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    EC Rule Amends Standards on Disclosure of Systemic Risk Indicators

    June 24, 2021

    EC published Regulation 2021/1018, which amends the implementing technical standards laid down in Regulation 2021/637, on the disclosure of indicators of global systemic importance. Regulation 2021/637 lays down the technical standards for public disclosures of certain information, as referred to in Titles II and III of Part Eight of the Capital Requirements Regulation or CRR (575/2013). Regulation 2021/1018 shall enter into force on the day of its publication in the Official Journal of the European Union and shall apply from June 28, 2021.

    Article 441 of the CRR requires global systemically important institutions (G-SIIs) to disclose, on an annual basis, the values of the indicators used for determining their score in accordance with the identification methodology. Regulation 2021/1018 involves insertion of Article 6a on the disclosure of indicators of global systemic importance into Regulation 2021/637. This new Article specifies that G-SIIs shall disclose information on values of the indicators used for determining the score referred to in Article 441 of CRR by using the uniform disclosure format, which shall be used for the collection of the indicator values by relevant authorities as set out in Article 3(2) of Delegated Regulation 1222/2014. G-SIIs shall disclose this information in their year-end Pillar 3 report. G-SIIs shall redisclose this information in their first Pillar 3 report following the final submission of the values of the indicators to the relevant authorities, where the submitted figures are different from the figures disclosed in the year-end Pillar 3 report. Regulation 2021/1018 also repeals Regulation 1030/2014 on the uniform formats and dates for the disclosure of values used to identify G-SIIs. 

     

    Related Link: Regulation 2021/1018 (PDF)

    Effective Date: June 24, 2021

    Keywords: Europe, EU, Banking, Implementing Technical Standards, CRR, G-SII, Systemic Risk, Disclosures, Basel, Pillar 3, Reporting, EC

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