EBA Sets Out Questionnaire for Study on Compliance Cost of Reporting
EBA has set up two separate online survey tools for the questionnaire for institutions in context of the study to assess the cost of compliance with supervisory reporting requirements. EBA has made available these online tools to allow all stakeholders to submit their responses, to support its work on optimizing supervisory reporting requirements and reducing reporting costs for institutions. Responses to the qualitative section of the questionnaire are expected by October 01, 2020, while responses to the quantitative questions are expected by October 31, 2020. The findings from this analysis are expected to be formulated in a report and delivered to EC and European Parliament in 2021.
Following discussions with various EU-level and national industry trade bodies, EBA has split the questionnaire for institutions into two parts (qualitative and quantitative) with different deadlines for responses, to take due account of the priorities and challenges faced by institutions in the current COVID-19 environment. EBA aims to collect quantitative and qualitative information on the historical reporting costs and benefits of reporting as well as the evidence-based views on the possible changes to reporting requirements or processes, with the aim to reduce costs and increase efficiencies. The questionnaire aims to understand the reporting costs, the drivers of these costs, and the reporting challenges. Under the Capital Requirements Regulation or CRR, EBA is mandated to measure the costs institutions incur when complying with the reporting requirements set out in the EBA implementing technical standards on supervisory reporting. EBA is also asked to assess whether these reporting costs are proportionate with regard to the benefits delivered for the purposes of prudential supervision and make recommendations on how to reduce the reporting cost at least for small and non-complex institutions.
Related Links
- Press Release
- Qualitative Questionnaire
- Quantitative Questionnaire
- Overview of Cost of Compliance Study
- EBA Reporting Frameworks
Keywords: Europe, EU, Banking, Proportionality, COVID-19, Reporting, CRR, Basel, Implementing Technical Standards, Compliance Risk, EBA
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Previous Article
ESMA Group Advises ESAs on Proposed ESG Disclosure StandardsRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
