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.
Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous Article
UK Signs MoU to Support Thailand with Sustainable DevelopmentRelated Articles
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.
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.
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.
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.
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.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
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.
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.
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.
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.
