1. The Commission shall by 31 December 2020 submit a report to the European Parliament and to the Council on whether:
(a) it is appropriate to introduce a leverage ratio surcharge for O-SIIs; and
(b) the definition and calculation of the total exposure measure referred to in Article 429(4), including the treatment of central bank reserves, is appropriate.
2. For the purposes of the report referred to in paragraph 1, the Commission shall take into account international developments and internationally agreed standards. Where appropriate, that report shall be accompanied by a legislative proposal.