EC Adopts Standards on Forms and Templates for Resolution Planning
EBA acknowledged the adoption, by EC, of the Implementing Regulation on the procedures and standard forms and templates for the provision of information for resolution plans of credit institutions and investment firms. The adoption of this Implementing Regulation means the repealing of Regulation (EU) 2016/1066. The Implementing Regulation, which is based on the final draft implementing technical standards on the provision of information for resolution plans (submitted by EBA in April 2018), was adopted by EC on October 23, 2018. The reporting requirements will apply as of December 31, 2018 (as part of the reporting framework version 2.8).
The original implementing technical standards on reporting for resolution plans, which were published in 2016, are being replaced, in 2018, by the new implementing technical standards. The publication of the new standards in the Official Journal of the European Union is pending. These new implementing standards and the corresponding Data Point Model (DPM) and XBRL taxonomy form part of the EBA reporting framework and will be applicable for submissions of data as of December 2018.
The Bank Recovery and Resolution Directive (BRRD) requires resolution authorities to draw up resolution plans that outline the actions to be taken in case an institution meets the conditions for resolution. The ITS on procedures, standard forms and templates for the provision of information for the purpose of resolution plans sets out a procedure that should be followed when resolution authorities require information about an institution for the purpose of drawing up a resolution plan.
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Keywords: Europe, EU, Banking, Reporting, Implementing Technical Standards, Resolution Plan, BRRD, EC, EBA
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