EBA acknowledged the adoption, by EC, of an Implementing Act with regard to the common reporting (COREP) and financial reporting (FINREP) changes, in accordance with the Capital Requirements Regulation or CRR. Under the framework version 2.9, the amendments to the reporting framework will apply with different reference dates due to different application dates of the underlying regulatory requirements. The first reference date concerning COREP changes will be March 31, 2020, as part of the reporting framework version 2.9.
The COREP amendments concern the new securitization framework and changes to the liquidity coverage ratio (LCR) to align with the LCR amending Act. The FINREP amendments concern the following:
- Reporting requirements on nonperforming exposures and forbearance to allow the monitoring of nonperforming exposure strategies of reporting institutions
- Reporting requirements on profit and loss items
- Implementation of the new International Financial Reporting Standard on Leases (IFRS 16)
The adopted Implementing Act amends the implementing technical standards on supervisory reporting (Regulation No 680/2014) and is based on the final draft implementing standards on supervisory reporting that EBA submitted in July 2019 and EC adopted on February 14, 2020. However, the publication of these final draft standards in the Official Journal of the European Union is still pending.
Keywords: Europe, EU, Banking, FINREP, COREP, CRR, Reporting Framework 2.9, Reporting, LCR, Implementing Technical Standards, IFRS 16, NPLs, EBA
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