On Sep. 18, GE BaFin announced compliance with EBA guidelines.
GE BaFin notified EBA that it will comply with Guidelines on resubmission of historical data under the EBA reporting framework (EBA/GL/2024/04), issued in Apr. 2024.
EBA published the translations of the guidelines in EU languages on Jul. 17, 2024.
The guidelines reduce the need for correction reports in reporting requirements for banking supervision and resolution, previously all errors had to be corrected.
In future, financial institutions will only have to correct incorrect data for the current reporting date and four previous quarters, for data with monthly report frequency corrections must be made retrospectively for at least 6 months until end of last year.
In addition EBA plans to reduce the accuracy of the validation rules, currently rounding is done to 1,000 euros, in the future rounding will be done to 10,000 euros.
Effectiveness
GE BaFin will apply the guidelines from their in-force date of Oct. 17, 2024.
