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On April 16, 2018, the EBA published a final report and final
revised draft Implementing Technical Standards on resolution
reporting requirements. The EBA proposes to replace the existing
ITS with the revised ITS to reflect the evolution in the policy and
practices applied by authorities in the development of resolution
plans for financial institutions. The new framework is proposed to
become operational in 2019 when resolution authorities collect
information as of December 31, 2018.
The revised draft ITS set out the procedures and a minimum set
of standard templates for use by institutions when providing
information to resolution authorities that is needed to draw up and
implement resolution plans. The power of resolution authorities to
apply simplified obligations or to require further information from
a firm is specifically provided for in the revised draft ITS, in
line with the EU Bank Recovery and Resolution Directive. In
addition, the revised draft ITS specify the information required
from groups and from individual entities. Furthermore, the revised
draft ITS set the frequency, reference dates and remittance dates
and the format for submission of information
The EBA confirms that the final draft revised ITS take into
account comments received during consultation and provides a
summary of the main changes that have been made. The changes
are:
Deletion of the requirement to
accelerate the remittance date in year three. However, data must
still be submitted by the end of May in year one and the end of
April in year two;
Adjustment to the threshold for
reporting entities: the low threshold for the first template has
been maintained, but the financial templates only need to be
submitted by entities which exceed 5% of the total risk-weighted
asset, leverage ratio exposure or operating income of the group, or
by entities which provide critical functions;
Deletion of the templates for
collecting advanced information on financial market infrastructure
services and enabling services;
Amendment of the liability template
to provide for reporting of senior non-preferred debt, as provided
for in recently adopted changes to the BRRD; and
Alignment of the template on own
funds requirements with supervisory reporting requirements.
The revised draft ITS have been submitted to the European
Commission for endorsement. Once published in the Official Journal
of the European Union the revised framework will apply directly
across the EU.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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