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

    PRA to Elaborate on Approach to Transposition of CRD5 by Mid-December

    PRA published a statement that explains when to expect further information on the PRA approach to transposing the Capital Requirements Directive (CRD5), including its approach to revisions to the definition of capital for Pillar 2A.

    November 30, 2020 WebPage Regulatory News
    News

    SRB Sets Out Work Program for 2021-2023

    SRB published the work program for 2021-2023, setting out a roadmap to further operationalize the Single Resolution Fund and to achieve robust resolvability of banks under its remit over the next three years.

    November 30, 2020 WebPage Regulatory News
    News

    EIOPA Consults on KPIs on Sustainability for Non-Financial Reporting

    EIOPA is consulting on the relevant ratios to be mandatorily disclosed by insurers and reinsurers falling within the scope of the Non-Financial Reporting Directive as well as on the methodologies to build these ratios.

    November 30, 2020 WebPage Regulatory News
    News

    HM Treasury Extends Consultation Dates for FRF and Solvency II Reviews

    HM Treasury extended the consultation period on Phase II of the Future Regulatory Framework (FRF) Review, from January 19, 2021 to February 19, 2021.

    November 30, 2020 WebPage Regulatory News
    News

    GHOS Endorses Coordinated Approach to Mitigate COVID Risks for Banks

    The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS, endorsed a coordinated approach to mitigate COVID-19 risks to the global banking system.

    November 30, 2020 WebPage Regulatory News
    News

    US Agencies Issue Statement on LIBOR Transition

    US Agencies (FDIC, FED, and OCC) issued a joint statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, to facilitate an orderly LIBOR transition.

    November 30, 2020 WebPage Regulatory News
    News

    ECB Publishes Guide on Management of Climate and Environmental Risks

    ECB finalized guidance on the way it expects banks to prudently manage and transparently disclose climate and other environmental risks under the current prudential rules.

    November 27, 2020 WebPage Regulatory News
    News

    BCBS Amends Capital Treatment of Non-Performing Loan Securitizations

    BCBS published a technical amendment to the capital treatment of securitizations of non-performing loans by banks.

    November 26, 2020 WebPage Regulatory News
    News

    PRA Policy on Stressed VaR and RNIV Calculations Under Market Risk

    PRA published the policy statement PS23/20 on the calculation of stressed value at risk (sVAR) and risks not in value at risk (RNIV) under the market risk framework.

    November 26, 2020 WebPage Regulatory News
    News

    BoE to Move Statistical Data Collection to BEEDs Portal

    BoE announced that the Data and Statistics Division is planning to move collection of statistical data to the BoE Electronic Data Submission (BEEDS) portal.

    November 25, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6179