ACPR announced the decision to relax reporting obligations for the supervised credit institutions by one to two months, in accordance with the EBA recommendations published in March 2020. ACPR also announced a relaxation of the reporting dates for the insurance sector and recommended that banks should not distribute dividends, temporarily, considering the current economic situation. In another notification, ACPR clarified its intention to comply with the EBA guidelines (EBA/GL/2020/02) on legislative and non-legislative moratoria on loan repayments applied due to the COVID-19 pandemic. Finally, in addition to these, ACPR has launched a thematic survey on operating loss guarantees.
ACPR has provided one-month flexibility for COREP and FINREP reports to be submitted by less significant credit institutions and by certain investment firms. ACPR has not provided this flexibility for reports whose submission within the required deadlines is considered essential in the context of the current crisis. These include monthly statements related to the calculation of liquidity requirements and statements necessary for the development and/or updating of the resolution plans. In accordance with the provisions of the Ordinance n° 2020-306, the deadlines for regulatory reporting, which expire between March 12 and the end of the state of health emergency (plus one month), have been postponed to the end of this period, for up to a maximum of two months. This deferral applies to prudential and financial reports (SURFI), with the certain exceptions. The deferral also applies to documents and narrative reports, such as the report on internal control, due from all the establishments in the banking sector supervised by ACPR. ACPR also decided to temporarily accept reports not complying with the requirements related to electronic signature. ACPR may accept, on a case-by-case basis, the documents and reports not delivered via the “OneGate” portal. It will be on request and under the sole responsibility of the establishments.
With respect to the submission of activity report, in accordance with the instruction no 2019-I-24 (amending instruction no 2017-I-11) related to information on the mechanism for preventing money laundering and terrorist financing, branches of establishments having their head office in another member state of the EU shall submit to ACPR a report on their activities in electronic form via the OneGate portal. A specific office report entitled "RCIRAPPORTACTIVITE" is available in OneGate under the RCI domain (internal control report and related documents) to report this information. According to instruction No. 2019-I-24, the report has to be submitted by May 31 of each year. However, due to COVID-19 pandemic, ACPR has delayed the submission date till August 24, 2020 for the fiscal year 2019.
Related Links (in French)
- Notification on Reporting Relaxation for Banks (PDF)
- Notification on Reporting Relaxation for Insurers (PDF)
- Announcements Related to COVID-19
- Notice on Implementation of EBA Guidelines, EBA/GL/2020/02 (PDF)
- Press Release on Submission of Activity Report
- Measures Taken in Response to COVID-19 (in English)
Keywords: Europe, French, Banking, Insurance, Reporting, COVID-19, COREP, FINREP, Loan Moratorium, Liquidity Risk, Resolution Plan, Credit Risk, EBA, ACPR
Previous ArticlePRA Identifies Internationally Active Insurance Groups in UK
The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).
In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.
The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.
The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.
The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.
The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.
The European Commission (EC) announced plans to defer the application of 13 regulatory technical standards under the Sustainable Finance Disclosure Regulation (2019/2088) by six months, from January 01, 2022 to July 01, 2022.
The European Insurance and Occupational Pensions Authority (EIOPA) proposed to amend the supervisory statement on supervision of run-off undertakings that are subject to Solvency II regulation.
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.