Featured Product

    EC Sets Out Standards for MREL Reporting by Competent Authorities

    April 16, 2021

    EC published the Implementing Regulation 2021/622 that lays down implementing technical standards for reporting of the minimum requirement for own funds and eligible liabilities (MREL). The standards cover uniform reporting templates, instructions, and methodology for MREL as part of the application of the Bank Recovery and Resolution Directive (BRRD or Directive 2014/59/EU). The Annexes to Regulation 2021/622 contain reporting templates, instructions, and validation rules. Regulation 2021/622 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

    Resolution authorities, in coordination with competent authorities, shall transmit, to EBA, the information specified in the templates set out in Annexes I and II to this Regulation relating to the setting of MREL in accordance with Articles 45 to 45h and Article 45m of Directive 2014/59/EU. Regulation 2021/622 also addresses simplified reporting requirement for institutions subject to waivers and for institutions for which the recapitalization amount is zero. For institutions for which the recapitalization amount set in accordance with Article 45c(2) of Directive 2014/59/EU is zero, and where no adjustments to the loss absorption amount in accordance with that paragraph are made, resolution authorities shall only transmit to the EBA the information specified in columns 0010 to 0080 and 0270 of Annex I to this Regulation. 

    In case of information to be reported for groups that are subject to MREL on a consolidated basis, the group-level resolution authority, in coordination with the group-level supervisory authority, shall inform EBA of the MREL of the Union parent undertaking set on a consolidated basis. Additionally, the resolution authorities taking the decisions setting the MREL, in coordination with the competent authority, shall inform EBA of the MREL to be applied to the group subsidiaries under their jurisdiction at the resolution group consolidated level and on an individual basis as applicable. Regulation 2021/622 also specifies that resolution authorities shall, by May 31 of each year, transmit the required information for the MREL applicable as of May 01 of that year. Regulation 2021/622 repeals Regulation 2018/308, which also specifies formats and templates for the transmission by resolution authorities to EBA on the information regarding their decisions setting the MREL. 

     

    Related Link: Regulation 2021/622

    Effective Date: May 06, 2021

    Keywords: Europe, EU, Banking, BRRD, MREL, Resolution Framework, Reporting, Implementing Technical Standards, Validation Rules, Regulatory Capital, Basel, EBA, EC

    Featured Experts
    Related Articles
    News

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News
    News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News
    News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News
    News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News
    News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News
    News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News
    News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News
    News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News
    News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News
    News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697