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December 06, 2017

EC published the Commission Implementing Regulation on reporting templates and instructions. CIR (EU) 2017/2114 amends CIR (EU) No 680/2014, which lays down implementing technical standards on supervisory reporting of institutions, according to the Capital Requirements Regulation (CRR: Regulation (EU) No 575/2013). CIR (EU) 2017/2114 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from March 01, 2018.

CIR (EU) No 680/2014 specifies the modalities according to which institutions are required to report information relevant to their compliance with CRR. The regulatory framework established by CRR is gradually being supplemented and amended in its non-essential elements by the adoption of further secondary legislation and, in this case, by Commission Delegated Regulation (EU) 2015/61. Therefore, CIR (EU) No 680/2014 should also be updated to reflect these rules and to provide further precision in the instructions and definitions used for the supervisory reporting of institutions. CIR (EU) No 680/2014 requires amendments to correct erroneous references and formatting inconsistencies that were discovered in the course of the application of that regulation. Amendments are also required to reflect the ability of competent authorities to effectively monitor and assess the institutions' risk profile and to obtain a view on the risks posed to the financial sector. This requires changes to the reporting requirements in the areas of operational risk, credit risk, and with regard to institutions' exposures toward sovereigns. Accordingly, CIR (EU) No 680/2014 is being amended and the key amendments are as follows:

  • In Article 5(b) point (2) has been replaced and point (3) has been added.
  • In Article 16b(1), point (c) has been added and, in Article 16b(2), point (a) has been replaced.
  • Annex I and Annex II has been replaced by the text set out in Annex I and Annex II to Regulation (EU) 2017/2114, respectively.
  • Annex VII has been replaced by the text set out in Annex III to Regulation (EU) 2017/2114 
  • Annex XI has been replaced by the text set out in Annex IV to Regulation (EU) 2017/2114 
  • Annex XIV has been replaced by the text set out in Annex V to Regulation (EU) 2017/2114 
  • Annex XV has been replaced by the text set out in Annex VI to Regulation (EU) 2017/2114 
  • Annex XVIII has been replaced by the text set out in Annex VII to Regulation (EU) 2017/2114 
  • Annex XIX has been replaced by the text set out in Annex VIII to Regulation (EU) 2017/2114 
  • Annex XX has been replaced by the text set out in Annex IX to Regulation (EU) 2017/2114 
  • Annex XXI has been replaced by the text set out in Annex X to Regulation (EU) 2017/2114 
  • A new Annex XXII has been added, the text of which is set out in Annex XI to Regulation (EU) 2017/2114 
  • A new Annex XXIII has been added, the text of which is set out in Annex XII to Regulation (EU) 2017/2114 

 

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Effective Date: December 26, 2017

Keywords: Europe, EU, Banking, CRR, CIR 2017/2114, CIR 680/2014, EC

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