On 25 June 2021, the European Banking Authority (EBA) issued final draft Implementing Technical Standards (ITS) on information on supervisory approaches and aggregate statistical data concerning the new prudential requirements that Member State competent authorities will have to disclose publicly for all types of EU investment firms authorised under MiFID II.
The EBA has developed the draft ITS in accordance with Article 57(4) of the Investment Firm Directive (IFD) which mandates the EBA is determine the format, structure, content lists and annual publication date of the information listed in paragraph 1 of Article 57 of that Directive. Specifically the draft ITS determine the format, structure, contents list and annual publication date of the information on:
- The texts of laws, regulations, administrative rules and general guidance adopted in their Member State in the field of prudential regulation (Annex I of the draft ITS).
- The manner of exercise of the options and discretions available under the IFD and the Investment Firm Regulation (IFR) (Annex II of the draft ITS).
- The general criteria and methodologies that Member State competent authorities use in the supervisory review and evaluation process (SREP) (Annex III of the draft ITS).
- Aggregate statistical data on key aspects of the implementation of the IFD and IFR in each Member State, including the number and nature of supervisory measures taken in accordance with point (a) of Article 39(2) of the IFD, and of administrative sanctions imposed in accordance with Article 18 of the IFD (Annex IV of the draft ITS).
The draft ITS include the requirements for competent authorities to publicly disclose aggregated information on the aforementioned areas and include detailed templates to harmonise the publication of such information. The instructions for filling in the templates are included in each Annex.
The draft ITS enter into force on the twentieth day following its publication in the Official Journal of the EU.