German Regulators Issue Multiple Reporting Updates for Banks
Deutsche Bundesbank published the nationally deactivated validation rules for the German Commercial Code (HGB) users on the taxonomy 3.2, which became valid from December 31, 2022 and updated the list of international organizations related to AnaCredit reporting. Additionally, the Federal Financial Supervisory Authority of Germany (BaFin) is seeking comments, until March 08, 2023, on the draft general decree on remuneration notifications, as of the reporting date of December 31, 2022, and published a circular on the criteria for exemption from liquidity requirements for small securities institutions under the Investment Firms Regulation (IFR).
BaFin published a circular that specifies the criteria for the exemption of small securities institutions from the liquidity requirements pursuant to Article 43(4) of IFR (or Regulation 2019/2033). The Article 43 paragraph 1 subparagraph 1 of the IFR allows small securities institutions to be exempt from the liquidity requirement on a case-by-case basis. The draft circular will serve as a guide to implement the European Banking Authority (EBA) guidelines, which define additional criteria that must be considered when exempting smaller investment firms from the liquidity requirement. BaFin also published the draft general decree on remuneration notifications, in line with the revised EBA Guidelines, dated June 30, 2022, on the benchmarking exercises on the remuneration practices, on the gender pay gap and approved higher ratios. on a data collection with regard to high-income individuals under the Capital Requirements Directive, or CRD (2013/36/EU), and on the Investment Firms Directive, or IFD (2019/34). BaFin adjusted the notification requirements in accordance with section 24 (1a) nos. 5 and 6 of the German Banking Act (KWG) in conjunction with section 9a of the Notification Ordinance (AnzV) and new notification requirements. The national supervisors are obliged to pass on the information specified in the guidelines to the EBA by October 31, 2023. Banks in Germany annually report data on high earners and benchmarking remuneration trends and practices, under the Capital Requirements Directive.
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Keywords: Europe, Germany, Banking, Reporting, AnaCredit, International Organizations, Validation Rules, Reporting Framework 3.2, Remuneration Benchmarking, High Earners Data, Basel, Regulatory Capital, CRD, IFD, IFR, Investment Firms, Liquidity Risk, Bundesbank, BaFin
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