On 18 April 2023, the European Banking Authority (EBA) published a consultation paper on draft guidelines on the resubmission of historical data under the EBA reporting framework.

The proposed guidelines set out a common approach to the resubmission by financial institutions of historical data to Member State competent and resolution authorities in case there are errors, inaccuracies or other changes in the data reported in accordance with the supervisory and resolution reporting framework developed by the EBA.

The general approach to the resubmission of historical data set out in the draft guidelines aims at limiting the amount of past historical periods subject to resubmission, depending on the frequency of the original reporting and reference dates affected by the errors or inaccuracies that require corrections and resubmissions.

The guidelines also specify the role of the Member State competent and resolution authorities, and the EBA, when dealing with corrections of historical reported data noting that, depending on the supervisory needs of the competent authorities, resolution authorities or the EBA, the authorities may require financial institutions to resubmit historical data for more reference dates compared to the requirements set out in the guidelines.

The deadline for comments on the guidelines is 31 July 2023.

Once the guidelines are finalised and translations published Member State competent and resolution authorities will have two months in which to report whether they comply with them.

The guidelines will apply from 31 December 2023.