17 June 2010
The Committee of European Banking Supervisors (CEBS) today starts a public consultation on its proposed amendments to the Guidelines on Common Reporting (COREP) which will run for three months and will end on 16 September 2010.
The consultation is open to all interested parties, including supervised institutions and other market participants.
The revision of the COREP is part of CEBS's effort to streamline and harmonise reporting requirements for supervised institutions in Europe. The COREP revision relates in particular to new requirements as laid down in Article 74 of the revised CRD (directive 2009/111/EC) as published in November 2009.
The revised CRD requires in Article 74 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."
CEBS is following a two phase approach in producing uniform COREP guidelines as requested by Article 74 of the revised CRD. The present consultation paper highlights the findings of the first phase. In this first phase, CEBS carried out a commonality study on the basis of the implementation of COREP by individual Member States as disclosed in the supervisory disclosure framework. A user test survey was carried out among experts in the field of off-site analysis and on-sight supervision to capture the usefulness of the data collected and suggestions for further improvements to the framework. CEBS also held regular meetings of the Expert Group on Financial Information and its Subgroup on Reporting as well as the COREP Operational Network aimed at finding ideas on how to improve COREP to enhance its usefulness for analytical purposes.
In a second phase responses received during the consultation period will be addressed as well as changes relating to European Directives (e.g. CRD III and IV amendments and changes arising from the establishment of the new European Banking Authority and European Systemic Risk Board) will be incorporated into the COREP guidelines. Moreover, the common reporting templates and guidelines developed by CEBS in relation to large exposures reporting will be included in the COREP framework so as to ensure a unified European reporting system. The work plan and timeline set up in order to achieve a uniform COREP format is set out in section VII of the consultation paper.
Comments received will be published on CEBS's website unless respondents explicitly request otherwise. Please send your comments to the following e-mail address: email@example.com.