The Committee of European Banking Supervisors (CEBS) has today published its feedback paper on the responses received during the public consultation on the revision of the Guidelines on common reporting (COREP).
In revising the COREP guidelines, CEBS is following a two-phase approach. The present feedback to the consultation paper marks the end of the first phase of the project. It focuses on the new requirements as laid down in Article 74 of the revised CRD (Directive 2009/111/EC) which requires CEBS to develop guidelines so as to introduce a harmonised reporting format by 1 January 2012, at the latest.
During the second phase, which will start in 2011, some specific remaining issues stemming from the consultation will be addressed (remittance dates and other measures) as well as changes relating to European Directives (e.g. CRD IV amendments and changes arising from the establishment of the new European Banking Authority-EBA and the European Systemic Risk Board-ESRB). The second phase and the related changes will also be subject to a consultation phase before the final endorsement by the EBA. Moreover, the common reporting templates and guidelines developed by CEBS in relation to large exposures reporting will be included in the COREP framework (COREP rev4) so as to ensure a unified European reporting system. The final deliverable – as stated in Article 74 of the CRD – is due by 1 January 2012.