General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
October 18, 2017

EC issued an evaluation roadmap for a fitness check of the EU reporting requirements in the financial sector. EC is conducting this fitness check to analyze the shortfalls associated with supervisory reporting. The planned start date for this is the fourth quarter of 2017 while the planned end date is the fourth quarter of 2018 (representing the indicative planning period).

The assessment looks at whether the reporting requirements are meeting their objectives (effectiveness, relevance, EU added value), whether the different reporting frameworks are consistent with one another (coherence), and whether the cost and burden of the reporting obligations is reasonable and proportionate (efficiency). The results of the assessment will identify potential areas where compliance cost and burden stemming from the reporting obligations could be reduced (for example by streamlining and simplifying them) without compromising the financial stability, market integrity, and consumer protection objectives of these obligations. The assessment will look at several pieces of legislation in conjunction. However, due to the significant number of legislative acts and corresponding reporting requirements involved, the present assessment will focus on the legislative acts that contain requirements to report, for supervisory purposes, data in a structured format. The assessment is limited to primary (Level 1) legislation, with a more in-depth look at certain products (for example, derivatives) where a more granular approach to reporting is used.

The assessment is being conducted in parallel with the Financial Data Standardization (FDS) project, which aims to map all existing supervisory reporting requirements down to the data element level with the aim of identifying overlaps and inconsistencies. The FDS project also aims to explore ways in which innovative technology and harmonized data definitions could be used to optimize supervisory reporting requirements without compromising their objectives. The results, both interim and final, of the first phase of the FDS project  will, therefore, directly feed into this assessment of the reporting requirements as they become available. The fitness check will incorporate feedback and data mainly, but not exclusively, from the following sources:

  • The public consultation to be held as part of the assessment.
  • The Call for Evidence exercise, the results of which are summarized in a Commission Communication of November 23, 2016 (COM(2016) 855 final).
  • The review of the European Markets Infrastructure Regulation (EMIR), the results of which were published in a Commission Report of November 23, 2016 (COM(2016) 857 final).
  • Any other public consultations or reviews of relevant legislative acts in the financial sector.
  • The Financial Data Standardization Project, which is already generating further information on the level of overlaps and inconsistencies between the various reporting frameworks.


Related Links

Keywords: Europe, EU, Banking, Securities, Insurance, Evaluation Roadmap, Reporting Requirements, REFIT, Better Regulation, FDS, M4FDS, EC

Related Insights

US Agencies Extend Consultation Period for the Proposed SA-CCR

US Agencies (FDIC, FED, and OCC) extended the comment period for a proposed rule to update their standards for how firms measure counterparty credit risk posed by derivative contracts.

February 18, 2019 WebPage Regulatory News

FED Extends Consultation Period for Stress Testing Rule

FED has published in the Federal Register a notice proposing amendments to the company run and supervisory stress test rules.

February 15, 2019 WebPage Regulatory News

EBA Single Rulebook Q&A: Third Update for February 2019

EBA published answers to two questions under the Single Rulebook question and answer (Q&A) updates for this week.

February 15, 2019 WebPage Regulatory News

FSB Report Examines Financial Stability Implications of Fintech

FSB published a report that assesses fintech-related market developments and their potential implications for financial stability.

February 14, 2019 WebPage Regulatory News

US Agencies Amend Regulatory Capital Rule to Allow Phase-In for CECL

US Agencies (FDIC, FED, and OCC) adopted the final rule to address changes to credit loss accounting under the U.S. generally accepted accounting principles; this includes banking organizations’ implementation of the current expected credit losses (CECL) methodology.

February 14, 2019 WebPage Regulatory News

FASB Proposes Taxonomy Improvements for the Credit Losses Standard

FASB proposed the taxonomy improvements for the proposed Accounting Standards Updates on Targeted Transition Relief for Topic 326 (Financial Instruments—Credit Losses) and Topic 805 (on Business Combinations—Revenue from Contracts with Customers).

February 14, 2019 WebPage Regulatory News

SRB Publishes Framework for Performing Valuations in Resolution

SRB published its framework for performing valuations in resolution. The framework provides independent valuers and the general public with an indication of the expectations of SRB on the principles and methodologies for valuation reports, as set out in the legal framework.

February 14, 2019 WebPage Regulatory News

FED Issues Correction in Historical Dataset in its 2019 Stress Tests

FED identified an error in the historical dataset used in its 2019 stress tests and issued a correction.

February 13, 2019 WebPage Regulatory News

OCC Consults on Company-Run Stress Test Requirements for Banks

OCC proposed amendments to its company-run stress testing requirements for national banks and Federal savings associations, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.

February 12, 2019 WebPage Regulatory News

CFTC Extends Comment Periods for Trade Execution Requirement Proposals

CFTC announced that it is extending comment period for the proposed amendments related to the regulations on swap execution facilities (SEF) and trade execution requirement.

February 12, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2610