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    EBA Finalizes Standards for Supervisory Disclosures Under IFD

    June 25, 2021

    EBA published the final draft implementing technical standards on information on supervisory approaches and aggregate statistical data for the new prudential requirements that competent authorities will have to disclose publicly for investment firms authorized under the Markets in Financial Instruments Directive (MiFID). The implementing standards, which are part of the Phase 2 mandates of the EBA Roadmap for investment firms regime, are intended to ensure that the disclosed information is comprehensive and comparable across all member states. The required disclosures cover the text of national rules and guidance, including various options and discretions built into the investment firms regime in EU. Competent authorities will have to start disclosing this information in June 2022.

    The Investment Firms Directive and Regulation (IFD and IFR) set out the new prudential framework for investment firms authorized under MiFID. EBA has developed these draft standards according to Article 57(4) of IFD, which mandates EBA to determine the format, structure, content lists, and annual publication date of the information listed in paragraph 1 of Article 57 of that Directive. The final report on draft standards explains the policy choices of regulatory requirements for the draft implementing technical standards and outlines their legislative basis. The following detailed templates listed in the implementing technical standards are presented in the Annexes, along with instructions:

    • Text of laws, regulations, administrative rules, and general guidance adopted in each member state, with specific templates covering the application of the IFD, options and discretions for supervision, remuneration, application of the reporting on financial information (Annex I) 
    • Options and discretions in the application of the prudential requirements (Annex II)
    • Criteria and methodologies of the Supervisory Review and Evaluation Process or SREP (Annex III)
    • Aggregated statistical data on key aspects of the implementation of IFD and IFR in each member state, including the number and nature of supervisory measures taken in accordance with specified articles of IFD (Annex IV)

    Competent authorities must complete the templates with reference date to December 31 each year and publish them the following year by June 30. EBA is of the view that regulatory requirements ensure a proportionate and technically consistent prudential framework for investment firms.

     

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    Keywords: Europe, EU, Banking, Securities, IFD, IFR, MIFID, Implementing Technical Standards, SREP, Disclosures, Investment Firms, Competent Authorities, Options and Discretions, EBA

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