On 16 April 2014, the European Banking Authority ("EBA") announced that certain validation rules included in its Implementing Technical Standards ("ITS") on supervisory reporting were incorrect. The EBA published a list of the incorrect validation rules and requested that data submitted under the ITS should not be validated against those rules. An updated list of incorrect rules will be published before 30 June 2014 which is the remittance date for Q1 2014 data. The issue came to the EBA's attention following tests based on real data from reporting firms as well as answers submitted via the EBA's Q&A tool.
The EBA's announcement was made on the same day that the European Commission adopted the ITS on supervisory reporting. The EBA confirmed that the submission dates by banks' to competent authorities of data would be postponed to the end of June 2014. The implementation of the draft ITS on reporting of asset encumbrance has also been postponed and the remittance dates likewise adjusted. The new remittance date is 11 February 2015.
The EBA's announcements are available at: http://www.eba.europa.eu/-/eba-publishes-list-of-incorrect-its-validation-rules; and http://www.eba.europa.eu/-/eba-technical-standards-on-supervisory-reporting-endorsed-with-amended-calendar.
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