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    EBA Consults on Disclosure Standards Under Investment Firms Directive

    February 11, 2021

    EBA is consulting on the implementing technical standards on the new prudential requirements that competent authorities will be required to disclose publicly for all types of investment firms authorized under Markets in Financial Instruments Directive (MiFID). The draft standards, which are part of the phase 2 mandates of the EBA roadmap on investment firms, aim to ensure that the disclosed information is comprehensive and comparable across all member states. The required disclosures cover the text of national rules and guidance, including various options and discretions built into the investment firms regime in EU. The first disclosure date under these draft standards has been set to be June 30, 2022. The consultation period on these standards ends on May 11, 2021.

    The Investment Firms Directive (IFD), together with Investment Firms Regulation (IFR), sets up the new prudential framework for investment firms authorized under MiFID. EBA has developed these draft standards according to Article 57(4) of IFD, which mandates EBA to determine the format, structure, content lists, and annual publication date of the information listed in paragraph 1 of Article 57 of that Directive. The information that competent authorities will have to disclose annually covers supervisory approaches and aggregate statistical data on the new prudential requirements for investment firms, particularly the following:

    • Text of laws, regulations, administrative rules, and general guidance adopted in each member state
    • Options and discretions in the application of the prudential requirements
    • Criteria and methodologies of the Supervisory Review and Evaluation Process (SREP)
    • Aggregated statistical data on key aspects of the implementation of IFD and IFR in each member state, including the number and nature of supervisory measures taken in accordance with specified articles of IFD

    The proposed standards include detailed templates to harmonize the publication of such information and the instructions for filling in the templates are included in each Annex. These templates are to be completed by competent authorities with reference date to December 31 each year and published on the following year by June 30. The first disclosure date under these draft standards has been set to be June 30, 2022. The consultation paper explains the policy choices of regulatory requirements for the draft implementing technical standards and outlines their legislative basis. EBA is of the view that proposed regulatory requirements ensure comparability of the data published by the supervisors and provide the market with transparent and comprehensive information.

     

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    Comment Due Date: May 11, 2021

    Keywords: Europe, EU, Securities, IFD, IFR, MiFiD, Implementing Technical Standards, SREP, Disclosures, Investment Firms, Competent Authorities, Options and Discretions, EBA

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