ESBG has recently submitted its response to the EBA consultation on its draft Guidelines on resubmission of historical data under the EBA reporting framework.
The objective is to establish a standardized approach for financial institutions to resubmit historical data in case of errors or inaccuracies in their reports to competent and resolution authorities. The proposed guidelines suggest limiting the resubmission to specific historical periods, depending on the frequency of original reporting and affected reference dates.
The ultimate goal is to ensure consistent and high-quality data for use by regulatory authorities and the EBA.
ESBG’s response outlines the need for further reduction in the reporting burden faced by financial institutions. Additionally, it makes a series of proposals for improving the proportionality element as well as specific proposals based on thresholds to determine the materiality of resubmissions.
Furthermore, ESBG highlights the importance of coordination between the EBA, ECB and SRB on resubmission rules for supervisory, statistical, and resolution-related reporting and expresses concerns that the planned first application of the guidelines by 31 December 2023 might be premature.
Contact:
Andreea Lungu
Advisor- Financial Reporting and Taxation
e.: andreea.lungu@wsbi-esbg.org
t.: +32 2 211 11 64
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