ECB Offers Opinion on Draft Belgian Law on Granular Credit Reporting
The European Central Bank (ECB) published an opinion on the draft legislation that amends and replaces the legal framework, including the Law on the Central Corporate Credit Register (CCCR)2 and the Royal Decree on the CCCR3. Under CCCR, credit institutions established in Belgium must report certain data on credits granted to beneficiaries to the e Nationale Bank van Belgiё/Banque Nationale de Belgique (NBB/BNB). ECB provided this opinion in response to a request from the Belgian Minister for Finance. In its opinion, ECB welcomes the draft legislation since it amends and replaces the existing national legal framework on reporting obligations related to information on credit granted to legal entities to obtain a comprehensive and efficient centralization of granular credit data needed for national purposes and for the purposes of the AnaCredit Regulation.
ECB believes that the draft legislation allows for financial institutions to better evaluate the risks of granting credit and enables supervisory authorities to evaluate the risks borne by the financial sector more easily. In addition, the draft legislation incorporates, to the extent possible, the reporting obligations that have direct effect by reason of the AnaCredit Regulation with additional obligations imposed by national law into one legal framework. In this respect, ECB welcomes the efforts of the Belgian legislator to prevent double reporting by reporting agents; it also noted that in case the scope of the AnaCredit Regulation is extended to include certain supplementary data, the draft law would need to be revisited. With regard to the supplementary data on natural persons, as noted in the recitals of the AnaCredit Regulation, should the scope of reporting be extended to include personal data in subsequent stages, the protection of the rights of natural persons with regard to the collection and processing of their personal data should be ensured. ECB welcomes that the draft law provides this protection of the processing of personal data collected concerning natural persons.
Furthermore, ECB wishes to draw the attention of the Minister for Finance to the sanctioning regime, which applies in respect of a failure by reporting agents to comply with the statistical reporting requirements of ECB and which is also referred to in the AnaCredit Regulation. While the sanctioning regime of ECB, under the AnaCredit Regulation, is referenced in the draft law, the draft law could usefully clarify, for the avoidance of doubt, that the sanctioning regime under the draft law operates without prejudice to the sanctioning regime of ECB under EU law. The opinion also reiterates that the power of ECB to impose sanctions is independent of the right of the NBB/BNB to impose sanctions with regard to the information that the draft law requires to be reported that goes beyond the scope of the AnaCredit Regulation.
Related Link: ECB Opinion (PDF)
Keywords: Europe, EU, Belgium, Banking, AnaCredit, Reporting, Credit Risk, Central Credit Register, CCCR, Opinion, NBB, ECB
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