EBA makes supervisory reporting requirements easier to navigate
- ♦ The EBA launched a signposting tool for supervisory reporting to assist banks in identifying and understanding the reporting requirements that are applicable to them.
- ♦ The signposting tool comes in response to one of the recommendations from the June 2021 EBA Report on the cost of compliance with supervisory reporting requirements and aims at supporting banks in the compliance process, establishing a common business logic and reducing their compliance and reporting costs.
As part of its drive for more proportionate regulatory reporting framework, the European Banking Authority (EBA) has issued today the first version of an interactive signposting tool, that aims at supporting institutions in identifying relevant modules and templates for their reporting requirements.
The signposting tool helps institutions of different sizes and complexity identify the reporting requirements and templates that are relevant for particular credit institutions considering their type and the scope of activities. The interactive tool particularly benefits small and non-complex institutions by reducing complexity and establishing a common business logic.
The EBA believes that this signposting will help institutions understand the regulation and will reduce the time and effort needed to navigate the relevant requirements. This will, in turn, lead to reducing overall compliance costs and contribute to a reduction in reporting costs.
Whilst the EBA makes all efforts to have the tool up to date, it is meant to be used solely for orientation purposes and has no legal effect. The EBA does not assume any liability for its contents and advises institutions to always consult the authentic versions of the relevant legal acts for the reporting framework, including their preambles, as published in the Official Journal (OJ) of the European Union.
Legal basis and background
The signposting tool coms in response to one of the recommendations in the EBA Report on the cost of compliance with supervisory reporting requirements (recommendation 2).
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