Question ID
2013_119
Legal act
Regulation (EU) No 575/2013 (CRR)
Topic
Supervisory reporting - FINREP (incl. FB&NPE)
Article
99 reporting own funds / financial information
Paragraph
2
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
Regulation (EU) No 680/2014 - ITS on supervisory reporting of institutions (repealed)
Article/Paragraph
99 - paragraph 2
Type of submitter
Investment firm
Subject matter
FINREP: Requirement to submit financial information
Question

If a credit institution prepares consolidated accounts - under IFRS - for Statutory Reporting and is a non public company, and the subsidiary company's activities (a non-credit institution) are below the thresholds mentioned in Article 19 (a) and (b) of the Regulation (EU) No 575/2013 (CRR), can you confirm that it will not be mandatory for the credit institution to submit Financial Information (FINREP), effective from January 1st 2014?

Background on the question

Published documents are not sufficiently clear on this matter.

Submission date
Final publishing date
Final answer

The application of FINREP is not determined by the fact that the thresholds set out in Article 19 of Regulation (EU) No 575/2013 (CRR) have been exceeded or not. While the fact that these thresholds have not been exceeded can lead to the exclusion of the subsidiary from the scope of prudential consolidation, the application of FINREP is effectively determined by Article 99 (2), (3), and (where required by a competent authority) (6) of the CRR.

To the extent that the application of prudential requirements on a consolidated basis is required based on an institution's situation, this would also, in conjunction with Article 99 (2), (3) and (6), determine the need to apply FINREP.

Status
Final Q&A
Answer prepared by
Answer prepared by the EBA.

Disclaimer

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