European Union: European Commission Adopts Revised Implementing Standards For Resolution Reporting

On October 29, 2018, the EBA announced that it acknowledged the European Commission's adoption of a draft Commission Implementing Regulation, setting out revised ITS on the procedures and standard forms and templates, to be used to provide information for the resolution plans of credit institutions and investment firms. The Implementing Regulation supplements the Bank Recovery and Resolution Directive and will repeal the existing ITS, reflecting the evolution in the policy and practices applied by authorities in the development of resolution plans for financial institutions. The EBA submitted its final report with final revised draft ITS to the European Commission in April 2018.

The draft Implementing Regulation will now be subject to a three-month scrutiny period by the European Parliament and the Council of the European Union. Assuming no objections have been raised by the colegislators during that period, the Delegated Regulation will then be published in the Official Journal of the European Union and enter into force 20 days later. The Implementing Regulation sets out transition periods for firms that will apply to financial years ending between January 1 and December 31, 2018 and between January 1 and December 31, 2019. The transition periods will allow for a short deferral of the submission deadline for specified information.

The EBA's announcement is available at: http://www.eba.europa.eu/-/eba-acknowledges-adoption-of-new-resolution-reporting-standards-by-the-european-commission, the Implementing Regulation and Annexes are available at: http://ec.europa.eu/finance/docs/level-2-measures/brrd-its-2018-6841_en.pdf  and https://ec.europa.eu/info/law/bank-recovery-and-resolution-directive-2014-59-eu/amending-and-supplementary-acts/implementing-and-delegated-acts_en  and details of the EBA's final report are available

at: https://finreg.shearman.com/european-authority-proposes-revised-techn.

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