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
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