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March 06, 2018

NBB released a circular on the implementation of EBA guidelines on uniform disclosures of IFRS 9 transitional arrangements, under Article 473a of Capital Requirements Regulation or CRR (EU Regulation No 575/2013). The circular aims to incorporate the EBA guidelines (EBA/GL/2018/01) into a national framework for the credit institutions and stockbroking firms, governed by Belgian law, that are subject to all or some of the disclosure requirements set out in Part Eight of the CRR.

On December 12, 2017, the European Council and the European Parliament had adopted Regulation (EU) 2017/2395, which amended CRR by adding a new Article 473a that expounds the transitional arrangement for mitigating the regulatory capital impact of IFRS 9. Under the new Article 473a of CRR, institutions can choose to mitigate the impact of the implementation of IFRS 9 on their regulatory own funds, capital ratios, and leverage ratios. The EBA guidelines shall apply from March 20, 2018 onward. They will, therefore, be applied, for the first time in the Pillar III disclosures, starting from March 31, 2018 until the end of the transition arrangement, as set out in Article 473a(6). The Annex to the NBB circular contains the text of the EBA guidelines.


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Keywords: Europe, Belgium, Banking, Accounting, CRR, IFRS 9, Transitional Arrangements, Uniform Disclosures, EBA, NBB

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