EBA Consultation Paper on disclosures under CRR2 – are you prepared for the new data extensive requirements?
On October 16, 2019 EBA launched a public consultation on the new comprehensive Implementing Technical Standard (ITS) for financial institutions' public disclosure, designed to promote market discipline. This ambitious proposal seeks to optimize the EBA Pillar 3 policy framework by moving from a silo based approach, with different disclosure policy products, to an all-inclusive ITS. It also implements regulatory changes introduced by the CRR2 and aligns the disclosure framework with international standards.
The deadline for submission of comments is January 16, 2020. The EBA expects to submit these revised draft ITS to the European Commission in June 2020. The application of the disclosure requirements is expected to be in June 2021.