CEBS today publishes an amendment to the Guidelines on Common Reporting (COREP) on the standardisation of remittance dates and reporting frequencies for COREP reporting in the European Union. The Guidelines on COREP were developed by CEBS during 2004-2005 in order to harmonize reporting of the capital ratio in accordance with the Capital Requirements Directive.
The amendment to the Guidelines (valid from 2012 onwards) contains the following features:
- The frequency of reporting is to be quarterly as a maximum, with certain exceptions for allowing monthly reporting.
- There is a distinction between consolidated and solo data. Consolidated and solo reports must be delivered as a maximum within 40 business days and 20 business days respectively.
- National authorities may provide additional time for reporting by institutions which only operate domestically in order to provide proportionate application of the agreement for these firms.
CEBS emphasizes that the decision on the standardisation on COREP reporting dates is only the first step in a more ambitious project to deliver EU-wide reporting formats in 2012 for all credit institutions and investment firms located in the European Union. In this context, CEBS wants to stress its commitment to moving forward on the harmonisation of supervisory reporting (Guidelines on Common Reporting and on Financial Reporting) in order to reduce the administrative burden on the firms, while taking into account the benefits and the costs of the proposals for the industry.
Furthermore, CEBS wants to emphasize the relationship between this agreement and other projects in the roadmap on reporting. Therefore, CEBS may revisit this amendment before 2012 when more experience on COREP reports has been gained by national authorities and the industry.
Finally, CEBS acknowledges the relevance of the contributions received from industry participants and wants to encourage wider debate among national authorities and industry experts as part of the future projects on supervisory reporting.