The EBA issues an Opinion in response to the European Commission's proposed amendments to the EBA final draft technical standards on supervisory reporting and Pillar 3 disclosures

The European Banking Authority (EBA) today published an Opinion on the amendments proposed by the European Commission to the EBA final draft Implementing Technical Standards (ITS) on public disclosures by institutions and supervisory reporting under the revised Capital Requirements Regulation (CRR3). The EBA acknowledges that the Commission’s proposal provides some flexibility compared to the current version of the ITS and accepts it as an intermediate step. The Commission and the EBA will continue to work together to better articulate and further operationalise these ITS.

In the final package submitted by the EBA to the Commission this year, only the main body of the ITS on public disclosures and on supervisory reporting were meant to published in the EU Official Journal, while the templates and instructions were supposed to be accessible through the EBA website. The Commission proposed to re-include the templates in the normative package to be published in the Official Journal.

In the Opinion, the EBA acknowledges that the changes proposed by the Commission still maintain some of the flexibility originally envisaged and agreed on under the CRR3 mandates for the ITS. The EBA also notes that the original approach to keep both templates and instructions on the EBA website only, would be a preferred one, as it provides more flexibility in the development of such IT solutions.

The EBA accepts the European Commission’s proposal, although it considers it as an intermediate step on the basis of which both the EBA and the European Commission will continue to work together to better articulate and further operationalise the ITS in accordance with the mandates under the CRR3.

Legal basis and background

This Opinion is based on Article 15(1), fourth subparagraph, of Regulation (EU) No 1093/2010 (‘EBA Regulation’), which requires the Authority to submit its response in the form of an opinion to amendments proposed by the European Commission.

On 20 June 2024, the EBA submitted to the European Commission, for adoption, the draft ITS on pillar 3 disclosures. On 5 July 2024, the EBA submitted to the European Commission, for adoption, the final draft ITS on supervisory reporting.

On 7 and 28 October 2024, the European Commission informed the EBA of its intention to endorse the draft ITSs with amendments and submitted a modified version of the ITSs.