September 2020 Regulation Update

The following regulatory update is Whistlebrook’s understanding of the position as at 24th September 2020.

Taxonomy 2.10

This European Banking Authority taxonomy will be included in a release of Wires, currently planned for late October 2020.

New reporting is being introduced for remuneration and fraudulent payments. There are also changes to funding plan templates (understood to be required from institutions upon request by the Bank of England).

Firms that require to submit the remuneration, fraudulent payments and / or funding plan templates, should contact their Whistlebrook account manager to obtain the appropriate licence.

Further details are in https://eba.europa.eu/risk-analysis-and-data/reporting-frameworks/reporting-framework-2.10

Third Country Branch Return

A revised version will be applicable from report reference date 31 December 2020. This version will be available in Wires ahead of the aforementioned date.

CRR2 Reporting and Pillar 3 Disclosure Requirements

Final draft standards on disclosures were issued by the European Banking Authority (EBA). These standards refer to the requirements under CRR2 and are effective from 28 June 2021. Revised, as well as new, templates were made available by the EBA.

As part of that availability, there is a mapping tool. Where appropriate, that tool specifies the cells on the regulatory reporting forms that should act as the source of data for the disclosure templates.

The mapping is intended to make disclosures more easily linked to regulatory reporting.

Further details are in:

https://eba.europa.eu/eba-publishes-final-draft-comprehensive-its-institutions%E2%80%99-pillar-3-disclosures-and-revised-final

https://eba.europa.eu/risk-analysis-and-data/reporting-frameworks/reporting-framework-3.0

Key Regulatory Timelines

Whistlebrook understands that there are the following important dates for regulatory changes.

31 December 2020 EBA Taxonomy 2.10 (Fraudulent Payments, Remuneration, Funding Plans)
28 / 30 June 2021 Capital Requirements Regulation (CRR2 and CRD5) EBA Taxonomy 3.0 – Disclosures and Reporting
30 September 2021 New regime for investment firms (meeting certain criteria);

Market risk reporting addition to COREP (C 90 and C 91)

31 March 2022 Fifteen months after the end of the ‘EU transition period’ from which point EU regulatory reporting requirements applicable in the UK, may be subject to change.
1 January 2023 Implementation of Basel III