On 22 May 2019, the Joint Committee of the European Supervisory Authorities (ESAs) published a consultation paper on draft implementing technical standards (ITS) on the reporting of intragroup transactions and risk concentration under Article 21a(2b) and (2c) of the Financial Conglomerates Directive (FCD).
The draft ITS proposes harmonised templates for the reporting of intra-group transaction and risk concentration for financial conglomerates, aiming at collecting information in order for Member State competent authorities to perform their supervisory overview referred to in Articles 7(2) and 8(2) of the FCD.
The aim of the ITS is to offer a single framework of requirements for the reporting due by financial conglomerates subject to supplementary supervision in the EU, thereby helping coordinators and other relevant competent authorities to identify relevant issues and exchange information more efficiently, reducing costs and fostering a level playing field across EU conglomerates. It provides the foundation for the full harmonisation of reporting, with one single set of templates, one single embedded dictionary using common definitions and even one single set of instructions to fill in the templates.
The deadline for responses to the consultation is 15 August 2019. When the ITS are finalised, the expected implementation period is approximately one year.