Featured Product

    ESAs Consult on Reporting of Intra-Group Transactions Under FICOD

    May 22, 2019

    ESAs launched a consultation on draft implementing technical standards on the reporting of intra-group transactions and risk concentration for financial conglomerates subject to supplementary supervision in the EU. The draft technical standards were developed based on the mandate included in the Financial Conglomerates Directive (FICOD). Also published are the draft templates and instructions for the reporting. The consultation ends on August 15, 2019 while the expected implementation period for the proposed changes is approximately one year. The regulation, once published in the Official Journal of European Union, shall apply from January 01, 2020.

    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

    Comment Due Date: August 15, 2019

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

    Featured Experts
    Related Articles
    News

    EC Regulation Sets Out Standards for Reporting and Disclosure of MREL

    EC published the Implementing Regulation 2021/763 that lays down implementing technical standards for supervisory reporting and public disclosure of the minimum requirement for own funds and eligible liabilities (MREL).

    May 12, 2021 WebPage Regulatory News
    News

    EBA Report Notes Loan Origination Should Remain in Supervisory Focus

    EBA published a report that examines the convergence of prudential supervisory practices in 2020 and offers conclusions of the EBA college monitoring activity.

    May 12, 2021 WebPage Regulatory News
    News

    APRA Decides to Standardize Submission Date for Quarterly Reporting

    APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.

    May 11, 2021 WebPage Regulatory News
    News

    ECB Working Group Publishes Recommendations on EURIBOR Fallbacks

    The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).

    May 11, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Supporting Documentation for Reporting by Banks

    Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.

    May 11, 2021 WebPage Regulatory News
    News

    EBA Publishes Phase 1 of Reporting Framework 3.1

    EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).

    May 10, 2021 WebPage Regulatory News
    News

    IOSCO Sees Support for Mandatory Sustainability Reporting

    The Sustainable Finance Taskforce of IOSCO held two roundtables, with global stakeholders, on the IOSCO priorities to enhance the reliability, comparability, and consistency of sustainability-related disclosures and to collect views on the practical implementation of a global system architecture for these disclosures.

    May 10, 2021 WebPage Regulatory News
    News

    APRA to Finalize Capital Adequacy Standard Revisions by January 2022

    Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA

    May 10, 2021 WebPage Regulatory News
    News

    ESMA Issues Guidelines on Outsourcing to Cloud Service Providers

    ESMA published the final guidelines on outsourcing to cloud service providers.

    May 10, 2021 WebPage Regulatory News
    News

    EBA Publishes Data on Deposit Guarantee Schemes

    EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.

    May 10, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6967