Summary Wed, 01/06/2010 - 13:27
CEBS publishes today the revised framework on Common Reporting (COREP). The COREP templates have been amended to incorporate changes of the CRD (directives 2009/27/EC and 2009/83/EC) as well as CRD II amendments (directive 2009/111/EC) and will be applicable by 31 December 2010.
These changes affect following COREP templates:
CRD amendments regarding the definition of capital (treatment of hybrid instruments) lead to changes in the CA template.
CRD provisions concerning the exposure value have minor impacts on CR SA and CR IRB templates which are limited to changes of legal references.
The CR SEC templates now include new CRD retention requirements.
The amendments of OPR templates relate to the implementation of a new business line.
CEBS is also engaged in another project regarding COREP dealing with the definition of uniform COREP guidelines according to Art. 74 of the amended CRD which states that "competent authorities shall apply, by 31 December 2012, uniform formats, frequencies and dates of reporting. To facilitate this, the Committee of European Banking Supervisors shall elaborate guidelines to introduce, within the Community, a uniform reporting format at the latest by 1 January 2012. The reporting formats shall be proportionate to the nature, scale and complexity of the credit institutions' activities". Deliverables of this project are scheduled for 2010 and will be subject to public consultation.
CEBS has also published, as part of its final guidelines on large exposures, a reporting template on large exposure which shall be applied from 31 December 2010. As the uniform COREP framework would have to be applied only from 31 December 2012, there will be a two-year period during which common large exposures reporting will not be available under the COREP package. Throughout this period, until the future uniform COREP framework is implemented, CEBS recommends that national supervisors incorporate the large exposures reporting set out in the relevant guidelines into their national reporting system.