DNB published a decision amending the "Regulation on Sound Remuneration Policy Wft 2017" (Rbb 2017) in the Government Gazette in December 2020. The decision entered into force on December 29, 2020. The changes result from the entry into force of the fifth Capital Requirements Directive (CRD5) on December 29, 2020. The Rbb 2017 concerns the national implementation of the remuneration provisions in Articles 92 to 96 of CRD. The amendments concern the category of employees to which the remuneration provisions apply, the broadening of the type of financial instruments in which variable remuneration can be paid, the extension of the period to defer payout, and the introduction of an exemption from certain remuneration provisions. The implementation of these requirements mainly concerns banks and investment firms.
In addition, DNB published several reporting updates, along with an updated list of additional data requests for banks. The updated data requests, which have been highlighted with the word "UPDATE" in red, include semi-recurring as well as ad hoc data requests to banks from DNB and European agencies. The key reporting updates are as follows:
- In addition to the regular Deposit Guarantee Scheme (DGS) reporting, DNB requests banks to submit a report of deposits that have been collected as of December 31, 2020 through cross-border services to the European Economic Area member states. The report is not (yet) included in the XBRL taxonomy for DGS reports. The report is, therefore, requested in Excel. The template must be submitted no later than March 18, 2021. This reporting obligation has been made available in Digital Reporting Portal or DLR from February 01, 2021.
- DNB updated additional data quality checks related to the reference period December 2020. In the previous version for DNB checks 1048-1072 (source EGDQ), columns J (rows) and K (columns) were left empty. For the sake of completeness, these columns are presented in the current version. Additionally, for a few data checks, the syntax has been corrected.
- News on Sound Remuneration Policy
- News on DGS Reporting
- News on Additional Data Checks
- Update on Additional Data Requests
Keywords: Europe, Netherlands, Banking, Securities, CRD5, Remuneration, CRD5, Operational Risk, Governance, Reporting, Digital Reporting Portal, Data Quality Checks, XBRL, Deposit Guarantee Schemes, DNB
Previous ArticleDubai FSA Updates Several Rulebook Modules in February 2021
The Australian Prudential Regulation Authority (APRA) released the final Prudential Practice Guide on management of climate change financial risks (CPG 229) for banks, insurers, and superannuation trustees.
The European Council adopted its position on two proposals that are part of the digital finance package adopted by the European Commission in September 2020, with one of the proposals involving the regulation on markets in crypto-assets (MiCA) and the other involving the Digital Operational Resilience Act (DORA).
The Prudential Regulation Authority (PRA) is proposing, via the consultation paper CP21/21, to apply group provisions in the Operational Resilience Part of the PRA Rulebook (relevant for the Capital Requirements Regulation or CRR firms) to holding companies.
The European Commission (EC) has adopted a package of measures related to the Capital Markets Union.
The European Banking Authority (EBA) published the final report on draft regulatory technical standards for the calculation of risk-weighted exposure amounts of collective investment undertakings or CIUs, in line with the Capital Requirements Regulation (CRR).
The Board of Governors of the Federal Reserve System (FED) published a report that summarizes banking conditions in the United States, along with the supervisory and regulatory activities of FED.
The Australian Prudential Regulation Authority (APRA) recently completed two pilot initiatives in its 2020-2024 Cyber Security Strategy, which was published in November 2020.
The Basel Committee on Banking Supervision (BCBS) published further information related to its 2021 assessment of global systemically important banks (G-SIBs), with additional details to help understand the scoring methodology.
The Financial Accounting Standards Board (FASB) is consulting on an Accounting Standards Update and the associated taxonomy improvements for requirements on troubled debt restructurings and vintage disclosures under the credit losses standard (for financial instruments) topic 326.
US Agencies issued a statement that summarizes the work undertaken during the interagency policy sprints focused on crypto-assets and provides a roadmap of future work related to crypto-assets.