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

    EBA Analyzes Impact of Unwind Mechanism of Liquidity Coverage Ratio

    EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.

    November 19, 2020 WebPage Regulatory News
    News

    ECB Outlines Views on Possible Changes to AnaCredit Rule and TLTROs

    In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.

    November 19, 2020 WebPage Regulatory News
    News

    IASB Begins First Phase of Post-Implementation Review of IFRS 9

    IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Report Examines Progress in Resolvability of Systemic Institutions

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.

    November 18, 2020 WebPage Regulatory News
    News

    EBA Benchmarks National Insolvency Frameworks Across EU

    EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.

    November 18, 2020 WebPage Regulatory News
    News

    FSB Reports Assess Impact of Pandemic on Financial Stability

    FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.

    November 17, 2020 WebPage Regulatory News
    News

    RBNZ Consults on Implementation of Capital Review Changes

    RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.

    November 17, 2020 WebPage Regulatory News
    News

    IASB Announces Andreas Barckow as the New Chair from July 2021

    The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.

    November 17, 2020 WebPage Regulatory News
    News

    HKMA Consults on Capital Rules for Bank Equity Investments in Funds

    HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.

    November 17, 2020 WebPage Regulatory News
    News

    ESRB Supports Extension of Macro-Prudential Measure by Swedish FSA

    ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).

    November 17, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 6153