Featured Product

    EC Updates Rule on Forms and Templates for Resolution Plans by Banks

    November 07, 2018

    EC finalized the Implementing Regulation (EU) 2018/1624 that lays down implementing technical standards on procedures and standard forms and templates for the provision of information for the purposes of resolution plans for credit institutions and investment firms. Regulation 2018/1624 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

    Regulation 2016/1066 specifies the procedure and introduces a minimum set of templates for the provision of information to resolution authorities by credit institutions or investment firms for the purpose of drawing up and implementing resolution plans for institutions. In light of the experience gained by resolution authorities in the area of resolution planning, it is necessary to update the minimum set of templates for the collection of information for resolution planning purposes. Thus, Regulation 2018/1624, which is pursuant to the Bank Recovery and Resolution Directive (BRRD or Directive 2014/59/EU), will repeal the Commission Implementing Regulation (EU) 2016/1066. Regulation 2018/1624 contains the following Annexes:

    • Annex I contains the resolution templates.
    • Annex II specifies the associated instructions for the data to be reported.
    • Annex III stipulates criteria for the single data point model. All data items set out in the templates (Annex 1) shall be transformed into a single data point model, which is the basis for uniform IT systems of institutions and resolution authorities.
    • Annex IV describes the validation rules that data items set out in Annex I shall be subject to, with the aim to ensure data quality and consistency. 

    Institutions shall submit the information referred to in Article 3(1) of Regulation 2018/1624 by April 30 each year in respect of the last day of the previous calendar year or of the relevant financial year. If April 30 is not a business day, the information shall be provided on the following business day. Institutions or, in the case of groups Union parent undertakings, shall submit the information referred to in Article 3(1) in the data exchange formats and representations specified by resolution authorities and shall respect the data point definitions included in the single data point model referred to in Annex III and the validation rules referred to in Annex IV.  Regulation 2018/1624 is based on the implementing technical standards submitted by EBA to EC. EBA conducted open public consultations on the implementing technical standards on which this regulation is based, analyzed the potential related costs and benefits, and requested the opinion of the Banking Stakeholder Group.

     

    Related Links 

    Effective Date:  November 27, 2018

    Keywords: Europe, EU, Banking, Implementing Technical Standards, BRRD, Resolution Plan, Reporting, Resolution Templates, EBA, EC

    Featured Experts
    Related Articles
    News

    APRA Plans to Assess Climate Risks and Develop Prudential Guidance

    APRA published a letter that outlines its plans to undertake a climate change vulnerability assessment and develop a prudential practice guide focused on climate-related financial risks.

    February 24, 2020 WebPage Regulatory News
    News

    FDIC Publishes Guide to Help with Third-Party Risk Management

    The technology lab of FDIC (FDiTech) published a new guide to help financial technology, or fintech, companies and others partner with banks.

    February 24, 2020 WebPage Regulatory News
    News

    APRA to Transition to Annual Stress Testing of Large Banks in 2020

    APRA published key findings of the stress testing assessment conducted on authorized deposit-taking institutions.

    February 21, 2020 WebPage Regulatory News
    News

    IAIS Statement on Monitoring Period of Insurance Capital Standard

    IAIS published a statement from its Secretary General Jonathan Dixon on the Insurance Capital Standard (ICS) monitoring period.

    February 21, 2020 WebPage Regulatory News
    News

    EC Consults on Review of Non-Financial Reporting Directive

    EC is launched a consultation on the review of the Non-Financial Reporting Directive or NFRD (Directive 2014/95/EU, as part of its strategy to strengthen sustainable investment in Europe.

    February 20, 2020 WebPage Regulatory News
    News

    EIOPA Consults on Standards for Supervisory Reporting Under PEPP Rule

    EIOPA is consulting on the implementing technical standards for supervisory reporting and cooperation, as mandated by the Pan-European Personal Pension Product (PEPP) Regulation (Regulation 2019/1238).

    February 20, 2020 WebPage Regulatory News
    News

    EIOPA Publishes Statement on Adverse Interest Rate Environment

    EIOPA published a supervisory statement on the impact of the ultra-low or negative interest rate environment on the insurance sector in EU.

    February 20, 2020 WebPage Regulatory News
    News

    ECB Report on Transfer of Liquidity from EONIA Products to €STR

    ECB published a report on the transfer of liquidity from the cash and derivatives products of the Euro Overnight Index Average (EONIA) to the Euro Short-Term Rate (€STR).

    February 19, 2020 WebPage Regulatory News
    News

    ESRB Publishes Report on Systemic Cyberattacks

    ESRB published a report that explores systemic implications of cyber incidents, such as cyberattacks.

    February 19, 2020 WebPage Regulatory News
    News

    FSB Chair Sets Out Key Deliverables for G20 Presidency of Saudi Arabia

    FSB published a letter from the Chair Randal K. Quarles to the G20 finance ministers and Central Bank governors ahead of the meetings in Riyadh on February 22-23.

    February 19, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4720