CEBS is committed to work further towards convergence of reporting frameworks in Europe. A number of actions have been defined to deliver this over time. In this context, CEBS has published today a proposal to amend the Guidelines on Common Reporting (COREP) for the periodic reporting to supervisory authorities in the EU by a supervised entity of its solvency under the recast Directives 2006/48/EC and 2006/49/EC.
This proposal aims at EU-wide harmonisation of the reporting frequency used by supervisory authorities and at the harmonisation of the maximum remittance periods for sending in this information. This harmonisation effort is of particular importance to institutions that have to comply with the regular reporting requirements of different national regulators. Therefore the proposal is a contribution to the reduction of the reporting burden on credit institutions and investment firms, in accordance with the requests received from the industry. Furthermore this proposal contributes to harmonisation of the different supervisory practices.
The main proposal is that by 2011 at the latest the remittance period should be harmonised in Europe at 35 business days at group level and the reporting frequency should at the maximum be quarterly for the COREP reporting. CEBS recognises that the impact of this proposal may be different from one jurisdiction to another, and that generally the impact of the implementation of the measure will be material. Therefore a sufficient transitional period is included in the proposal.
CEBS has benefited from the initial feedback received from the industry (e.g. in an Open Hearing on supervisory reporting held on 26 October 2007 in London. http://www.c-ebs.org/keydates.htm). Based on the feedback received, CEBS has modified its proposal to some extent, in particular by increasing the remittance period for consolidated information. However, CEBS is aiming to receive additional feedback on other aspects of the proposal.
The proposal is open for comments in accordance with the standard consultation procedure included in its consultation practices. During this period of time, CEBS welcomes additional contacts that interested parties would like to have with CEBS representatives. CEBS is expecting feedback on this proposal by 19 April 2008.
Comments should be made in English and should be submitted to CP04rev@c-ebs.org. Unless respondents request otherwise, comments received will be published on the CEBS website.
The Consultation Paper is published on the CEBS website under http://www.c-ebs.org/Consultation_papers/consultationpapers.htm.