On 11 February 2021, the European Banking Authority (EBA) issued a consultation paper on draft implementing technical standards (ITS) on the information concerning the new prudential requirements that Member State competent authorities will be required to disclose publicly for all types of investment firm authorised under MiFID II. The draft ITS are part of the phase 2 mandates of the EBA Roadmap on investment firms, seeking to ensure that the disclosed information is comprehensive and comparable across Member States.
Article 57(1) of the Investment Firms Directive (IFD) sets out requirements for Member State competent authorities to publicly disclose certain information, namely their texts of laws, regulations, administrative rules and general guidance adopted pursuant to the IFD, the manner of exercise of the options and discretions available, general criteria and methodologies used in the supervisory review and evaluation, and aggregate statistical data on key aspects of the implementation of the IFD and Investment Firms Regulation (IFR). Article 57(4) of the IFD in turn mandates the EBA to develop ITS to determine the format, structure, contents list and annual publication date of this information. The proposed draft ITS and disclosure templates presented in the consultation paper reflect the EBA’s work on this mandate. In particular, they result in a separate, stand-alone set of templates specifically tailored to the dedicated prudential framework for investment firms.
The deadline for comments on the consultation paper is 11 May 2021.
The draft ITS, upon finalisation after consultation, will be submitted to the European Commission for endorsement before being published in the Official Journal of the EU. The draft ITS will apply twenty days after the entry into force.