On 16 April 2018, the European Banking Authority (EBA) published a draft final report containing draft implementing standards on the provision of information for the purpose of resolution plans under Article 11(3) of the Bank Recovery and Resolution Directive (BRRD).
The EBA published the original Implementing Technical Standards (ITS) on information for resolution plans in 2014-2015. The revised ITS now put forward by the EBA seek to:
- clarify the scope of the reporting framework in line with the BRRD. The revised ITS establish a minimum set of reporting obligations for institutions. However, the revised ITS recognise the possibility for resolution authorities to require additional information necessary to draw up or implement resolution plans. They will also respect the right of resolution authorities, recognised in the BRRD, to set simplified reporting obligations for institutions the failure of which would have limited impact on financial stability;
- leverage on established experience in supervisory reporting. The revised ITS further specify minimum procedural and technical reporting requirements. Institutions will be able to rely on a minimum harmonised reporting schedule and set of reporting levels and frequencies; and
- take into account the latest experiences available from resolution authorities.
The draft ITS provide for the new framework to be operational in 2019 when resolution authorities collect information as of 31 December 2018.