Featured Product

    ECB Confirms AnaCredit Reporting Obligation of CRR Investment Firms

    May 21, 2021

    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.

     

    Related Links

    Keywords: Europe, EU, Banking, AnaCredit, Reporting, CRR, IFR, Q&A, CRD, Investment Firms, ECB

    Featured Experts
    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514