain reporting of statistical information for a fixed period of time. To be effective, the decision to do so should be taken swiftly and efficiently. An extension of the deadlines for the reporting of statistical information may only relate to reporting that falls due on or before December 31, 2020. Deadlines for the reporting of statistical information may not be extended beyond June 30, 2021. The Governing Council shall be notified on a regular quarterly basis of any decision taken by the Executive Board pursuant to extension of deadlines. The concerned reporting agents shall also be informed of any decision taken by the Executive Board.

    When taking a decision to extend a deadline for the reporting of statistical information, the Executive Board shall take into account:

    • Reporting frequency under each ECB Regulation listed in the Annex to Regulation 2020/533, which include Regulations on payments statistics and statistical reporting requirements for insurance corporations
    • Impact of the spread of COVID-19 on the reporting and data quality assurance capacities of the reporting agents and on the capacity of national central banks of the member states whose currency is the euro and of ECB to carry out the necessary verification of statistical information
    • Urgency of the data collection in question for the exercise by ECB and the national central banks of the tasks of the European System of Central Banks
    • Need to focus ECB and national central bank resources on the data collections that are most urgently required for the exercise, by ECB and the national central banks, of the tasks of the European System of Central Banks.

     

    Related Link: Regulation 2020/533

    Effective Date: April 18, 2020

    Keywords: Europe, EU, Banking, Insurance, Statistics, COVID-19, Reporting, Deadline Extension, Regulation 2020/533, ESCB, ECB

    Featured Experts
    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514