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    ECB Finalizes Decision 2021/1396 on Data Submission in Context of CRR

    August 24, 2021

    Decision 2021/1396 of the European Central Bank (ECB), which amends the earlier Decision ECB/2014/29, has been published in the Official Journal of the European Union. The Decision (ECB/2014/29) being amended relates to the provision, to ECB, of supervisory data reported to the national competent authorities by the supervised entities, pursuant to the supervisory reporting regulations (680/2014 and 2016/2070) under the Capital Requirements Directive and Regulation (CRD and CRR). The key amendments to ECB/2014/29 are in context the new supervisory reporting standards that are applicable from June 28, 2021 (Regulation 2021/451), the new reporting requirements for market risk (Regulation 2021/453), and the submission dates for supervisory benchmarking data (EBA/DC/2020/337). The new Decision 2021/1396 shall take effect on the day of its notification to the addressees. National competent authorities shall submit the data beginning with the first applicable remittance or reporting dates that occur after Decision 2021/1396 takes effect.

    Earlier, on December 17, 2020, the European Commission (EC) had adopted the Implementing Regulation 2021/451, which repeals and replaces the Implementing Regulation 680/2014 and sets new standards with regard to supervisory reporting that are applicable from June 28, 2021. Then, on March 15, 2021, EC had adopted the Implementing Regulation 2021/453, which further specifies the new standards with regard to the specific reporting requirements for market risk. Since Decision ECB/2014/29 provides for the collection and quality review of data reported by supervised entities to national competent authorities in accordance with the relevant European Union law, which includes Implementing Regulations 2016/2070, 2021/451, and 2021/453, Decision ECB/2014/29 must be updated to reflect the adoption of Regulations 2021/451 and 2021/453 to ensure that the relevant data is submitted by the national competent authorities to ECB. Decision ECB/2014/29 is also being amended to incorporate certain changes introduced through the EBA Decision (EBA/DC/2020/334) that specifies the submission dates for certain data by competent authorities to EBA and through the EBA Decision (EBA/DC/2020/337) that specifies the submission date for data on supervisory benchmarking. Thus, Decision ECB/2014/29 is being amended to ensure that ECB receives that data from the national competent authorities in a timely manner, which ECB then submits to EBA in accordance with the the EBA Decisions EBA/DC/2020/334 and EBA/DC/2020/337. Simply put, the amended Decision 2021/1396 lays down procedures for submission, to ECB, of data reported to the national competent authorities by the supervised entities on the basis of Regulations 2016/2070, 2021/451, and 2021/453.

     

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    Keywords: Europe, EU, Banking, ECB 2014/29, ECB 2021/1396, CRR, Reporting, Market Risk, Supervisory Benchmarking, Regulation 2021/451, Regulation 2021/453, Regulation 680/2014, EBA, ECB

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