On November 14, 2016, the European Banking Authority published a consultation paper proposing revisions to the Implementing Technical Standards on supervisory reporting. The ITS on supervisory reporting collate the prudential reporting requirements of banks under the Capital Requirements Regulation, related technical standards and other financial information required by national regulators. The ITS on supervisory reporting are updated when prudential or supervisory requirements change. The EBA is proposing to revise the ITS in relation to supervisory reporting in order to address weaknesses in the existing supervisory reporting requirements concerning sovereign exposures. The EBA has identified areas where additional information or gaps should be filled. In addition, the EBA is proposing to amend the ITS on supervisory reporting in relation to operational risk so that national regulators can more closely monitor losses due to operational risk events and analyze the drivers behind those events that lead to material losses, in particular for larger banks.
The EBA intends to submit the final draft revised ITS to the European Commission in March or April 2017. The revised reporting requirements are expected to apply from March 1, 2018. Responses to the consultation are requested by January 7, 2017. The consultation paper is available at: http://www.eba.europa.eu/documents/10180/1658500/EBA-CP-2016-20+%28CP+on+amending+ITS+on+Reporting%29.pdf.
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.