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October 09, 2018

EC adopted the Implementing Act amending the implementing technical standards (EU Regulation No 680/2014) on supervisory reporting in EU. EBA acknowledged the adoption, by EC, of these standards with regard to the inclusion of prudent valuation into COREP as well as other amendments. The Implementing Act is based on the final implementing technical standards on supervisory reporting, which EBA had submitted in April 2018. However, publication of this regulation in the Official Journal of the European Union is still pending. The regulation will apply from December 01, 2018 and the amended requirements will apply as of December 31, 2018 (reporting framework version 2.8).

The regulation being amended—that is, Regulation No 680/20142—specifies the modalities according to which institutions are required to report information relevant to their compliance with the Capital Requirements Regulation (CRR or Regulation No 575/2013). The regulatory framework established by CRR is gradually being supplemented and amended in its non-essential elements by the adoption of further regulatory technical standards. Regulation No 680/2014 is being updated to reflect those changes and to provide further precision in the instructions and definitions used for the supervisory reporting of institutions. Certain references and formatting inconsistencies, which were discovered as misleading in the course of the application of Regulation No 680/2014, are also being clarified. Amendments to Regulation No 680/2014 are also necessary to improve the ability of the competent authorities to effectively monitor and assess the risk profile of institutions and to obtain a view on the risks posed to the financial sector; this requires minor changes to the reporting requirements on the geographical distribution of exposures.

 

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Effective Date: December 01, 2018 

 

Keywords: Europe, EU, Banking, CRR, Reporting, Implementing Technical Standards, COREP, EBA, EC 

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