On 14 December 2023, the European Banking Authority (EBA) issued a consultation paper on draft implementing technical standards (ITS) amending Commission Implementing Regulation (EU) 2021/637 on public disclosures by institutions of the information referred to in Titles II and III of Part Eight of the Capital Requirements Regulation (CRR). The consultation concerns changes to the current Pillar 3 disclosure framework arising from the implementation of the Basel 3 reforms in the CRR 3, in particular the Basel III Pillar 3 framework. Specifically, the changes include new disclosure requirements on output floor and credit valuation adjustment risk and amendments to existing disclosure requirements on credit risk and market risk.

The deadline for comments on the consultation paper is 14 March 2024.

After a consultation period of 3 months, the EBA will submit the final draft ITS to the European Commission for the adoption process. This should occur at the beginning of Q3 2024. The application date of these ITS will be 1 January 2025 and the first disclosure reference date will be 31 March 2025, in line with the date of application of the CRR 3.