Featured Product

    ECB Aims to Implement Integrated Reporting Framework by 2027

    November 02, 2020

    ECB published a report providing an overview of the integrated reporting framework as well as a cost-benefit assessment questionnaire on the integrated reporting framework for banks in EU. The report states that ECB envisages issuing an integrated reporting framework (IReF) Regulation on statistical data requirements for banks; this regulation would be directly applicable to banks resident in the euro area and would not have to be incorporated into the national collection frameworks. Non-euro area EU countries may decide to adopt the IReF reporting through national legislation in full or in part (such as content related to AnaCredit). The Eurosystem aims to implement the integrated reporting framework in 2024-27, subject to the outcome of the cost-benefit analysis.

    The integrated reporting framework seeks to integrate the existing ESCB statistical data requirements for banks, as far as possible, into a unique and standardized reporting framework applicable across the euro area. In its initial phase, the integrated reporting framework is focusing primarily on ECB statistical datasets related to banks and will, hence, cover the requirements of ECB regulations on balance sheet items (BSI) and interest rates (MIR) of monetary financial institutions, Securities Holdings Statistics (SHS), and AnaCredit. The integrated reporting framework also envisages the integration of reporting obligations on banks’ own positions and transactions arising in the context of statistics on balance of payments, international investment positions, financial accounts, and securities issued. Other requirements arising from the collection frameworks of international organizations (for example, the BIS Locational Banking Statistics or the IMF Standardized Report Forms) are also being considered. To make sufficient progress on reducing the reporting burden in the short term, the ESCB strategy for collecting data from banks envisages launching two parallel intermediate steps without delay:

    • Integrate the data reported for statistical purposes to the ESCB—that is, implement the integrated reporting framework
    • Enhance the integration of resolution and prudential reporting

    Both workstreams must converge as soon as possible. The priority for ensuring this convergence is to develop a common data dictionary and a common data model for the statistical, resolution, and prudential reporting frameworks. A joint committee (comprising representatives from relevant European and national authorities and involving the banking industry in certain tasks) should be set up to steer the integrated reporting framework process along with the parallel integration of resolution and prudential data reporting. A cost-benefit analysis of the impact of the integrated reporting framework has been initiated in close cooperation with banks and other stakeholders. The Eurosystem will next assess the results of the cost-benefit assessment questionnaire and identify the optimal features that would best suit banks and Eurosystem reporting areas, compilers, and users. ECB will publish the results of the cost-benefit assessment questionnaire in 2021 and will begin drafting a regulation on the integrated reporting framework in 2022.

    A public consultation on the draft legal act collecting additional feedback from the interested stakeholders is currently scheduled for 2023. The legal act will then be adopted by the Governing Council. The IReF Regulation will replace the existing regulations on BSI, MIR, SHS, and AnaCredit with respect to the requirements of deposit-taking corporations. The MIR and AnaCredit regulations would thus be repealed, while the BSI and SHS regulations would be recast or amended to exclude deposit-taking corporations from the respective reporting populations.


    Related Links

    Keywords: Europe, EU, Banking, Reporting, Integrated Reporting Framework, Statistical Reporting, SHS, AnaCredit, ESCB, SSM, IREF Regulation, ECB

    Featured Experts
    Related Articles

    US Agencies Issue Several Regulatory and Reporting Updates

    The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.

    January 04, 2023 WebPage Regulatory News

    ECB Issues Multiple Reports and Regulatory Updates for Banks

    The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.

    January 01, 2023 WebPage Regulatory News

    HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements

    The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.

    December 30, 2022 WebPage Regulatory News

    EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR

    The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.

    December 29, 2022 WebPage Regulatory News

    CBIRC Revises Measures on Corporate Governance Supervision

    The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.

    December 29, 2022 WebPage Regulatory News

    HKMA Publications Address Sustainability Issues in Financial Sector

    The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.

    December 23, 2022 WebPage Regulatory News

    EBA Updates Address Basel and NPL Requirements for Banks

    The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.

    December 22, 2022 WebPage Regulatory News

    ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite

    The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.

    December 22, 2022 WebPage Regulatory News

    FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates

    The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.

    December 20, 2022 WebPage Regulatory News

    FSB Reports Assess NBFI Sector and Progress on LIBOR Transition

    The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.

    December 20, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8697