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 Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    News

    BaFin Consults on Resolvability Requirements for Resolution Planning

    The Federal Financial Supervisory Authority of Germany (BaFin) proposed to amend the “Capital Investment Conduct And Organization Ordinance” and issued a draft circular on the minimum resolvability requirements for resolution planning.

    June 10, 2022 WebPage Regulatory News
    News

    EBA Consults on Certain Standards and Guidelines Under CRR and BRRD

    The European Banking Authority (EBA) proposed guidelines, for the resolution authorities, on the publication of the write-down and conversion and bail-in exchange mechanic, with the comment period ending on September 07, 2022.

    June 08, 2022 WebPage Regulatory News
    News

    OJK Publishes Regulatory Updates for Financial Sector Entities

    The Financial Services Authority of Indonesia (OJK) is strengthening cooperation with the Australian Prudential Regulation Authority (APRA) and the Japanese Financial Services Agency (JFSA)

    June 03, 2022 WebPage Regulatory News
    News

    EU Publishes Rules on DLT and Data Governance

    The European Parliament and the Council published Regulation 2022/868 on European data governance (Data Governance Act).

    June 03, 2022 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Reporting Framework 3.2

    The European Banking Authority (EBA) published phase 2 of its reporting framework 3.2. The technical package supports the implementation of the updated reporting framework by providing standard specifications

    June 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8267