The European Banking Authority (EBA) published today a Report on the peer review carried out to evaluate the implementation of its Guidelines on the criteria for the assessment and identification of other systemically important institutions (O-SIIs) across the EU. Overall, the peer review concluded that the majority of the authorities are compliant with the EBA Guidelines, although some of its requirements have not been fully applied in all jurisdictions.
This peer review observed that those jurisdictions, which expressed their intention to comply with these Guidelines are generally compliant. However, the EBA observed some deviating practices in several Member States, which could potentially hamper harmonisation in the Single Market. Therefore, the EBA recommends that such deviations be corrected as soon as possible.
The peer review also identified a number of best practices and highlighted the different approaches on how to maintain the O-SIIs identification methodology up-to-date and meet disclosure requirements. Finally, the peer review highlighted that notification and disclosure obligations would benefit from greater harmonisation, as well as the process to calibrate and implement the O-SII buffer, potentially in close cooperation with other EU authorities such as the ESRB.
Legal basis and background
Peer reviews are conducted in accordance with the provisions of Article 30 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 (‘the EBA Regulation') and the EBA decision establishing the Review Panel with the aim of further strengthening consistency in supervisory outcomes.
The Report published today summarises the outcomes of the EBA's assessment involving the relevant authorities from EU Member States and the supervisory authorities of three European Free Trade Association (EFTA) countries (Iceland, Liechtenstein and Norway).