The European Banking Authority has mandated a uniform disclosure Implementing Technical Standards formats which are required under Titles II and III of Part Eight of (EU) Regulation No 575/2013 (‘CRR’).
This uniform format will allow for a robust and comprehensive way to assess the risk profiles of Institutions and the degree to which they are compliant with the requirements liaised under parts one to seven.
This Consultation Paper lays grounds on improving the ‘EBA’ Pillar III policy framework. It does so by moving from a silo-based approach, which encompasses different disclosure policy products, to an all-inclusive ITS. This will also allow for the implementation of regulatory changes introduced by the amended Capital Requirements Regulation (CRR2) (Article 434a) in alignment with the disclosure framework of the revised Basel Pillar-3 standards.
Phis Consultation paper (‘CP’) is the first deliverable of the ‘EBA’ Roadmap on institutions’ Pillar-3 disclosures. The strategy provides an overview on the deliverable’s and timeline for the implementation of this CP. The implementation includes the all the disclosure requirements included in the CRR2 and the amended Bank Recovery and Resolution Directive (BRRD2). The latter includes environmental, social and governance (ESG) risks and climate-change related information, as well as the disclosure requirements for investment firms under the Investment Firms’ Regulation (IFR).
This Consultation Paper will allow for a more streamlined approach to Institutional Risk Assessment. The deadline for responding to the Consultation is 16 January 2020.
The application of the disclosure requirements will be in June 2021.
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Please Note: This publication is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Readers should take legal advice before applying the information contained in this publication to specific issues or transactions.
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