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    EC Updates Rule on Forms and Templates for Resolution Plans by Banks

    November 07, 2018

    EC finalized the Implementing Regulation (EU) 2018/1624 that lays down implementing technical standards on procedures and standard forms and templates for the provision of information for the purposes of resolution plans for credit institutions and investment firms. Regulation 2018/1624 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

    Regulation 2016/1066 specifies the procedure and introduces a minimum set of templates for the provision of information to resolution authorities by credit institutions or investment firms for the purpose of drawing up and implementing resolution plans for institutions. In light of the experience gained by resolution authorities in the area of resolution planning, it is necessary to update the minimum set of templates for the collection of information for resolution planning purposes. Thus, Regulation 2018/1624, which is pursuant to the Bank Recovery and Resolution Directive (BRRD or Directive 2014/59/EU), will repeal the Commission Implementing Regulation (EU) 2016/1066. Regulation 2018/1624 contains the following Annexes:

    • Annex I contains the resolution templates.
    • Annex II specifies the associated instructions for the data to be reported.
    • Annex III stipulates criteria for the single data point model. All data items set out in the templates (Annex 1) shall be transformed into a single data point model, which is the basis for uniform IT systems of institutions and resolution authorities.
    • Annex IV describes the validation rules that data items set out in Annex I shall be subject to, with the aim to ensure data quality and consistency. 

    Institutions shall submit the information referred to in Article 3(1) of Regulation 2018/1624 by April 30 each year in respect of the last day of the previous calendar year or of the relevant financial year. If April 30 is not a business day, the information shall be provided on the following business day. Institutions or, in the case of groups Union parent undertakings, shall submit the information referred to in Article 3(1) in the data exchange formats and representations specified by resolution authorities and shall respect the data point definitions included in the single data point model referred to in Annex III and the validation rules referred to in Annex IV.  Regulation 2018/1624 is based on the implementing technical standards submitted by EBA to EC. EBA conducted open public consultations on the implementing technical standards on which this regulation is based, analyzed the potential related costs and benefits, and requested the opinion of the Banking Stakeholder Group.

     

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    Effective Date:  November 27, 2018

    Keywords: Europe, EU, Banking, Implementing Technical Standards, BRRD, Resolution Plan, Reporting, Resolution Templates, EBA, EC

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