17 September 2009
The Committee of European Banking Supervisors (CEBS) today publishes a consultation paper (CP29) on the extension of CEBS's Supervisory Disclosure Framework. The consultation is open to all interested parties, including supervised institutions and other market participants.
CEBS has developed a web-based framework for supervisory disclosure, which has been implemented both at EU and national levels since early 2007. The aim of supervisory disclosures is to make information related to prudential rules and supervisory criteria available in a timely manner to all interested parties, including credit institutions, investment firms, other market participants, other supervisors and consumers. The framework for supervisory disclosure is intended only to provide information without interpreting or validating it.
CEBS believes that this common framework is the right tool to enhance the transparency and effectiveness of supervision, to help promote a level playing field and to contribute significantly to the consistent implementation of Community legislation across the EU(1). The framework also contributes significantly to the implementation of the Council's conclusions on the common formats for the disclosure of national transposition and implementation of EU legislation.
The current supervisory disclosure framework covers only the legislative provisions, the supervisory application of the rules (e.g. the supervisory review process under Pillar 2) and statistical data on the implementation of the Capital Requirements Directive, and disclosures on reporting (COREP/FINREP). However, CEBS has decided to develop the common framework further and extend it to other areas of community legislation during the course of 2009. Based on current regulatory and market developments, CEBS has focused the extension of the Supervisory Disclosure Framework on the following areas: Mergers & Acquisitions; Securitisation; Credit Risk Mitigation; National discretions; Pillar 2 and Pillar 3.
This consultation paper provides a brief explanation of each area of extension with accompanying draft template(s) for supervisory disclosures and draft guidance for their population.
CEBS submits its draft proposals for a public consultation which starts today and runs until 16 October 2009. Comments received will be published on CEBS's website unless respondents request otherwise. Please send your comments to the following e-mail address: firstname.lastname@example.org.
A public hearing will be held on Monday 5 October 2009 at CEBS's premises in London, from 10.00 to 13.00 to allow interested parties to share their views with CEBS.
Franca Rosa Congiu