ECB Amends Rule on Reporting of Supervisory Financial Information
ECB Regulation 2020/605 has been published in the Official Journal of the European Union. Regulation 2020/605 amends Regulation 2015/534 on the reporting of supervisory financial information (ECB/2020/22). The amendments relate to the simplified and over-simplified supervisory financial reporting, along with certain FINREP data points under IFRS or national accounting frameworks. Regulation 2020/605 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from June 01, 2020.
The regulation that is being amended (2015/534) lays down reporting requirements for the supervisory financial information to be submitted by supervised entities to national competent authorities. Regulation 2015/534 requires supervised entities to report supervisory financial information based on the templates developed by EBA and laid down by the Implementing Regulation 680/2014. Implementing Regulation 680/2014 has recently been amended, resulting in changes to the templates and instructions for the reporting of supervisory financial information. This makes it necessary to align Regulation 2015/534 with the Implementing Regulation 2020/429, which amended Regulation 680/2014. Therefore, Regulation 2015/534 is being amended as follows:
- Annex I entitled "Simplified supervisory financial reporting" is being amended in accordance with Annex I to the Regulation (ECB/2020/22)
- Annex II entitled "Over-simplified supervisory financial reporting" is being amended in accordance with Annex II to the Regulation (ECB/2020/22)
- Annex IV entitled "FINREP data points under IFRS or National GAAP compatible with IFRS" is being replaced by Annex III to the Regulation (ECB/2020/22)
- Annex V entitled “FINREP data points under national accounting frameworks" is being replaced by Annex IV to the Regulation (ECB/2020/22)
Related Link: Regulation 2020/605
Effective Date: May 27, 2020
Keywords: Europe, EU, Banking, Accounting, Reporting, FINREP, IFRS, GAAP, Regulation 680/2014, Regulation 2015/534, Financial Reporting, ECB
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