The European Commission (EC) continued making headway on non-financial reporting this week with an announcement that the European Financial Reporting Advisory Group (EFRAG) is to develop recommendations for non-financial reporting standards.
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have called for further standardisation of data and the use of digital entity identifiers in their responses to the European Commission’s consultation on a new EU Digital Finance Strategy.
The European Banking Authority recently published its final draft Implementing Technical Standards (ITS) on Pillar 3 disclosures and supervisory reporting.
A collection of European financial associations have called on the European commission to establish a common Environmental Social and Governance (ESG) data register and facilitate disclosure to enhance the quality and usability of ESG data.
Please keep an eye on the XBRL Europe website for a host of very useful presentations and discussions that occurred this week. Amongst others, there was a presentation from Patrick de Cambourg, Chairman of the Autorité des Normes Comptables, the French standards setter. M. de Cambourg described the need for ESG Reporting (or in EU parlance […]
The European Securities and Markets Authority (ESMA), European Insurance and Occupational Pensions Authority (EIOPA), and European Banking Authority (EBA), or ESAs, have provided a joint letter to the European Commission highlighting key messages in their response to the review of the Non-Financial Reporting Directive (NFRD). The ESAs agree that the NFRD needs revising to meet […]
After updating or deactivating a number of validation rules in the Implementing Technical Standards (ITS) on supervisory reporting, the European Banking Authority (EBA) has issued a revised list of ITS for filing across the EU. EBA cautions that data submitted in line with the ITS should not be validated against this list of incorrect, deactivated […]
How should banks model potential extreme shocks to the financial system? Banks need to calculate all risk factors, however, while some future risks can be modeled with relevant price and transaction data, others can’t. In the case of non-modellable risks, institutions must calculate prudent measures that take into account a potential scenario of extreme future […]
The European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) are holding a public hearing to explain and discuss their current consultation on sustainability-related disclosures. The consultation explores requiring certain sustainability metrics for financial service providers and products to be disclosed. The aim is to reduce greenwashing by standardising the metrics that are used to classify financial […]
The European Banking Authority (EBA) outlined its implementation plan for the new regulatory framework for investment firms, alongside a consultation on its first set of new regulatory requirements. The roadmap includes prudential requirements, reporting requirements and disclosures, and remuneration requirements. The EBA plans to implement a regulatory framework that is calibrated to the size and […]
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