Featured Product

    ECB Aims to Implement Integrated Reporting Framework by 2027

    November 02, 2020

    ECB published a report providing an overview of the integrated reporting framework as well as a cost-benefit assessment questionnaire on the integrated reporting framework for banks in EU. The report states that ECB envisages issuing an integrated reporting framework (IReF) Regulation on statistical data requirements for banks; this regulation would be directly applicable to banks resident in the euro area and would not have to be incorporated into the national collection frameworks. Non-euro area EU countries may decide to adopt the IReF reporting through national legislation in full or in part (such as content related to AnaCredit). The Eurosystem aims to implement the integrated reporting framework in 2024-27, subject to the outcome of the cost-benefit analysis.

    The integrated reporting framework seeks to integrate the existing ESCB statistical data requirements for banks, as far as possible, into a unique and standardized reporting framework applicable across the euro area. In its initial phase, the integrated reporting framework is focusing primarily on ECB statistical datasets related to banks and will, hence, cover the requirements of ECB regulations on balance sheet items (BSI) and interest rates (MIR) of monetary financial institutions, Securities Holdings Statistics (SHS), and AnaCredit. The integrated reporting framework also envisages the integration of reporting obligations on banks’ own positions and transactions arising in the context of statistics on balance of payments, international investment positions, financial accounts, and securities issued. Other requirements arising from the collection frameworks of international organizations (for example, the BIS Locational Banking Statistics or the IMF Standardized Report Forms) are also being considered. To make sufficient progress on reducing the reporting burden in the short term, the ESCB strategy for collecting data from banks envisages launching two parallel intermediate steps without delay:

    • Integrate the data reported for statistical purposes to the ESCB—that is, implement the integrated reporting framework
    • Enhance the integration of resolution and prudential reporting

    Both workstreams must converge as soon as possible. The priority for ensuring this convergence is to develop a common data dictionary and a common data model for the statistical, resolution, and prudential reporting frameworks. A joint committee (comprising representatives from relevant European and national authorities and involving the banking industry in certain tasks) should be set up to steer the integrated reporting framework process along with the parallel integration of resolution and prudential data reporting. A cost-benefit analysis of the impact of the integrated reporting framework has been initiated in close cooperation with banks and other stakeholders. The Eurosystem will next assess the results of the cost-benefit assessment questionnaire and identify the optimal features that would best suit banks and Eurosystem reporting areas, compilers, and users. ECB will publish the results of the cost-benefit assessment questionnaire in 2021 and will begin drafting a regulation on the integrated reporting framework in 2022.

    A public consultation on the draft legal act collecting additional feedback from the interested stakeholders is currently scheduled for 2023. The legal act will then be adopted by the Governing Council. The IReF Regulation will replace the existing regulations on BSI, MIR, SHS, and AnaCredit with respect to the requirements of deposit-taking corporations. The MIR and AnaCredit regulations would thus be repealed, while the BSI and SHS regulations would be recast or amended to exclude deposit-taking corporations from the respective reporting populations.

     

    Related Links

    Keywords: Europe, EU, Banking, Reporting, Integrated Reporting Framework, Statistical Reporting, SHS, AnaCredit, ESCB, SSM, IREF Regulation, 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