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