CEBS has published guidelines establishing a standardised financial reporting framework (FINREP) for credit institutions operating in the EU. This framework will enable credit institutions to use the same standardised data formats and data definitions for prudential reporting in all countries where the framework will be applied.
CEBS believes that this will reduce the reporting burden for credit institutions that operate cross-border, and lower barriers to the development of an efficient internal market in financial services.
CEBS guidelines for supervisory authorities on increased transparency and public disclosure will allow easy access to qualitative information on the laws and rules adopted at the national level and on the ways in which Member States have exercised the options and national discretions, as well as to statistical data on the implementation of the Directive. The CEBS guidelines are required by the Capital Requirements Directive - the EU legislation for a new capital adequacy framework for credit institutions and investment firms.