BaFin Publishes Form and Guide for Less Significant Institutions
BaFin published the form and instructions (guide) for reporting of the recovery plans of the less significant institutions. The recovery plan form is used to facilitate remediation planning according to simplified requirements while the guide will help these institutions to prepare their recovery plans under the simplified requirements under the Restructuring and Settlement (Sanierungsund Abwicklungsgesetz or SAG) Act. Institutions that are neither financial institutions posing a potential systemic risk nor high-priority less significant institutions are subject to simplified requirements for the recovery plans under this Act. These institutions do not need to submit a full text-based recovery plan, but only the Excel sheet with all the required information, as specified in the guide.
The Excel format is suitable both for individual remediation plans and group rehabilitation plans pursuant to the SAG Act. As per the requirements in the Excel form, the recovery plans should comply with the requirements of SAG Act, Delegated Regulation (EU) No. 2016/1075, and the Minimum Requirements Regulation to Recovery Plans for Institutions and Investment Firms (MaSanV). The tables provided in the format comprise the core elements of the reorganization planning of institutions that can use simplified requirements and structure them uniformly. BaFin, however, can, if necessary, demand additional or more detailed information as well as descriptions of the operative design of individual points. The form is provided via the portal of the Reporting and publishing platform (MVP-Portal).
Related Links (in German)
Keywords: Europe, Germany, Banking, Less Significant Institutions, Restructuring and Settlement Act, Reporting, Recovery Planning, Instructions, BaFin
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Pierre-Etienne Chabanel
Brings expertise in technology and software solutions around banking regulation, whether deployed on-premises or in the cloud.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Related Articles
BoE Clarifies Approach to Treatment of Payment Holidays on Form PL
BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.
BoE Provides Reporting Update on Form AS and Form FV
BoE updated the known issues document for the statistical reporting Forms AS and FV.
FED Announces Capital Requirements for Large Banks
FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.
SRB Publishes Guidance on Implementation of Bail-In Tool
SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.
BIS Publishes Update on G20 TechSprint Initiative
BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.
OSFI Provides Update on Implementation of IFRS 17 in Canada
OSFI published a letter that provides an update on the milestones for the implementation of the IFRS 17 standard on insurance contracts.
EBA Provides Clarity on Implementation of Guidance on COVID Reporting
EBA updated the report on the implementation of selected COVID-19 policies.
FSI Note Discusses Challenges Associated with COVID Relief Measures
The Financial Stability Institute (FSI) of BIS published a brief note that examines the supervisory challenges associated with certain temporary regulatory relief measures introduced by BCBS and prudential authorities in response to the COVID-19 pandemic.
BCBS Consults on Principles for Operational Risk and Resilience
BCBS is consulting on the principles for operational resilience and the revisions to the principles for sound management of operational risk for banks.
BoE Updates Template and Definitions for Form ER
BoE updated the reporting template for Form ER as well as the Form ER definitions, which contain guidance on the methodology to be used in calculating annualized interest rates.
