EC Amends Regulation on Single Electronic Reporting Format in EU
EC published the Delegated Regulation 2020/1989, which amends Regulation 2019/815 with regard to the 2020 updates of the taxonomy laid down in the regulatory technical standards for the single electronic reporting format. Regulation 2020/1989 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply, from January 01, 2021, to the annual financial reports containing financial statements for financial years beginning on or after January 01, 2021. However, for annual financial reports containing financial statements for financial years beginning before January 01, 2021, the Regulation shall apply from the date it shall enter into force.
Regulation 2019/815, which the published Delegated Regulation amends, specifies the single electronic reporting format to be used for the preparation of annual financial reports by issuers. The core taxonomy to be used for the single electronic reporting format is based on the IFRS taxonomy and is an extension of this IFRS taxonomy. The IFRS Foundation annually updates the IFRS taxonomy to reflect, among other developments, the issuance of new or the amendment of existing IFRS, the analysis of disclosures commonly reported in practice, or improvements to general content or technology of the IFRS taxonomy. Therefore, an update to the regulatory technical standards is necessary to reflect the relevant changes in the IFRS taxonomy. Thus, the Delegated Regulation 2019/815 is being amended by the Regulation 2020/1989. In specific, Annexes I and VI of Regulation 2019/815 are being modified in accordance with the Annexes I and II of the Regulation 2020/1989, respectively.
Related Links
Effective Date: January 07, 2021
Keywords: Europe, EU, Banking, Insurance, Securities, Reporting, Regulation 2019/815, IFRS Taxonomy, ESEF, Taxonomy, EC
Previous Article
BoE to Review MREL Approach, Extend MREL and Resolvability TimelinesRelated Articles
BIS Paper Studies Impact of Fintech Lending on Small Businesses in US
The Bank for International Settlements (BIS) published a paper that studies impact of fintech lending on credit access for small businesses in U.S.
UK Regulators Issue CRR Changes and Stress Test Scenarios for Banks
The Prudential Regulation Authority (PRA) issued the policy statement PS8/22 to amend the Own Funds and Eligible Liabilities (CRR) Part of the PRA Rulebook and update the supervisory statement SS7/13 titled "Definition of capital (CRR firms).
EBA Launches EU-Wide Transparency Exercise in 2022
The European Banking Authority (EBA) launched the EU-wide transparency exercise for 2022, with results of the exercise expected to be published at the beginning of December, along with the annual Risk Assessment Report.
SRB on CRR Quick-Fix to Policy for Multiple Point of Entry Banks
The Single Resolution Board (SRB) welcomed the adoption of the review of the Capital Requirements Regulation, or CRR, also known as the "CRR quick-fix."
EC Rule Lists Advanced Economies for Market Risk Capital Calculations
The European Commission (EC) recently adopted the Delegated Regulation 2022/1622, which sets out the regulatory technical standards to specify the countries that constitute advanced economies for the purpose of specifying risk-weights for the sensitivities to equity.
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.
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.
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).
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.
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.
