The European Banking Authority (EBA) has published a final report containing guidelines on disclosure requirements under Part Eight of the Capital Requirements Regulation (CRR). The final guidelines follow an earlier EBA consultation which was published last year (our blog is here) following an update to the Pillar 3 framework by the Basel Committee on Banking Supervision in January 2015.
The guidelines do not change the substance of the regulatory disclosures concerning the requirements defined in Part Eight of the CRR but they do provide guidance from a presentational aspect. By introducing more specific guidance and formats for disclosures through the use of tables and templates, the EBA feels that the guidelines represent a significant step towards enhancing the consistency and comparability of institutions’ regulatory disclosures in accordance with Part Eight of the CRR.
The guidelines come as specifications of existing disclosure requirements in the CRR regarding general requirements for disclosures, risk management, scope of application, capital requirements, credit risk, counterparty credit risk and market risk. Securitisation was left out at this stage and so were other requirements in Part Eights of the CRR for which there are already delegated or implementing regulations or guidelines.
In terms of next steps, the guidelines will be translated into the official EU languages and published on the EBA’s website. The deadline for competent authorities to report whether they comply with the guidelines will be 2 months after the publication of the guidelines.