EBA Makes Available Online Tools To Submit Answers To Its Study Of Cost Of Compliance With Supervisory Reporting

Source: Mondo Visione 2020-08-17

Following the launch of the industry questionnaire to support its work on optimising supervisory reporting requirements and reducing reporting costs for institutions, the European Banking Authority (EBA) has made available online tools to allow all stakeholders to submit their responses.

The EBA has set up two separate online surveys given the different deadlines for the qualitative and quantitative sections of the questionnaire.

Responses to the qualitative section of the questionnaire are expected by 1 October 2020, while those to the quantitative questions are expected by 31 October 2020.

Although answering the questionnaire is of voluntary nature, the EBA encourages a wide industry participation to ensure that the input into the analysis, and thus the basis for developing any related recommendation, is of good quality and representative for the EU banking sector.

Legal basis and background

The EBA is mandated by Article 430(8) of the CRR to measure the costs institutions incur when complying with the reporting requirements set out in the EBA’s ITS on supervisory reporting. Such reporting costs should be assessed since the introduction of the common supervisory reporting in the EU in 2013. The EBA is also asked to assess whether these reporting costs are proportionate with regard to the benefits delivered for the purposes of prudential supervision and make recommendations on how to reduce the reporting cost at least for small and non-complex institutions. The findings from this analysis should be formulated in a report and delivered to the European Commission and European Parliament in 2021.

The EBA has set up a dedicated page on its website and email address cost.of.compliance@eba.europa.eu to support the cost of compliance exercise.

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EBA Makes Available Online Tools To Submit Answers To Its Study Of Cost Of Compliance With Supervisory Reporting

Legal basis and background

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