CEBS has published today a study to assess the level of convergence achieved by the introduction of the CEBS Guidelines on Reporting. The aim of this study is to provide a first overview of the progress made in this area; in addition, it has helped to identify areas where further convergence of supervisory practices should be possible.
The study was launched against the background of several EU initiatives to improve convergence in the field of supervisory reporting. The paper forms part of the ongoing discussion with the financial sector about the performance of CEBS in the area of supervisory reporting.
CEBS’ main conclusion is that the CEBS Guidelines on Reporting are relevant first steps in the harmonisation of the reporting practices of its members. The assessment study shows that the Guidelines on Common Reporting (COREP) have achieved an important level of commonality amongst CEBS members, particularly in the case for the core layer of the framework.
This conclusion also holds for the Guidelines on Financial Reporting (FINREP), where the core templates show almost full convergence amongst CEBS members that ask for this kind of regular reporting, whereas the detailed templates show lower levels of commonality.
Notwithstanding these important initial achievements, CEBS recognises that more work is needed in the medium term to achieve greater convergence in supervisory reporting at least for cross border active groups within the EU.
As a further contribution to enhance the dialogue with the banking community in this respect, the report will be presented and discussed at a public hearing planned by CEBS on 26 October.