On Apr. 18, EBA proposed approach for historical data resubmission.
EBA issued consultation on Draft guidelines on resubmission of historical data under the EBA reporting framework, to ensure accurate, consistent, complete data received.
Response to recommendation in study on cost of complying with requirements.
Follows EBA Jun. 2021 results of study on reducing reporting costs, see #107595.
Rationale
Aim of guidelines is to provide a common approach to resubmission by the financial institutions of historic data to competent and resolution authorities in case of errors.
Or inaccuracies or other changes to the data reported under EBA reporting framework.
Proposals
Approach aims to limit amount of past historical data periods subject to resubmission, depending on frequency of original reporting and reference dates affected by errors.
Financial institutions expected to resubmit the corrected data for the current reporting date, historical data for past reference dates going back at least one calendar year.
Except for data with monthly reporting frequency, where number of reference dates to resubmit will depend on timing of the current data in relation to previous year-end.
Guidelines also set out general circumstances when data resubmission not required.
Build on intrinsic proportionality of the reporting requirements, but specific questions included to get feedback on possibility of considering further proportionality elements.
Applies to all supervisory and resolution reporting expected from credit institution, investment firm, payment institution at individual/sub-consolidated/consolidated level.
Effectiveness
The closing date for responses on the draft guidelines is Jul. 31, 2023, EBA will hold online public hearing on the proposals on Jun. 7, 2023, register by Jun. 5, 2023.
Guidelines to be finalized after consultation, aiming to apply them from Dec. 31, 2023.
Jun. 2023 Public Hearing Presentation
On Jun. 21, 2023, EU EBA issued presentation from public hearing on Jun. 7, 2023.
Gave background and objectives of Draft guidelines on resubmission of historical data under the EBA reporting framework, general approach to historic data resubmission.
Scenarios when resubmissions are not required, role for the authorities envisaged by the draft guidelines, importance of proportionality of requirements, and next steps.
Apr. 2024 Final Guidelines
On Apr. 9, 2024, EU EBA issued report containing final Guidelines on resubmission of historical data under the EBA reporting framework, following earlier consultation.
Guidelines set out a general approach for resubmission of historical data with aim of limiting number of historical period subject to resubmission, due to error/inaccuracies.
Financial institutions are expected to resubmit corrected data for current reporting date, and historical data for past reference dates, going back at least 1 calendar year.
Except for data which has a monthly reporting frequency, the final guidelines also clarify the general circumstances under which resubmission may not be required.
Due to consultation feedback, EBA further clarified various provisions of guidelines.
Adjusted precision requirements in EBA filing rules for monetary data from 1,000 to 10,000 which should reduce number of resubmissions, applicable from Apr. 1, 2025.
Guidelines will apply from 3 months after their publication in all EU official languages.
Jul. 2024 Guidelines Translations
On Jul. 17, 2024, EU EBA published the Guidelines on resubmission of historical data under the EBA reporting framework, translated into all the EU official languages.
Guidelines will therefore apply from Oct. 17, 2024, and competent authorities must notify EBA as to whether they comply or intend to comply with them by Sep. 17, 2024.
