Question ID
2013_26
Legal act
Regulation (EU) No 575/2013 (CRR)
Topic
Supervisory reporting - FINREP (incl. FB&NPE)
Article
521
Paragraph
2
Subparagraph
c
COM Delegated or Implementing Acts/RTS/ITS/GLs/Recommendations
Regulation (EU) No 680/2014 - ITS on supervisory reporting of institutions (repealed)
Article/Paragraph
N/A
Type of submitter
Individual
Subject matter
FINREP Date of initial application
Question

As mentioned in Article 521 of the CRR the regulation shall apply from 01 January 2014, with the exception of the provisions of this Regulation that require the ESAs to submit to the Commission draft technical standards and the provisions of this Regulation that empower the Commission to adopt delegated acts or implementing acts, which shall apply from 31 December 2014. Does this means that provisions described in Article 99.4 CRR are postponed until 31.12.2014 which includes the requirements regarding FINREP?

Background on the question

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Submission date
Final answer

Article 521 (2) (c) of Regulation (EU) No 575/2013 contains the wrong reference date, i.e. 31 December 2014 whereas it should read 28 June 2013. To rectify this mistake, a corrigendum has been published in the Official Journal of the EU (http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2013:208:0068:0072:EN:PDF) containing the correct reference date for the submission of this implementing act, i.e. 28 Junely 2013.

The final Regulation (EU) No 680/2014 13 ITS on supervisory reporting of institutions states as per Article 19 paragraph 3 specifies that the application date of the FINREP reporting shall be 1 July 2014While the date of application for FINREP is in principle 1 January 2014, a later date of initial submission for FINREP is being considered in the draft Implementing Act on supervisory reporting, but that can only be confirmed if the European Commission adopts the Implementing Act before 1 January 2014. However, no postponement to 31 December 2014 is envisaged.

 

*As of 1/8/2014 the content of this answer was modified to reflect the publication of the final ITS on supervisory reporting of institutions in the Official Journal of the European Union. As a result, the references to the ITS were updated and the disclaimer deleted. For reasons of transparency, revisions are highlighted in track changes.

 

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

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