On 4 November 2020, the European Banking Authority (EBA) published revised final draft regulatory technical standards (RTS) to specify how to identify the indicators of global systemic importance and revised guidelines on their disclosure.
The need for this revision was prompted by the revised framework introduced by the Basel Committee on Banking Supervision (BCBS) in July 2018 to identify global systemically important banks (G-SIBs) as well as by the new requirements laid down in the fifth Capital Requirements Directive (CRD V), which recognise the importance of cross-border activities within the European Banking Union area.
The draft RTS will be submitted to the European Commission for endorsement, following which they will be subject to scrutiny by the European Parliament and the Council before being published in the Official Journal of the EU, if necessary. The guidelines will be translated into the official EU languages and published on the EBA website. The deadline for competent authorities to report whether they comply with the guidelines will be two months after the publication of the translations.
The revised RTS will apply from the 2022 global systemically important institution exercise based on end-2021 information.