On 8 March 2024, there was published in the Official Journal of the EU, Commission Implementing Regulation 2024/348 of 19 January 2024, amending the Implementing Technical Standards (ITS) laid down in Commission Implementing Regulation 2016/2070, as regards benchmark portfolios, reporting templates and reporting instructions, for the reporting referred to in Article 78(2) of the Capital Requirements Directive IV (CRD IV). The Implementing Regulation enters into force on the twentieth day following its publication in the OJ (28 March 2024).
Article 78(2) of the CRD IV requires institutions to submit to their Member State competent authority (NCA), at least annually, the results of the calculations of their risk weighted exposure amounts or own fund requirements under their internal approaches for exposures or positions that are included in the benchmark portfolios, to enable that NCA to assess the quality of those internal approaches (the benchmarking exercise).
Article 78(3) of the CRD IV further provides that the European Banking Authority (EBA) must produce a report to assist the NCAs in the assessment of the quality of the institutions’ internal approaches, based on the results of the benchmarking exercise. The reporting requirements for the benchmarking exercise are specified in Commission Implementing Regulation (EU) 2016/2070. That Implementing Regulation has been amended regularly to reflect the changes in the focus of NCAs’ assessments and of the EBA’s reports. Accordingly, the benchmark portfolios are being updated once more and thus also the reporting requirements laid down in Implementing Regulation (EU) 2016/2070.