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
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Related Articles
BSP Tackles Aspects of Lending and Islamic, Open & Sustainable Finance
The Central Bank of the Philippines (BSP) issued communications covering developments related to online lending platforms, open finance framework and roadmap, and on the expected regulations in the area sustainable finance.
US Agencies Issue Regulatory Updates, FDIC Launches Tech Sprint
The Board of Governors of the Federal Reserve System (FED) published the final rule that amends Regulation I to reduce the quarterly reporting burden for member banks by automating the application process for adjusting their subscriptions to the Federal Reserve Bank capital stock, except in the context of mergers.
EBA Issues Guide on Bank Resolvability, Consults on Transferability
The European Banking Authority (EBA) published its assessment of risks through the quarterly Risk Dashboard and the results of the Autumn edition of the Risk Assessment Questionnaire (RAQ).
MFSA Publishes CRD5 Updates and Supervisory Priorities for 2022
The Malta Financial Services Authority (MFSA) updated the guidelines on supervisory reporting requirements under the reporting framework 3.0.
HKMA Extends Repayment for Trade Facilities, Consults on Crypto-Assets
The Hong Kong Monetary Authority (HKMA) published a circular, along with the reporting form and instructions, for self-assessment, by authorized institutions, of compliance with the Code of Banking Practice 2021.
FCA Registers Securitization Repositories; PRA Issues 2022 Priorities
The Financial Conduct Authority (FCA) decided to register European DataWarehouse Ltd and SecRep Limited as securitization repositories under the UK Securitization Regulation, with effect from January 17, 2022.
EC Regulation Sets Out Methods for Measuring K-Factors Under IFR
The European Commission (EC) published the Delegated Regulation 2022/25, which supplements the Investment Firms Regulation (IFR or Regulation 2019/2033) with respect to the regulatory technical standards specifying the methods for measuring the K-factors referred to in Article 15 of the IFR.
BIS Studies How Platform Models Impact Financial Stability & Inclusion
The Bank of International Settlements (BIS) published a paper that assesses the ways in which platform-based business models can affect financial inclusion, competition, financial stability and consumer protection.
CBE Issues Additional Measures to Ease Disruptions from Pandemic
The Central Bank of Egypt (CBE) published a circular with instructions on emergency liquidity assistance to banks that are unable to meet their liquidity requirements.
ESAs Publish List of Financial Conglomerates for 2021
The European Supervisory Authorities (ESAs) published the list of identified financial conglomerates for 2021.
