ECB Confirms AnaCredit Reporting Obligation of CRR Investment Firms
ECB confirms the AnaCredit reporting obligation of investment firms authorized as credit institutions under the Capital Requirements Regulation (CRR). This is consequent to the amendment in the definition of a credit institution in CRR through Article 62 of the Investment Firms Regulation. ECB states that "the change in the definition of credit institution implies that investment firms which are authorized by the competent authority as a credit institution will become, under Article 3 of the AnaCredit Regulation, part of the AnaCredit actual reporting population and thus subject to reporting under AnaCredit." ECB confirmed this through a recently published AnaCredit question and answer (Q&A). AnaCredit Q&As extend and complement the clarifications already provided in the AnaCredit Manual.
The first reference date in relation to which such investment firms will be required to report to AnaCredit is the last day of the month in which the authorization as a credit institution by the competent authority becomes effective, provided that the relevant national central bank has not granted a derogation in accordance with Article 16(1) of the AnaCredit Regulation. Where the investment firm has an authorization as a credit institution by the close of the last day of a month, the investment firm fulfils the definition of reporting agent under AnaCredit as at the end of the respective month and is in principle required to report the statistical information to the relevant national central bank by the respective deadline set out by the national central bank under Article 13(2) of the AnaCredit Regulation. The amended definition of credit institution entered into force on December 25, 2019 and will be applicable as of June 26, 2021. Investment firms meeting the necessary requirements may only be authorized by the competent authority as a credit institution after that date. No investment firm will, therefore, be subject to the reporting requirements under AnaCredit before June 30, 2021. Nonetheless, the concerned investment firms should proceed with preparation for reporting under AnaCredit without delay.
However, the relevant national central bank may grant a partial or full derogation to investment firms authorized as a credit institution, depending on the outstanding amount of their loans and provided that the conditions set out in Article 16(1) of the AnaCredit Regulation have been met. Furthermore, if investment firms authorized as credit institutions are unable to fulfil their AnaCredit reporting obligations without a delay, the relevant national central bank may authorize investment firms to alleviate their reporting burden by fulfilling their AnaCredit reporting obligation through temporary procedures, as set out in Article 15(2) of the AnaCredit Regulation. Such temporary procedures may include a temporary postponement of reporting for a period not exceeding six months. Decisions on the approval of a temporary procedure are taken by the relevant national central bank on a case-by-case basis.
Related Links
Keywords: Europe, EU, Banking, AnaCredit, Reporting, CRR, IFR, Q&A, CRD, Investment Firms, ECB
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Scott Dietz
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
Previous Article
EBA Publishes Single Rulebook Q&A Updates for May 2021Next Article
FCA Moves Firms to New Data Collection PlatformRelated Articles
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
