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.
David Fihrer
Skilled life insurance actuary; subject matter expert on IFRS 17 and source of earnings
Previous Article
EBA Publishes Single Rulebook Q&A Updates for May 2021Next Article
FCA Moves Firms to New Data Collection PlatformRelated Articles
ESAs Issue Multiple Regulatory Updates for Financial Sector Entities
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
EBA Finalizes Methodology for Stress Tests, Issues Other Updates
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
OSFI Sets Out Work Priorities and Reporting Updates for Banks
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
APRA Finalizes Changes to Capital Framework, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
BIS Hub and Central Banks Conduct CBDC and DeFI Pilots
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.
ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations
The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.
ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector
Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)
EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation
The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)
