EC Consults on Fitness Check on Supervisory Reporting Requirements
EC launched a public consultation on fitness check on supervisory reporting, with the comment period ending on February 28, 2018. EC also published a progress report providing an update on the follow-up to the Call for evidence on the EU regulatory framework for financial services. This call for evidence was launched in 2015 by EC to assess whether rules adopted since the financial crisis were working as intended.
The consultation is structured along three sections, reflecting the key identified issues and challenges with respect to the EU supervisory reporting framework:
- Assessing the effectiveness, efficiency, relevance, coherence, and added value of supervisory reporting requirements in place by the end of 2016
- Quantifying the cost of compliance with supervisory reporting requirements
- Identifying possible ways to simplify and streamline supervisory reporting
Respondents to this consultation should provide their answers on the basis of the reporting frameworks that are relevant for them. They should consider the costs incurred until the end of December 2016—and only for the frameworks in force at that date. The overall aim is to assess the effectiveness of reporting, which supervisors in the EU need from financial market players.
Related Links
Comment Due Date: February 28, 2018
Keywords: Europe, EU, Banking, Supervisory Reporting, Fitness Check, Proportionality, EC
Previous Article
FED Updates Q&A on Information Collection for FR Y-14A, Q, and MRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
