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    EC Amends Technical Standards on Supervisory Reporting Under CRR

    August 17, 2017

    EC published the Implementing Regulation CIR 2017/1443, which amends Implementing Regulation (EU) No 680/2014 laying down implementing technical standards on supervisory reporting of institutions, according to the Capital Requirements Regulation (CRR: Regulation (EU) No 575/2013). This Regulation is based on the draft implementing technical standards submitted by EBA to the EC. This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union and shall apply from January 01, 2018.

    It is necessary that the date of application of this Regulation coincides with the date of application of the IFRS 9, given the intrinsic link of financial reporting with the applicable accounting standards. For the same reason, it is also necessary that, for those institutions applying an accounting year that is different from the calendar year, the date of application of this Regulation coincides with the date of application of the IFRS 9, which is that date of the calendar year at which the financial year begins for those institutions. Implementing Regulation (EU) No 680/2014 is amended as follows:

    • Annex III to Implementing Regulation (EU) No 680/2014 is replaced by the text set out in Annex I to this Regulation.
    • Annex IV to Implementing Regulation (EU) No 680/2014 is replaced by the text set out in Annex II to this Regulation.
    • Annex V to Implementing Regulation (EU) No 680/2014 is replaced by the text set out in Annex III to this Regulation.

     

    Regulation (EU) No 680/2014 specifies the modalities according to which institutions are required to report information relevant to their compliance with CRR. The provisions relate to aspects of the framework for supervisory reporting in the EU that need to be aligned with the newly applicable international standards. 

     

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    Effective Date: September 06, 2017

    Keywords: Europe, EU, Banking, CIR 2017/1443, CRR, IFRS 9, EBA, EC

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