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The European Banking Authority (EBA) today published its annual Report on convergence of supervisory practices for 2021. Competent Authorities made progress in the implementation of the EBA Guidelines on supervisory review and evaluation process (SREP). The Report also reflects consistent implementation into their supervisory practices of the key supervisory priorities for 2021. However, the Report sets expectations for additional efforts from Competent Authorities on topics such as ICT risks, namely cyber risk and business model challenges and the respective digital transformation. In addition, the Report highlights the need for more harmonised practices in the determination of capital add-ons.

Following the request from the EU Commission, the European Banking Authority (EBA) has developed a template for the annual reporting of information on deposits subject to the Russia and the Belarus Economic Sanctions Regulations. The EBA is making the template available for voluntary use by the relevant national competent authorities and by the EU Commission, with the aim to promote a convergent approach and to reduce any associated reporting costs, especially for cross-border banks.

The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) issued today a joint supervisory statement regarding the ‘What is this product?’ section of the key information document (KID) for packaged retail and insurance-based investment products (PRIIPs). The expectations put forward in the supervisory statement aim at improving the quality of descriptions provided by PRIIPs manufacturers and thereby contribute to better protection of retail investors. 

The European Banking Authority (EBA) published today an update to its Implementing Technical Standards (ITS) which specify the data collection for the supervisory benchmarking exercise of 2023 in relation to the internal approaches used in market and credit risk and IFRS9 accounting. The updated ITS include all benchmarking portfolios and metrics that will be used for the 2023 exercise. The benchmarking exercise is an essential supervisory tool to monitor and enhance the quality of internal models, which are relevant for the assessment of the institution’s capital adequacy.

The European Banking Authority (EBA) today published a Report on non-bank lending in response to the European Commission’s February 2021 Call for Advice on this topic. The EBA’s proposals aim at addressing risks arising from the provision of lending by non-bank entities in the areas of supervision, consumer protection, anti-money laundering and countering the financing of terrorism (AML/CFT), macro and microprudential risks.

The European Banking Authority (EBA) today published its updated Guidelines for assessing equivalence of professional secrecy and confidentiality regimes of third country authorities, to widen the scope and the purpose of the assessment.