ESAs Consult on Reporting of Intra-Group Transactions Under FICOD

The draft implementing technical standards provide the foundation for harmonization of reporting, with a single set of templates, a single embedded dictionary using common definitions, and a single set of instructions to fill in the templates. The implementing technical standards will help the coordinators and other relevant competent authorities to identify relevant issues and exchange information more efficiently, thus reducing costs and fostering a level playing field across financial conglomerates in EU. Furthermore, they will ensure fair competition while reducing regulatory complexity and firms' compliance costs, especially for financial conglomerates operating on a cross-border basis.

Post the end of the consultation, the Joint Committee of ESAs will revise the proposal, taking into account the feedback received. The intra-group transactions that would need to be reported are those significant between:

• Regulated entities of different sectors belonging to the same financial conglomerate
• Regulated entities of the same sector belonging to the same financial conglomerate
• A regulated entity and a non-regulated entity belonging to the same financial conglomerate
• A regulated entity and any natural or legal person linked to the undertakings of the financial conglomerate by close links

Related Links

• Press Release
• Consultation Paper (PDF)
• Proposed Templates and Instructions (PDF)

Comment Due Date: August 15, 2019

Keywords: Europe, EU, Banking, Insurance, Securities, Reporting, Intra-group Transaction, FICOD, Risk Concentration, Solvency II, CRR, ESAs