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    EBA Sets Out Roadmap for 2023, Updates Reporting Framework 3.2

    The European Banking Authority (EBA) published its work program for 2023 as well as the technical package for phase 3 of version 3.2 of its reporting framework. In addition, the European Securities and Markets Authority (ESMA) published the work program of the Joint Committee of the European Supervisory Authorities (ESAs) and the European Insurance and Occupational Pensions Authority (EIOPA) set out its strategy for 2023–2026.

    Below are key highlights of the aforementioned publications:

    • The EBA technical package for reporting framework 3.2 supports the implementation of the updated reporting framework by providing standard specifications and includes the validation rules, the Data Point Model (DPM), and the XBRL taxonomies for version 3.2. The updated technical package supports the amendments to version 3.2 Phase 3 and covers the guidelines on high earners as well as remuneration benchmarking and gender pay gap for credit institutions and investment firms. The DPM Query Tool has also been updated to reflect the current release.
    • The EBA work program for 2023 is aimed to prioritize finalization of the Basel implementation in EU, run an enhanced EU-wide stress test, implement its data strategy by leveraging the EUCLID platform, digital finance and delivery of MiCA/Digital Operational Resilience Act (DORA) mandates, and enhance capacity to fight money laundering and terrorist financing in EU, and execute the environmental, social, and governance (ESG) roadmap. The aim is to implement the Pillar 3 data hub requested by the level 1 legislation, finalize improved data point model and methodology implementing the DPM ReFit to ensure the EBA data dictionary is fit for future challenges of reporting and digital processing, and complete the first phase of Digital Regulatory Reporting (DRR) tools to support the continuous reporting framework development process, including the DPM releases, the full validation rules lifecycle, the support of data calculations, and the creation of XBRL taxonomy packages.
    • The work program of the Joint Committee of ESAs is focused on mandates related to the DORA, the introduction of targeted revisions and extensions of the draft technical standards and Questions and Answers (Q&As) under the Sustainable Finance Disclosure Regulation (SFDR), the fostering of coordination and cooperation among national innovation facilitators to scale up financial sector innovation, the mapping and monitoring of external credit assessment institutions (ECAIs) under the Capital Requirements Regulation and Solvency II, the publication of annual list of financial conglomerates, and the work on specific conglomerate’s reporting templates.
    • The EIOPA strategy for 2023–2026 includes integration of ESG risks into the prudential framework, initiation of one-off coordinated climate change stress test, implementation of the Digital Operational Resilience Act (DORA), and development of a sound regime for the use of artificial intelligence by the insurance sector.

     

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    Keywords: Europe, EU, Banking, Securities, Insurance, Basel, Solvency II, Regtech, Suptech, Reporting, ESG, Reporting Framework 3 2, ESAs, ESMA, EIOPA, EBA

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