ECB confirms the AnaCredit reporting obligation of investment firms authorized as credit institutions under the Capital Requirements Regulation (CRR). This is consequent to the amendment in the definition of a credit institution in CRR through Article 62 of the Investment Firms Regulation. ECB states that "the change in the definition of credit institution implies that investment firms which are authorized by the competent authority as a credit institution will become, under Article 3 of the AnaCredit Regulation, part of the AnaCredit actual reporting population and thus subject to reporting under AnaCredit." ECB confirmed this through a recently published AnaCredit question and answer (Q&A). AnaCredit Q&As extend and complement the clarifications already provided in the AnaCredit Manual.
The first reference date in relation to which such investment firms will be required to report to AnaCredit is the last day of the month in which the authorization as a credit institution by the competent authority becomes effective, provided that the relevant national central bank has not granted a derogation in accordance with Article 16(1) of the AnaCredit Regulation. Where the investment firm has an authorization as a credit institution by the close of the last day of a month, the investment firm fulfils the definition of reporting agent under AnaCredit as at the end of the respective month and is in principle required to report the statistical information to the relevant national central bank by the respective deadline set out by the national central bank under Article 13(2) of the AnaCredit Regulation. The amended definition of credit institution entered into force on December 25, 2019 and will be applicable as of June 26, 2021. Investment firms meeting the necessary requirements may only be authorized by the competent authority as a credit institution after that date. No investment firm will, therefore, be subject to the reporting requirements under AnaCredit before June 30, 2021. Nonetheless, the concerned investment firms should proceed with preparation for reporting under AnaCredit without delay.
However, the relevant national central bank may grant a partial or full derogation to investment firms authorized as a credit institution, depending on the outstanding amount of their loans and provided that the conditions set out in Article 16(1) of the AnaCredit Regulation have been met. Furthermore, if investment firms authorized as credit institutions are unable to fulfil their AnaCredit reporting obligations without a delay, the relevant national central bank may authorize investment firms to alleviate their reporting burden by fulfilling their AnaCredit reporting obligation through temporary procedures, as set out in Article 15(2) of the AnaCredit Regulation. Such temporary procedures may include a temporary postponement of reporting for a period not exceeding six months. Decisions on the approval of a temporary procedure are taken by the relevant national central bank on a case-by-case basis.
Keywords: Europe, EU, Banking, AnaCredit, Reporting, CRR, IFR, Q&A, CRD, Investment Firms, ECB
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