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November 09, 2018

EC published the amended Implementing Regulation (EU) 2018/1627 on prudent valuation for supervisory reporting. Regulation 2018/1627 amends the Implementing Regulation 680/2014. The amendments to Regulation 680/2014 impact several COREP templates, as specified in Annex 1 to Regulation 2018/1627. The affected COREP templates include templates on capital adequacy, transitional provisions, group solvency, credit risk, market risk, operational risk, prudential valuation, and general government exposures. Regulation 2018/1627 shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. It shall apply from December 01, 2018.

Regulation 680/2014 specifies the modalities according to which institutions are required to report information relevant to their compliance with the Capital Requirements Regulation (CRR or Regulation No 575/2013). The regulatory framework established by CRR is gradually being supplemented and amended in its non-essential elements by the adoption of further regulatory technical standards. Regulation 680/2014 is being updated to reflect those changes and to provide further precision in the instructions and definitions used for the purposes of the institutions’ supervisory reporting. Certain references and formatting inconsistencies that were discovered as misleading in the course of the application of Regulation 680/2014 are being clarified in the amended regulation. Regulation 680/2014 is also being amended to accommodate the reporting on securitization positions subject to the revised securitization framework under the Regulation 2017/2401. 

Additionally, amendments to Regulation 680/2014 are necessary to improve the ability of competent authorities to effectively monitor and assess the institutions’ risk profile and to obtain a view on the risks posed to the financial sector, which requires minor changes to the reporting requirements on the geographical distribution of exposures. Regulation 2018/1627 is based on the draft implementing technical standards submitted by EBA to EC.

 

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Effective Date: November 29, 2018

Keywords: Europe, EU, Banking, Regulation 2018/1627, Reporting, CRR, Securitization Framework, COREP Templates, EC

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