ACPR Announces Relief Measures to Address Impact of COVID-19 Pandemic
ACPR announced the decision to relax reporting obligations for the supervised credit institutions by one to two months, in accordance with the EBA recommendations published in March 2020. ACPR also announced a relaxation of the reporting dates for the insurance sector and recommended that banks should not distribute dividends, temporarily, considering the current economic situation. In another notification, ACPR clarified its intention to comply with the EBA guidelines (EBA/GL/2020/02) on legislative and non-legislative moratoria on loan repayments applied due to the COVID-19 pandemic. Finally, in addition to these, ACPR has launched a thematic survey on operating loss guarantees.
ACPR has provided one-month flexibility for COREP and FINREP reports to be submitted by less significant credit institutions and by certain investment firms. ACPR has not provided this flexibility for reports whose submission within the required deadlines is considered essential in the context of the current crisis. These include monthly statements related to the calculation of liquidity requirements and statements necessary for the development and/or updating of the resolution plans. In accordance with the provisions of the Ordinance n° 2020-306, the deadlines for regulatory reporting, which expire between March 12 and the end of the state of health emergency (plus one month), have been postponed to the end of this period, for up to a maximum of two months. This deferral applies to prudential and financial reports (SURFI), with the certain exceptions. The deferral also applies to documents and narrative reports, such as the report on internal control, due from all the establishments in the banking sector supervised by ACPR. ACPR also decided to temporarily accept reports not complying with the requirements related to electronic signature. ACPR may accept, on a case-by-case basis, the documents and reports not delivered via the “OneGate” portal. It will be on request and under the sole responsibility of the establishments.
With respect to the submission of activity report, in accordance with the instruction no 2019-I-24 (amending instruction no 2017-I-11) related to information on the mechanism for preventing money laundering and terrorist financing, branches of establishments having their head office in another member state of the EU shall submit to ACPR a report on their activities in electronic form via the OneGate portal. A specific office report entitled "RCIRAPPORTACTIVITE" is available in OneGate under the RCI domain (internal control report and related documents) to report this information. According to instruction No. 2019-I-24, the report has to be submitted by May 31 of each year. However, due to COVID-19 pandemic, ACPR has delayed the submission date till August 24, 2020 for the fiscal year 2019.
Related Links (in French)
- Notification on Reporting Relaxation for Banks (PDF)
- Notification on Reporting Relaxation for Insurers (PDF)
- Announcements Related to COVID-19
- Notice on Implementation of EBA Guidelines, EBA/GL/2020/02 (PDF)
- Press Release on Submission of Activity Report
- Measures Taken in Response to COVID-19 (in English)
Keywords: Europe, French, Banking, Insurance, Reporting, COVID-19, COREP, FINREP, Loan Moratorium, Liquidity Risk, Resolution Plan, Credit Risk, EBA, ACPR
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.
Patrycja Oleksza
Applies proficiency and knowledge to regulatory capital and reporting analysis and coordinates business and product strategies in the banking technology area
Related 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.