ECB Guideline on Recording of Data by Competent Authorities in RIAD
ECB published guideline (ECB/2020/16) on the recording of certain data by national competent authorities in the Register of Institutions and Affiliates Data (RIAD). The guideline establishes the obligations of national competent authorities with respect to the recording, maintenance, and quality management of reference data in RIAD for the purposes of supervisory tasks. The guideline also establishes the responsibilities of national competent authorities to liaise with the national central banks of their participating member states for recording reference data and entities in RIAD. The guideline shall take effect on the day of its notification to the national competent authorities. The national competent authorities shall comply with the guideline from March 31, 2020.
ECB maintains the RIAD, which is the shared dataset of reference data on legal and other statistical institutional units. It supports business processes across the Eurosystem, the performance of the tasks of the European System of Central Banks (ESCB), and the specific tasks related to prudential supervision that have been conferred on ECB. The ECB Guideline (ECB/2018/16) establishes the obligations of national central banks with respect to the reporting of reference data to, and the maintenance and data quality management of, RIAD, for the purpose of ESCB tasks, and sets out the governance framework. The aim of the guideline (ECB/2020/16) is to establish the responsibilities of each national competent authority to record, update and validate reference data reported to ECB for the purpose of supervisory tasks.
Pursuant to Article 3(2) of the EU Guideline 2018/876 (ECB/2018/16), each national central bank must establish a local RIAD hub, which acts as the unique point of contact for reference data matters relating to RIAD in the member state and coordinates activity, inter alia, with national competent authorities at national level to ensure the accuracy, timeliness, and consistency of reference data and to ensure the consistent use of identifiers for entities. This guideline (ECB/2020/16) accordingly establishes the responsibilities of each national competent authority to liaise with the national central bank in its participating member state.
Related Links (in PDF)
Keywords: Europe, EU, Banking, RIAS, Reporting, Data, Governance, Statistics, ECB 2018/16, ESCB, ECB
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Related Articles
BCBS Amends Guidelines on Sound Management of AML/CFT Risks
BCBS amended the guidelines on sound management of risks related to money laundering and financing of terrorism (ML/FT).
US Agencies Finalize Amendments to Swap Margin Rule
US Agencies (Farm Credit Administration, FDIC, FED, FHFA, and OCC) finalized changes to the swap margin rule to facilitate implementation of prudent risk management strategies at banks and other entities with significant swap activities.
PRA Letter Sets Expectations on Approach to Managing Climate Risks
PRA published a letter that builds on the expectations set out in the supervisory statement (SS3/19) on enhancing banks' and insurers' approaches to managing the financial risks from climate change.
EBA Guidelines on Treatment of Structural Foreign Exchange Under CRR
EBA finalized the guidelines on treatment of structural foreign-exchange (FX) positions under Article 352(2) of the Capital Requirements Regulation (CRR).
FSB Issues Statement on Impact of COVID-19 Crisis on Benchmark Reform
FSB published a statement on the impact of COVID-19 pandemic on global benchmark transition.
IAIS Publishes List of Internationally Active Insurance Groups
IAIS published the list of Internationally Active Insurance Groups (IAIGs) publicly disclosed by group-wide supervisors.
FED Temporarily Revises FR Y-9C With Respect to PPPLF and CARES Act
FED has temporarily revised the reporting form on consolidated financial statements for holding companies (FR Y-9C; OMB No. 7100-0128).
EC Launches Consultation on Review of Solvency II Directive
EC launched a consultation on the review of the key elements of Solvency II Directive, with the comment period ending on October 21, 2020.
ECB Consults on Supervisory Approach to Consolidation in Banking
ECB launched a consultation on the guide that sets out supervisory approach to consolidation projects in the banking sector.
IAIS on Package for 2020 Data Collection on ICS and Aggregation Method
IAIS published technical specifications, questionnaires, and templates for 2020 Insurance Capital Standard (ICS) and Aggregation Method data collections.
