Regulation (EU) 2017/1538 of the European Central Bank of 25 August 2017 amending Regulation (EU) 2015/534 on reporting of supervisory financial information (ECB/2017/25)

THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,

Having regard to Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (1), and in particular Article 4(1) and (3), Article 6(2), Article 6(5)(d) and Article 10 thereof,

Having regard to Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014 establishing the framework for cooperation within the Single Supervisory Mechanism between the European Central Bank and national competent authorities and with national designated authorities (SSM Framework Regulation) (ECB/2014/17) (2), and in particular Article 21(1), Article 140 and Article 141(1) thereof,

Having regard to the public consultation pursuant to Article 4(3) of Regulation (EU) No 1024/2013,

Whereas:

(1) Regulation (EU) 2015/534 of the European Central Bank (ECB/2015/13) (3) lays down reporting requirements concerning the supervisory financial information to be submitted by supervised entities to national competent authorities (NCAs).

(2) Regulation (EU) 2015/534 (ECB/2015/13) requires supervised entities to report supervisory financial information based on the templates developed by the European Banking Authority (EBA) and laid down by Commission Implementing Regulation (EU) No 680/2014 (4).

(3) In July 2014 the International Accounting Standards Board (IASB) released International Financial Reporting Standard 9 ‘Financial Instruments’ (hereinafter ‘IFRS 9’) which will replace the current reporting standard for financial instruments International Accounting Standard 39 ‘Financial Instruments: Recognition and Measurement’.

(4) IFRS 9 was incorporated in Union law by Commission Regulation (EU) 2016/2067 (5).

(5) In order to take into account the provisions of IFRS 9, Implementing Regulation (EU) No 680/2014 has been amended by Commission Implementing Regulation (EU) 2017/1443 (6). The amendments include, inter alia, changes to the templates and instructions regarding the reporting of supervisory financial information.

(6) It is necessary to align Regulation (EU) 2015/534 (ECB/2015/13) with the amended accounting framework and Implementing Regulation (EU) 2017/1443. Furthermore, minor technical and terminological amendments need to be made to Regulation (EU) 2015/534 (ECB/2015/13).

(7) Therefore, Regulation (EU) 2015/534 (ECB/2015/13) should be amended accordingly in line with the procedure of Articles 26(7) and 26(8) of Regulation (EU) No 1024/2013,

HAS ADOPTED THIS REGULATION:

Article 1

Amendments

Regulation (EU) 2015/534 (ECB/2015/13) is amended as follows:

(3) Article 3 is replaced by the following: ‘Article 3 Change of status of a supervised entity

(4) the heading of Title II is replaced by the following: ‘TITLE II REPORTING BY SIGNIFICANT CREDIT INSTITUTIONS ON A CONSOLIDATED AND ON AN INDIVIDUAL BASIS AND BY SIGNIFICANT BRANCHES ON AN INDIVIDUAL BASIS ’;

(5) Chapter I of Title II is replaced by the following: ‘

CHAPTER I

(6) the heading of Chapter II of Title II is replaced by the following: ‘

CHAPTER II

Reporting on an individual basis ’;

(8) the heading of Article 7 is replaced by the following: ‘Article 7 Format and frequency of reporting on an individual basis for credit institutions which are part of a significant supervised group’;

(9) Article 7(1) is replaced by the following: ‘1.   Significant credit institutions applying IFRS under Regulation (EC) No 1606/2002 either because they prepare their annual accounts in conformity with the accounting standards referred to therein, or because they apply them for supervisory reporting pursuant to Article 24(2) of Regulation (EU) No 575/2013, and which are part of a significant supervised group shall report supervisory financial information to the relevant NCA on an individual basis. Supervisory financial reporting by these credit institutions shall take place with the frequency specified in Article 9 of Implementing Regulation (EU) No 680/2014 and shall include the common minimum information specified in Annex I.’;

(10) Article 7(3) is replaced by the following: ‘3.   Significant credit institutions, other than those referred to in paragraph 1, which are subject to national accounting frameworks based on Directive 86/635/EEC and part of a significant supervised group shall report supervisory financial information to the relevant NCA.’;

(13) the heading of Title III is replaced by the following: ‘TITLE III REPORTING BY LESS SIGNIFICANT CREDIT INSTITUTIONS ON A CONSOLIDATED AND ON AN INDIVIDUAL BASIS AND BY LESS SIGNIFICANT BRANCHES ON AN INDIVIDUAL BASIS ’;

(15) the heading of Chapter II of Title III is replaced by the following: ‘

CHAPTER II

Reporting on an individual basis ’;

(17) Article 14 is replaced by the following: ‘Article 14 Format and frequency of reporting on an individual basis for credit institutions which are part of a less significant supervised group

(19) Article 17 is replaced by the following: ‘Article 17 IT language for the transmission of information from national competent authorities to the ECB NCAs shall transmit the information specified in this Regulation in accordance with the relevant eXtensible Business Reporting Language taxonomy in order to provide a uniform technical format for the exchange of data. For these purposes, NCAs shall follow the specifications set out in Article 6 of Decision ECB/2014/29.’;

(20) Article 18 is deleted;

(21) Article 19 is replaced by the following: ‘Article 19 Transitional provisions

(22) Annexes I and II are amended in accordance with Annex I to this Regulation;

(23) Annex IV is replaced by Annex II to this Regulation;

(24) Annex V is replaced by Annex III to this Regulation.

Article 2

Final provisions

This Regulation shall be binding in its entirety and directly applicable in the Member States in accordance with the Treaties.

Done at Frankfurt am Main, 25 August 2017.

For the Governing Council of the ECB The President of the ECB Mario DRAGHI

(1) OJ L 287, 29.10.2013, p. 63.

(2) OJ L 141, 14.5.2014, p. 1.

(3) Regulation (EU) 2015/534 of the European Central Bank of 17 March 2015 on reporting of supervisory financial information (ECB/2015/13) (OJ L 86, 31.3.2015, p. 13).

(4) Commission Implementing Regulation (EU) No 680/2014 of 16 April 2014 laying down implementing technical standards with regard to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 191, 28.6.2014, p. 1).

(5) Commission Regulation (EU) 2016/2067 of 22 November 2016 amending Regulation (EC) No 1126/2008 adopting certain international accounting standards in accordance with Regulation (EC) No 1606/2002 of the European Parliament and of the Council as regards International Financial Reporting Standard 9 (OJ L 323, 29.11.2016, p. 1).

(6) Commission Implementing Regulation (EU) 2017/1443 of 29 June 2017 amending Implementing Regulation (EU) No 680/2014 laying down implementing technical standards with regards to supervisory reporting of institutions according to Regulation (EU) No 575/2013 of the European Parliament and of the Council (OJ L 213, 17.8.2017, p. 1).