EC published the Implementing Regulation (EU) 2019/912 regarding implementing technical standards on the format, structure, contents list, and annual publication date of the information to be disclosed by competent authorities, in accordance with the Capital Requirements Directive or CRD IV (Directive 2013/36/EU). Regulation (EU) 2019/912 amends the Implementing Regulation (EU) No 650/2014 and shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
The information required to be published by competent authorities in accordance with the Regulation (EU) No 650/2014 should now be updated to ensure consistency with changes that have been made to the framework for prudential supervision of institutions. To improve the quality of the published information and to allow for a more meaningful comparison of that information, the templates in the Annexes to Regulation (EU) No 650/2014 contain detailed guidance and instructions. The key amendments to Regulation (EU) No 650/2014 include the following:
- Article 5 of Regulation (EU) No 650/2014 has been amended to clarify that competent authorities should only compile aggregate statistical data from institutions that fall under their supervision and to clarify for which period data should be reported.
- Annex I sets out the templates for publishing information on the laws, regulations, administrative rules, and general guidance adopted in each member state. This Annex has been amended to provide more useful and relevant information on how competent authorities carry out supervision in their jurisdictions.
- Annex II sets out the templates for publishing information on the options and discretions available in Union Law. This Annex has been amended to cover additional options and discretions stemming from Regulation (EU) 2015/61. It should also be amended to allow for the distinction between the transitional or permanent nature of those options and discretions and to allow for the distinction between the application of those options and discretions to, on the one hand, credit institutions and, on the other hand, investment firms.
- The implementation of EBA Guidelines on the supervisory review and evaluation process (SREP) should be more transparent. Annex III, therefore, has been amended to include a description of the supervisory approach to the internal liquidity adequacy assessment process (ILAAP).
- Overlaps should be avoided and the comparability of the aggregate statistical data published by competent authorities should be improved. Annex IV has been amended to take into account the level of prudential consolidation applied by institutions in accordance with Chapter 2 of Title II of Part One of Capital Requirements Regulation, or CRR (Regulation No 575/2013).
Effective Date: June 25, 2019
Keywords: Europe, EU, Banking, Supervisory Disclosure, CRD IV, CRR, Options and Discretions, SREP, ILAAP, Regulation 2019/912, Regulation 650/2014, EC
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