28 January 2010
The Committee of European Banking Supervisors (CEBS) today publishes its revised Guidelines on Supervisory Disclosure.
CEBS has developed a web-based framework for supervisory disclosure which has been implemented at both EU and national levels since early 2007. The aim of supervisory disclosures is to make information related to prudential rules and supervisory criteria available to all interested parties, including credit institutions, investment firms, other market participants, other supervisors and consumers. The framework for supervisory disclosure is intended 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 to the consistent implementation of Community legislation across the EU1. The framework also contributes to the implementation of the Council's conclusions on common formats for the disclosure of national transposition and implementation of EU legislation.
The current supervisory disclosure framework covers the legislative provisions, the exercise of options and national discretions of the Capital Requirements Directive (CRD), the supervisory application of the rules (e.g. the supervisory review process under Pillar 2), statistical data on the implementation of the CRD, and disclosures on reporting (COREP/FINREP). In line with its work programme for 2009, CEBS launched a public consultation in September 2009 aiming to extend the common framework to the following areas: Mergers & Acquisitions; Securitisation; Credit Risk Mitigation; National discretions; and Pillar 2 and Pillar 3. In revising its guidelines, CEBS has benefited from the views gathered from market participants through the industry's responses to the public consultation (CP29) and in a public hearing organised in October 2009.
CEBS and the national supervisors will implement and populate the revised templates which form part of the extended supervisory disclosure guidelines by 31 March 2010 with the exception of the disclosures of guidelines and methodologies regarding the securitisation exposures to review compliance with paragraphs 1 to 7 of Article 122a of the CRD II which need to be implemented at the latest by 31 December 2010. The national discretions on large exposures will be included in the national discretions template; however their exercise in Member States will be disclosed as of end January 2011.
1) Article 144 of the Directive 2006/48/EC requires supervisors to make disclosures that allow meaningful comparison of supervisory rules and practices across the EU. CEBS's framework facilitates the consistent implementation of Article 144.